Course Schedule and Catalog

Long Title: VISITING RESEARCH

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 0

Description: Research conducted by visiting student scholars. Department Permission Required. Repeatable for Credit.

Long Title: PRINCIPLES OF ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Description: Introduction to the basic concepts of microeconomics and macroeconomics. Microeconomics component includes analysis of supply and demand, consumer and producer behavior, and competitive and noncompetitive market equilibria, with applications to current policy issues. Macroeconomics component provides an overview of the determination of national output, employment, interest rates, and inflation, and analyzes monetary fiscal policies and international trade. Designed for both non-majors and majors. Mutually Exclusive: Cannot register for ECON 100 if student has credit for ECON 101/ECON 201/ECON 211.

Long Title: INTRODUCTION TO MICROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Description: Introduction to microeconomic analysis at a level suitable for non-majors. Applies only for transfer credit and requires departmental approval. Approved credit counts toward total credit hours required for graduation and for distribution, but does not count toward the ECON or MTEC majors. Students may not receive credit for ECON 101 if credit for ECON 201/211 has already been awarded. Mutually Exclusive: Cannot register for ECON 101 if student has credit for ECON 100/ECON 111/ECON 201/ECON 211.

Long Title: INTRODUCTION TO MACROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Description: Introduction to macroeconomic analysis at a level suitable for non-majors. Applies only for transfer credit and requires departmental approval. Approved credit counts toward total credit hours required for graduation and for distribution, but does not count toward the ECON or MTEC majors. Students may not receive credit for ECON 103 if credit for ECON 212 has already been awarded. Mutually Exclusive: Cannot register for ECON 103 if student has credit for ECON 112/ECON 113/ECON 212.

Long Title: AP/OTH CREDIT IN MICROECONOMICS

Department: Economics

Grade Mode: Transfer Courses

Language of Instruction: Taught in English

Course Type: Transfer

Credit Hours: 1 TO 6

Description: Provides transfer credit based on student performance on approved examinations in microeconomics, such as the Advanced Placement microeconomics exam or the International Baccalaureate higher-level economics exams, or for an approved introductory microeconomics course. Approved credit counts toward total credit hours required for graduation, but does not count for distribution or toward the ECON or MTEC majors. Students may not receive credit for ECON 111 if credit for ECON 201/211 has already been awarded. Mutually Exclusive: Cannot register for ECON 111 if student has credit for ECON 101/ECON 201/ECON 211.

Long Title: AP/OTH CREDIT IN MACROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Transfer

Credit Hours: 1 TO 6

Description: Provides transfer credit based on student performance on approved examinations in macroeconomics, such as the Advanced Placement macroeconomics exam or the International Baccalaureate higher-level economics exams, or for an approved introductory macroeconomics course. Approved credit counts toward total credit hours required for graduation, but does not count for distribution or toward the ECON or MTEC majors. Mutually Exclusive: Cannot register for ECON 113 if student has credit for ECON 103/ECON 112/ECON 212.

Long Title: MICROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Distribution Group: Distribution Group II

Credit Hours: 4

Prerequisite(s): ECON 100 AND (MATH 102 OR MATH 106)

Description: Intermediate level analysis of theories of household behavior, including demand for consumer goods, labor supply, and savings/investment decisions, and producer behavior including the supply of output and demands for labor, capital and other production inputs. Emphasizes individual and interactive decision making under resource constraints and discusses equilibria in competitive markets. MATH 102 may be taken concurrently with ECON 200. As much of the analysis in ECON 200 involves partial differentiation, MATH 212 is strongly recommended. Recommended Prerequisite(s): MATH 212 Mutually Exclusive: Cannot register for ECON 200 if student has credit for ECON 301.

Long Title: MACROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 100

Description: Analyzes aggregate performance of the national economy including output, inflation, interest rates, employment, the business cycle, monetary and fiscal policy, and more generally the role of government in influencing aggregate economic performance. Introduces both the traditional aggregative only approach to Macroeconomics and the more recent New Classical and New Keynesian micro-foundations approaches. Mutually Exclusive: Cannot register for ECON 203 if student has credit for ECON 303.

Long Title: INTRODUCTION TO GAME THEORY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Description: This course provides an introduction to game theory, a branch of mathematics that studies decision-making by agents in situations where the outcome for each depends on the actions taken by all. Students will develop a familiarity with analytical tools that have found applications in, for example, economics and other social sciences, biology, computer science, and philosophy. Designed for students who do not wish to major in ECON or MTEC and does not apply to ECON or MTEC major requirements. Mutually Exclusive: Cannot register for ECON 205 if student has credit for ECON 300.

Long Title: APPLIED ECONOMETRICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Distribution Group: Distribution Group II

Credit Hours: 4

Prerequisite(s): (ECON 100 OR ECON 200) AND (ECON 307 OR STAT 310 OR STAT 315 OR DSCI 301)

Description: Applied econometric methods: econometric theory with practical emphasis on modeling, estimation, and hypothesis testing. A computer lab one day a week focuses on empirical implementation of econometric methods using STATA software. Mutually Exclusive: Cannot register for ECON 209 if student has credit for ECON 309/ECON 446.

Long Title: BEHAVIORAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 100 OR ECON 200

Description: Examines behavioral economics, which seeks to insert more behavioral realism into economic theory by incorporating into economic models insights based on empirical observations from psychology, sociology, and neuroscience. Emphasizes attempts by behavioral economists to explain anomalies that depart from the predictions of standard economic theory. Topics include temptation and self-control, fairness and reciprocity, reference dependence, bounded rationality and choice under risk and uncertainty.

