Ph.D. Economics,
University of California Santa Cruz, June 2015 
Dissertation adviser: Daniel Friedman
Thesis title: "Essays on Market Dynamics"
Fields: Primarily experimental economics and virtual economies. 
My work also involves behavioral economics, game theory, applied econometrics, spatial product differentiation models, and market microstructure. Some macroeconomics, national accounting methodologies, international trade and finance. 

M.A., International Economics, 
University of California Santa Cruz, 2009 -2011

B.A., Business Management Economics, 
University of California Santa Cruz, 2000 - 2003
Graduated with Economics Department Honors and Stevenson College Honors. 
Graduated in three years. 


LEEPS Lab Manager, Research Assistant at University of California Santa Cruz 
2010 - present, Santa Cruz, CA
  • LEEPS Lab Manager: I run the experimental economics lab at UCSC  (
    • Hire, train, and manage 10+  programmers and undergraduate research assistants (working with Linux, HTML-5 technologies, Python, JavaScript). 
    • Over $1.5 million in NSF, industry, and academic grants awarded, with two-hundred experiment sessions run during my tenure. 
    • Coordinate resources toward the design, implementation, testing, and running of experiments, and data analysis for several research programs.
    • Ensure hardware, networks, websites, and databases are continuously available.
    • Increased rate of new-participant-recruitment by more than 1000% ( 
  • Postdoc Fellowship
    • Postdoctoral Research Fellow, 2015-2016
    • GSR for Dan Friedman on NSF grants:
      • "Continuous Games" (NSF SES-0925039), 
      • "Economic Analysis of Recommender Systems" (NSF CCF-1101741), and 
      • "Edgy - Revealed Preferences and General Equilibrium in the Laboratory" (SES-1357867). Experiments design, analysis of results. 
    • Helped to  develop cutting edge software platforms for novel economics experiments. Redwood, software for continuous time and graphics intensive experiments, (built on HTML-5 technologies). 
    • I built a data analysis platform to process, analyze, and display results from a terabyte of virtual economy transactional data. Using Linux, SQL, R, Python (PANDAS and NetworkX), JavaScript d3. Some results at

Economics Consultant
Founder of Kephart & Company
Economics consulting. Analysis of large and complex digital marketplace data. Contractor for Valve Software, one of the largest online gaming platforms, providing economics analysis for one of the largest and most dynamic digital marketplaces.

Teaching Assistant at University of California Santa Cruz
        2009 - Present
  • Developed teaching website and YouTube channel covering topics in economics, econometrics and R (statistics software). My content now attracts over 70,000 monthly visitors. EconomiCurtis YouTube
  • Teaching assistant for numerous intro and intermediate level microeconomics, macroeconomics, econometrics, mathematics for economists, and business courses. 
  • Invited to instruct introduction to econometrics course. 
  • Given the maximum number of teaching awards permitted by the economics department (awarded three). These are given for combination of student and faculty evaluations. 
  • Winner of UCSC campus-wide "Outstanding Teaching Assistant" award, 2012-2013

Sales, Marketing, and Business Development at Forex Capital Markets (FXCM)
2004 - 2007 , New York City, Dallas, San Francisco
  • Sales:
    • Joined firm when it had just over 100 employees. Helped contribute to strategies that have led it to become the world's largest retail Foreign Exchange trading firm. 
    • Led teams of sales associates pursuing leads over phone, email, and live chat.
    • Helped setup, train, and run new sales staff when opening offices in Dallas and San Francisco.
    • Formerly a Series 3 licensed commodities broker 
  • Marketing:
    • Lead generation and conversions. Responsible for reporting and campaign/event analysis. 
    • Search marketing (paid and organic) analytics. Designed, implemented, and refined new campaigns. 
    • Email marketing. Responsible for large mailings (500K+). Helped with design, testing, and analytics. Helped ensure CAN-SPAM compliance. 
    • Direct mail.
  • Business Development:
    • Designed and implemented numerous tools for sales, customer service, and marketing. 
    • One example, to better scale customer service and sales with massive user growth and periodic floods of inbound call traffic (during server failures and major market events), I built a status and notification center allowing a single representative to help thousands of customers at once. 
    • Designed and built content networks to accelerate lead generation and reduce lead acquisition cost. 

More details on my academic page
  • "Emergence of Networks and Market Institutions in a Large Virtual Economy" Job Market Paper, with Daniel Friedman and Matthew Baumer  
  • "Stability in Competition? Hotelling in Continuous Time"
  • "Aggregate Dynamics in a Large Virtual Economy: Prices and Real Activity in Team Fortress 2" working paper, with Matthew Baumer.
  • "Continuous Differentiation: Hotelling Revisits the Lab" Dec 2015, Journal of the Economic Science Association, with Daniel Friedman.
  • "Software for Continuous Game Experiments" Jan 2014, Experimental Economics, with James Pettit, Dan Friedman, and Ryan Oprea.


R, SQL, Python (PANDAS, Beautiful Soup, NetworkX). 
Some AWS, Linux, JavaScript, SAS, Matlab, Stata, Mechanical Turk, Hadoop.



RStudio Inc.
250 Northern Ave,
Boston, MA 02210

 Curtis Kephart


Additional Links

 Professor Daniel Friedman 
  UC Santa Cruz, 
  Department of Economics
  Santa Cruz, CA 95064
  Phone: 831 459 4981
  E-mail: dan<at>

Professor Nirvikar Signh
 UC Santa Cruz, 
 Department of Economics
 Santa Cruz, CA 95060
 Phone: 831 459 4093
 E-mail: boxjenk<at> 

 Professor Johanna Francis 
  Fordham University, 
  Economics Department
  Bronx, NY 10458
  Phone: 718 817 4055
  E-mail: ajofrancis<at>

Mary Flannery
 Director of Undergraduate Studies,
 Department of Economics 
 University of Notre Dame
 Phone: 574 631 1369
 E-mail: mflanne2<at>

  • Instructor
    • Introduction to Econometrics, Summer 2013

  • Teaching Assistant
    • Introduction to Microeconomics, for KC Fung, Winter 2010
    • * Marketing, for Mary Flannery, Spring 2010
    • Mathematics for Economists II, for Luba Petersen, Summer 2010
    • Intermediate Macroeconomics, for Aspen Gorry. Fall 2010
    • Marketing, for Mary Flannery, Winter 2011
    • * Introduction to Econometrics, for Carlos Dobkin, Spring 2011
    • Introduction to Econometrics, for Susan Peterson, Summer 2011
    • Intermediate Macroeconomics, for Aspen Gorry, Fall 2011
    • * Introduction to Econometrics, for Carlos Dobkin, Spring 2012
    • Introduction to Microeconomics, for Nick Lovett, Summer 2012
    • Intermediate Macroeconomics, for Johanna Francis, Fall 2012
    • Intermediate Macroeconomics, for Johanna Francis, Winter 2014
    • Business Strategy, for Bob Baden, Spring 2014
      • * indicates TA excellence awards

  • Reader
    • Advanced Maths for Economists, for Ken Kletzer, Fall 2010

  • Teaching Awards
    • Recipient of three Economics Department "Quarterly TA Excellence Awards". Given for combination of student and faculty evaluations. Received the maximum number of such awards the department allows. 
    • University of California Santa Cruz' campus-wide "Outstanding Teaching Assistant" award, 2012-2013

Curtis K,
Feb 3, 2016, 10:12 AM