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Course Criteria
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4.00 Credits
Application of statistics and economic theory to problems of formulating and estimating models of economic behavior. Matrix algebra is developed as the main tool of analysis in regression. Acquaints students with basic estimation theory and techniques in the regression framework and covers extensions such as specification error tests, heteroskedasticity, errors in variables, and simple time series models. An introduction to simultaneous equation modes and the concept of identification is provided.
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4.00 Credits
Analyzes the principles and practices underlying the privatization of public enterprises and governmental functions. After evaluating the criticism directed at public ownership, the course examines an alternative to privatization: reforming state-owned enterprises and public administration, using examples from the United States, Great Britain, and New Zealand. Various issues of privatization (such as the roles of ownership and competition in stimulating efficiency, the implications of separation of ownership from management in distinguishing between private and public enterprises, conditions for successful divestiture programs, privatization's employment impact, and contracting out of government services) are discussed both in principle and via examples from industrial, transitional, and less-developed economies.
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4.00 Credits
A mid-level undergraduate elective course offered to encourage department or visiting faculty who wish to give courses in fields that are not in the permanent course offerings. The exact topic of this course is announced before registration each year. Such "topics courses" are not given regularly, and a specific topic presented in any one semester is unlikely to be repeated. Students are allowed to count only one such topics course for the major.
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4.00 Credits
Examines how legislation and regulation influence the structure of financial markets and how players in these markets intervene in the political process to create or modify legislative and regulatory outcomes. Particular emphasis is placed on the United States. International comparisons are also presented. The course assumes that students have had exposure to microeconomics and finance but not to political theory. A brief introduction to political theory is provided. The approach is similar to that used in microeconomics, except that transactions are made through voting institutions rather than through economic exchange. Elective Courses: 300 Level Note: For all courses listed below, Statistics (P) (ECON-UA 18) is a prerequisite for policy electives, and Introduction to Econometrics (T) (ECON-UA 266) is a prerequisite for theory electives. Additional prerequisites are listed for each course.
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4.00 Credits
Introduction to noncooperative game theory. Focuses on a rigorous development of the basic theory with economic applications such as competition among oligopolists, how standards are set, auction theory, and bargaining. The formal topics include games in strategic form, Bayesian games, and games in extensive form.
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4.00 Credits
Analysis of the structure, conduct, and performance of firms and industries. Involves the development of a theoretical basis for evaluating performance. Analysis of competition as a state of affairs versus competition as a process. The effects of advertising, economic concentration, and innovation on prices and production. Overall survey of contemporary antitrust law and economics.
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4.00 Credits
Designed to familiarize students with a modern approach to industrial organization economics. The modern approach relies extensively on the use of game-theoretic tools to model strategic market behavior and the use of econometric methods for testing hypotheses regarding firm conduct and market performance. In particular, the course analyzes profit-maximizing business strategies of firms with market power, as well as strategic interactions among firms in various types of imperfectly competitive markets. The course addresses both static modes Department of Economics of competition as well as dynamic competition in research and development and product design. The course also examines the scope of effective public policies designed to improve market performance. Throughout the course, mathematical-based models are used to develop the relevant concepts and test the pertinent theories of firm behavior.
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4.00 Credits
Focuses on the role of market participants' expectations in driving risk and long swings in asset prices. Three approaches are discussed: the dominant Rational Expectations Hypothesis, behavioralfinance models, and recently proposed models of risk and fluctuations that place "imperfect knowledge" at the center of the analysis. Beyond comparing the three approaches from both the theoretical and empirical points of view, the course examines their implications for the reform of our financial system aiming to limit its vulnerability to future crisis.
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4.00 Credits
Studies the problem of economic underdevelopment, with special reference to the countries of Asia, Latin America, and Africa. The building blocks of economic theory are used to understand the historical experiences of these countries. Macroeconomic topics covered include economic growth, income distribution, and poverty, with particular emphasis on the concept of underdevelopment as a circular, self-reinforcing trap. Microeconomic topics include the study of particular markets that are especially relevant to developing countries: those for land, labor, and credit. Notions of market fragmentation, limited information, and incentive problems receive emphasis. Ends with international issues: trading patterns, capital flows, and global financial crises are studied from the viewpoint of developing countries.
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4.00 Credits
Offered every year.
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