Long Title: SPECIAL TOPICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Independent Study, Internship/Practicum, Laboratory, Lecture, Lecture/Laboratory, Seminar

Credit Hours: 1 TO 4

Description: Topics and credit hours vary each semester. Contact department for current semester's topic(s). Repeatable for Credit.

Long Title: LAW AND ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 100 OR ECON 200

Description: Exploration of the law using economic tools based on microeconomic theory. Focuses on legal issues most applicable to business. Mutually Exclusive: Cannot register for ECON 239 if student has credit for ECON 438.

Long Title: MICROECONOMICS AND PUBLIC POLICY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 100 OR ECON 200

Description: Applies insights learned from the microeconomic component of ECON 100 to the analysis of public policy issues, stressing economic intuition rather than mathematical formulations. Designed for students who do not wish to major in ECON or MTEC, and does not apply toward ECON or MTEC major requirements.

Long Title: MACROECONOMICS AND PUBLIC POLICY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 100 OR ECON 200

Description: Applies insights learned from the macroeconomic component of ECON 100 to the analysis of public policy issues, stressing economic intuition rather than mathematical formulations. Designed for students who do not wish to major in ECON or MTEC, and does not apply toward ECON or MTEC major requirements.

Long Title: INTERNATIONAL MACROECONOMICS AND PUBLIC POLICY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 100 OR ECON 200

Description: Applies insights learned from the macroeconomic component of ECON 100 to the analysis of issues related to international public policy, stressing economic intuition rather than mathematical formulations. Designed for students who do not wish to major in ECON or MTEC, and does not apply toward ECON or MTEC major requirements.

Long Title: TRANSPORTATION, INFRASTRUCTURE AND LOGISTICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 100 OR ECON 200

Description: The health of an economy depends critically on the efficient flow of goods and products. This course will analyze the economic impacts of transportation, infrastructure and logistics from a policy perspective. Topics will include technological change, regulation versus deregulation, the impact of globalization, and the roles of government and agencies at various levels. Readings will include specific case studies as well as one or two books giving a broad overview of the importance of transportation policy. It is open to majors and non-majors, has a pre-requisite of ECON 100 or ECON 200, and provides three hours of university credit but does not count toward the ECON or MTEC majors.

Long Title: EXPERIENTIAL EDUCATION IN ECONOMICS

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Internship/Practicum

Credit Hours: 1

Prerequisite(s): ECON 200

Description: Provides one hour of university credit for faculty-approved internship. Students must obtain approval from a member of the department’s undergraduate committee and must submit an offer letter from the internship provider as well as a letter indicating completion and satisfactory performance. Instructor Permission Required. Repeatable for Credit.

Long Title: GAME THEORY AND OTHER MICRO TOPICS FOR ECON MAJORS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND (ECON 307 OR STAT 310 OR STAT 315 OR DSCI 301)

Description: Advanced applied analysis of topics in microeconomics designed for students in the ECON major. Topics include the foundations and applications of game theory, the economics of choice under uncertainty, and information economics including issues of asymmetric information. Additional topics may include auction theory and mechanism design. Open to all majors other than MTEC. Mutually Exclusive: Cannot register for ECON 300 if student has credit for ECON 205.

Long Title: GAME THEORY AND OTHER MICRO TOPICS FOR MTEC MAJORS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): (ECON 307 OR STAT 310 OR STAT 315 OR DSCI 301) AND ECON 308

Description: Advanced theoretical analysis of topics in microeconomics, focusing on mathematical modeling. Topics include the foundations and applications of game theory, general equilibrium theory and applications, the economics of choice under uncertainty, and information economics including issues of asymmetric information. Additional topics may include auction theory and mechanism design. Open to all majors but designed for students in the MTEC major. Mutually Exclusive: Cannot register for ECON 305 if student has credit for ECON 405.

Long Title: PROBABILITY AND STATISTICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group III

Credit Hours: 3

Prerequisite(s): MATH 102 OR MATH 106

Description: Probability and the central concepts and methods of statistics including probability, random variables, distributions of random variables, expectation, sampling distributions, estimation, confidence intervals, and hypothesis testing. Cross-list: STAT 310. Recommended Prerequisite(s): MATH 212. Mutually Exclusive: Cannot register for ECON 307 if student has credit for DSCI 301/STAT 315.

Long Title: MATHEMATICAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 4

Prerequisite(s): ECON 200 AND (MATH 212 OR (MATH 221 AND MATH 222)

Description: Coverage of mathematical topics used in economics, such as linear algebra, optimization, and real analysis, with applications to fundamental topics in economic theory, constrained optimization, labor market dynamics, game theory and Leontief input-output model. Emphasizes logical clarity and mathematical rigor, along with the ability to follow and construct mathematical proofs. Students must have either (1) made a grade of B- or higher in MATH 212 or MATH 221/MATH 222 taken at Rice, or (2) received transfer credit for MATH 212 or MATH 221/MATH 222 and received approval of the course instructor. Mutually Exclusive: Cannot register for ECON 308 if student has credit for ECON 401.

Long Title: ECONOMETRICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 4

Prerequisite(s): ECON 209 AND ECON 308

Description: Survey of estimation and forecasting models. Includes multiple regression time series analysis. A good understanding of linear algebra is highly desirable. Cross-list: STAT 376. Mutually Exclusive: Cannot register for ECON 310 if student has credit for ECON 409/STAT 400.

