experimental economics course

EXPERIMENTAL ECONOMICS - Empirical tools and methods to investigate economic behavior

June 17 to june 21, 2024.

This program is sponsored by PSE’s Opening Economics Chair.

For long, experiments have been seen as a specific domain within economics (“experimental economics”). The experimental method is now widely considered as a tool among others in the typical economist’s toolbox. Its use has shed light on many areas, on the theoretical side (decision theory, game theory, markets) as on the more applied and descriptive ones (policy, development, labor econ., IO, health econ., etc.). It has led to the blossoming of “behavioral economics”, but its general relevance goes much deeper than that. The purpose of this program is to provide young researchers with the methodological skills required to pursue experiments in their own research.

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The objective of the Experimental Economics program is to offer young scholars a crash course in empirical methods aimed at understanding economic behavior: how to design, implement and analyze an experiment so to answer a research question. The summer school is methodological in nature, although typical results from behavioral economics will be introduced as examples and illustrations on how protocols are designed to overcome observation/measurement/identification issues. Participants will be trained in the aim of being able to soundly rely on experiments in their future research projects. The program is divided in four parts: a series of general lectures on experimental methodology, a series of specialized classes on specific methodological topics and workshop sessions where participants present, discuss and refine their experimental projects, with feedback from the school’s speakers.

Prerequisites:

A solid background in economics/microeconomics, basic knowledge of econometrics and statistics and a working command of English.

Main concepts/theories/software… learned during the program:

Experimental economics, experimental methods, psychometrics, neuroeconomics, field experiments

Skills acquired thanks to the program:

Experimental design, statistical analysis of experimental data, physiological measures

How will MA and PhD students benefit from this program:

Experimental methodologies are often not part of the standard curriculum, despite the generality of its benefits (applied/professional research; fundamental research). This course will provide a crash course in experimental methods aimed at understanding economic behavior, giving students the ability to soundly rely on experiments in their future research projects.

How will professionals benefit from this program?

Rigorous experimental methodologies are often overlooked in professional environments, despite their huge advantages in terms of evaluation. This program will allow you to design experiments that will give a robust assessment of the effect of an intervention on economic behavior.

Two modes of participation are offered for the 2024 Edition:

• In person , taking into account the highest health measures to protect the participants and professors. On site, our parisian campus offers teaching and logistics space: classrooms, teaching theater, garden, coffee and lunch breaks facilities...
• Online , proposing interactive lectures in real time and, beyond, online office hours with professors to facilitate interactions. PSE offers technologies and process that will ensure high quality communication for online participants, both with professors and with other participants.
• For all the participants, full sets of lecture notes and presentations will be made available, as well as the recordings of the courses.
• This program is equivalent to 3 ECTS credits, which PSE validates.

Contents – Experimental Economics:

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Department of Economics

Ec984: experimental economics.

Daniel Sgroi

Mahnaz Nazneen

Principal aims.

The module will introduce students to the principles of experimental design, conduct and analysis. Alongside the practical design of experiments, the course also includes a series of case studies demonstrating the power and variety of experimental methods in several fields of Economics. The course will encourage students to consider the scope and limitations of 'laboratory' experiments in economics and to compare this research tool with others such as surveys and field experiments to enable a critical evaluation of the experimental economics literature.

Principal Learning Outcomes

Subject Knowledge and Understanding: ...demonstrate understanding of how such methods might be used to address issues that are, as yet, unresolved. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam

Subject Knowledge and Understanding:...critically evaluate the strengths and weaknesses of applying experimental methods in economic research - and in particular, identify the different areas of economic behaviour where such methods are more or less useful. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam

Subject Knowledge and Understanding:...demonstrate understanding of and apply basic principles of experimental design, conduct and analysis. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam

Cognitive Skills:...demonstrate ability to critically evaluate key experiments in the different areas where experimental methods have most often been applied. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam

Cognitive Skills:...evaluate the main controversies in the field. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, independent study. The summative assessment methods that measure the achievement of this learning outcome are: Exam

Core methods normally covered at the start of the course:

• Introducing experimental economics: historical background; what experiments might (not) be good for; the relationship between experimental economics and behavioural economics; laboratory vs. the field; strengths and limitations.

• Experimental methodology: important issues in design; using treatments; control vs. realism; recruitment; incentives; priming and ethics. The course then moves on to cover different topics which may include some topics chosen from the examples below or others:

• Individual decision experiments: basic tools and methods; risk and uncertainty; intertemporal decision making; noise/error/imprecision.

• Herding and information: brief outline of informational herding theory; tests of herding behaviour; extensions: prices and endogenous timing; error modelling in experiments.

• Subjective wellbeing: measuring happiness in experiments; mood induction; causes and effects; experimental evidence.

• Strategic Interaction: explorations/tests of ‘conventional’ game theory; risk, preferences and social preferences; noise/error/imprecision and reasoning.

Exam Rubric

Time Allowed: 2 Hours

Read all instructions carefully - and read through the entire paper at least once before you start entering your answers.

There are TWO sections in this paper. Answer ONE of the TWO questions in Section A and ONE of the TWO questions in Section B (50 marks each). All questions have parts, and the maximum marks are indicated in bold in brackets at the end of the part. You may NOT answer parts from more than two questions.

Approved pocket calculators are allowed.

You should not submit answers to more than the required number of questions. If you do, we will mark the questions in the order that they appear, up to the required number of questions in each section.

Previous exam papers can be found in the University’s past papers archive . Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.

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Benjamin Enke

Associate professor of economics, econ2040: graduate experimental economics, semester: , offered: .

This course provides an introduction to experimental methods and their applications in economics. We will focus on (i) the use of lab and internet experiments in establishing causal effects, testing models, and illuminating mechanisms; (ii) field experiments in behavioral economics; (iii) the measurement of preference parameters and behavioral traits in lab-in-the-field settings; and (iv) survey design. Topics include bounded rationality, wishful thinking, morality and social image concerns, gender, the measurement of preferences in lab and large-scale survey settings, and the explanatory power of behavioral traits for field behaviors. We will cover methodological topics including simple neuro process-tracing techniques, internet experiments, and surveys. Students will become acquainted with the process of designing an experiment, and class discussions will place heavy emphasis on the development of early-stage research ideas. The course is intended not just for those with an interest in behavioral and experimental economics per se, but also for those who wish to measure behavioral parameters in applied work, or to conduct field experiments.

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Experimental Economics

Gerhard Riener

January 28, 2024

Course Description

The main goal of this course is to provide a comprehensive overview of the experimental methodology. This course is open to master and graduate students and it targets students that are interested in enhancing their methodological tool kit to either conduct their own experimental studies or to be able to evaluate experimental literature in their field. Participation to the course requires an undergraduate background in economic theory, statistics, and econometrics. Knowledge of R is of advantage in working on the practical projects, the statistical concepts will be illustrated in R.

for further development of computerized projects we recommend python/otree (not compulsory for successful completion of the course).

Course Objectives

They can be found in the module description .

• Office: B58 (Murray) /3001
• Wed 9-10am, Fri 1-2pm

A textbook covering important methodological aspects of experimental economics. The book is available as an ebook from the library. This book is not mandatory, but it is a good reference for the course.

• ( Jacquemet and L’Haridon 2019 )

Moreover we draw from material of: EAGEP on the theory and practice of field experiments

Software skills

This material will not be covered in class but helps following the code examples and the replication exercise. We recommend to familiarize yourself with the following:

RStudio eduction

Ressources for practical experimental economics

WorldBank Impact Evaluation Blog

Grading Policy

15% Coursework 1

15% Coursework 2

70% Take-home assignment

Referral 100% Take-home assignment

Attendance Policy

General attendance is strongly encouraged.

Class Schedule

Class readings are subject to change, contingent on mitigating circumstances and the progress we make as a class. Students are encouraged to attend lectures and check page for updates.

Required Course Work

Home assignments 1 and 2.

There will be two home assignments that will test your understanding of the content of the lectures as well as the analytical and critical abilities you will develop during the module. The assignments will consist of problem-solving exercises based on the methodological aspects of the module as well as short-answer questions about research papers. Each assignment weights 15% of your final grade.

Final project:

The objective of the final project is for you to replicate the results of an existing experiment and suggest a slight modification of the experiment to answer a new question. You will be asked to write a report that explain what you replicate and your experimental addition in detail (between 1500 and 2000 words). A tutorial session will give you guidance and an opportunity for Q&A. The final project will count for 70% of your final grade.

You can collaborate in groups of two to three students.

Please upload the results of your coursework on Blackboard (TurnitIn) on time, you shall upload as a group where possible.

Course Content

Topic 1: introduction.

Introduction to experimental economics, why experimenting? Why experimenting in the social sciences? What an economic experiment can be used for?

Topic 2: Potential outcome framework

Potential outcome framework and the design of economic experiments: randomization, internal validity

Topic 3: Statistical inference

Inference in economic experiments: parametric and non-parametric tests, multiple testing, robustness checks, size and power of statistical tests.

Topic 4: External validity

What can we infer from experiments about the real world? How to generalize experimental results? Field experiments as a method to enhance external validity.

Topic 5: Prototypical experiments

• individual decision-making (risk, time, social preferences)
• market and auctions (double auctions, first-price, second-price)
• coordination and dilemmas (prisoner’s dilemma, public goods, coordination games)

Topic 6: Synthesizing the evidence

Replications and meta-analysis. How robust are experimental results? How to synthesize the evidence from multiple experiments? How to conduct a meta-analysis? How to interpret the results of a meta-analysis?

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Economics from an Experimental Perspective

Program(s): immersion.

This course is currently at capacity for students applying in the Extended round. We are admitting students to the waitlist only, and students who currently are on the waitlist will be given priority if places become available.

A growing field in which the University of Chicago has been a leader, experimental economics uses experimental methods – observing everyday interactions and decisions made by people either in the lab or in the field – to explore economic questions ranging from how markets and other exchange systems work to what motivates people to make decisions about matters such as conserving environmental resources or donating to charitable causes. Students will participate in laboratory experiments and discuss the results, thereby learning the underlying economic principles and the economic questions that the experiments were designed to address. They will also engage in solving specific economic problems both individually and in a group.

See sample syllabus here.

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Course overview, current grade / education level, class details, course code, class day(s), class duration (cst), course length, hs orientation date, primary instructor, academic interest.

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Experimental Economics

Econ 4050: experimental economics.

Shyam Sunder

James l. frank professor of accounting, economics, and finance, experimental economics.

Course Outline

Reading List

Class Archive (2004 – 2009)

Guideline Questions for Your Experiment

Course Schedule

GARP : Consumer Demand and Revealed Preference Software

ComLabGames  (No programming, use menu to design your experiment)

jMarkets from Caltech  (for running large-scale, internet-based experiments with multiple simultaneous markets)

LabSEE :  Download Software and Manual

Z-Tree Materials:                   

Zipped Package

–  Instructions on Using z-tree in the B74 lab

–  Overview

–  Tutorial

–  Reference

–  z-Tree

–  z-Leaf

–  Demo Programs

–  YouTube Video Demo (on creating a Public Goods Experiment – see Section 2.2 in Tutorial)

MS Excel Shared Workbook:

–  Instruction on Using Excel Shared Workbook in the B74 lab and sample spreadsheet

ConG (Continuous-Time Games software):

–  Instructions on ConG and Download link

Qualtrics (Survey instrument):

–  Qualtrics Online

Amazon Mechanical Turk (Intellectual input for simple tasks):

–  Mechanical Turk Online

ACE  (Agent-Based Computational Economics)

Classroom Experiments  (Haas School, UC Berkeley)

ESA Session on Classroom Experiments

“A Classroom Matching Game” Lisa Anderson  (College of William and Mary),  Cathleen Johnson , Robert Nelson, Liliana Pasyeka, Ragan Petrie,  Nidhi Thakur

“Real Interest Rates and Inflation in the Classroom” Sheryl Ball  (Virginia Tech),  Susan K. Laury

“Internet-Based Classroom Experiments” Charles A. Holt  (University of Virginia)

“Double Marginalization: A Classroom Experiment” Narine Badasyan (Virginia Tech),  Jacob K. Goeree , Monica Hartmann,  Charles A. Holt , John Morgan,  Tanya Rosenblat  (Wesleyan University),  Maros Servatka ,  Dirk Yandell

“Teaching Nash Equilibrium and Strategy Dominance: A Classroom Experiment on the Beauty Contest” Virtudes Alba-Fernandez,  Pablo Brañas-Garza  (University of Jaén), Francisca Jimenez-Jimenez, Javier Rodero-Cosano

Ricardian Explorer  (Wesleyan)

Personal Info — Research — Teaching

Experimental Economics (MGMT 703a / ECON 488a)

    Instructor: Shyam Sunder (Evans Hall 3528, 165 Whitney Avenue ), 203-432-6160 ([email protected])

Administrative Assistant: [email protected] (Evans 3545B, 6-5798)

Course Number: MGMT 703a (Graduate School) / ECON 488a ( Yale College )

When: Fall 2016, Thursday  1:30-3:20 PM   (Yale College), 1:30-4:20 PM (PhD)

Where: Evans Hall 2210, 165 Whitney Avenue

Recommended Books (library reserve): Kagel and Roth, Davis and Holt, Friedman and Sunder

Instructor email: [email protected], phone 432 6160

Student level: Yale College , 1st year PhD, advanced PhD

Number of credits:  One (1)

Analyses of quantitative modeling and data gathered from the field have been the traditional sources of economic knowledge. Experiments were confined to thought, and rarely included action. In recent decades, economists have utilized laboratory experiments to investigate the properties of markets and other socio-economic-political institutions. Experiments with human as well as artificial agents can be designed to examine the validity of alternative theories as well as performance and effectiveness of various solutions to socio-economic problems. This seminar introduces you to experimental methods. It will enrich your economic intuition by the participation in and the designing of experiments.

