Gregory Lilly

Associate Professor of Economics
Koury Business Center 130
2075 Campus Box
Elon, NC 27244 (336) 278-5944


1988 - PH.D (economics); Duke University

                                  Dissertation Advisor: E. Roy Weintraub, 

                                  Dissertation Title: On The Compatibility of Markets, Greed, and Order                         

 1979 - BA, cum laude (major in economics); Washington and Lee University;


Employment History

Elon University

Associate Professor: 2001 - present

Chair: 1999 - 2005

Assistant Professor: 1990 - 2000

Wake Forest University

Visiting Assistant Professor: 1988 - 1990

Instructor: 1987

Current Projects


 “Extending Duel Processing: One More Step From Homo Economicus to Homo Sapiens”


 “Making the Weak Seller Strong: A Lesson in Bounded Rationality.”   


“On the Possibility that American Undergraduates are not Human Capitalists” (With Samuel Allen.) Available at:


“On the Struggle to Attain Universal Competence in a Complex Skill: The Case of a Senior Capstone Experience.” (With Tom Tiemann). Available at:


 “Research Across the Curriculum: Teaching Undergraduates to Complete a Good Senior Capstone Paper.” (With Thomas Tiemann.) Available at SSRN:




(Peer-Reviewed) PUBLICATIONS

"Online Versus Face-to-Face: Does Delivery Method Matter for Undergraduate Business School Learning?" (Casey DiRienzo), Business Education and Accredittation. Accepted for publication, Sept. 9, 2013.


“Maximization,” in International Encyclopedia of the Social Sciences, 2nd edition, edited by W. Darity, Macmillan Reference USA (2007). (


“The Savings and Loan Debacle: A Moral Hazard or a Market Disaster?” in  The Causes and Consequences of Depository Institution Failure, edited by A.Cottrell,  M.Lawlor and J.Wood, Kluwer Academic Publishers (1995): 119-161.  (


 “Comment (on Seidenfeld),” in New Perspectives on Keynes, Annual Supplement to Volume 27, History of Political Economy (1995): 53-60.


 “Bounded Rationality: A Simon-Like Explication,” Journal of Economic Dynamics and Control 18 (1994): 205-230.


"Recursiveness and Preference Orderings," Journal of Economic Dynamics and Control 17                                               (1993): 865-876.  Reprinted in Computable Economics , Velupillai , Zambelli and  Kinsella eds. Edward Elgar (The International Library of Critical Writings in Economics series) 2011. (



"How to Grow More Graduates: Investing in early education as well as college access is crucial to the US economy" in the CURRENTS Magazine, published by the Council for Advancement and Support of Education, July/August 2013


The Economic Impact of a PACE Center on Davidson County (with Teagan Lewis). January 2012.


The Economic Impact of Alamance Regional Medical Center on Alamance County. July 2008


The Economic and Social Impact of Elon University on the Central Piedmont of North Carolina. (with Dan Anderson and Greg Halstead) 2004.  (Received an Award of Excellence in the 2005 CASE (Council for Advancement and Support of Education) District III awards competition)



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