depends on what you want to do. stanford has the best (read nobel prize winning) micro econ program, with big shots like david kreps, michael spence, kenneth arrow (arrow is retired, but his legacy lives on). uchicago has the a shitload of nobel prize winners (more than stanford), but most of won it in monetary/financial econ. so, if you want to do financial econ, go to windy chicago. otherwise, sunny palo alto is your choice. generally speaking, both are awesome. harvard, mit, princeton and berkeley are the other top ones. but i think uchicago folks generally take a longer time to get out of the program. many stanford dudes get out in 4. if you have offers from both programs, congrats.