The introductory part of the course consists of a series of classroom experiments that address some classic questions, such as:

• How well does the competitive supply and demand model predict the prices and allocations that emerge in various markets?
• What are the properties of alternative designs of auctions and markets? When does the “winner’s curse” arise?;
• Under what conditions, and to what extent, can stock markets be informationally efficient? When do they become susceptible to the formation of price bubbles?
• How does the problem of free riding arise in the provision of public goods, and what, if anything, can one do about it?
• What are the conditions that lead to information cascades or herding behavior?

Participation in and analysis of the results of these experiments, and the relevant readings, will help you refine your understanding of economic phenomena as well as teach you how to design experiments to answer interesting questions, and how to analyze their results.

During the first 3-4 weeks of the class, while these demonstration experiments are being conducted by the instructor in the class, the students will meet individually (or in teams of two, depending on the class size) with the instructor to identify an interesting economic question. You will design, execute, analyze, and present a written report on the results of an in-class experiment to address your chosen question(s).

Possible topics for the student-run experiments include (but are not limited to): competitive markets (incidence of taxes); natural monopoly and regulation; duopoly; entry-exit-predation; auctions (second price, winners curse); the effect of restrictions on trading on market volatility; cascades and herding; public goods (mechanisms for improving provision); multi-stage bargaining; monetary policy under uncertainty, sequential search (the labor market, the “marriage” problem); information dissemination/aggregation; the efficiency of markets with “Zero-Intelligence” agents; trade and comparative advantage; voting and committees

The topic of each experiment will be chosen through weekly consultations with the instructor.

Please note that this course will cover the  aggregate behavior  or market and other social institutions, and will not be  focused on the behavior of individuals .

Each week, students will typically be assigned a reading, either as background on the question addressed in the next experiment, or as a summary of others’ results. These weekly reading assignments will be modest (20-30 pages for undergraduates and 50-75 pages for graduate students).

In addition to a (team or individual) report on their experiment, a short 10-15 page paper will be required of each individual student on a topic relating to experimental economics. For example, the individual paper could relate your experimental results to some real world economic phenomena, analyze a field experiment, or critically reviewing an experiment reported on in the literature.

Two out of three courses (Intermediate microeconomics, Intermediate macroeconomics, and Econometrics) are prerequisites for the seminar.

More information about the course will become available in mid-August 2016 on the course website ( https://faculty.som.yale.edu/shyamsunder/experimental-economics/ ). Those who are registered for the course will also have access to the course through canvas.yale.edu

Possible Topics

• Experimental Method
• Industrial Organization
• Corporate Finance
• Game Theory
• Asset Markets
• Experimental Macroeconomics
• Public goods
• Agency and contracts
• Structural study of economies using artificial agents
• Corporate finance
• Field Experiments

Guideline Questions to Think About Your Research Experiment

Each member of the class should think about a research experiment s/he would like to conduct .It would be useful for you to write down answers to the following questions, and then iterate by revising your answers as you think about each question, discuss it with your colleagues and the instructor. Send me your write up at any stage you wish, and discuss it with me.

• What is the question whose answer you would like to find as a result of your experiment? (Hint: A question is a single sentence with a question mark at the end.)
• What do you know already about the possible/feasible answers to the question you have stated above?
• If there are more than one possible/feasible answers, do you have one that you are inclined to favor? If you asked ten of your friends, are they likely to agree with you?
• If there is a significant chance of disagreement among your friends, what are the various possible ways of finding an answer to the question you have stated above? Include both experimental as well as any other methods your can think of.
• What are the advantages and disadvantages of using an experiment to find an answer?
• How important is this question to YOU? What are the chances that the answer you get from your experiment or other research will surprise you or others?  What are the chances that it will change someone’s mind?
• How would you conduct the experiment/research project?  (Write down a design and instructions.)
• Is your experimental/research design the simplest possible design to help answer the question you have stated?
• What are the possible outcomes of the experiment? Do the possible outcomes include at least one outcome that will answer the question you stated above? What is the chance that you will observe this outcome?

At any stage of your thinking, feel free to go back and revise your earlier answers if you wish to.

References Friedman, Daniel & Sunder, Shyam, Experimental Methods: A Primer for Economists Cambridge University Press 1994 (F&S) Davis, Douglas & Holt, Charles, Experimental Economics, Princeton University Press, 1993 (D&H) Kagel, John & Roth, Alvin, Handbook of Experimental Economics, 1995 (HEE)

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Contacts | Program of Study | BA in Economics: Standard Track | Program Requirements, Standard Track | Sample Programs for the Standard Track | BA in Economics with Specialization in Business Economics | BA in Economics with Specialization in Data Science | Summaries of Requirements | Grading | Honors | Preparation for PhD Programs in Economics | Application to BA/MA Programs | Economics Courses | Economics Master's (ECMA) Courses | Business Economics Courses | Courses

Department Website: http://economics.uchicago.edu

Program of Study

The program in economics is intended to equip students with the basic tools to understand the operation of a modern economy: the origin and role of prices and markets, the allocation of goods and services, and the factors that enter into the determination of income, employment, and the price level. Students can satisfy the requirements of the BA in economics in the standard track, the specialization in data science, or the specialization in business economics. The specialization in data science provides training in computation and data analysis beyond the basic methods discussed in the empirical methods sequence. The specialization in business economics is organized around the fundamental economic theory and empirical methods that students interested in pursuing careers in the private sector, the non-profit sector, and the public sector (among others) will find useful.

BA in Economics: Standard Track

The program in economics can be divided into five component parts:

• Fundamentals : provides students with the basic skills required to be successful in the major.
• Core Curriculum : consists of three courses designed to introduce students to the "economic approach.”
• Empirical Methods sequence : provides students with the fundamental techniques of data analysis.
• Economic Policy course : applies the tools developed in the core curriculum to issues of fiscal policy, monetary policy, and other policy discussions relevant to the current state of the economy.
• Electives : allows students to tailor the economics major to their interests.

Program Requirements, Standard Track

Fundamentals.

Students must begin the economics major by demonstrating competence in basic calculus and principles of economics. The fundamentals sequence consists of the following courses. The first two are required; the second two are strongly recommended:

Students who wish to complete the major with more rigorous mathematics may substitute MATH 20400 Analysis in Rn II for MATH 15250 Mathematical Methods for Economic Analysis .

Students who have an interest in the major should take calculus at the highest level for which they qualify.

1. MATH 13000s : Students must complete MATH 13300 Elementary Functions and Calculus III prior to enrolling in ECON 20000 The Elements of Economic Analysis I . Students who have completed MATH 13300 Elementary Functions and Calculus III may enroll in MATH 15250 Mathematical Methods for Economic Analysis concurrently with ECON 20000 The Elements of Economic Analysis I . Students may find it useful to complete  MATH 15250 Mathematical Methods for Economic Analysis prior to enrolling in the Elements of Economic Analysis sequence altogether.

2. MATH 15000s : Students enrolling in the MATH 15000s sequence must complete MATH 15250 Mathematical Methods for Economic Analysis prior to enrolling in ECON 20000 The Elements of Economic Analysis I . Students must complete MATH 15300 Calculus III prior to enrollment in ECON 20200 The Elements of Economic Analysis III .

3. MATH 16000s and 16010s : Students enrolling in the MATH 16000s sequences must complete MATH 16200 Honors Calculus II or MATH 16210 Honors Calculus II (IBL) before enrolling in ECON 20000 The Elements of Economic Analysis I . Enrollment in ECON 20000 The Elements of Economic Analysis I requires completion or concurrent enrollment in MATH 16300 Honors Calculus III / MATH 16310 Honors Calculus III (IBL) and demonstrated competency in Microeconomics (see Core Curriculum for details).

4. MATH 18000s: Students who are interested in double majoring with a physical sciences major (chemistry, biochemistry, physics, astrophysics, molecular engineering, and/or statistics) may use the Math 18000s to satisfy the calculus and linear algebra requirements of the economics major. They should take MATH 18300-18400-18500 Mathematical Methods in the Physical Sciences I-II-III . Students double majoring with a physical sciences major should not take MATH 15250 Mathematical Methods for Economic Analysis or MATH 15300 Calculus III . Students who do not complete the full sequence of MATH 18300-18400-18500 Mathematical Methods in the Physical Sciences I-II-III will need to complete  MATH 13300 Elementary Functions and Calculus III / MATH 15300 Calculus III / MATH 16300 Honors Calculus III , MATH 15250 Mathematical Methods for Economic Analysis , and MATH 19620 Linear Algebra / STAT 24300 Numerical Linear Algebra for the economics major requirements. For further questions regarding course substitutions in the MATH 18000s sequence, please consult the Department of Mathematics.

Students may satisfy the MATH 15300 Calculus III requirement by placement (based on the Higher-Level Math Test administered by the College prior to Orientation) and completion of a higher-level proof-based mathematics course ( MATH 15910 Introduction to Proofs in Analysis or MATH 20250 Abstract Linear Algebra or higher). In this case, students should continue their mathematics training with the highest mathematics level for which they qualify.

Principles of Economics

Students are expected to begin their study of economics with ECON 10000 Principles of Microeconomics and ECON 10200 Principles of Macroeconomics . These two introductory courses are designed for students with limited or no prior course work in economics. Students are strongly encouraged to complete ECON 10000 Principles of Microeconomics prior to  ECON 20000 The Elements of Economic Analysis I  (or  ECON 20010 The Elements of Economic Analysis I Honors ) and ECON 10200 Principles of Macroeconomics prior to  ECON 20200 The Elements of Economic Analysis III  (or  ECON 20210 The Elements of Economic Analysis III Honors ). While these two courses provide basic economics knowledge, they are not required in the standard track of the major. Students who matriculated at the University of Chicago in 2016–17 or later may use ECON 10200 Principles of Macroeconomics to fulfill one of the standard track economics elective requirements.

Core Curriculum

The core curriculum consists of three courses. Students may use the standard or honors sequence to satisfy this requirement. The honors sequence is designed for students interested in economics research and/or use of more sophisticated mathematical models.

Most students begin the core curriculum in their second year. Those who wish to begin it during their first year must demonstrate competence with the fundamental skills needed in that sequence in the following ways:

• Students must either pass the economics placement test or complete ECON 10000 Principles of Microeconomics prior to starting ECON 20000 The Elements of Economic Analysis I (or ECON 20010 The Elements of Economic Analysis I Honors ). No standardized external exams (IB, AP, nor A-Levels) will substitute, and they rarely serve as sufficient preparation for the economics placement test. Note that the placement test will only be offered in the evening of the first day of Autumn Quarter.
• Students must satisfy the calculus requirement as discussed in Calculus .

Empirical Methods

In the modern economy, quantitative methods are highly valued skills. In order to satisfy the empirical methods component of the standard economics major, students must complete the following sequence of courses in consecutive quarters, beginning with Linear Algebra and concluding with Econometrics:

Students may not use AP Statistics credit to satisfy the statistics requirement. Students with AP credit will need to expand on their training with STAT 23400 Statistical Models and Methods , STAT 24400 Statistical Theory and Methods I , or STAT 24410 Statistical Theory and Methods Ia . Students may not earn credit for both STAT 22000 Statistical Methods and Applications (via course enrollment or AP exam) and STAT 23400 Statistical Models and Methods .

Students who wish to pursue more advanced training in empirical methods may complete STAT 24300 Numerical Linear Algebra or MATH 20250 Abstract Linear Algebra or MATH 20700 Honors Analysis in Rn I ; either STAT 24400 Statistical Theory and Methods I or STAT 24410 Statistical Theory and Methods Ia ; and ECON 21030 Econometrics - Honors .

Economic Policy

The economic policy requirement provides students the opportunity to apply methods and tools taught in the economics core sequence to analyze current issues centered around monetary and fiscal policy. Most students will complete the economic policy requirement with ECON 23950 Economic Policy Analysis , but students interested in learning more formal approaches may use one of the other macroeconomics courses listed below to satisfy the requirement.

Students who complete more than one of the above courses may apply the additional courses to satisfy the economics elective requirements. ECON 23950 Economic Policy Analysis may not count as an economics elective.

All students in the economics major must complete a minimum of four additional economics courses to broaden their exposure to areas of applied economics or economic theory. These courses must have a higher course number than  ECON 20210 The Elements of Economic Analysis III Honors , with the following exceptions: ECON 21020 Econometrics , ECON 21030 Econometrics - Honors , and ECON 23950 Economic Policy Analysis may not be used to satisfy the economics elective requirements; students who matriculated in 2016–17 or later may use ECON 10200 Principles of Macroeconomics to satisfy one of the economics elective requirements. 

Advanced undergraduate students may use economics master's-level (ECMA) courses to satisfy the major elective requirements.

Students may use one course (from the pre-approved outside electives list or approved by petition) outside of the University of Chicago Department of Economics to satisfy their elective requirements. Students may apply only one of the following two exceptions to this rule:

Exception (A): Students may count an additional outside course to satisfy elective requirements of the major as long as it is drawn from the pre-approved outside electives listed below.

Exception (B): Students who participate in a Study Abroad program may petition to count an additional outside course completed at the host institution to satisfy elective requirements of the major. Students pursuing the standard economics track and data science specialization may petition to count up to two courses outside of the University of Chicago Department of Economics (whether through a different UChicago department or through a Study Abroad program) toward the economics electives requirement. Business courses will not be approved to satisfy the ECON elective requirement. The remaining electives must be completed with the University of Chicago Department of Economics. Petitions must be submitted prior to course enrollment to be considered.

