PhD, University of Melbourne; M.A, University of Rochester; B.Ec (Honours), University of Adelaide.
Area of study
Buly is Associate Professor in the Department of Economics and Finance in the La Trobe Business School – he has been at La Trobe Economics since 2001. His research interests relate to development and application of theoretical and empirical economic models of individual and household decision making. These models have been applied to a range of finance, investment and social policy issues, but it is his work on the economics of education that has the widest readership and impact. Some of Buly’s important contributions range from the empirical modelling of issues like higher education participation and outcomes and differences between public and private schools, to theoretical modelling of education decisions at the household level and how these decisions and policies affect welfare, income distribution, growth and political decisions through social choice.
He previously held a post-doctoral position at the Department of Economics, Hebrew University of Jerusalem. Prior to that, he was lecturer in the School of Economics, Deakin University. His PhD was completed in 1999 at the University of Melbourne.
Buly has published this research in a range of high quality journals including European Economic Review, Journal of Banking and Finance, Economic Record, Economica, Economics of Education Review, Labour Economics, Oxford Bulletin of Economics and Statistics and Oxford Economic Papers.
Buly has been awarded external funding totalling more than $800,000 to undertake various research projects. Between 2016-2017, he was part of teams awarded $39,500 for a project entitled “Equity at and beyond the boundary of Australian universities”, $76,000 for a project entitled "Transition costs: Improving young people's career choices and post-school pathways", and $39,000 for the project “Factors influencing participation and migration of regional higher education students” which led to the influential report “Regional Student Participation and Migration: Empirical analysis of factors influencing regional student participation and internal migration in higher education” published in 2017 by the NCSEHE. He has held major grants from the HEPP priority pool and ARC discovery scheme.
In 2016, together with Peter Sivey (now at RMIT University), Buly ran the La Trobe Business School Choice Modelling Workshop. The workshop brought together international experts in the field of choice modelling from a wide range of disciplines including Economics, Health and Marketing. (see here for details)
Service at La Trobe
Buly is an elected member of La Trobe’s Academic Board (2015-2016, 2018-present). He is a member of La Trobe’s Transforming Human Society interdisciplinary research focus area and was a member of the executive committee of this RFA (2014-2016).
External Service to the Profession
Outside La Trobe, Buly is a member of the Victorian Council of the Economic Society of Australia and curates the ESA National Economic Panel with Tom Chan (VCEC). This is a monthly poll of 50 academic economists on hot economic, social and political questions of the day (see here for more information).
Buly is also a member of the Advisory Board for the National Centre for Student Equity in Higher Education (NCSEHE) based at Curtin University, Perth (see here for more information).
Competition, Market Failure and Government (ECO3CMF)
Public Policy and its Impacts (ECO3PPI)
Principles of Economics (BUS5POE)
Consumers, Firms and Competition (ECO2CFC) - 2015
Public Economics (ECO3PUB) - 2012
Finance (FIN2FIN) - 2002-2012
Investment and Portfolio Management (FIN3IPM) - 2001-2008
Foreign Direct Investment (FIN4FDI) - 2002-2005
Cardak, B.A. and J. Vecci, (2016), “Graduates, Dropouts and Slow Finishers: The Effects of Socioeconomic Status on University Educationa Outcomes”, Oxford Bulletin Of Economics and Statistics 78(3), 323-346. (doi: 10.1111/obes.12119) (working paper here) (Media coverage of the paper in The Age, 21/11/2015)
Chan, T.C.H. and B.A. Cardak, (2015), “The creation of the Economic Society of Australia’s National Economic Panel and polling platform”, Economic Papers: A Journal of Applied Economics and Policy 34(4), 218-221. (doi: 10.1111/1759-3441.12117) (View it here)
