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Course Criteria
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8.00 Credits
Thesis guidance under faculty direction.
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8.00 Credits
Introduction to economic issues and basic principles and methods of economics. Fall term focuses on microeconomics: how markets work, market efficiency and market failure, firm and consumer behavior, and policy issues such as taxation, international trade, the environment, and the distribution of income. Spring term focuses on macroeconomics: economic growth, inflation, unemployment, the business cycle, the financial system, international capital flows and trade imbalances, and the impact of monetary and fiscal policy.
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4.00 Credits
Focuses on the optimizing behavior of individual consumers and firms and coordination of individual decisions through markets, including the evaluation of market outcomes. Topics include: theory of the consumer, theory of the firm, decisions involving time and risk, perfect competition, monopoly and monopsony, oligopoly and game theory, markets with asymmetric information, and externalities and public goods.
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4.00 Credits
Theories and evidence on economic growth and fluctuations. Determination of gross domestic product, investment, consumption, employment, and unemployment. Analysis of interest rates, wage rates, and inflation. Roles of fiscal and monetary policies. Extensions to the international economy.
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4.00 Credits
Economics 1011a is similar to Economics 1010a, but more mathematical and covers more material. The course teaches the basic tools of economics and to apply them to a wide range of human behavior. Tools include consumer theory, optimization under uncertainty, game theory, welfare economics, incentive theory, and the economics of information. Topics include industrial organization, public finance, law and economics, the economics of the family, religion, and riots.
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4.00 Credits
The same topics as in 1010b, but with a more mathematical approach.
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4.00 Credits
Analyses the libertarian perspective on economic and social policy. This perspective differs from both liberal and conservative views, arguing for minimal government in most arenas. Policies addressed include drug prohibition, gun control, public education, abortion rights, gay marriage, income redistribution, and campaign finance regulation.
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4.00 Credits
Explores the importance of culture on economic outcomes, focusing on how heterogeneity of preferences affects economic choices and where those differences come from. Theoretical topics include group identity, social interactions and networks, evolutionary selection, the importance of the family. Empirical applications include international investment, savings, occupational choices, ethical norms, economic development, fertility decisions.
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4.00 Credits
Psychological concepts include social preferences, impulsivity, bounded rationality, loss-aversion, over-confidence, self-serving biases, hedonics, and neuroscience. Economic concepts include arbitrage, equilibrium, rational choice, utility maximization, Bayesian beliefs, game theory. Integrates these psychological and economic concepts to understand behavioral phenomena such as portfolio choice, saving, procrastination, addiction, asset pricing, auction bidding, labor supply, cooperation, persuasion.
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4.00 Credits
Why do highly successful people have a rush of energy and get things done at the last minute? Why didn't they have that rush earlier? Why does poverty persist around the world? Why is obesity rampant? This course argues that all these questions can be understood by understanding the behavioral economics of scarcity. The lectures will span concepts from mathematics of computation, psychology, evolutionary biology to numerous economic applications.
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