These rules imply that at most two courses completed outside the University of Chicago Department of Economics may be used to satisfy the elective requirements of the major. For example, if a student completes two courses as part of a Study Abroad program, then the student has met the cap of the two outside electives and must complete the remaining elective requirements in the University of Chicago Department of Economics.  

The following are pre-approved outside electives for the standard economics track:

Courses in other degree programs may be considered for elective credit through petition. To be considered, these courses must require the equivalent prerequisite course work of ECON 20100 The Elements of Economic Analysis II . Petitions must be submitted prior to course enrollment to be considered. Graduate level economics courses will be counted for elective credit, but consultation with the Undergraduate Office in advance of course registration is required. Note: Provisional and early final grades are not given for economics graduate courses or BUSN 3XXXX-level (and higher) courses. Economics graduate courses and BUSN 3XXXX-level (and higher) courses should not be taken in the student's graduating quarter unless the student will have completed all forty-two credits required for graduation, not counting the graduate course, and all requirements for all majors.

Summary of Requirements

For a summary of requirements for the BA in economics, see below .

Sample Programs for the Standard Track

The following is a recommended sample plan of study (excluding four elective courses) for those students entering with the MATH 13000s sequence:

The following is a recommended plan of study (excluding four economics elective courses) for those students entering with the MATH 15000s or MATH 16000s sequence:

Students wanting to appropriately plan their economics major with the courses MATH 20400 Analysis in Rn II , STAT 24400 Statistical Theory and Methods I , or STAT 24410 Statistical Theory and Methods Ia should consult with the Undergraduate Program Office in the Department of Economics.

• BA in Economics with Specialization in Business Economics

The specialization in business economics is organized around the fundamental economic theory and empirical methods that students interested in pursuing careers in the private sector, the non-profit sector, and the public sector (among others) will find useful. Students who begin by following the standard economics major path have several decision points at which they can choose to specialize in business economics. Students should consult early in the first year with the Department of Economics Undergraduate Program to design a curriculum that satisfies their professional goals.

Students pursuing the standard track of the Economics major must complete a full calculus sequence. However, completion of the full calculus sequence is not required for the Specialization in Business Economics. Students are strongly urged to continue their training with the highest mathematics level for which they qualify to ensure the continued development of a strong quantitative toolkit that will be useful in the pursuit of their future endeavors.

Note that BUSN 2XXXX-level (undergraduate-only) versions of courses offered by the University of Chicago Booth School of Business (Chicago Booth) will follow some College policies regarding registration, scheduling, grading, etc. The BUSN 3XXXX-level (and higher) courses will be subject to Chicago Booth's academic and administrative policies. Consult the Chicago Booth website for details.

Early final grades will be given for graduating students in BUSN 2XXXX-level courses. The Booth Registrar's Office will coordinate with instructors to issue early final grades for graduating students in College-level Booth courses.

Note: Early final grades are not given for BUSN 3XXXX-level (and higher) courses. These courses should not be taken in the student's graduating quarter unless the student will have completed all graduation requirements, irrespective of the BUSN 2XXXX-level course.

As with the standard economics program, this specialization is divided into five component parts:

• Core : The core component is designed to introduce students to the tools of basic economic analysis. These courses include fundamental course work in microeconomics, macroeconomics, and business education.
• Methods : The methods component is designed to introduce students to the different toolkits on which economists rely to analyze problems in both microeconomics and macroeconomics.
• Empirical Analysis : The empirical analysis component provides students with the fundamental techniques of data analysis. These courses emphasize the application of empirical methods to relevant examples and develop the essential computer skills students need to lead successful careers.
• Perspectives : The perspectives requirement recognizes that successful careers require broad-based understanding of the markets and industries in which our potential majors are likely to participate. This requirement is intended to facilitate both the acquisition of sector-specific knowledge and/or job-specific skills that are likely to provide context for the student's economics and business training.
• Electives : Electives from the University of Chicago Booth School of Business and the Department of Economics allow students to tailor the program to their interests.

The core component is designed to introduce students to the tools of basic economic analysis. These courses include fundamental course work in microeconomics and macroeconomics. These courses introduce theory but emphasize the application of these tools to standard problems that students are likely to encounter as they carry out their professional activities. The core component consists of three courses:

The methods component of the major is designed to expose students to the different toolkits on which economists rely to analyze problems. These methods courses include offerings in basic price theory, game theory, and experimental methods. This component also includes course work that will be useful in macroeconomic and financial analysis. Students must complete one microeconomics methods course and one macroeconomics methods course from the lists below:

Empirical Analysis

The objective of the empirical analysis component is to ensure that students who complete the major are comfortable carrying out data analysis in various forms. This requires that students gain familiarity with basic statistics and basic econometric methods. These courses will emphasize the application of empirical methods to relevant examples and develop essential computer skills.

Perspectives

The perspectives requirement consists of one course that can come from any division in the University. This requirement recognizes that successful careers require broad-based understanding of the markets and industries in which our students are likely to participate. This requirement is intended to facilitate the acquisition of sector-specific knowledge and/or job-specific skills that are likely to provide context for the economics and business training to which students will receive exposure while completing the specialization business economics. It is expected that students use this perspectives component as a stepping-stone to design a meaningful set of courses that complement their training in business economics.

It is important to emphasize that there are many courses across the University that students can use to satisfy the perspectives requirement. A list of courses pre-approved for this requirement may be found on the departmental website , but students may petition the Department of Economics to use other suitable courses. ECON, ECMA, and Chicago Booth (BUSN) courses may not be used to satisfy the perspectives requirement.

Students must take five electives to complete the specialization in business economics: three from the University of Chicago Booth School of Business, as defined below, and two from the University of Chicago Department of Economics. In exceptional circumstances, a student may, by petition, use a course from outside Chicago Booth and the Department of Economics as, at most, one business economics elective. Petitions must be submitted prior to course enrollment to be considered. Chicago Booth (BUSN) courses may not be used to satisfy the two Department of Economics (ECON) elective requirements.

A note on professional school courses : The rules of the College allow students to use no more than four courses from professional schools (e.g., BUSN 3XXXX-level/4XXXX-level courses, Harris Public Policy, etc.) to satisfy degree requirements. The specialization in business economics requires four courses taken at Chicago Booth. If a student successfully petitions to use a course from a professional school other than Chicago Booth (e.g., the Law School or the Harris School of Public Policy) in the major, then College rules require that the approved course substitute for a Chicago Booth elective. Be aware that undergraduates may enroll in a total of six professional school courses, but the last two courses would be ineligible to satisfy any undergraduate degree requirement. BUSN 2XXXX-level courses are exempt from the professional school policy.

Courses in the University of Chicago Booth School of Business

The courses at Chicago Booth that students can use to meet the electives requirements are categorized in eight different “bundles.” Courses in the table below with an asterisk (*) are also eligible for the Foundations of Business Education requirement; however, a course used to satisfy the core requirement in the major cannot be also counted as an elective. Students must complete four distinct Booth courses: one Foundations in Business Education and three electives. In order to expose students to different subfields in business education, the four Booth courses used to fulfill the core and elective requirements must be drawn from at least three of the thematic bundles listed below.

Note: BUSN 2XXXX-level (undergraduate-level) versions of these courses will follow some College policies regarding registration, scheduling, grading, etc. The BUSN 3XXXX-level and above versions will be subject to Chicago Booth's academic and administrative policies. Consult the Chicago Booth website for details. Students who have taken a BUSN 2XXXX-level course cannot enroll in the 3XXXX-level (or higher) equivalent, and vice versa.

Courses in the Department of Economics

Students in the specialization in business economics must complete at least two electives in the Department of Economics. These may be ECON courses with numbers between 10200 and 19800, or numbers above 20210, assuming that the student has the appropriate prerequisites for the course. Note that ECON 11010, ECON 11020, ECON 19100, ECON 21020, ECON 21030, and ECON 23950 are exceptions to this and cannot be used to satisfy the elective requirement for the specialization in business economics. Students may not receive major credit for both ECON 10000 and ECON 20000/ECON 20010. Students may not receive major credit for both ECON 10200 and ECON 20200/ECON 20210.

Students are required to take two economics electives from the University of Chicago Department of Economics. These courses tend to build more directly on the tools and methods discussed in microeconomics, macroeconomics, and econometrics course work. In exceptional cases, students may petition for an outside course to count as an elective by submitting a general petition along with a syllabus of the course for the Co-Directors to review. For outside courses to be considered, the department requires that these courses use economic methods as a mode of analysis. Students must provide compelling reasoning as to why this course should count as a business economics elective and not as a general education credit. Only courses with substantive economics will be considered. Chicago Booth (BUSN) courses will not be considered. Petitions should be submitted prior to course enrollment.

Students pursuing the business economics specialization may petition to count up to two courses outside of the University of Chicago Department of Economics toward the major requirements. One study abroad course may be petitioned to count toward the Perspectives requirement, and one study abroad course may be petitioned to count toward the ECON elective requirement. Business courses will not be approved to satisfy the Perspectives requirement or the ECON elective requirement. The remaining ECON elective must be completed with the UChicago Department of Economics. Chicago Booth does not approve course substitutions from other departments or from other institutions. As such, study abroad courses may not be applied toward the BUSN course requirements of the business economics specialization. Petitions must be submitted to the department prior to course enrollment to be considered.

For a summary of requirements for the BA in Economics with Specialization in Business Economics,  see below .

• BA in Economics with Specialization in Data Science

The specialization in data science provides training in computation and data analysis beyond the basic methods discussed in the empirical methods sequence. The specialization in data science and the standard BA in economics share eight courses:

The specialization in data science is designed to begin after completion of the core sequence and the empirical methods sequence. Students pursuing the specialization in data science are not required to complete  ECON 23950 Economic Policy Analysis . Instead, they must complete basic training in computer science and at least two data science courses in the Department of Economics:

Students pursuing the specialization in data science must also complete two electives drawn from the following sets of courses:

Students who have entered the specialization in data science but no longer wish to pursue it must complete  ECON 23950 Economic Policy Analysis  and the necessary electives to satisfy the requirements of the standard track BA in economics. All economics courses (ECON and ECMA courses) completed in the pursuit of the specialization in data science will count toward the degree requirements of the standard track BA in economics.

For a summary of requirements for the BA in economics with specialization in data science, see below .

Summaries of Requirements

• BA in Economics, Standard Track

Summary of Requirements: BA in Economics, Standard Track

Summary of Requirements: BA in Economics with Specialization in Business Economics

Summary of Requirements: BA in Economics with Specialization in Data Science

Successful completion of the economics major requires both a major GPA of 2.0 or higher and a minimum grade of C– in all courses counted for the major program. In addition, students majoring in economics must receive quality grades in all courses required as part of the major. Non-majors may take economics courses on a P/F basis; only grades of C– or higher constitute passing work.

To be considered for honors in economics, students must meet the following requirements: (1) a GPA of 3.5 or higher in the major and a GPA of 3.2 or higher overall, (2) participation in the honors workshop and sole authorship of an independent research paper on a topic in economics, and (3) a faculty sponsor's letter evaluating this independent research paper. For award of honors, the project must receive a grade of A or A–. At the beginning of the student's fourth year, the economics honors committee must have a letter from an economics faculty sponsor expressing willingness to oversee the student's writing of an independent research paper and recommending the student be admitted into the honors workshop program. Honors papers should be outgrowths of economics electives or research assistant work for the faculty sponsor.

Participation in the ECON 29800 Undergraduate Honors Workshop is mandatory throughout the year. Upon completion of the paper in the Spring Quarter, the student will then be retroactively registered for the course in the fourth-year quarter of the student's choosing. Plan for this retroactive registration with your College adviser.

The research paper, a transcript, and a recommendation letter from the faculty sponsor evaluating the independent research paper must be submitted to the undergraduate economics program office for consideration by the economics honors committee no later than the end of fourth week of the quarter in which the student plans to graduate. Students wishing to qualify for honors should (1) engage in preparatory course work in the area of interest no later than Spring Quarter of their third year and (2) consult with the program advisers no later than Winter Quarter of their third year.

This program may accept a BA paper or project used to satisfy the same requirement in another major if certain conditions are met and with the consent of the other program chair. Approval from both program chairs is required. Students should consult with the chairs by the earliest BA proposal deadline (or by the end of third year, when neither program publishes a deadline). A consent form, to be signed by both chairs, is available from the College adviser. It must be completed and returned to the College adviser by the end of Autumn Quarter of the student's year of graduation.

Preparation for PhD Programs in Economics

Students preparing to pursue a PhD program in economics should complete advanced course work in economics, mathematics, statistics, and computer science. The real analysis sequence offered by the Mathematics Department, MATH 20300-20400-20500 Analysis in Rn I-II-III (or its honors variant MATH 20700-20800-20900 Honors Analysis in Rn I-II-III ) contains material that is particularly important for economics graduate school. Students who used MATH 13300 Elementary Functions and Calculus III or MATH 15300 Calculus III to fulfill the calculus requirement will need to take  MATH 15910 Introduction to Proofs in Analysis  to transition into the real analysis sequence. Completion of this course work allows students to participate in higher level electives that may also be helpful for their chosen path of study in graduate school.

Advanced economics undergraduates are encouraged to take advanced-level economics and economics master's-level (ECMA) courses according to their research interests. For more information, consult with [email protected] .

Completion of either STAT 24400 Statistical Theory and Methods I or STAT 24410 Statistical Theory and Methods Ia and either  MATH 20250 Abstract Linear Algebra or STAT 24300 Numerical Linear Algebra will allow students to continue their training in statistics and econometrics at an advanced level.