Long Title: PUBLIC POLICY AND SOCIAL PROGRAM EVALUATION

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 307 OR STAT 310 OR STAT 315 OR SOSC 302

Description: This course covers quantitative methods to evaluate three aspects of public policy and social programs. The first aspect is the quality of the implementation: are public policy and social programs implemented according to plan? The second aspect is impact: are interventions impacting the populations or issues for which they were designed? The third aspect is cost: do the program benefits justify the costs? The course audience are students interested in innovation in public policy and the design of social programs that aim to reduce inequality and to increase prosperity.

Long Title: CORPORATE FINANCE

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): (ECON 100 OR ECON 200) AND (STAT 280 OR STAT 305 OR STAT 310 OR STAT 315 OR ECON 307 OR STAT 312 OR POLI 395 OR PSYC 339 OR SOSC 302) AND BUSI 305

Description: Corporate financial management including tools used to evaluate and select investment projects and the method of financing those investments. The influence of corporate control on investment decisions. The valuation of stocks, bonds and options using the time value of money, the trade-off between risk and return, and arbitrage. Mutually Exclusive: Cannot register for ECON 343 if student has credit for BUSI 343.

Long Title: FINANCIAL MARKETS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group II

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Principles governing U.S. and international equity and debt markets, and the interactions between such markets and national monetary and exchange rate policies. Focuses on the role of financial markets and institutions in the allocation and transfer of credit and risk, and examines various existing and suggested regulatory frameworks.

Long Title: WORLD ECONOMIC HISTORY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Distribution Group: Distribution Group I

Credit Hours: 3

Prerequisite(s): ECON 100 AND ECON 200 AND ECON 203

Description: Study and analysis of world economy focusing on the economic expansion of Western countries between the 14th and 21st centuries. Emphasis on contextual changes in economy, geography, history, society, culture, religion and politics in determining economic leadership of certain economies, such as Italy, Portugal, Spain, the United Kingdom, Belgium, the Netherlands, France, Germany, Sweden, the United States and Japan. Cross-list: HIST 365.

Long Title: INDEPENDENT RESEARCH

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 3

Prerequisite(s): ECON 203 AND ECON 209 AND (ECON 300 OR ECON 305)

Description: Independent research project under the supervision of a faculty member who must approve the topic.Consult the department website under "Independent Research" for additional details. Students must have a GPA of 3.0 or higher in the prerequisite courses and must have taken the 400-level course or courses most relevant to the research topic. Faculty advisors may require additional prerequisites. Instructor and department permission required. Not offered during the summer. Instructor Permission Required.

Long Title: LABOR ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Empirical evidence and theories relating to several features of labor markets. Topics covered may include fertility, health, criminal behavior, labor force participation, hours of work, education and training, geographical and inter-firm labor mobility, static and dynamic labor demand, unions, discrimination, government intervention in labor markets, and "hedonic" equilibria in labor markets. Graduate/Undergraduate Equivalency: ECON 515. Mutually Exclusive: Cannot register for ECON 415 if student has credit for ECON 515.

Long Title: ECONOMIC FORECASTING

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 203 AND ECON 209

Description: Application of econometric techniques to problems in macroeconomics and financial economics. The course focuses on macroeconomic forecasting and test of economic theories using stationary and non-stationary time-series data. Methods include predictive regressions, vector autoregressions, impulse response functions, and variance decomposition. Tests and comparisons of forecast accuracy are also included. Projects will be completed in STATA.

Long Title: ADVANCED TOPICS IN ECONOMETRICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 310 OR STAT 376

Description: Introduction to advanced econometrics, with an emphasis on methods used in microeconomic applications. Methods covered are used in the estimation of the demand for goods and services, production functions, and for analyzing the impact of social programs.

Long Title: INTERNATIONAL ECONOMICS AND FINANCE

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND ECON 203

Description: Studies the economic relationships among countries. Explores the sources of comparative advantage and reasons for trade policies. Examines foreign exchange and international capital markets and linkages between exchange rates, interest rates, and prices. Includes trade theory, tariffs, and other trade restrictions, an overview of historical and institutional developments, and current policy issues. Mutually Exclusive: Cannot register for ECON 422 if student has credit for ECON 420/ECON 421.

Long Title: POLITICAL ECONOMY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND (ECON 300 OR ECON 305)

Description: Analyzes income redistribution, taxation, the production of public goods, and other actions of the public sector as determined by a political process simultaneously with the economic process of exchange and production. Investigates the connection between public policies and the political forces that shape them.

Long Title: INDUSTRIAL ORGANIZATION

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): (ECON 300 OR ECON 305) AND (ECON 209 OR ECON 310)

Description: Covers topics in industrial organization and market design, including oligopoly, mergers, demand, matching and auctions.

Long Title: ENERGY ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Discussion of key aspects in the supply and demand of energy. Topics include optimal extraction of depletable resources, transportation, storage, end-use and efficiency, and the relationship between economic activity, energy, and the environment. Cross-list: ENST 437, Graduate/Undergraduate Equivalency: ECON 601. Mutually Exclusive: Cannot register for ECON 437 if student has credit for ECON 601.

Long Title: ADVANCED TOPICS IN LAW AND ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Addresses the role of economics in understanding the legal system, in particular how the law allocates entitlements and risk in property, tort and contract law. Intended primarily for students who are considering attending law school and uses instruction methods appropriate for that goal.

Long Title: EMPIRICAL METHODS FOR INDUSTRIAL ORGANIZATION

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND ECON 209

Description: Covers empirical methods for the analysis of markets and industries. Focuses on various topics related to incomplete information in industrial organization. Topics include markets, strategy, interactions among firms, and the pricing of products, including non-linear pricing.

