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Course Criteria
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1.00 Credits
This course studies issues in business and public policy in an imperfect competition market setting. The first goal of the course is to develop the intuition and basic tools for pricing and other forms of strategic behavior of firms when faced with complex patterns of consumer demand and strategic competitors. Then, we use economic insights and theories to analyze public policy design and regulation, including antitrust, monopoly regulation, mergers, and vertical contracts. Next we study innovation, patenting, and the regulation of information and communications industries.
Prerequisite:
ECON 010.
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1.00 Credits
Examines basic concepts and techniques of statistical method in economic analysis: descriptive statistics, probability theory, sampling distributions, hypothesis testing and simple and multiple regression.
Prerequisite:
ECON 010 or ECON 100.
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1.00 Credits
Describes and analyzes how a market-oriented economy functions in answering the five basic economic questions: (a) What commodities to produce? (b) How much of each to produce? (c) What productive techniques to use and how to provide incentives? (d) How to distribute the output among the various members of society? (e) What provision to make for the future? Interspersed with theory, the course contains frequent examples that demonstrate the use of microeconomics in solving problems faced by decision makers in both the private and public sectors.
Prerequisite:
ECON 011.
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1.00 Credits
Quantifying the benefits and costs of environmental policy requires estimation of both market and non-market values. Non-market values are economic values not captured in market transactions. This advanced course introduces the theory, methods, and practice of non-market valuation as applied to environmental and natural resource policy. It explores the theoretical models used as a foundation for non-market valuation, the estimation of values using empirical and statistical methods, and the application of non-market values to policy. Case studies will be used to illustrate methods and applications; topics will include water quality, fisheries, wildlife and ecosystem services.
Prerequisite:
ECON 011 and ECON 160
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1.00 Credits
This course covers the U.S. food system from an applied economic perspective. The social, environmental, and economic costs and benefits of food production, distribution, and consumption will be examined and policy implications developed. By doing so, a greater understanding of the positive and negative aspects of the food systems will be developed. The course will be an eclectic mixture of lectures, guest speakers, documentary screenings, and discussions.
Prerequisite:
ECON10 and 11.
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1.00 Credits
An introductory survey of the use of mathematical methods in economic analysis. Topics include elements of linear algebra, optimization and differential equations.
Prerequisite:
ECON 011 and one of the following math classes: MATH 119, MATH 120, or MATH 124.
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1.00 Credits
Urban economies provide most of the employment in the developed world and the most dynamic sector of developing economies. Cities are also home to a growing share of the world's residents. This course offers an overview of two key dimensions of the economies of urban areas: the process of agglomeration and the forces shaping where people live and work. The course applies theoretical insights from urban economics to questions facing urban areas, including the question of crime, housing, urban sprawl, and spatial segregation by race and income. Our discussion draws upon examples from Beijing to Berlin to Worcester.
Prerequisite:
ECON 011.
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1.00 Credits
Students work on an individual basis with a faculty member on an intensive piece of research, culminating in an honors thesis. The honors course meets regularly in the fall semester (with regular assignments) and occasionally in the spring (when the thesis is written). Students must register for the ECON297 course in the fall, and most students also register for a second credit in the spring (although only one credit counts towards the economics major). Required for departmental honors. Prerequisite: Permission of instructor.
Prerequisite:
Permission of instructor.
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1.00 Credits
Undergraduates, typically juniors and seniors, construct an independent study course on a topic approved and directed by a faculty member. Offered for variable credit.
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1.00 Credits
This course is the first part of a two-semester sequence in microeconomic theory. It is designed to acquaint students with the standard mathematical tools that economists developed to analyze demand, supply, and competitive markets. This course will cover topics such as the producer theory, consumer theory, choice under uncertainty, and general equilibrium analysis. The goal is to help students grasp a set of microeconomic modeling techniques so that they will be able to apply them to the study of various economic and social phenomena.
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