Increasingly, graduate programs expect students to have sophisticated programming skills. Completion of  CMSC 14100 Introduction to Computer Science I and CMSC 14200 Introduction to Computer Science II is strongly encouraged.

In addition, students who are interested in pursuing graduate study are encouraged to take appropriate courses from other departments in the social sciences to obtain a well-rounded perspective of their areas of interest.

Students are encouraged to seek research assistant jobs and may self-subscribe to the Research Assistant Jobs listhost to receive updates on job postings.

Provisional and early final grades are not given for economics PhD courses. Economics graduate courses should not be taken in the student’s graduating quarter unless the student will have completed all forty-two credits required for graduation, not counting the economics graduate course, and all requirements for all majors.

It is important that such students consult in spring of the second year with one of the directors of the undergraduate program to design a plan of course work and research. Contact [email protected] for appointments.

Application to BA/MA Programs

In order to receive approval to apply for a BA/MA program, students intending to complete the major in economics must submit the following to the program Co-Directors: the Approval to Apply for BA/MA Program form; a copy of their transcript; a full, tentative course plan for their third year and BA/MA year; a brief description of the field and topic of their MA thesis; and a brief description of their research experience.

Students who have not yet completed all the requirements of the economics major at the beginning of their fourth year must complete the remaining courses in compliance with the rules of the major as stipulated in the College Catalog published in the year of their matriculation. BA/MA students may use ECMA courses (ECMA 3xxxx or higher) or graduate-level courses in economics (ECON 3xxxx or higher) to satisfy requirements of the undergraduate degree. Graduate courses in other departments may also be used subject to the rules stipulated in the College Catalog. These courses require a petition that must be submitted prior to enrollment in the course.

Successful completion of the MA thesis may also be applied to the requirements for graduation with honors in the undergraduate major in economics as outlined in the College Catalog. The economics BA thesis is not a requirement for successful completion of the undergraduate economics major. If a student writes an MA thesis and wants to submit it for departmental honors, then the student must submit the full thesis by the deadline for the undergraduate honors thesis (typically Friday of week 5 of Spring Quarter). If, in addition, a BA/MA student wants to receive credit for ECON 29800 Undergraduate Honors Workshop , then the student must attend the workshop offered during Autumn Quarter and register for it per the rules set forth in the College Catalog. 

Economics Courses

ECON 10000. Principles of Microeconomics. 100 Units.

This course introduces the principles and applications of price theory, which is a fundamental framework to analyze the decision-making of individuals and firms. The course is designed to develop problem-solving skills, both analytically and numerically, for students to be successful in subsequent coursework in the major. Coverage includes consumer theory, producer theory, determinants of demand and supply, market structures, equilibrium and welfare analysis, government intervention, international trade policy, and market failure and externalities. Students may substitute "Econ 20000: The Elements of Economic Analysis I" for this course in the business economics track.

Instructor(s): M. Lee; K. Kuevibulvanich     Terms Offered: Autumn Spring Winter

ECON 10200. Principles of Macroeconomics. 100 Units.

Building on the analytical framework developed in Econ 10000, this course introduces macroeconomic theory and its applications in public policy. Coverage includes measurements, the determination of income, output, unemployment and inflation, long-run economic growth, business cycles, financial market and banking, monetary policy, fiscal policy, international trade and finance, and history of thought. Students may substitute "Econ 20200: The Elements of Economic Analysis III" for this course in the business economics track.

Instructor(s): K. Kuevibulvanich; R. Zhao; O. Galvez-Soriano     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010

ECON 10700. Introductory Game Theory. 100 Units.

How should one bid at an auction in order to win at the lowest possible hammer price? How do firms behave when they possess market power but also face competition? Why do companies engage in R&D races in order to release their new products sooner than their competitors? Why do the Republicans and the Democrats almost always ended up choosing moderates as their party nominees in presidential races? To what extent can the veto power of presidents allow them to influence legislative outcomes? To answer these questions, we study Games of Strategies, and explore how lessons learned from such games can guide one's thinking in everyday strategic interactions.

Instructor(s): R. Fang     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770] toward the 42 credits required for graduation.

ECON 11010. Introduction to Statistical Methods in Economics. 100 Units.

This course provides a solid foundation in probability and statistics for economists. We emphasize topics needed for further study of econometrics in ECON 11020. Topics TBD.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210

ECON 11020. Introduction to Econometrics. 100 Units.

The objective of this course is to introduce students to the practice of econometrics. The course will focus on the use of multiple regression as a tool to establish causal relations. The course emphasizes all steps of the process of empirical research: data collection, analysis, and presentation (both written and oral). Multiple examples of this process will be discussed and students will be expected to read and evaluate existing research. Students will apply the techniques discussed in class to a topic of their choosing. They will write a paper and present results to the class.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210; ECON 11010 or ECON 21010 or STAT 22000 or STAT 23400 or STAT 24400

ECON 11310. Big Data and Better Decisions. 100 Units.

This course will introduce students to advanced methods for data driven decision making with an emphasis on business applications. Students will learn how to build and interpret models that address two fundamental categories of business questions: (i) causal analysis and (ii) forecasting and prediction. The first portion of the course will cover experimental design, as well as non-experimental causal inference (e.g. matching, fixed effects, differences-in-differences, synthetic control). The second portion of the course will focus on machine learning topics including linear regularization, cross validation, tree models, random forests and boosting. The course will also explore cutting edge methods at the intersection of causal inference and machine learning. Heavy emphasis will be placed on discussion of real examples and business applications of these methodologies. The course work will include writing code and analyzing data in R to learn how these techniques are implemented in practice.

Instructor(s): A. Root     Terms Offered: Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 11600. Experimental Design. 100 Units.

The course equips students with the necessary skills to design and execute experiments effectively. In the first part of the course, students will learn why experiments are conducted and explore different types of experiments along with their respective advantages and disadvantages. Students will gain insights into choosing appropriate incentive structures and appropriate sample sizes. The course addresses critical issues, including internal and external validity, scalability concerns, and the risks of P-hacking and multiple hypothesis testing. Students will also learn about Institutional Review Board procedures. In the second part of the course, students will learn how to measure time preferences, risk preferences, subjective expectations, other-regarding preferences, competitiveness, and discrimination.

Instructor(s): F. Ersoy, I. Kwok     Terms Offered: Spring Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 11700. Introduction to Behavioral and Experimental Economics. 100 Units.

This is an introductory course to experimental economics and on how to gather your own data using experimental methods to answer important economic questions. This methodology will be applied to learn the main topics in behavioral economics that leverages psychological insights to decision making and its effects on markets. Students may use this course to satisfy the microeconomics method requirement for the business economics specialization.

Instructor(s): M. Lee     Terms Offered: Autumn Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010 Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 12300. Character and Commerce: Practical Wisdom in Economic Life. 100 Units.

Most of us seek to be reasonably good people leading what we take to be successful and satisfying lives. There is a mountain of evidence suggesting that most of us fail to live up to our own standards. Worse, we often fail to mark our own failures in ways that could help us improve ourselves. The context in which we try to live good lives is shaped by the vicissitudes of the global economy. The global economy is obviously of interest to those of us studying economics or planning on careers in business. Aspiring entrepreneurs or corporate leaders have clear stakes in understanding practical wisdom in the economic sphere. But anyone who relies upon her pay - or someone else's - to cover her living expenses has some interest in economic life. In this course, we will bring work in neo-Aristotelian ethics and neo-classical economics into conversation with empirical work from behavioral economics and behavioral ethics, to read, write, talk, and think about cultivating wisdom in our economic dealings. While our focus will be on business, the kinds of problems we will consider, and the ways of addressing these, occur in ordinary life more generally - at home, in academic settings, and in our efforts to participate in the daily production and reproduction of sound modes of social interaction. (A)

Instructor(s): Candace Vogler     Terms Offered: Spring Equivalent Course(s): PHIL 24098

ECON 12410. Pathways in Economics. 100 Units.

This program introduces students to the approaches to economic research and experimentation that make UChicago a world leader in the field. Full-time lecturers in the Department of Economics teach classes on topics in macroeconomics, microeconomics, game theory, and field experiments, which are supplemented by guest lectures delivered by preeminent UChicago faculty in economics and other departments whose research applies the tools and insights of the field in new and exciting ways. Participants can apply what they hear about in lectures during small group discussion sections facilitated by a team of outstanding current UChicago students, as well as in labs and site visits to locations such as the Federal Reserve Bank of Chicago.

Terms Offered: Summer

ECON 12411. Pathways in Economics C. 100 Units.

ECON 12412. A Survey of Chicago Economics. 50 Units.

This two-week program will provide an introduction to UChicago-style, rigorous economics education; it is open only to approved visiting third-year students from Universidad Panamericana. Led by a team of full-time lecturers from the Department of Economics, this course will explore topics in four foundational areas: price theory, game theory, experimental economics, and macroeconomics. Participants will also develop skills that will prepare them for further graduate study or other professional pursuits, such as interviewing, networking, and academic and professional communications. Evening and weekend residential program activities will enable students to experience American life and culture and explore the vibrant city of Chicago. Throughout the program, students will have the opportunity to practice both academic and informal spoken English.

ECON 12413. A Survey of Chicago Economics and its Business Applications. 000 Units.

This two-week program will provide an introduction to UChicago-style, rigorous economics education, as well as its business applications. Fulltime lecturers in the Department of Economics will explore topics in four foundational areas: price theory, game theory, experimental economics, and macroeconomics. Evening and weekend residential program activities will enable students to experience American life and culture and explore the vibrant city of Chicago. Throughout the program, students will have the opportunity to practice both academic and informal spoken English.

ECON 13000. Introduction to Money and Banking. 100 Units.

The course focuses on monetary policy and central bank's attempts to stabilize prices and promote maximum sustainable economic growth. Topics include the structure of the Federal Reserve, the conduct of monetary policy, the term structure of interest rates, risk valuation, management of banking, and financial crises.

Instructor(s): K. Kuevibulvanich     Terms Offered: Autumn Winter Prerequisite(s): Econ 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 13000 and ECON 23950.

ECON 13110. Household Finance: Theory and Applications. 100 Units.

This course will examine the choices households make about important financial decisions and how these individual choices can impact the aggregate economy. Each week, basic predictions from economic theory will be discussed and compared with empirical findings. Topics will include: asset market participation and household portfolio choice; human capital and student loans; housing and mortgages; retirement planning; credit card debt; payday loans; and the gig/sharing economy. Focus will also be placed on government policies affecting these topics, including so-called household financial engineering, the creation of Government Sponsored Enterprises (GSEs) like "Fannie" and "Freddie," and regulatory agencies like the Consumer Financial Protection Bureau (CFPB). The course will provide an introduction to structural modeling for conducting policy counterfactuals. Assessment will be based on problem sets, a midterm and a final. These problem sets will require students to work in R, Stata or other statistical package of the student's choice (with permission of instructor).

Instructor(s): D. Koustas     Terms Offered: Spring Prerequisite(s): Prerequisite(s): PBPL 20000 (PBPL 22200 preferred) or ECON 20000 and one undergraduate course in quantitative research methods (Statistics or Econometrics) or the equivalent or consent of the instructor. Equivalent Course(s): PBPL 28528

ECON 13200. Introduction to Macroeconomic Crises. 100 Units.

This course studies macroeconomic crises within the standard macroeconomic framework. The course introduces students to long run growth and business cycle fluctuations and analyzes recent events such as the 2008 financial crisis, Euro-currency crisis and the 2020 pandemic as distinct macroeconomic phenomena. In particular, we will cover areas including systemic risk in the banking sector, monetary and fiscal policy, sovereign default, labor market consequences and theories of labor determination and models of infection risk. We will also study methodological innovation in macroeconomics, i.e., how macroeconomists have adapted their theory and models to explain these particular episodes.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): ECON 10200/20200/20210

ECON 13300. Introduction to the Macroeconomics of Monetary and Fiscal Policy. 100 Units.

This course examines monetary and fiscal issues in the macroeconomy. The first part of the course will focus on long-run topics in monetary economics, such as the nature of a monetary economy, inflation, the quantity theory of money, and the welfare cost of inflation. The second part of the course will focus on the macroeconomic implications of government expenditure, supply side economics, the Laffer curve, and the Ricardian equivalence theorem. An effort will be made to tackle these issues within unified and simple dynamic frameworks.

Instructor(s): S. Salas     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and Econ 10200/20200/20210

ECON 13310. Introduction to Macroeconomic Analysis: A Data Driven Approach. 100 Units.

This course offers a comprehensive exploration of neoclassical macroeconomic models, designed for students who have previously studied the principles of macroeconomics. The course is divided into five key modules: (i) economic growth and production, (ii) consumption and savings, (iii) government finances, (iv) money and the price level, and (v) unemployment. Throughout each module, we extensively utilize relevant data to enhance the understanding of theoretical concepts. By the end of the course, students will not only possess the ability to interpret macroeconomic news and articles but also analyze policies through a model-based framework.

Instructor(s): O. Galvez-Soriano     Terms Offered: Spring Winter Prerequisite(s): Econ 10200/20200/20210 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 14000. Introduction to Labor Economics. 100 Units.

This course is an introduction to labor economics with an emphasis on applied microeconomic theory and empirical analysis. Topics to be covered include: labor supply and demand, taxes and transfers, minimum wages, immigration, human capital, creativity over the lifecycle and unemployment. For each topic we will describe the basic economic framework used in the analysis, analyze associated cases of study and drawn conclusions about what we have learned. Most of the examples will be taken from U.S. labor data and special attention will be given to randomized trials and experimental methods to infer causality.

Terms Offered: Winter Prerequisite(s): ECON 10000/20000/20010

ECON 14020. Labor Markets: a Global Perspective. 100 Units.