Cardak, B.A. and J. Vecci, (2013), "Catholic School Effectiveness in Australia: A Reassessment Using Selection on Observed and Unobserved Variables", Economics of Education Review 37, 34-45. (doi: https://doi.org/10.1016/j.econedurev.2013.08.003)
Cardak, B.A., Johnston, D.W. and V.L. Martin, (2013), "Intergerational earnings mobility: A new decomposition of investment and endowment effects", Labour Economics 24, 39-47. (doi: https://doi.org/10.1016/j.labeco.2013.05.007)
Bearse, P., Cardak, B.A., Glomm, G. and B. Ravikumar, (2013), "Why Do Education Vouchers Fail at the Ballot Box?" European Journal of Political Economy 32, 26-37. (doi: https://doi.org/10.1016/j.ejpoleco.2013.06.005)
B.A. Cardak and C. Ryan, (2009), “Participation in Higher Education in Australia: Equity and Access”, The Economic Record 85(271), 433-448. (doi: 10.1111/j.1475-4932.2009.00570.x)
B.A. Cardak and R. Wilkins, (2009), “The Determinants of Household Risky Asset Holdings: Australian Evidence on Background Risk and Other Factors”, The Journal of Banking and Finance 33, 850-860. (doi: 10.1016/j.jbankfin.2008.09.021)
Ulubasoglu, M.A. and B.A. Cardak, (2007), "International Comparisons of Rural-Urban Educational Attainment: Data and Determinants", European Economic Review 51(7), 1828-1857. ( doi: https://doi.org/10.1016/j.euroecorev.2006.11.003)
Moosa, I.A. and B.A. Cardak, (2006), "The Determinants of Foreign Direct Investment: An Extreme Bounds Analysis", Journal of Multinational Financial Management 16, 199-211. (doi: https://doi.org/10.1016/j.mulfin.2005.07.002)
Cardak, B.A., (2005), "Education Vouchers, Growth and Income Inequality", Macroeconomic Dynamics 9(1), 98-121. (doi: https://doi.org/10.1017/S1365100505040095)
Cardak, B.A., (2004), "Education Choice, Neoclassical Growth and Class Structure", Oxford Economic Papers 56(4), 643-666. (doi: https://doi.org/10.1093/oep/gpf067)
Cardak, B.A., (2004), "Ability, Education and Income Inequality", Journal of Public Economic Theory 6 (2), 239-276. (doi: 10.1111/j.1467-9779.2004.00166.x)
Cardak, B.A. and J.T. McDonald, (2004), "Neighborhood Effects, Preference Heterogeneity and Immigrant Educational Attainment", Applied Economics 36(6), 559-572. (doi: https://doi.org/10.1080/0003684042000217607)
Cardak, B.A., (2004), "Education Choice, Endogenous Growth and Income Distribution", Economica 71, 57-81. (doi: 10.1111/j.0013-0427.2004.00357.x)
Cardak, B.A. and Hone, P., (2003), "Government subsidies for private community services: The case of school education", Agenda 10(2), 129-144.
Cardak, B., Brett, M., Bowden, M., Vecci, J., Barry, P., Bahtsevanoglou, J. and McAllister, R. (2017). Regional Student Participation and Migration: Empirical analysis of factors influencing regional student participation and internal migration in higher education. National Centre for the Student Equity in Higher Education. Curtin University. (NCSEHE report page) (download report here) (ABC Radio National interview on Life Matters show on 20/03/2017) (Media coverage on ABC AM radio show on 28/02/2017) (Media coverage of report in The Sydeny Morning Herald, 28/02/2017)
A. Harvey, M. Brett, B. Cardak, A. Sheridan, J. Stratford, N. Tootell, R. McAllister and R. Spicer, (2016), "The Adaptation of Tertiary Admissions Practices to Growth and Diversity", National Priorities Pool Report, Department of Education and Training: Canberra.(Download report here)
Cardak, B.A., Bowden, M.P. and J. Bahtsevanoglou, (2016), "Who is Offered a University Place and who Rejects their Offer?", National Centre for Student Equity in Higher Education (NCSEHE), Perth: Cutin University. (NCSEHE report page) (download report here) (Media coverage of report in The Age, 18/01/2016)
Cardak, B.A., Bowden, M.P. and J. Bahtsevanoglou, (2015), "Are Low SES Students Disadvantaged in the University Application Process?", National Centre for Student Equity in Higher Education (NCSEHE), Perth: Cutin University. (NCSEHE report page) (download report here) (Media coverage of report in The Australian Higher Education Section, 04/11/2015)
Working Papers (unpublished only)
"Would I lie to you? Strategic deception in the face of uncertain penalties", (2017), with Ananta Neelim (RMIT University), Joseph Vecci (University of Gothenburg) and Kevin Wu (Monash University).
