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Carol Scotton


Carol Scotton

Associate Professor of Economics

2 East South Street

Galesburg, IL 61401-4999



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Ford Center for the Fine Arts

Associate Professor of Economics and Business and Management

Carol Scotton

General Interests
"'What's it worth?'
That question summarizes my research interests. The worth or value I'm interested in is not finding the price, but the value that people place on a good (or avoiding a bad). It's important to distinguish, too, the difference between a value in exchange and a value in use. My current investigation is on the value people place on reducing their risk of death from natural or man-made disasters. Within business and management topics, I'll be exploring the impacts of business regulation, and how non-profit and public sector work is valued."

Years at Knox: 2005 to present

Ph.D., Economics, 2000, Georgia State University.
M.Ed., Adult Education Program Management, 1986, Georgia State University.
B.A., Philosophy, University of Tennessee, Chattanooga, 1978.

Teaching Interests
Principles of economics, labor economics, the economics of public health, management principles, cost benefit analysis.

Selected Professional Accomplishments


"New Risk Rates, Inter-industry Differentials and the Magnitude of VSL Estimates." (PDF) Journal of Benefit-Cost Analysis 4.1 article 3 (2013): 39-80. Information on Construction of Risk Rates and Estimation Results (PDF).

"Valuing Risk Reductions: Incorporating Risk Heterogeneity into a Revealed Preference Framework." (PDF) Co-authored with Laura O. Taylor. Resource and Energy Economics (May, 2011).

"Modeling the impact of HIV chemoprophylaxis strategies among men who have sex with men in the United States: HIV infections prevented and cost-effectiveness." (PDF) Co-authored with K. Desai, S. L. Sansom, M. L. Ackers, S. R. Stewart, H. I. Hall, D. J. Hu, R. Sanders, S. Soorapanth, M. Boily, G. P. Garnett and P. D. McElroy. AIDS 22.14 (2008): 1829-1839.

"Does Funding for HIV and Sexually Transmitted Disease Prevention Matter? Evidence from Panel Data." Co-authored with H.W. Chesson, P. Harrison, and B. Varghese. Evaluation Review 29.1 (2005): 3-23.

"Evidence on the Sensitivity of 'Value of a Statistical Life' Estimates to Fatality Risk Measures" Southern Economics Association Meeting, Atlanta Georgia, November 2010 and Western Economics Association International Conference, Portland, Oregon, July 2010.

"Underlying Biases in Constructing Fatal Workplace Risk Rates" Midwest Economics Association Annual Meeting, Evanston, Illinois, March 2010.

"Workplace Deaths and Monetizing the 'Value of Life'" Friday At Four series, Knox College, November 2008.

"Innovative Teaching Methods in Labor Economics: Using Internet Assignments" Midwest Economics Association Annual Meeting, Chicago, Illinois, March 2008.

"Getting from Priorities to the Allocation of Resources." Community Planning Leadership Summit, New York, New York, 2003.

"What Does it Cost to Do That Intervention?" HIV Prevention Leadership Summit, Atlanta, Georgia, 2004, and New Orleans, Louisiana, 2003; and the United States Conference on AIDS, Anaheim, California, 2002.

"Making Use of Cost-Effectiveness Analysis in Community Planning: Methods and Tools." Community Planning Leadership Summit, Chicago, Illinois, 2002.

Campus & Community Involvement
Knox County Board of Health, 2006 to present.
Research Affiliate, Center for Environmental and Resource Economics Policy (CEnREP), North Carolina State University.

What Students Say
"Professor Scotton is one of those professors who is willing to help you learn inside and outside of the classroom. She is always available to help you when you drop in her office, even without an appointment. Her classes are taught with passion and depth; her teaching style pushes you to think critically and challenge yourself. My favorite thing about Professor Scotton is her uniqueness in how she incorporates real life examples into her classes."
-Sara Brown, Biology Major and double minor in Business and Psychology

"As a Creative Writing major, I never thought Economics was a subject I could care about-- until I took a class with Professor Scotton. She brings contemporary issues into the classroom, creating a fresh context for challenging ideas. She emphasizes hands-on, discussion-based learning and encourages students to ask hard questions. A true "liberal arts" environment can be found inside Professor Scotton's classroom; students of all disciplines come together to share their unique perspectives and learn from each other in a supportive environment. These classes have been indispensable to my Knox education!"
-Kaitlyn Duling, Creative Writing Major and Religious Studies Minor

A women's tennis match.
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Printed on Tuesday, January 23, 2018

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