In this course we will explore standard models that form the core of labor economics including labor supply, labor demand, job search models, wage setting, discrimination, and migration. For each topic we will then examine empirical applications of these models with a focus on middle and low-income countries. We will discuss how these traditional models are useful, or not, in understanding labor market outcomes in these settings and how they can be expanded to better capture relevant features of labor markets outside high-income countries.

Instructor(s): Lane, G     Terms Offered: Autumn Equivalent Course(s): PPHA 44302, PBPL 25640

ECON 14520. Economics of Gender in International Contexts. 100 Units.

In this class, students will engage basic issues, conflicts, and innovative field research in economics of gender in international contexts. In particular, we will review theoretical foundations, data and methods of research, and a review of recent work in international research related to economics of gender. At the end of the course, you will have a suite of research approaches, topics, and methods, to investigate gender differences in a variety of economic outcomes and contexts.

Instructor(s): A. Gonzalez     Terms Offered: Winter Prerequisite(s): ECON 10000 or ECON 20000 or ECON 20010 or PBPL 22200. STAT 22000 also recommended. Equivalent Course(s): GNSE 22520

ECON 14810. Evolution and Economics of Human Behavior. 100 Units.

This course explores how evolutionary biology and behavioral economics explain many different aspects of human behavior. Specific topics include evolutionary theory, natural and sexual selection, game theory, cost-benefit analyses of behavior from an evolutionary and a behavioral economics perspective, aggression, power and dominance, cooperation and competition, biological markets, parental investment, life history and risk-taking, love and mating, physical attractiveness and the market, emotion and motivation, sex and consumer behavior, cognitive biases in decision-making, and personality and psychopathology.

Instructor(s): D. Maestripieri     Terms Offered: Autumn Note(s): CHDV Distribution: Undergraduate subject area: A, Graduate distribution: 1 Equivalent Course(s): CHDV 27950, PSYC 27950, CHDV 37950, PSYC 37950

ECON 15010. Investments: From Economics to Finance. 100 Units.

This course studies finance and investments through the lens of economic equilibrium methods. We look at how the general equilibrium framework in economics gives rise to the factor pricing models in finance, the no-arbitrage framework in economics gives rise to the option pricing models in finance, and the Nash equilibrium framework in economics gives rise to the microstructure trading models in finance. Trillions of dollar worth of financial products ride on these financial models, and we trace the path from the basic models of equilibrium in economic theory to these applied models in finance that have found immense use in practice. The course combines a theoretical framework with applied analysis. Topics covered include: basics of general equilibrium with uncertainty, mean-variance utility, portfolio optimization, capital asset pricing model, no-arbitrage equilibrium, fundamental theorem of asset pricing, binomial option pricing, Black-Scholes-Merton options theory, Bayes Nash equilibrium, Kyle and Glosten-Milgrom models of trading.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and STAT 22000/STAT 23400/ECON 11010.

ECON 15020. Trading: From Game Theory to Finance. 100 Units.

This course studies trading in financial markets through the lens of game theory and asymmetric information. Trading models are at the heart of financial markets, and we trace the path from basic models in game theory and equilibrium economics to applied trading models in finance that have found immense use in practice. We look at how the asymmetric information framework gives rise to market microstructure trading, equilibrium tatonnement process gives rise to arbitrage trading, general equilibrium framework gives rise to beta-based trading, model uncertainty gives rise to alpha-based trading, and event uncertainty gives rise to option trading. The course combines a theoretical framework with applied analysis. Topics covered include: information structures, Bayesian probability, Blackwell's theorem, basics of rational expectations equilibrium, Bayes Nash equilibrium, limit order books, bid-ask spread formation, asymmetric information models of microstructure trading, PIN model, capital asset pricing model, beta and index fund trading, alpha and hedge fund trading, speculative trading with options, high-frequency trading, arbitrage and behavioral trading models.

Instructor(s): A. Bhattacharya     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 15030. Basics of Corporate, Banking and Investment Finance. 100 Units.

This course introduces the basics of corporate finance, investments, and banking, with an emphasis on real-world applications. The aim is to prepare students for a career in financial economics and allied industries including banking, investment management, and capital markets. We shall discuss capital structure, corporate valuation, financial statement analysis, cost of capital, interest rates, yield curve analysis, monetary policy impact, risk and return analysis, portfolio theory, capital asset pricing model and financial instruments. The course is a rigorous introduction to various facets of financial economics that a practitioner in the field handles, and it serves as a gateway to the more advanced courses on these topics. The course includes Friday lab sessions that will include a case study, discussions with industry alumni, and preparation for upcoming recruiting cycles.

Terms Offered: Summer Prerequisite(s): Econ 10000/20000/20010 and Econ 10200/20200/20210 and Econ 11010/STAT 22000/STAT 23400/STAT 24400

ECON 15500. Introduction to Development Economics. 100 Units.

Global poverty is one of the fundamental problems facing humanity. In this course we will try to understand the economic lives of the global poor, why they are stuck in poverty, and what evidence exists on what works and what doesn't in the fight against poverty. We will take a primarily micro-economic perspective on poverty which focuses on individuals, households, markets, and governments. We will structure our investigation using economic models and statistical methods, and consider questions related to consumption, health, education, risk, credit, and savings. We will also study the role of government provision of services and politics in developing countries. We will end with taking a historical and big-picture perspective of development.

Instructor(s): S. Vasudevan     Terms Offered: Autumn Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 16020. Introduction to Public Sector Economics. 100 Units.

The course studies public policy issues in the world from both micro- and macroeconomic perspectives. Covered topics include tax, antitrust, and trade policies (micro) as well as fiscal and monetary policies (macro). International case studies will be discussed in comparison to the US experiences (e.g., industrial policies and development in Asia, exchange rate policies in Latin America, the currency union in Europe, and ECB's monetary policy).

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 16020 and ECON 26010/ECON 26020.

ECON 16520. Economics and Environmental Policy. 100 Units.

This course combines basic microeconomic theory and tools with contemporary environmental and resources issues and controversies to examine and analyze public policy decisions. Theoretical points include externalities, public goods, common-property resources, valuing resources, benefit/cost analysis, and risk assessment. Topics include pollution, global climate change, energy use and conservation, recycling and waste management, endangered species and biodiversity, nonrenewable resources, congestion, economic growth and the environment, and equity impacts of public policies.

Instructor(s): S. Shaikh     Terms Offered: Autumn Prerequisite(s): ECON 10000 or higher, or PBPL 20000 Note(s): Not offered in Autumn of the 2020-21 academic year. Equivalent Course(s): PBPL 21800, ENST 21800, CEGU 21800

ECON 16700. Introduction to Economics of Education. 100 Units.

This course investigates economic issues related to education. We will first discuss the theory behind the decision to invest in education. We will talk about private and social returns to education as well as signaling value of education. Then, we will investigate which factors (class size, teachers, incentives, peers, beliefs, etc.) matter in determining the success of students. Throughout the course, we will learn how different methods (experiments, difference-in-differences, instrumental variables, and regression discontinuity) are used to answer the economics of education questions.

Instructor(s): F. Ersoy     Terms Offered: Spring. Introduction to Economics of Education Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 16710. Education and Economic Development. 100 Units.

This course covers policy issues related to education in developing contexts. We will analyze education policies and reforms, develop skills to be a critical consumer of relevant research on each topic, and examine implications of the findings to policy and practice. Topics include discrimination and inclusion in education, understanding factors that influence educational decisions, provision of basic needs in schools, teacher pay and incentives, education in emergency settings, and school choice.

Instructor(s): A. Adukia     Terms Offered: Winter Prerequisite(s): Recommended prerequisite courses: Microeconomics and econometrics. Students in their last years will be given priority. Equivalent Course(s): EDSO 28350, PBPL 28350

ECON 16950. Conflict: Root Causes, Consequences and Solutions for the Future. 100 Units.

The goals of this course are to introduce you to key concepts in the study of conflict, and to help you develop the analytical skills you need to understand and assess key arguments advanced in this arena. Drawing primarily on economics and political science, as well as psychology, we will seek to understand: Why do human beings engage in acts of violence? How can armed groups compel atrocities? How do we prevent cycles of violence, and aid countries recovering from war? Specifically: We will examine the role of economic shocks and ethnic divisions on civil war. We will also discern whether similar factors explain the rise of terrorism. In addition, we will study the consequences of conflict on socio-economic development, and examine the role of foreign aid and post-conflict reconciliation in helping countries recover from conflict. The class will examine these questions while focusing on analytical skills needed to understand cutting edge research in this area. Thus a major emphasis of the course is on learning how to think critically about empirical evidence, and learning the methods used in quantitative empirical analysis, such as fixed effects models, differences-in-differences research designs, and instrumental variables estimation. It is ideal for students who want to learn substantively about conflict while developing an understanding of the methodology used to produce key empirical findings.

Instructor(s): Oeindrila Dube     Terms Offered: Winter Note(s): Note: While the course sets out to teach these skills, you do not need previous coursework in statistics. Equivalent Course(s): PBPL 28750, PLSC 28750

ECON 17100. Introduction to International Trade. 100 Units.

This course covers international economics with an emphasis on international trade. The basic theories of international trade are introduced and used to analyze welfare and distributional effects of international trade, government policies, and technology diffusion. In addition, this course also discusses the main empirical patterns of international trade and international investment.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210

ECON 17110. International Monetary Systems. 100 Units.

This course studies the principles of monetary policy across international markets, global banking markets, and optimum currency areas and their impact on and from business cycles and economic development. Students will be introduced to simplified theoretical models with which to analyze data, relevant empirical findings, and policy decisions. Practice is provided in understanding recent international economic events and current policy topics.

Instructor(s): G. Pieters     Terms Offered: Autumn Winter Prerequisite(s): ECON 10200/ECON 19900/ECON 20200/ECON 20210

ECON 17700. Introduction to Health Economics. 100 Units.

This course will introduce students to the economics of health care provision and payment. We will use methods from microeconomics to investigate how different aspects of the health care system function and to assess the implications for different policies designed to improve that functioning. We will use economic tools and techniques from the sub-disciplines of information economics, industrial organization, labor economics, public economics, behavioral economics, and decision theory to think about these questions. The primary goals of the course will be to (i) master different economic techniques in the context of health care markets and (ii) learn about the specific institutional details and policies relevant to those markets.

Instructor(s): Root, A.     Terms Offered: Autumn Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 17710. Health Care Markets and Regulation. 100 Units.

This course analyzes the economics of health care markets and the way regulations impact those markets. We will study the unique institutional arrangements found in the health care sector (primarily, though not exclusively, in the United States) and examine how market forces manifest themselves in this setting. We will consider the behavior of health care providers, insurers' roles both as intermediaries and risk managers, patients' health care demand, and geographic differences in medicine. The study of government regulations, including their theoretical and empirical impacts on health care markets, will be integrated throughout these topics.

Instructor(s): Gottlieb, J     Terms Offered: Autumn Equivalent Course(s): PPHA 37820, PBPL 28335

ECON 18010. Introduction to Managerial Microeconomics. 100 Units.

This course presents several classic microeconomic models applicable in business contexts. The topics covered include self-selection, commitment, product differentiation, matching, and mechanism design, among others. The theoretical insights of each model are analyzed. Real-world applicability is discussed using practical examples. Students are required to write short papers applying the models presented in the course to real-world situations in the context of business.

Instructor(s): P. Pena     Terms Offered: TBD Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010

ECON 18020. Introduction to Applied Empirical Industrial Organization. 100 Units.

In this course, students will learn how to apply techniques and models developed in industrial organization and law and economics to important questions that arise in litigation and government regulation. We will be guided and informed by pure theory underlying industrial organization and implement it in a world of partial information, incomplete data, and even contradictory data, among other complexities. Students will learn how to develop inferences by applying the models to real world cases and data - ie, extracting the most information possible from partial, imperfect data, frequently with missing values or poorly-measured data points. These fact patterns will not always result in an incontrovertible answer. Thus, students will be expected to identify and express the "best argument for" and "best argument against" the questions posed to them. This means that students will be expected to (i) use theory as a guideline to assess the relevant facts, circumstances, and data, (ii) reach a view, (iii) succinctly express that view in writing and acknowledge and address contrary theory and empirical results. Students will also see actual expert reports and/or white papers that have been prepared in actual disputes and investigations. Part of the grade will be based on an "expert report" written by the students in small teams.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 10000/20000 and Econ 11020/21020 Note(s): Business Economics specialization students should register for Econ 18020.

ECON 19000. Economics for Everyone: Micro. 100 Units.

The field of economics has generated a powerful set of insights which have fundamentally shaped the modern world. Because modern economics puts such a heavy stress on mathematical rigor, the most interesting economic ideas often get pushed to the background. In this course, we will explore these big economic ideas, without the math. Our goal is to make the beauty and power of economic thinking available to everyone. We will discuss what it means to think like an economist, how you can use economic thinking to make the world a better place (or to take advantage of your friends and enemies, if you prefer), and also how sometimes thinking like an economist can get you into trouble.

Instructor(s): J. List, S. Levitt Note(s): This course will now count as an ECON elective for the business economics specialization.

ECON 19100. Economics for Everyone: Macro. 100 Units.

This course explores the big ideas in macroeconomics in a way that is enjoyable and accessible, with minimal reliance on mathematics. The goal is to provide an introduction to macroeconomic issues for people who have never before studied macroeconomics (and who might never study it again), so that they can understand and contribute to ongoing discussions in the news and on social media. We will demystify some of the major macroeconomic questions of our times: Why is there unemployment? Why are some countries poor? What's the big deal about government debt? How high should we set taxes? What gives money and stocks their value? What does the Fed do? And why did all those economists win Nobel Prizes? We will show the fun, interesting, and strange sides of macroeconomics.