Long Title: FINANCIAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 305 AND (ECON 307 OR STAT 310 OR STAT 315 OR DSCI 301)

Description: Economic analysis of the operation of financial markets from a mathematical and theoretical perspective. Topics include asset pricing, risk management, portfolio theory, arbitrage theory, and market efficiency. Emphasizes the application of the financial concepts to decisions faced by households and firms.

Long Title: MANAGERIAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Application of economics to the determination of the profitability of the firm. Includes organization theory and problems of control. A student may not receive credit for ECON 445 and ECON 245/POLI 245.

Long Title: PRINCIPLES OF FINANCIAL ENGINEERING

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): (ECON 308 OR MATH 211) AND MATH 212 AND (ECON 310 OR STAT 376)

Description: Covers the use of financial securities and derivatives to take or hedge financial risk positions, including most commonly used instruments, from simple forwards and futures to exotic options and swaptions. Studies the pricing of derivative securities with emphasis on the mechanics and uses of financial engineering methods. Mutually Exclusive: Cannot register for ECON 449 if student has credit for STAT 449.

Long Title: ECONOMIC DEVELOPMENT

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND ECON 203

Description: This course covers different dimensions of economic development, focusing on poverty, inequality, demography, and health. It provides an overview of the economies of less developed countries, the lives of the poor, and the theories for why some countries are rich and others are poor. It also describes how labor and credit markets function in poor countries, the consequences for health and education, and the role of institutions.

Long Title: RELIGION, ETHICS, AND ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND (ECON 307 OR STAT 310 OR STAT 315 OR DSCI 301)

Description: Reviews economic models of the demand, supply, and markets for religion, including the effects of economic conditions on religious choice and vice versa. Students will write a term paper on topics of their choosing, subject to professor's approval. Recommended Prerequisite(s): ECON 209 or ECON 310 or STAT 376.

Long Title: MONEY AND BANKING

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND ECON 203

Description: Micro-foundations of monetary, fiscal and financial theory. Examines the unique roles of money and of banking in providing the transactions mechanism and in the functioning of financial markets. Explains the use of valued fiat, unbacked money which appears to violate basic microeconomics, in the context of Samuelson's overlapping generations model, including the implications for monetary and fiscal policy and for inflation. Discusses bank runs and financial instability.

Long Title: ADVANCED TOPICS IN ECONOMIC DEVELOPMENT

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND ECON 450

Description: Focuses on role of taxation, finance and international trade, foreign investment and foreign aid in economic development.

Long Title: ECONOMICS OF HUMAN CAPITAL

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 320

Description: This course covers theory that describes the central role of human capital in determining economic growth and inequality, uses advanced econometric techniques to test if the theory is consistent with data, and presents insights for public policy that can improve human capital formation, increase economic growth and reduce social inequality.

Long Title: MARKET DESIGN

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND (ECON 307 OR STAT 310 OR STAT 315 OR DSCI 301)

Description: Regulators, entrepreneurs and economists have recently been involved in the design of novel markets for radio spectrum, kidneys, on-line advertising, school choice, etc. This course utilizes game theory to provide the theoretical underpinning of such markets via real world examples, including the study of institutional details that can determine the success or failure of a market.

Long Title: SPECIAL TOPICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Internship/Practicum, Laboratory, Lecture, Seminar

Credit Hours: 1 TO 4

Description: Topics and credit hours vary each semester. Contact department for current semester's topic(s). Repeatable for Credit.

Long Title: ECONOMIC MODELING AND PUBLIC POLICY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Examines the use of computational dynamic models to analyze the effects of economic policy reforms. Introduces computer programming methods to simulate household and firm behavior in partial and general equilibrium frameworks. Policy evaluation includes personal and corporate income taxes, Social Security, retirement savings incentives, and social insurance programs.

Long Title: ENVIRONMENTAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Uses economic theories of externalities and common property resources to analyze how markets, legal institutions, regulations, taxes and subsidies, and voluntary activity can affect the supply of environmental amenities, such as clean air, clean water, and wilderness areas. Also discusses methods for determining the demand for environmental amenities. Cross-list: ENST 480.

Long Title: HEALTH ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 209 OR (ECON 310 OR STAT 376)

Description: Study of determinants of health, including behavioral, economic and social factors and access to health care. Application of economics to understand health insurance, the hospital and physician markets, pharmaceuticals, and the health care system. Effects of regulation and methods of payment. Graduate/Undergraduate Equivalency: ECON 565. Mutually Exclusive: Cannot register for ECON 481 if student has credit for ECON 565.

Long Title: PUBLIC FINANCE

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: Provides an economic analysis of tax policy, focusing on the current national debate regarding the relative merits of income and consumption-based taxes in terms of equity, efficiency, and simplicity. Analyzes tax effects on individual and business behavior and discusses general equilibrium modeling of the economic and distributional effects of alternative tax reforms. Special topics include optimal taxation, taxation of the family, estate taxation, taxation of electronic commerce, and state and local public finance.

Long Title: PUBLIC ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND MATH 212

Description: Theory and evidence on government expenditure policy. Topics include the theory of public goods, education, state and local public goods, redistribution and welfare policy, cost-benefit analysis, social insurance programs such as social security and unemployment insurance, and health care policy.

