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Course Criteria
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4.00 Credits
Economic analysis of major policy issues in energy and the environment, both domestic and international. Emphasis on market solutions to various problems and market limitations in the allocation of environmental resources. Energy issues focus on OPEC and world oil markets, with attention to reducing oil import vulnerability; taxation and regulation of production and consumption; conservation of natural resources; and the transition to alternative energy sources. Environmental issues include policies to reduce pollution. Substantial attention is paid to global warming caused by consumption of fossil fuels.
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4.00 Credits
Designed to help students understand the functions served by money, financial securities, banks, and financial markets. While some connections are drawn to actual institutional arrangements and certain real-world policy issues, the emphasis is on developing and using internally consistent dynamic models based on explicit microfoundations-that is, the emphasis is on understanding monetary, and more generally, financial and aggregate economic phenomena, resulting from the choices of rational individuals who seek to maximize their own well-being subject to their income-earning ability and other constraints, such as those imposed by the economic environment within which they interact.
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4.00 Credits
Examines theories of international trade, as well as related empirical evidence. Topics include the Department of Economics relationship between trade and economic growth, the theory of customs unions, international factor movements, trade between unequal partners, and trade under imperfect competition.
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4.00 Credits
Discusses the conceptual foundations and empirical evidence concerning the effects of private ownership on corporate performance. The corporate control mechanisms in the United States, Germany, Japan, and the emerging market economies of Eastern Europe and the former Soviet Union are reviewed. Particular attention is paid to the role of capital markets (takeovers and other shareholder control devices), banks and other financial institutions, and various corporate institutions (such as boards of directors and meetings of shareholders) in facilitating or hindering corporate control and the efficient allocation of resources.
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4.00 Credits
Introduces students to the field of behavioral economics, which seeks to insert more behavioral realism into economic theory. Topics covered include, but are not restricted to, prospect theory, mental accounting, other-regarding preferences, and hyperbolic discounting. We usually approach a topic by examining evidence of some departure from the assumptions made in the canonical economic model. We then ask how such departures can be formalized theoretically and how the resulting models can be tested empirically.
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4.00 Credits
Introduces the emerging field of formal political economy. The variety of ways in which economists and political scientists think about political science and the interplay of political science and economics are analyzed. The first part of the course focuses on the formal modeling of political behavior and political institutions; the theory of social choice (how groups of rational individuals make decisions) and collective action (how groups of rational individuals take action) are analyzed. The second part of the course discusses the connection between politics and economics and investigates the effect of political variables on the determination of economic outcomes. Some questions that are answered: How can special groups of individuals enhance their wellbeing by political action? What is lobbying? What is the effect of contributions on political outcomes?
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4.00 Credits
Analyzes the functioning of the labor market in both theoretical and statistical terms. Examines the determinants of wage and employment levels in perfect and imperfect labor markets, including the concept of education and training as human capital. Models of labor market dynamics are also examined, including those of job search and matching. The role of public policy in the functioning of labor markets is highlighted throughout.
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4.00 Credits
In alternate years, stresses policy implications and the development of theory. Analysis of government economic policies and behavior. Normative and positive economics; the fundamental welfare theorems. What goods should the government provide (public goods)? When should the government tax private behavior (externalities)? Income redistribution and the welfare program. Who pays the tax (tax incidence)? The role of debt policy. On what should taxes be levied (optimal taxation)?
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4.00 Credits
Deals with classic topics in law and economics, as well as law and society. Topics include tort law, criminal law and racial profiling, the efficient allocation of property rights, and the possibility of order without law. The methodological approach is a game-theoretical one. Provides a fair amount of the required technical background; concepts introduced include dominant strategies, Nash Equilibrium, dynamic games, and backward induction.
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4.00 Credits
Experimental economics is predicated on the belief that economics, like other sciences, can be a laboratory science where economic theories are tested, rejected, and revised. This course reviews the methodology of doing such laboratory experiments and investigates the use of experiments in a wide variety of fields. These include competitive markets, auctions, public goods theory, labor economics, game theory, and individual choice theory. The course functions as a research seminar in which students present their work as it progresses during the semester. Students also get exposure to the experimental laboratory in the Department of Economics and the research performed there.
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