Instructor(s): G. Kaplan     Terms Offered: TBD Note(s): *This course does not apply toward economics major requirements.

ECON 19200. Introduction to Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start by developing the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010. Note(s): Study Abroad

ECON 19300. Introduction to Issues and Methods in Macroeconomics. 100 Units.

We will develop basic tools and methods in economics and study issues in macroeconomics and international trade and finance. The topics we cover include both contemporary and classical issues such as tax incidence and distortions, optimal taxation, inflation, monetary policy, patterns and benefits of trade, and exchange rate determination. The objective of the course is to train students with analytical tools in macroeconomics so that they can understand, analyze, and evaluate various policies and policy proposals. To make the subject matters relevant and practical, students are strongly encouraged to read the Wall Street Journal and the Economist regularly to keep up with current events and controversies.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10200/20200/20210 Note(s): Study Abroad

ECON 19850. Introduction to Economics: Micro. 100 Units.

By way of economic theory, applications, and contemporary issues, this course treats (1) the behavior and decision making on the part of individuals, business firms, and governments; and (2) the function of costs, prices, incentives, and markets in the American economy. We discuss contemporary topics (e.g., distribution of income, the environment, education, sports, health care).

Instructor(s): A. Sanderson     Terms Offered: Autumn Winter Note(s): This course may count toward the Perspectives requirement of the business economics specialization.

ECON 19950. Introduction to Economics: Macro. 100 Units.

By way of theory and public policy applications, this course covers current major domestic and international macroeconomic issues in the U.S. economy, including the determination of income and output, inflation, unemployment, and economic growth; money, banking, and the Federal Reserve System; federal spending, taxation, and deficits; and international trade, exchange rates, and the balance of payments.

Instructor(s): A. Sanderson     Terms Offered: Autumn Note(s): This course may count toward the Perspectives requirement of the business economics specialization.

ECON 20000-20100-20200-20300. The Elements of Economic Analysis I-II-III-IV.

ECON 20000. The Elements of Economic Analysis I. 100 Units.

This course develops the economic theory of consumer choice. This theory characterizes optimal choices for consumers given their incomes and preferences, as well as the relative prices of different goods. This course develops tools for analyzing how these optimal choices change when relative prices and consumer incomes change. Finally, this course presents several measures of consumer welfare. Students learn how to evaluate the impact of taxes and subsidies using these measures. Completion of ECON 10000 (or ECON 19800) is strongly recommended of students without a prior microeconomics course.

Terms Offered: Autumn Spring Prerequisite(s): MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250 or 16300. First-year students must also pass the economics placement exam or complete ECON 10000 (or ECON 19800). First year students may enroll in Econ 20000 concurrently with Math 16300/16310 if they have received an A/A- in both Math 16100/16110 and Math 16200/16210. Note(s): Students who matriculated prior to 2022-2023 and have completed MATH 15100-15200-15300 may replace the MATH 19520 requirement with MATH 15250. They may take MATH 15250 prior to or concurrently with ECON 20000/20010.

ECON 20100. The Elements of Economic Analysis II. 100 Units.

This course is a continuation of ECON 20000. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 20000 or 20010

ECON 20200. The Elements of Economic Analysis III. 100 Units.

As an introduction to macroeconomic theory and policy, this course covers the determination of aggregate demand (i.e., consumption, investment, the demand for money); aggregate supply; and the interaction between aggregate demand and supply. We also discuss economic growth, business cycle, inflation and money. Completion of ECON 19900 is strongly recommended of students without a prior macroeconomics course.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 20100 or 20110

ECON 20300. Elements of Economic Analysis IV. 100 Units.

This is a course in money and banking, monetary theories, the determinants of the supply and demand for money, the operation of the banking system, monetary policies, financial markets, and portfolio choice.

Instructor(s): Staff Prerequisite(s): ECON 20200 or 20210

ECON 20010-20110-20210. The Elements of Economic Analysis: Honors I-II-III.

The Elements of Economic Analysis: Honors I-II-III

ECON 20010. The Elements of Economic Analysis I Honors. 100 Units.

The scope of the honors section is the same as the standard section, but it covers material at greater depth and using more sophisticated mathematical methods. This course develops the economic theory of consumer choice. This theory characterizes optimal choices for consumers given their incomes and preferences, as well as the relative prices of different goods. This course develops tools for analyzing how these optimal choices change when relative prices and consumer incomes change. Finally, this course presents several measures of consumer welfare. Students learn how to evaluate the impact of taxes and subsidies using these measures. Completion of ECON 10000 (or ECON 19800) is strongly recommended of students without a prior microeconomics course.

Instructor(s): V. Lima     Terms Offered: Autumn Spring Prerequisite(s): MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250, or 16300. First-year students must also pass the economics placement exam or complete ECON 10000 (or ECON 19800). First year students may enroll in Econ 20000 concurrently with Math 16300/16310 if they have received an A/A- in both Math 16100/16110 and Math 16200/16210. Note(s): Students who matriculated prior to 2022-2023 and have completed MATH 15100-15200-15300 may replace the MATH 19520 requirement with MATH 15250. They may take MATH 15250 prior to or concurrently with ECON 20000/20010.

ECON 20110. The Elements of Economic Analysis II Honors. 100 Units.

The scope of the honors section is the same as the standard section, but it covers material at greater depth and using more sophisticated mathematical methods. This course is a continuation of ECON 20000/20010. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory of welfare economics.

Instructor(s): R. Fang     Terms Offered: Winter Prerequisite(s): ECON 20000 or 20010

ECON 20210. The Elements of Economic Analysis III Honors. 100 Units.

The scope of the honors section is the same as the standard section, but it covers material at greater depth and using more sophisticated mathematical methods. As an introduction to macroeconomic theory and policy, this course covers the determination of aggregate demand (i.e., consumption, investment, the demand for money); aggregate supply; and the interaction between aggregate demand and supply. We also discuss economic growth, business cycle, inflation and money. Completion of ECON 10200 (or ECON 19900) is strongly recommended of students without a prior macroeconomics course.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 20100 or 20110

ECON 20520. Formal Models of Political Economics. 100 Units.

Why do the Republicans and the Democrats almost always ended up choosing moderates as their party nominees in presidential races? How do "checks and balances" such as a legislative committee's power to set the agenda or a president's power to veto a bill affect policy outcomes? What leads to coalition building in a legislature and how does it affect the result of legislative bargaining? When can a legislature optimally delegate its power to a bureaucratic agency who has its own interests and agenda? To answer questions like these, we study formal models of political economics. Such models examine explicitly the incentives of participants in political processes and generate predictions of their behavior based on such incentives and any confounding strategic considerations. Our approach is largely game theoretical. Familiarity with fundamental game theoretical ideas like the strategic and extensive games, the Nash Equilibrium, and the Subgame Perfect Equilibrium is essential and assumed.

Instructor(s): R. Fang     Terms Offered: Autumn Prerequisite(s): ECON 10700 or ECON 20100 or ECON 20110 or ECON 20700 Note(s): Students may count either ECON 20510 or ECON 20520, but not both, toward the 42 credits required for graduation.

ECON 20700. Game Theory and Economic Applications. 100 Units.

This course introduces the basic ideas and applications of game theory. Topics include models of games in extensive and strategic form, equilibria with randomization, signaling and beliefs, reputation in repeated games, bargaining games, investment hold-up problems, and mediation and incentive constraints.

Instructor(s): J. Root     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation.

ECON 20770. Decision and Strategy. 100 Units.

This course provides a formal introduction to game theory with applications in economics. We will study models of how individuals make decisions, and how those decisions are shaped by strategic concerns and uncertainty about the world. The topics will include the theory of individual choice, games of complete and incomplete information, and equilibrium concepts such as Nash equilibrium. The applications will include oligopoly, auctions, and bargaining. The course is appropriate for advanced undergraduates who are interested in a rigorous mathematical approach to understanding human behavior.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): Prerequsites for Undergraduates: ECON 20100/ECON 20110 and MATH 20300/MATH 20310/MATH 20700, or consent of instructor Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation. Equivalent Course(s): ECMA 30770

ECON 20780. Decision and Strategy II. 100 Units.

We continue the formal introduction to decision theory and game theory begun in ECMA 30780, with a specific focus on models of incomplete information. Topics covered include subjective expected utility, Bayesian games, contract theory, and mechanism design. Among the applications we will consider are auctions, collusion, entry deterrence, and strategic communication. The course is appropriate for advanced undergraduates who are interested in a rigorous mathematical approach to decision making in strategic situations.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): ECON 20770/ECMA 30770 or consent of instructor Equivalent Course(s): ECMA 30780

ECON 21020. Econometrics. 100 Units.

Required of students who are majoring in economics; those students are encouraged to meet this requirement by the end of their third year. This course covers the single and multiple linear regression model, the associated distribution theory, and testing procedures; corrections for heteroskedasticity, autocorrelation, and simultaneous equations; and other extensions as time permits. Students also apply the techniques to a variety of data sets using PCs.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 20100/20110; ECON 21010, or STAT 23400/24400/24410 and MATH 19620 (or MATH 20000 or STAT 24300 or MATH 20250)

ECON 21030. Econometrics - Honors. 100 Units.

The topics are essentially the same as those covered in ECON 21020, but this foundations course in econometrics gives a more systematic introduction to the application of statistical theory to economic applications. This course is intended for students who are planning to study economics at the graduate level.

Instructor(s): A. Torgovitsky, E. Rose     Terms Offered: Spring Winter Prerequisite(s): ECON 20100/20110, and STAT 24400/24410/24500, and MATH 19620/20250/STAT 24300; or consent of instructor

ECON 21031. Econometrics II-Honors. 100 Units.

This course is a continuation of ECON 21030. The topics covered include additional applications of linear regression to descriptive and causal inference. Other topics may include nonlinear models, panel data, quantile regression, time series, the bootstrap, and nonparametric regression. This course is intended for students who are planning to study economics at the graduate level.

Instructor(s): A. Torgovitsky     Terms Offered: Spring Prerequisite(s): ECON 21020/21030

ECON 21110. Applied Microeconometrics. 100 Units.

This course will cover a broad set of applications in labor economics, public economics, industrial organization, economics of education, environmental economics, and development economics. There will be a strong focus on how economic theory, institutional details, and experiments can be used to draw causal inferences on economic relationships. There will be emphasis on applying a number of commonly used microeconometric methods to economic data; including the linear regression model, fixed and random effects models, instrumental variables, and discrete choice models. When interpreting the empirical results, we will also discuss the importance of omitted variables bias and measurement error.

Instructor(s): J. Joensen     Terms Offered: Winter Prerequisite(s): ECON 21020 or ECON 21030

ECON 21160. Topics in Causal Inference. 100 Units.

This course covers selected topics on causal inference and econometrics. Special attention will be given to the use of economic models in causal inference. This course is intended for students who are planning to study economics at the graduate level.

Instructor(s): M. Mogstad, A. Torgovitsky     Terms Offered: Autumn Prerequisite(s): ECON 21030 (or ECON 21020 with instructor consent)

ECON 21200. Time Series Econometrics. 100 Units.

This course focuses on theory, and covers a broad range of topics, both mathematical and statistical, on stationary time series models in time and frequency domains. The models include ARMA, VAR, ARCH/GARCH and their variants. It also covers nonstationary time series models with unit roots and cointegration, and the theories and methodologies to estimate and test them statistically.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020/21030

ECON 21300. Data Construction and Interpretation in Economic Applications. 100 Units.

In this course we will explore the process of extracting insights from real-world data. What can one learn from a particular data set? How do you know what sets of tools will be "right" for the job? How can you increase your degree of confidence that the inferences you are drawing are correct? How can you best communicate the insights you glean from the data? Unlike standard econometrics courses, this class emphasizes hands-on work with actual data sets rather than the development of sophisticated tools and techniques (which are also useful, you just won't learn them here!).

Instructor(s): S. Levitt     Terms Offered: Not offered in 2022-2023. Prerequisite(s): ECON 10000/19800/20000/20010 and STAT 22000/23400/24400 (or ECON 21010)

ECON 21410. Computational Methods in Economics. 100 Units.

This course introduces the empirical and computational techniques necessary for numerical estimation and simulation in economics. Through examples in economics, the course covers topics such as optimization, function approximation, and monte carlo techniques. Emphasis will be placed on developing effective programming and research practices. The course is structured through a series of applications in such topics as segregation, occupational choice, and repeated games. The course will be taught in R and STATA. Though helpful, no previous experience with R or STATA is required.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 21730. Applied Behavioral Economics. 100 Units.

This class covers recent work in behavioral economics. Topics include discrimination, social pressure, social norms, identity and gender. Applications will cover a wide range of fields, including labor economics, finance, and political economy.

Instructor(s): L. Bursztyn Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 21740. Behavioral Economics and Experiments. 100 Units.

This is a hands-on course in behavioral economics. Basic concepts of preferences, traits, and behavioral biases are reviewed that link economics and psychology. Methods for eliciting traits and preferences will be taught and implemented in actual lab experiments. Grade will be determined by reports and quality of lab work.

Instructor(s): J. Heckman     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 AND STAT 22000/23400/24300/24400/24410/ECON 21010 (Lab students require one economics course.)

ECON 21800. Experimental Economics. 100 Units.

This course provides the necessary tools to be an avid consumer of the experimental literature and instructs students on how to become a producer of that literature. Topics include a summary of recent experimental findings and details on how to gather and analyze data using experimental methods.