Long Title: THE ECONOMICS OF SUSTAINABILITY, CONSERVATION, AND PANDEMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200

Description: This course will cover issues related to conservation, sustainability and pandemics from an economics point of view. Topics will include the need for conservation policies and planning, how science informs conservation strategies, incentives and the design of conservation agreements, and the role of deforestation and wildlife markets in pandemic emergence. Policies to reduce the likelihood of pandemic emergence, as well as the effects of pandemics like influenza, HIV, and COVID-19 on the global economy will also be discussed. Recommended Prerequisite(s): MATH 212

Long Title: ECONOMICS OF SOCIAL NETWORKS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 200 AND ECON 209

Description: This course introduces research on social networks and analyzes how these networks affect our choices: the products we buy, the careers we follow, whom we marry, how we raise our children. Students will learn about network measurement and formation and the influence of social networks on our decisions.

Long Title: RESEARCH IN ECONOMIC THEORY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 3

Prerequisite(s): ECON 203 AND (ECON 310 OR STAT 376) AND ECON 305

Description: Capstone course for MTEC majors whose primary interest is in economic theory. Review and analysis of seminal and current research in economic theory, including independent analysis by the student. Topics vary from year to year.

Long Title: RESEARCH IN ECONOMETRICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 3

Prerequisite(s): ECON 203 AND (ECON 310 OR STAT 376) AND ECON 305

Description: Capstone course for MTEC majors whose primary interest is in econometrics. Review and analysis of seminal and current research in econometrics, including independent analysis by the student. Topics vary from year to year.

Long Title: HONORS PROGRAM IN ECONOMICS-I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 3

Prerequisite(s): ECON 203 AND (ECON 209 OR ECON 310) AND (ECON 300 OR ECON 305)

Description: Research workshop open to ECON and MTEC majors. Students must have a GPA of at least 3.67 in all courses taken toward satisfying major requirements, and must have taken all ECON courses directly related to the topic of their research. Students develop a research idea, construct an economic model with testable hypotheses, test those hypotheses, and write and present an academic quality paper. Econometrics pre-requisite is ECON 209 for ECON majors and ECON 310 for MTEC majors.

Long Title: HONORS PROGRAM IN ECONOMICS-II

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 3

Prerequisite(s): ECON 498

Description: Continuation of ECON 498. University credit only.

Long Title: MICROECONOMICS I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Description: Consumer theory including choice under certainty, producer theory, partial and general equilibrium analysis.

Long Title: MACROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Description: Review of static general equilibrium theory; elements of functional analysis for optimization; deterministic and stochastic difference equations, local stability analysis; introduction to Markov processes; dynamic optimization techniques, including stochastic optimal control theory, dynamic programing, and robust control; applications to growth theory, search, industrial organization, and monetary economics; dynamic stochastic general equilibrium modeling.

Long Title: COMPUTATIONAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 501 AND ECON 502 AND ECON 505 AND ECON 508 AND ECON 510 AND ECON 511 AND MATH 321

Description: Numerical methods most commonly used in economics and their application to frontier research projects in economic modeling. Topics include optimization theory and numerical integration.  Cross-list: STAT 604.

Long Title: FINANCIAL ECONOMICS I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 501 AND ECON 502

Description: Introduction at the graduate level to asset pricing and portfolio choice theory. Covers single-period and dynamic models, including pricing by arbitrage, mean-variance analysis, factor models, dynamic programming, recursive utility, and an introduction to continuous-time finance. Cross-list: BUSI 521.

Long Title: MATHEMATICAL ECONOMICS I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: The purpose of this course is to provide the first-year PhD students in Economics with the essential mathematical tools. The course covers topics in real analysis, topology, linear algebra, etc. Aside from providing the mathematical tools, a primary aim of this course is to develop the level of mathematical sophistication necessary to conduct research in modern economics. The course will therefore emphasize logical clarity and mathematical rigor, along with the ability to follow and construct mathematical proofs.

Long Title: MICROECONOMICS II

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 5

Description: Two modules: (1) Introduces students to the mathematical tools of game theory, and the modeling of economic settings as games. Covers normal form games, extensive form games with perfect information, Bayesian games, and extensive form games with imperfect information; (2) introduces students to information economics and the theory of mechanism design. Applies tools from game theory and linear and non-linear

Long Title: TOPICS IN MICROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 508

Description: Role of private information in mathematical models of collective decision making. Emphasizes information acquisition by voters, and information disclosure by the political parties or media outlets. Topics include: the value of private information in a single-agent decision problem; various statistical concepts of informativeness; Shannon entropy and rational inattention; models of strategic voting; cost-benefit analysis of information acquisition and optimization; deliberation and information transmission; mathematical modeling of information disclosure by media outlets. Repeatable for Credit.

Long Title: ECONOMETRICS I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: Estimation and inference in single equation regression models, multicollinearity, autocorrelated and heteroskedastic disturbances, distributed lags, asymptotic theory, and maximum likelihood techniques.  Emphasis is placed on critical analysis of the literature. Cross-list: STAT 610.

Long Title: ECONOMETRICS II

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: Topics in linear and nonlinear simultaneous equations estimation, including panel data, qualitative and categorical dependent variable models, duration analysis, simulation-based estimation, treatment effects, stochastic production frontier estimation. Cross-list: STAT 611.

Long Title: INTERNATIONAL TRADE THEORY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Description: Exploration of classical, neoclassical, and modern trade theory. Includes welfare aspects of trade such as the theory of commercial policy, with emphasis on applications.