"Evidence on Credit Constraints, University Attendance and Income Contingent Loans", (2014), with Chris Ryan (University of Melbourne).
Grants (external, competitive)
“Equity at and beyond the boundary of Australian universities”, National Centre for Student Equity in Higher Education, $39,500, 2017, Administered at La Trobe, joint with Matt Brett, Andrew Harvey and Naomi Tootle of La Trobe University and Peter Noonan of Victoria University.
"Transition costs: Improving young people's career choices and post-school pathways", Department of Education and Training (Queensland), $76,700, joint with Wojtek Tomaszewski of University of Queensland, and Cain Polidano and Chris Ryan, both from Melbourne Institute of Applied Economic and Social Research.
“Factors influencing participation and migration of regional higher education students”, National Centre for Student Equity in Higher Education, $39,000, 2016, Administered at La Trobe, joint with Matt Brett of La Trobe University and Mark Bowden of Swinburne University.
"The Adaptation of Tertiary Admissions Equity Practices to Growth and Diversity", Commonwealth Department of Education, National Priorities Pool HEPP funding, $351,804, 2015. Administered at La Trobe University, the team includes Dr Andrew Harvey, A/Prof Buly Cardak, and Matt Brett, all from La Trobe and Professor Alison Sheridan and Greg Balcombe, both from University of New England.
"Are low SES students disadvantaged in the university application process?", National Centre for Student Equity in Higher Education, $68,000, 2014-15, Administered at La Trobe, joint with Mark Bowden of Swinburne University.
"Why poorer students are less likely to go to university: Theoretical and empirical evidence for Australia with implications for policy", Australian Research Council (ARC) Discovery Project (DP0662909), $235,000, 2006-8, based at La Trobe University. Other chief investigators are Professor Bruce Chapman of ANU and Professor Vance Martin of University of Melbourne.
Grants (selected recent internal, competitive)
"Do gender stereotypes affect women’s decisions to patent? An investigation of the role of social norms in the research patenting gap between men and women ", Internal Research Grant Scheme, $5,800, 2018, La Trobe Business School; joint with Julio Tradenta (La Trobe University) and Ananta Neelim (RMIT University)
"Do Lifetime Investment Experiences Affect Financial Risk Taking Behaviour?", Internal Research Grant Scheme, $5,000, 2017, La Trobe Business School.
"Using Risky Behaviour as a Proxy of Risk Preferences: Evidence from Household Panel Data", Social Research Assistance Platform, $3,467, 2016, La Trobe University.
"Competition and cooperation: comparisons of public and private school students", Transforming Human Societies RFA, $10,416, 2014-15, La Trobe University.
"Effects of Catholic schooling on educational outcomes in Australia", Faculty of Business, Economics and Law Internal Grant Scheme, $4,821, 2012-13, La Trobe University.
Papers in Progress
"Truth or Lie? Strategic deception in the face of uncertain punishment", with Ananta Neelim (RMIT University), Joe Vecci (University of Gothenburg) and Kevin Wu (Monash University); under review.
"Evidence on Credit Constraints and University Attendance", with Chris Ryan (University of Melbourne); Under Review.
“You live where? Evidence on house prices and airport noise”, with Kanwal Preet Kaur (Southern Cross University), Richard McAllister (La Trobe University); under review.
"Once in a Lifetime? The Effects of the Global Financial Crisis on Risk Taking", with Vance Martin (University of Melbourne), Richard McAllister (La Trobe University) and Sandy Suardi (University of Woollongong).
"Stability and Determinants of Financial Risk Attitude", with Edwin Ip (University of Melbourne).
"Majority Voting in a Model of Means Testing", with Gerhard Glomm (Indiana University - Bloomington) and B.Ravikumar (Federal Reserve Bank of St. Louis).
"Behavioural traits among public and private school graduates", with Joe Vecci (University of Gothenburg) and Kevin Wu (Monash University).
"How well do you know yourself? University choices in a centralised admissions system", with Mark Bowden (Swinburne University).