Instructor(s): J. List     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030; ECON 10000/20000 and ECON 11020 for declared business economics students. No first-year students. Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 21830. Social Neuroscience. 100 Units.

Humans are intensely social animals. Our lives are intertwined with other people, and our well-being depends on others. Social neuroscience examines how the brain mediates social cognition and behavior. It spans diverse species, disciplines (evolutionary biology, neuroscience, anthropology, psychology, behavioral economics, sociology, and political science), and levels of analysis across the biological organization. Social neuroscience provides an overarching paradigm to investigate social cognition and behavior and to determine where we as a species fit within a broader biological context. A wide range of topics will be examined, including social connections and friendship, sex, mating and aggression, cooperation and social preferences, social and environmental influences on decision-making and behavior, empathy, social contagion, and group coalitions. Interdisciplinary analyses, by integrating approaches from social sciences and biological sciences, significantly expand our knowledge and have the potential to improve our social and living conditions.

Instructor(s): J. Decety     Terms Offered: Autumn Equivalent Course(s): HLTH 22350, BIOS 24137, PSYC 22350, CHDV 22350

ECON 22030. The Chinese Economy. 100 Units.

This course provides an overview of the Chinese economy, with two main focuses. First, we will review the significant reforms that happened in China in the past four decades, which fundamentally reshaped the modern China as we see today. Second, we will discuss some of China's key political and economic institutions, and their implications on China and the rest of the world. Throughout the course, special emphasis will be given to the role of the state in China's growth experience, at both the central- and local-levels.

Instructor(s): Wang, S     Terms Offered: Spring Equivalent Course(s): PPHA 35585, PBPL 25585

ECON 22410. UChicago Economics: The People and the Seminal Ideas. 100 Units.

Econ 24720 or Econ 22410 may be used as an economics elective, but only one of the two may be used toward economics major requirements. This course will trace in general the history and evolution of economic thought as an intellectual discipline, from the Middle Ages through Adam Smith and the Classical dominance in the 18th and 19th centuries, to the neoclassical period and alternative schools, and then the rise of Keynesian economics and the emergence of the Chicago School of economics in the 20th century. With this background and context, the focus will turn to the theoretical and empirical contributions of important historical UChicago figures such as Veblen, Knight, Hayek, Friedman, Stigler, Coase and Becker as well as the seminal ideas of contemporary scholars, including several Nobel laureates, in the Department, other academic units on campus, and economists elsewhere with deep Chicago roots.

Instructor(s): A. Sanderson and Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210. Third- or fourth-year standing.

ECON 23000. Money and Banking. 100 Units.

This course covers economic theories and topical issues in money and banking. We discuss such "traditional" topics as the quantity theory, the Phillips curve, and the money creation process. We also investigate models of bank runs and financial crises, the tradeoff between rules and discretion, and the New Macroeconomic Synthesis of New Classical. Other topics include New Keynesian approaches to modeling money and monetary policy, practical and institutional issues in European and U.S. monetary policy, and the 2008 financial crisis.

Instructor(s): H. Uhlig     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210); ECON 21020 and ECON 23950 are strongly recommended.

ECON 23200. Topics in Macroeconomics. 100 Units.

This course focuses on the use of dynamic general equilibrium models to study questions in macroeconomics. Topics include long-run growth and dynamic fiscal policy (Ricardian equivalence, tax smoothing, capital taxation), labor market search, industry investment, and asset pricing. On the technical side, we cover basic optimal control (Hamiltonians) and dynamic programming (Bellman equations).

Instructor(s): N. Stokey     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210) and MATH 20300 (or MATH 20310 or MATH 20700)

ECON 23410. Economic Growth. 100 Units.

The process of economic growth and the sources of differences in economic performance across nations are some of the most interesting, important and challenging areas in modern social science. You cannot travel or read the news without wondering why differences in standards of living among countries are so large. The primary purpose of this course is to introduce undergraduate students to these major issues and to the theoretical tools necessary for studying them. The course therefore strives to provide students with a solid background in dynamic economic analysis, as well as empirical examples and data analysis. We will cover models at an abstract and advanced level. You must have the degree of mathematical maturity associated with the concepts of functions, derivatives, integrals, Taylor series, optimization, ordinary differential equations. Some basic knowledge on regression analysis is also required.

Instructor(s): U. Akcigit     Terms Offered: Winter Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECON 23950. Economic Policy Analysis. 100 Units.

Building on the tools and methods that are developed in the core courses, this course analyzes fiscal and monetary policy and other topical issues. We use both theoretical and empirical approaches to understand the real-world problems.

Instructor(s): Staff     Terms Offered: Autumn Spring Prerequisite(s): ECON 20200/20210; ECON 21020 or 21030 strongly recommended. Note(s): This course does not apply toward the economics major elective requirement. Students may not receive credit for both Econ 13000 and Econ 23950 toward the 42 degree credits.

ECON 24000. Labor Economics. 100 Units.

Instructor(s): Staff     Terms Offered: Summer Prerequisite(s): ECON 10000/20000/20010

ECON 24450. Inequality and the Social Safety Net: Theory, Empirics, and Policies. 100 Units.

This course will introduce students to key economic and conceptual issues surrounding inequality and the social safety net. We will study the theoretical underpinnings and empirical analysis of the social safety net, focusing on the effects of social insurance and public assistance programs on individual and societal outcomes. After studying models of the insurance-incentive tradeoff, we will apply these models and econometric strategies to the empirical analysis of social safety net programs. We will study how social safety net programs interact with labor markets, specifically human capital investment and work decisions, and how they affect long-term outcomes such as income, health, well-being, and inequality. Students will learn how to analyze the tradeoffs involved in social safety net programs and will learn the current state of evidence on these programs.

Instructor(s): M. Deshpande     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25000. Introduction To Finance. 100 Units.

This course develops the tools to quantify the risk and return of financial instruments. These are applied to standard financial problems faced by firms and investors. Topics include arbitrage pricing, the capital asset pricing model, and the theory of efficient markets and option pricing.

Instructor(s): Staff Prerequisite(s): ECON 20200/20210 and ECON 21020/21030

ECON 25100. Financial Economics; Speculative Markets. 100 Units.

This course focuses on the description, pricing, and hedging of basic derivative claims on financial assets. We study the characteristics, uses, and payoffs of a variety of contracts where the underlying claims include commodities, foreign currencies, bonds, stocks, or stock indices. We examine contracts such as options, swaps, and futures contracts. We use a unified approach (the technique of portfolio replication) to study pricing of these claims. Students also gain an understanding of strategies for hedging of the risks inherent in holding these derivative claims.

Instructor(s): F. Alvarez     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and STAT 23400/24400/24410/ECON 21010

ECON 25120. Options and Volatility Products. 100 Units.

Instructor(s): F. Alvarez     Terms Offered: Spring

ECON 25520. Development Economics and Data Analysis. 100 Units.

Why do some countries grow faster than others? Why do farmers not adopt new technologies that generate higher yields? What is the most effective way to improve health, education and women's empowerment in middle and low income countries? We will examine these questions by applying the tools of economics to the best available data. In addition to mastering the economic literature on development economics, students will learn applied econometric techniques and how to apply them in practice. They will learn how to critically evaluate data analysis and spot potential biases: is the outcome variable likely to be subject to social desirability bias? is there potential selection bias or attrition bias? What techniques are best adapted to addressing these potential biases in the data? In the final part of the course we will cover the role of the International Financial Institutions (the IMF and World Bank) in international development. The course is designed for undergraduates with a strong interest in economics and data and previous experience using statistical software (such as R or Stata).

Instructor(s): R. Glennerster     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25530. Behavioral Development Economics (Undergraduate) 100 Units.

This course will focus on the intersection of two rapidly growing and recently Nobel Prize-winning fields in economics - development, and behavioral economics. Behavioral development economics brings insights and tools from psychology and behavioral economics to the study of developing economies and poverty more generally. The class is aimed at students interested in either (or both) of the fields. A decent part of lectures will be focused on introducing and describing tools of behavioral economics, before moving to applications in low-and middle-income countries.

Instructor(s): A. Karing     Terms Offered: Winter Prerequisite(s): Econ 20100/20110 and Econ 21020/21030

ECON 26010. Public Finance. 100 Units.

This course addresses the measurement, explanation, and consequences of government activity including tax systems, expenditure programs, and regulatory arrangements. Topics include cross-country comparisons of government behavior, market analyses of public policy, the incidence of government activity, and effects of economic activity on politics and public policy.

Instructor(s): M. Golosov     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020 (or ECON 21030) Note(s): ECON 26010 or 26020 may be used as an economics elective, but only one may be used toward degree requirements.

ECON 26030. The Economics of Socialism. 100 Units.

The course examines the economic theories of socialism ranging from Karl Marx's to market socialism, as well as theories of market power, collective action, and price regulation. These theories are applied to the measurement of socialism, income distribution, surplus value, and the degree of exploitation of labor. These metrics are used to compare various mixed economies including the Nordic model and various sectors in the United States. We consider how the economics of socialism might evolve as the health sector grows in the near future and artificial intelligence transforms the workplace in the long run.

Instructor(s): C. Mulligan Prerequisite(s): Econ 20100/20110

ECON 26040. Human Capital and the Economy. 100 Units.

This course introduces the concept of human capital, its accumulation process, its role in family decisions, and its impact on the economy. Several models are presented and discussed, covering a wide range of topics, including parental altruism, education, bequests, health, fertility, support in old age, income inequality, intergenerational transmission of wealth, specialization, division of labor, and economic growth. The theory is complemented with historical evidence from different countries and periods.

Instructor(s): P. Pena     Terms Offered: Spring Prerequisite(s): Econ 20200/20210

ECON 26610. The Economics of Cities and Regions. 100 Units.

This course studies business and individual location decisions and how they determine the main economic forces that lead to the existence and performance of cities and regional agglomerations. The course starts by developing a simple theory of cities and its implications for city size, firm productivity, and housing prices. It then studies evidence of the impact of cities on firm and worker productivity, urban amenities, and congestion. We will discuss the problems in measuring these forces, the methodologies to do so, as well as the implications of this measurement for businesses, individuals, and urban policy. We will also study the internal structure of cities, and how to evaluate the effect of new infrastructure or policy on land and housing values as well as on overall welfare. Finally, the course will analyze the role cities and regions play in aggregate economic development.

Instructor(s): Rossi-Hansberg, E.     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 26920. Behavioral Economics and Policy. 100 Units.

The standard theory of rational choice exhibits explanatory power in a vast range of circumstances, including such disparate decision making environments as whether to commit a crime, have children, or seek to emigrate. Nonetheless, shortfalls from full rationality seem not to be uncommon, and are themselves, to some extent, systematic. Behavioral economics documents and tries to account for these departures from full rationality. This course looks at areas in which some modification of the traditional rational choice apparatus might most be warranted; these include decisions that unfold over time, involve low probability events, or implicate willpower. To what extent should public policy respond to shortfalls from rationality or concern itself with promoting happiness?

Instructor(s): J. Leitzel     Terms Offered: Autumn Equivalent Course(s): PBPL 28805

ECON 27000. International Economics. 100 Units.

Instructor(s): F. Tintelnot     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 Equivalent Course(s): PBPL 27000

ECON 27700. Health Economics and Public Policy. 100 Units.

This course analyzes the economics of health and medical care in the United States with particular attention to the role of government. The first part of the course examines the demand for health and medical and the structure and the consequences of public and private insurance. The second part of the course examines the supply of medical care, including professional training, specialization and compensation, hospital competition, and finance and the determinants and consequences of technological change in medicine. The course concludes with an examination of recent proposals and initiatives for health care reform. Must have completed PPHA 32300 Principles of Microeconomics and Public Policy I or equivalent to enroll.

Instructor(s): Meltzer, D     Terms Offered: Spring Equivalent Course(s): PBPL 28300, CCTS 38300, PPHA 38300

ECON 28000. Industrial Organization. 100 Units.

This course extends the analysis from ECON 20100, with a focus on understanding the way firms make decisions and the effects of those decisions on market outcomes and welfare. The course examines the structure and behavior of firms within industries. Topics include oligopolistic behavior, the problems of regulating highly concentrated industries, and the implementation of U.S. antitrust policy.

Instructor(s): M. Dinerstein     Terms Offered: Spring Prerequisite(s): ECON 20100/20110

ECON 28010. Applied Empirical Industrial Organization. 100 Units.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 20100/20110 and Econ 21020/21030 Note(s): Standard Track Economics majors should register for Econ 28010

ECON 28030. Markets and Regulation. 100 Units.

This is an applied industrial organization course that examines economically regulated market structures. We will analyze: a) types of market structures that particularly generate economic regulation; b) common methods used by regulatory agencies given a particular market structure; and c) models of the supply of and the demand for regulation of markets, with emphasis on maximizing behavior on the part of both suppliers (regulators) and demanders (firms, consumers, political representatives). We will focus on non-financial markets, as financial markets are well-covered in other courses.

Instructor(s): Kathryn Ierulli     Terms Offered: Autumn Prerequisite(s): PQ: PBPL 20000 or equivalent Equivalent Course(s): PBPL 28670

ECON 28060. The Economics of Organizations: An Experimental Perspective. 100 Units.

This course offers an introduction to the experimental methodology while at the same time providing the students with up-to-date insights and findings on how to run an organization and how to manage a workforce. Students will learn the basics of the experimental methodology, learn about the most ground-breaking findings in experimental economics related to the functioning of firms, and know the relevant papers and findings in organizational and personnel economics with a particular emphasis on the question of how to set incentives for workers.

Instructor(s): S. Neckermann Prerequisite(s): ECON 10000/20000/20010 and STAT 22000/23400/24400/24410/ECON 21010

ECON 28100. The Economics of Sports. 100 Units.