Long Title: INDUSTRIAL ORGANIZATION AND CONTROL

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 501 AND ECON 502 AND ECON 505 AND ECON 508 AND ECON 510 AND ECON 511 AND MATH 321

Description: Core topics include monopoly, price discrimination, vertical control, short-run price competition, dynamic price competition and tacit collusion, price and non-price competition with differentiated products, entry barriers, information and strategic behavior (e.g. limit pricing, auctions), and research and development.

Long Title: LABOR ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Prerequisite(s): ECON 501 AND ECON 502 AND ECON 505 AND ECON 508 AND ECON 510 AND ECON 511 AND MATH 321

Description: Mathematical and statistical analysis of empirical evidence and theories relating to several features of labor markets. Topics covered may include fertility, health, criminal behavior, labor force participation, hours of work, education and training, geographical and inter-firm labor mobility, static and dynamic labor demand, unions, discrimination, government intervention in labor markets, and “hedonic” equilibria in labor markets.  Graduate/Undergraduate Equivalency: ECON 415. Mutually Exclusive: Cannot register for ECON 515 if student has credit for ECON 415.

Long Title: EMPIRICAL MICROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 508

Description: Overview of methods used in empirical microeconomic research. Examples are drawn from health economics, law and economics, and business economics. Emphasis is placed on designing econometric and statistical analyses to test economic hypotheses. Class projects will expand on analyses from previously published studies.

Long Title: EMPIRICAL INDUSTRIAL ORGANIZATION

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 501 AND ECON 502 AND ECON 505 AND ECON 508 AND ECON 510 AND ECON 511 AND MATH 321

Description: Examines economic models of competition and industry structure. These include models of demand, supply, investment and entry. Special attention is paid to economic statistical modeling of industries and the use of price and game theory in industrial organization. Matching and market design are also covered. 

Long Title: INTERNATIONAL MACROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Description: Effects of fiscal and monetary policies on exchange rates and the current account and balance of payments. Includes exchange market efficiency, exchange rates and prices, LDC debt, and policy coordination.

Long Title: ECONOMIC GROWTH AND DEVELOPMENT

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 501 AND ECON 508 AND ECON 510 AND ECON 511

Description: Mathematical and statistical analysis of topics in microeconomic development and introduction to some frequently used applied econometric methods.  Topics covered include poverty and inequality, health, education, fertility, marriage markets, and other gender issues. Special focus is given to intra-household bargaining models and their applications.

Long Title: PUBLIC ECONOMICS: TAX POLICY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: Study of the effects of taxation on individual and firm behavior, general equilibrium tax incidence analysis, optimal taxation theory, optimal implementation of tax reform, analysis of comprehensive income, and consumption taxes.

Long Title: DYNAMIC OPTIMIZATION

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: Study of dynamic optimization in discrete and continuous time, including numerical methods and applications to macroeconomics, finance and resource and energy economics.

Long Title: ADVANCED TOPICS IN ENERGY ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): (ECON 301 OR ECON 370) AND (ECON 309 OR ECON 446 OR ECON 409 OR ECON 400 OR STAT 400) AND ECON 437

Description: A detailed development and analysis of topics in energy modeling. Topics include optimal extraction of depletable resources, models of storable energy commodities, energy demand by end-use sector, models of non-competitive behavior, energy security and the relationship between energy and commodity prices. ECON 547 requires an additional assignment in addition to the assignments of ECON 447. Recommended Prerequisite(s): ECON 477 or ECON 401. Mutually Exclusive: Cannot register for ECON 547 if student has credit for ECON 447/ECON 604.

Long Title: HEALTH ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Description: Application of empirical and theoretical economic models to health and healthcare.  Includes production, cost, demand and supply factors; methods of payment and effects of regulation. Topics include optimal design of health insurance markets, cost-benefit analysis of healthcare technologies, econometric evaluation of government regulations and reimbursement in the healthcare sector, and testing of hypothesis that explain rising prices and costs of healthcare. Graduate/Undergraduate Equivalency: ECON 481. Mutually Exclusive: Cannot register for ECON 565 if student has credit for ECON 481.

Long Title: TOPICS IN FINANCIAL ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 505

Description: Topics in asset pricing, corporate financial theory, and market microstructure, including asymmetric information, learning, heterogeneous priors, market frictions, nonstandard preferences, production models, q theory, real options, dynamic capital structure, quote-driven markets, order-driven markets, and dealer markets. Repeatable for Credit.

Long Title: TOPICS IN MACROECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Seminar

Credit Hours: 3

Description: Discussion topics in macroeconomics. Repeatable for Credit.

Long Title: TOPICS IN ECONOMIC THEORY I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: Discussion of topics in advanced economic theory. Repeatable for Credit.

Long Title: TOPICS IN ECONOMETRICS I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 3

Description: Discussion of selected topics in advanced econometrics. Repeatable for Credit.

Long Title: TOPICS IN ECONOMETRICS II

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Prerequisite(s): ECON 511

Description: Discussion of selected topics in advanced econometrics that focus on the mathematical and statistical modeling of such phenomena as (1) extended panel data methods; (2) spatial econometrics; (3) bootstrapping;  (4) factor models, wavelets, smoothing-splines, sieves; (5) model averaging; (6)  continuous and discrete dynamic programming models; (7) econometrics of auctions; (8)  BLP methods of demand estimation;  (9) structural and non-structural models of producer behavior; (10) point and set identification; (11) Bayesian Econometrics/ Metropolis-Hastings MCMC algorithms. Repeatable for Credit.

Long Title: TOPICS IN POLICY AND APPLIED ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 3

Description: Discussion of selected topics and applied economics. Repeatable for Credit.

