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Course Criteria
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3.00 Credits
Seminar for juniors to develop research skills. Work consists of an original research paper to be completed by the student by the end of the semester under supervision of the instructor. The research topic should apply economic theory and data analysis skills. Students are encouraged to collect original data where feasible. Some group meetings may be scheduled but most of the contact is in individual meetings by appointment with the instructor. Registration in this course is encouraged for students considering senior honors work in economics. Note that this course does not satisfy economics major requirements. Prerequisites: Econ 4011 (401) and 4012 (402) (concurrent registration is acceptable), junior standing, GPA of 3.3 or higher.
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3.00 Credits
Analytic theory of consumer and producer behavior under perfect and imperfect competition. Coverage of demand theory (indifference curves and utility functions and preferences under uncertainty) including expected utility and risk aversion. Development of general equilibrium under pure exchange, including the concepts of competitive equilibrium and Pareti efficiency. Discussion of the role of time as it pertains to interest rates, discounting, and net present value. Analysis of standard monopoly and simple oligopoly problems. Development of noncooperative game theory, including strategic and extensive-form equilibria and Nash and subgame perfect equilibria. Thorough training in intermediate theory would require both Econ 4011 (401) and Econ 4021 (402). Prerequisites: Econ 1011 (Econ 103B), Math 131, Math 132, and concurrent enrollment in, or prior completion of, either Math 233 or Econ 493 (Mathematical Economics).
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3.00 Credits
National income and labor market measurement. Business cycle fact and consideration of alternative explanations for business cycle phenomena. Development of Solow growth model, along with theories of endogenous growth and an examination of reasons for differences in growth rates across counties. General equilibrium description of firms and consumers in labor and product markets. Implementation of monetary and fiscal policy, and exploration of the impact of policy changes on the macroeconomy. Prerequisites: Econ 1021 (Econ 104B) and Econ 4011 (401).
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3.00 Credits
The course provides a standard introduction to the economic analysis of law. Mastery of basic economic approaches to the study of legal institutions is a valuable skill that benefits a broad range of students. Students planning to pursue careers in the private and public sectors as well as those planning to attend graduate school will find this course extremely useful. The course spans the growing field of law and economics, starting with the early insights of the late 1960s and early '70s and ending with state-of-the art contributions made in the past few years. The plan for the course includes the more recent trend toward empirical implementation of the insights set forth by the early theoretical contributions in the field. The course covers the fundamental contributions made by the economic approach in four core areas: property law, contract law, tort law, and criminal law. We also cover several topics in the economics of litigation. Time permitting, topics in more recent areas of law and economics are covered as well. In particular, time is devoted to exploring economic arguments in areas that inform some of the most heated current policy debates in the United States, such as criminal records policy, the estate tax, Affirmative Action, eminent domain, and the market for body organs. Prerequisite: Econ 4011 (401).
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3.00 Credits
This course provides an overview of behavioral economics, an emerging sub-field that integrates insights from psychology into economic models of behavior. We study ways in which individuals systematically depart from assumptions such as perfect rationality, self interest, time consistency, etc; and discuss the economic ramifications of these predictable but "irrational" behaviors. The course covers three main classes of topics: (1) nonstandard preferences; (2) nonstandard beliefs; and (3) nonstandard decision rules. The methodological focus of the course is on economic theories of individual decision making, and on the experimental tests of these theories conducted by both economists and psychologists. Prerequisites: Econ 4011 (401) and Math 2200.
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3.00 Credits
An introduction to mathematical optimization and its applications within economics. The course is designed for, and should be taken by, all undergraduates considering graduate study in economics, but all interested students are welcome. Prerequisites: Econ 4011 (401), Math 233, and Math 309, or permission of the instructor.
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3.00 Credits
Course provides a basic working knowledge of econometrics. Topics include: translation of economic theory into statistical models; statistical foundations of econometrics; preregression analysis; bivariate and multiple regression techniques; hypothesis testing; multicollinearity; specification error; auto correlation; errors in variables; identification; and simultaneous estimation. Prerequisites: Econ 1011 (103B), Econ 1021 (104B), and Math 2200 or equivalent.
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3.00 Credits
Introduction to econometrics as it is applied in microeconomics and macroeconomics (modular). Emphasis is on hands-on implementation of the models covered in the course. Topics related to the analysis of microeconomic data include cross-section and panel data linear models and robust inference; instrumental variables estimation; simultaneous equation models; models for discrete choice; and truncation, censoring and sample selection models. Topics related to the analysis of macroeconomic data include linear time series models; practical issues with likelihood-based inference; forecasting; structural identification based on timing restrictions; and computational methods for hypothesis testing. Prerequisites: Econ 4011 (401) and Econ 413.
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3.00 Credits
A detailed discussion of the circumstances surrounding the industrialization of the Western world in the 18th and 19th centuries, with special attention given to Britain, France, and Germany. Various hypothesis regarding economic growth and development are examined in the light of the latest evidence and with the use of basic economic reasoning. Prerequisites: Econ 4011 (401) or Econ 1011 (103B) and written permission of instructor.
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3.00 Credits
This class focuses on understanding and evaluating several theories of economic development, the implementation of these theories in various countries, and the consequences of those policies. The course then provides a historical examination of the arguments for and against capitalism and for the alternatives. The focus is on understanding and evaluating those arguments. We look at the correspondence between what various writers asserted would happen and what actually happened. We read Smith, Marx, Lenin, Hayek, Von Mises, Lange, Schumpeter, Schelling, Coase, and North among others. We examine in some detail how economists over time have evaluated Soviet, Chinese, North Korean, and Singapore economic performance and what the current evidence suggests actually happened. We examine in less detail the modern forms of mercantilism, autarky, kleptocracy, despotism, fascism, and Nazi regimes. Prerequisite: Econ 4011 (401). Please note: Requests for online registration are wait listed. Students must sign up for this course in the Economics office, 307 Seigle. Refer to emailed advising memo from D. Petersen for further details.
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