Karen Clay is Professor of Economics and Public Policy at Carnegie Mellon's Heinz College. She holds a courtesy appointment at the Tepper School of Business, is an affiliated faculty member at the University of Pittsburgh, School of Law, and is a research associate at the NBER. Professor Clay's research has been supported by the National Science Foundation, the Department of Energy, and the Sloan Foundation. Her work has been published in the Journal of Political Economy, Review of Economics and Statistics, and American Economic Review, Papers and Proceedings. Before coming to Carnegie Mellon, Karen Clay was an assistant professor at the University of Toronto. She received her Ph.D. from Stanford University and her B.A. in Economics and Math from the University of Virginia.