Long Title: WORKSHOP IN MICROECONOMICS

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Seminar

Credit Hours: 1

Description: Seminars on advanced topics in macroeconomics, microeconomics, econometrics and applied microeconomic theory, presented through guest lectures by leading researchers. Repeatable for credit. Repeatable for Credit.

Long Title: WORKSHOP IN ECONOMICS I

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Seminar

Credit Hours: 1

Description: Seminars on advanced topics in macroeconomics, microeconomics, econometrics and applied microeconomic theory, presented through guest lectures by leading researchers. Repeatable for credit. Repeatable for Credit.

Long Title: RESEARCH SEMINAR

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Seminar

Credit Hours: .5

Description: Supervises fourth-year and fifth-year Ph.D. students in their quantitative dissertation research in preparation for graduation. Students must present their own research at least once during the semester. Repeatable for Credit.

Long Title: READINGS IN ADVANCED TOPICS

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Independent Study

Credit Hours: 3

Description: Workshop prepares graduate students for completing innovative and original research. All second year graduate students must attend the workshop. Each week, a faculty member will give a brief lecture about their experience with research. Possible topics include how they came up with ideas, how those ideas evolved and became papers, how these papers proceeded through the publication process, etc. Alternatively, faculty members can present a broad overview of particular research areas and discuss outstanding questions in those areas. Repeatable for Credit.

Long Title: READINGS IN ADVANCED TOPICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Independent Study

Credit Hours: 3

Description: Prepares second-year Ph.D. students to conduct quantitative research. After a critical review of existing economic models, statistical analysis of data and economic evaluations, students develop their own research agenda.  Repeatable for Credit.

Long Title: SEMINAR WORKSHOP

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: .5

Description: Promotes graduate students' attendance and active participation in the Econ 593 and Econ 594 seminar workshops. Each student is required to attend at least fifteen ECON 593/594 seminars per semester, write a brief report on each seminar presentation they attend, prepare to present a background paper for three of the seminars they plan to attend, and participate in post seminar discussions. Repeatable for Credit.

Long Title: ENERGY ECONOMICS I

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Introduces the energy sector to students, discusses key aspects of energy supply, demand and pricing, and is foundational for the MEECON degree. Topics include optimal extraction of depletable resources, investment in energy-using capital, trade of energy commodities, storage, end-use demand and energy efficiency, and the relationship between economic activity, energy and the environment. Students learn to apply dynamic optimization, linear programming and econometric techniques in addressing the course topics. Graduate/Undergraduate Equivalency: ECON 437. Mutually Exclusive: Cannot register for ECON 601 if student has credit for ECON 437.

Long Title: MICROECONOMICS OF THE ENERGY SECTOR

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Covers basic microeconomic concepts and applies them to contemporary issues in the energy sector. Topics covered include demand and supply analysis, market equilibrium and different market structures, international trade, investment and capacity expansion, risk and investment finance, and economic analysis of energy policy including environmental policy. This course enables students to apply quantitative microeconomic theory in order to make data-driven recommendations to case studies presented by industry partners.

Long Title: APPLIED ECONOMETRICS FOR ENERGY MARKETS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 4

Description: Students will be introduced to basic concepts in statistical analysis and how to use statistical tools to analyze economic data and test economic theories. The course includes a laboratory session where students practice using the tools discussed in lectures with data that is particularly relevant to the energy industry.

Long Title: ENERGY ECONOMICS II

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 4

Description: Explores a variety of topics in energy modeling and energy data analysis. Topics include optimal extraction of depletable resources, game theoretic approaches to OPEC behavior, national oil company behavior, models of storable energy commodities and energy demand by end-use sector, energy security and fundamental drivers of commodity prices. This course tasks students to expand on the dynamic optimization problems and econometric techniques applied to energy economics. Mutually Exclusive: Cannot register for ECON 604 if student has credit for ECON 547.

Long Title: TAXATION IN THE ENERGY SECTOR

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Introduces basic principles of taxation, and general equilibrium modeling of the economic effects of taxes, and applies them to federal and state taxes on the energy sector. Topics include royalties resource rent taxes, corporate income taxes including international tax issues such as transfer pricing and income shifting, excess profit taxes, production-sharing agreements, and environmental taxes. Students will formulate, implement, and use quantitative models to solve problems related to private and public decision making in the context of taxes applied to U.S. energy systems.

Long Title: CORPORATE FINANCE FOR THE ENERGY SECTOR

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Examines the investment decisions of corporations, the valuation of stock, bonds and options investments by individual investors. The implications of investor decisions for corporations, and specifically the manner in which they evaluate investment projects and finance investments are a core focus. Examples and case studies focus on the energy sector. Students will increase their understanding of financing and investment decision as the relate to energy companies and energy related projects using analytical and mathematical techniques to make data-driven recommendation to real-world problems.

Long Title: THE ECONOMICS OF ENERGY AND THE ENVIRONMENT

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: This course provides students with an introduction to, and overview of, policies to protect environmental resources against emissions from energy production and use and hazardous wastes. The first part of the course will present an economic analysis of the costs and benefits of using different types of policies to control emissions from fossil fuel use. The remainder of the course, taught from a practitioner's perspective, will discuss the interrelationship between science, institutions and politics when designing environmental policy. The focus will be on problems associated with oil and gas production - especially water contamination and use - and hazardous waste disposal.

Long Title: RISK MANAGEMENT IN THE ENERGY INDUSTRY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture/Laboratory

Credit Hours: 4

Description: This course introduces quantitative risk management techniques often employed in the energy industry. It covers topics such as real options, value at risk, conditional value at risk, and expected shortfall, as well as the use of derivatives for trading and hedging various risk exposures. The course is methodologically self-contained and provides students with hands-on experience with state-of-the-art software to measure and manage risk-adjusted returns of heterogeneous asset portfolios.

Long Title: ENERGY AND THE MACROECONOMY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Discusses connections between energy and economic activity at the regional, national, and international level, and especially the role of energy shocks in economic fluctuations, innovations in energy supply as drivers of regional economic growth, and the role of energy commodities in transportation and international trade.

Long Title: GEOPOLITICS OF ENERGY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Explores the geopolitical issues around energy security and trade by focusing on role of energy as the world's largest business and a strategic requirement of the modern nation-state, a source of power in international relations, and a major influence on national politics and institutions. This course equips students with the analytical skills to inform policy debates, advocate for the interests of principals, and advise policy makers and firms amid rapid changes in energy markets. Students learn both to produce sound empirical analysis by employing state of the art econometric techniques and to be discerning consumers of empirical research.

Long Title: ENERGY PROJECT DEVELOPMENT

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: This course will cover the development of energy projects, especially electric power projects, from inception through to financing. It examines key issues such as: siting/permitting, including compliance with federal, state and local environmental and regulatory issues; fuel supply agreements; capital cost pricing; off-take agreements; and the various methods of project financing. Microsoft Excel is used for project financial analysis, including revenue and cost modeling, debt management, project net cash flow, project internal rate of return and net present value. The course also will cover strategies to monetize the project including development fees, carried equity, and private and public sale of equity, including initial public offerings (“IPOs”).

Long Title: INTERNATIONAL TRADE IN ENERGY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: This course explores the effects of international trade and the determinants of the amount of trade between countries in energy commodities, and the role of international capital flows in financing energy projects, in particular. It will also discuss the many ways that governments can alter international trade through various policies.

Long Title: POLITICAL ECONOMY OF OIL IN DEVELOPING COUNTRIES

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: This course evaluates the political and economic determinants of oil and gas policies in developing countries and their impact on world markets, the interaction between states and oil companies, the challenges of oil wealth management, and the causal links between resource dependency, development, institutions, and political regimes. Although the main focus is on oil production, natural gas is also analyzed, and both are compared to other natural resources. Emphasis is on the analysis of institutional change and the functions of institutional change in the energy industry using data-driven methods to examine case studies.

Long Title: SOCIAL STUDIES OF ENERGY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Investigate the ways in which energy production and consumption impacts social life. By studying the implementation and use of renewable and on-renewable energy infrastructures in different parts of the world, the students will develop a contextual, self-reflexive and critical lens that will help them make decisions in later stages of their careers.

Long Title: INDUSTRIAL ORGANIZATION AND THE ENERGY SECTOR

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: The course will discuss monopoly, oligopoly, and the underlying sources of monopoly power in energy industries and how the industries can be restructured to isolate the monopoly elements from the more competitive ones. Other topics include price discrimination, vertical control, mergers and acquisitions, and strategic behavior between firms.

Long Title: THE ECONOMICS OF THE ELECTRICITY INDUSTRY

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Discusses the determinants of the cost of electricity, the effects of organizing the industry in different ways, the need to encourage sufficient investment in reserve capacity, and the use of information technology to allow for new ways of pricing electricity, operating the network and coordinating supply and demand. Students will learn to analyze the behavior of power markets, the effect of different policies, and draw empirical solutions to the real-world issues.

Long Title: TRANSPORTATION ECONOMICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Lecture

Credit Hours: 4

Description: Discusses transportation as a major source of energy demand in modern post-industrial economies and of future demands in emerging economies. Emphasizes that the demand for energy use in the transportation sector involves modeling household choices, economic growth and demographic transition, government decisions to support transportation infrastructure development, and the introduction of new technologies. Students will apply problem solving and analytical skills to perform calculations related to transportation energy and its environmental impact.

Long Title: SPECIAL TOPICS

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Independent Study, Internship/Practicum, Laboratory, Lecture, Lecture/Laboratory, Seminar

Credit Hours: 1 TO 4

Description: Topics and credit hours vary each semester. Contact department for current semester's topic(s). Repeatable for Credit.

Long Title: PRACTICUM

Department: Economics

Grade Mode: Standard Letter

Language of Instruction: Taught in English

Course Type: Internship/Practicum

Credit Hours: 4

Description: Projects developed by an industry advisory group to be researched and presented to participating industry at completion of all course work. Internships with an approved employer may be substituted. Emphasis on skill building components may include: analyzing data for accuracy and reconciliation across different sources, quantitative analysis and risk assessment of a firm's portfolio of assets and capital investment opportunities, and briefing expert and non-expert audiences.

Long Title: DEPARTMENTAL SERVICE COURSE

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Independent Study

Credit Hours: 3

Description: In each semester in which students perform departmental service, they need to register in the departmental service course Econ 700. Students must meet their faculty supervisors as early as possible before the semester starts and regularly during the semester to ensure there is a mutual understanding of the job responsibilities.

Long Title: GRADUATE RESEARCH

Department: Economics

Grade Mode: Satisfactory/Unsatisfactory

Language of Instruction: Taught in English

Course Type: Research

Credit Hours: 1 TO 12

Description: Assists students in the dissertation writing process. Students must write an independent and original piece of quantitative research that is of sufficient quality to merit publication in an academic economics journal. Towards this objective, faculty mentor evaluate and critique the research of PhD students who are either preparing research before formally selecting a dissertation topic or actively engaged in dissertation research. Repeatable for Credit.