This is a course in microeconomics that applies traditional product and factor market theory and quantitative analysis to contemporary economic issues in professional and college athletics. Topics include the sports business; market structures and outcomes; the market for franchises; barriers to entry, rival leagues, and expansion; cooperative, competitive, and collusive behavior among participants; labor markets, productivity, and compensation of players; racial discrimination; public policies and antitrust legislation; and financing of stadiums.

Instructor(s): A. Sanderson Prerequisite(s): ECON 20100/20110; ECON 21020 or ECON 21030 strongly recommended

ECON 28620. Crony Capitalism. 100 Units.

The economic system prevailing in most of the world today differs greatly from the idealist version of free markets generally taught in economic classes. This course analyzes the role played by corporate governance, wealth inequality, regulation, the media, and the political process in general in producing these deviations. It will explain why crony capitalism prevails in most of the world and why it is becoming more entrenched also in the United States of America. The course, which requires only basic knowledge of economics, welcomes undergraduates. This is a cross-listed course offered under BUSN 35225 for Booth students and ECON 28620 for non-Booth students. Booth students will bid on BUSN 35225. Non-Booth student can register under ECON 28620 or, if space is available, enroll via the non-Booth registration process for BUSN 35225. ECON 28620 is not eligible for pass/fail.

Instructor(s): L. Zingales     Terms Offered: Spring Equivalent Course(s): BUSN 35225

ECON 28700. The Economics of Crime. 100 Units.

This course uses theoretical and empirical economic tools to analyze a wide range of issues related to criminal behavior. Topics include the police, prisons, gang behavior, guns, drugs, capital punishment, labor markets and the macroeconomy, and income inequality. We emphasize the analysis of the optimal role for public policy.

Instructor(s): S. Levitt Prerequisite(s): ECON 20100/20110; STAT 23400, ECON 21010, or ECON 21020 strongly recommended Equivalent Course(s): PBPL 23200

ECON 29200. Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start with a quick refresher in the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20000/20010 Note(s): Study Abroad

ECON 29300. Issues and Methods in Macroeconomics. 100 Units.

Using tools and methods in economics, we will study issues in macroeconomics and international trade and finance. The topics we cover include both contemporary and classical issues such as tax incidence and distortions, optimal taxation, inflation, monetary policy, patterns and benefits of trade, and exchange rate determination. The objective of the course is to train students with analytical tools in macroeconomics so that they can understand, analyze, and evaluate various policies and policy proposals. To make the subject matters relevant and practical, students are strongly encouraged to read the Wall Street Journal and the Economist regularly to keep up with current events and controversies.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20200/20210 Note(s): Study Abroad

ECON 29700. Undergraduate Reading and Research. 100 Units.

Students are required to submit the College Reading and Research Course Form. Prerequisite(s): Consent of directors of the undergraduate program

Instructor(s): J. Wong     Terms Offered: Autumn Spring Winter Prerequisite(s): Consent of directors of the undergraduate program

ECON 29800. Undergraduate Honors Workshop. 100 Units.

For details, see the preceding Honors section.

Instructor(s): K. Yoshida, V. Lima     Terms Offered: Autumn Spring Winter Prerequisite(s): Faculty sponsorship and consent of honors workshop supervisors

Economics Master's (ECMA) Courses

ECMA 30750. The Theory of Market Design. 100 Units.

This course will provide an introduction to social choice, two-sided matching, house allocation, school choice, and the recent theoretical developments in kidney exchange. We will develop formal, mathematical language to evaluate and compare different mechanisms including deferred acceptance, top trading cycles, the probabilistic serial mechanism and others. Our approach will be axiomatic; we will explore the tradeoff between the efficiency, incentive compatibility and fairness in the design of mechanisms. This course will be proof-based, so is appropriate for advanced students acquainted with formal mathematical reasoning.

Instructor(s): J. Root     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 and MATH 20300/20310/20700

ECMA 30770. Decision and Strategy. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): Prerequsites for Undergraduates: ECON 20100/ECON 20110 and MATH 20300/MATH 20310/MATH 20700, or consent of instructor Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation. Equivalent Course(s): ECON 20770

ECMA 30780. Decision and Strategy II. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): ECON 20770/ECMA 30770 or consent of instructor Equivalent Course(s): ECON 20780

ECMA 30800. Theory of Auctions. 100 Units.

In part, this course covers the analysis of the standard auction formats (i.e., Dutch, English, sealed-bid) and describes conditions under which they are revenue maximizing. We introduce both independent private-value models and interdependent-value models with affiliated signals. Multi-unit auctions are also analyzed with an emphasis on Vickrey's auction and its extension to the interdependent-value setting.

Instructor(s): P. Reny     Terms Offered: Winter Prerequisite(s): PQ for Undergraduates: ECON 20100 (or Econ 20110), and MATH 20300 (or Math 20310 or Math 20700), and STAT 23400, 24400 or STAT 24410

ECMA 31000. Introduction to Empirical Analysis. 100 Units.

This course introduces students to the key tools of econometric analysis: Probability theory, including probability spaces, random variables, distributions and conditional expectation; Asymptotic theory, including convergence in probability, convergence in distribution, continuous mapping theorems, laws of large numbers, central limit theorems and the delta method; Estimation and inference, including finite sample and asymptotic statistical properties of estimators, confidence intervals and hypothesis testing; Applications to linear models, including properties of ordinary least squares, maximum likelihood and instrumental variables estimators; Non-linear models. Assignments will include both theoretical questions and problems involving data. Necessary tools from linear algebra and statistics will be reviewed as needed.

Instructor(s): J. Hardwick     Terms Offered: Autumn Prerequisite(s): PQs for Undergraduates: Econ 21030 or Econ 21110 or Econ 21130

ECMA 31100. Introduction to Empirical Analysis II. 100 Units.

This course is an introduction to applied econometrics and builds on tools studied in ECMA 31000. Topics include: Selection on observables, instrumental variables, time series, panel data, discrete choice models, regression discontinuity, nonparametric regression, quantile regression.

Instructor(s): J. Hardwick     Terms Offered: Winter Prerequisite(s): Prerequisite for Undergraduates: Econ 21030 or Econ 21110 or Econ 21130 or ECMA 31000 or ECMA 31130. Undergraduates who have taken Econ 21020 are encouraged to obtain instructor consent for enrollment.

ECMA 31130. Topics in Microeconometrics. 100 Units.

This course focuses on micro-econometric methods that have applications to a wide range of economic questions. We study identification, estimation, and inference in both parametric and non-parametric models and consider aspects such as consistency, bias and variance of estimators. We discuss how repeated measurements can help with problems related to unobserved heterogeneity and measurement error, and how they can be applied to panel and network data. Topics include duration models, regressions with a large number of covariates, non-parametric regressions, and dynamic discrete choice models. Applications include labor questions such as labor supply, wage inequality decompositions and matching between workers and firms. Students will be expected to solve programming assignment in R.

Instructor(s): T. Lamadon     Terms Offered: Winter Prerequisite(s): Prerequisites for Undergraduates: ECON 21020 OR ECON 21030

ECMA 31140. Perspectives on Computational Modeling for Economics. 100 Units.

In this course students will learn several computational methodologies and tools to solve, simulate, and analyze models that are the backbone of current macroeconomic analysis. While learning the relevant computational methods is the main objective, the theoretical economic aspects of the model will be stressed and the students will be required to apply their economic knowledge and skills to interpret and analyze the results. We will examine non-stochastic and stochastic general equilibrium models, both under local and global approximations. The main part of the course will deal with representative agent models, but a significant part will be devoted to introducing students to the solution of heterogeneous agent models as well.

Instructor(s): Salas, Sergio     Terms Offered: Winter Prerequisite(s): PQ for undergraduates: Econ 20200/20210 and MATH 19620/Stat 24300/Math 20250 and Stat 23400/Stat 24400/Stat 24410. Note(s): MACSS students have priority. Equivalent Course(s): MACS 10150, MACS 30150

ECMA 31210. Time Series Analysis for Macroeconomics and Finance. 100 Units.

This course will cover various methods and their applications in time series analysis and emphasize empirical exercises by students. The structure of the course starts with theoretical foundations drawing from standard textbooks of Hayashi (2000) and Hamilton (1994) and covers applications to answer important questions in macro and finance. The topics include time series OLS with applications in the Fama interest rate regression and Hansen's study of foreign exchange markets, GMM with the Fama-French model of equity returns, and state-space models with applications to GDP nowcasting. Familiarity with matrix algebra and elementary econometrics is required.

Instructor(s): F. Hayashi     Terms Offered: Spring Prerequisite(s): Prerequisites for Undergraduates: ECON 20200/20210 and ECON 21020/21030 Note(s): This course may count as a data science course for the data science specialization in the same set of options as ECON 21300, ECMA 31320, ECMA 31330, ECMA 31340, ECMA 31350 or ECMA 38010.

ECMA 31320. Applications of Econometric and Data Science Methods. 100 Units.

This course builds on the theoretical foundations set in Econ 21030 and explores further topics pertinent to modern economic applications. While the course content may change from year to year according to student and instructor interests, some potential topics are panel data methods, treatment effects/causal inference, discrete choice/limited dependent variable models, demand estimation, and topics in economic applications of supervised and unsupervised learning algorithms. The course will involve analytically and computationally intensive assignments and a significant empirical project component.

Instructor(s): A. Hortacsu     Terms Offered: Spring Prerequisite(s): CMSC 12300/14200/15200/16200 and ECON 21020 (ECON 21030 Honors Econometrics preferred) or consent of instructor

ECMA 31330. Econometrics and Machine Learning. 100 Units.

This course reviews a number of modern methods from econometrics, statistics and machine learning, and presents applications to economic problems. Examples of methods covered are simulation-based techniques, regularization via coefficient and matrix penalization, and regression and classification methods such as trees, forests and neural networks. Applications include economic models of network formation, and dimension reduction for structural economic models. The course involves programming and work with data. Beyond econometric background such as Econ 21030, students should have a solid background in computation.

Instructor(s): S. Bonhomme     Terms Offered: Not offered in 2022-2023 Prerequisite(s): CMSC 12300/14200/15200/16200 and ECON 21020 (ECON 21030 Honors Econometrics preferred)

ECMA 31340. Big Data Tools in Economics. 100 Units.

The goal of the class is to learn how to apply microeconomic concepts to large and complex datasets. We will first revisit notions such as identification, inference and latent heterogeneity in classical contexts. We will then study potential concerns in the presence of a large number of parameters in order to understand over-fitting. Throughout the class, emphasis will be put on project-driven computational exercises involving large datasets. We will learn how to efficiently process and visualize such data using state of the art tools in python. Topics will include fitting models using Tensor-Flow and neural nets, creating event studies using pandas, solving large-scale SVDs, etc.

Instructor(s): T. Lamadon     Terms Offered: Winter Prerequisite(s): PQs for Undergraduates:ECON 20100/20110 and ECON 21020/21030

ECMA 31350. Machine Learning for Economists. 100 Units.

This course reviews modern machine learning techniques and their applications in economics. The course covers some of the classical techniques, including lasso, regression trees, random forests, principal components analysis, and neural networks, as well as cutting-edge double machine learning methods. Applications include economic models of network formation, program evaluation, demand estimation, and asset pricing. The course involves programming and working with data. Students are expected to have a solid background in statistics, econometrics, and computation.

Instructor(s): K. Ponomarev     Terms Offered: Winter Prerequisite(s): For Undergraduates: CMSC 12300//14200/15200/16200 and ECON 21020 (ECON 21030 Honors Econometrics preferred)

ECMA 31360. Causal Inference. 100 Units.

This course reviews modern causal inference techniques and their applications in business and economics. The course covers the treatment-control comparison estimator, regression adjustment, matching (on covariates and propensity score), difference in differences (canonical and with staggered treatment), panel data methods, regression discontinuity design (sharp and fuzzy), instrumental variables and local average treatment effect (LATE) estimator. At different points during the course, we mention how machine learning (ML) techniques have recently been used to enrich the classical methods. The course involves programming (R language) and working with data. Students are expected to have a solid background in statistics (working knowledge of R and familiarity with RStudio) and econometrics.

Instructor(s): M. Tartari     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 21020/21030

ECMA 31380. Causal Machine Learning. 100 Units.

By the end of this course students should understand the recent research and methods in statistical inference after machine learning. Chiefly, this course focuses on causal inference, but other topics are covered as well. The course aims for a theoretical understanding and as well as ready-to-deploy tools. Students will be introduced to the theoretical underpinnings of this material, which includes studying topics in nonparametric estimation, two-step and semiparametric inference theory, including the special case of double/debiased machine learning. Methods discussed include neural networks, random forests, and LASSO estimation.

Instructor(s): M. Farrell     Terms Offered: Autumn Prerequisite(s): PQ for Undergraduates: ECON 21020/21030 Note(s): This course may count toward the Data Science course requirement of the Economics Data Science Specialization.

ECMA 33220. Introduction to Advanced Macroeconomic Analysis. 100 Units.

This course introduces students to advanced methods for macroeconomic analysis. In the first part, we discuss time series methods such as impulse response analysis, vector autoregression, co-integration, shock identification, and business cycle detrending. In the second part, we examine and analyze a simple, yet powerful stochastic dynamic real business cycle model. In that context, the students will learn about dynamic programming, rational expectations, intertemporal optimization, asset pricing, the Frisch elasticity of labor supply, log-linearization, and computational tools to solve for the recursive law of motion of dynamic stochastic general equilibrium models. Finally, we touch upon some further models, such as the overlapping generations model and/or the continuous-time neoclassical growth model. The course is useful for students interested to deepen their knowledge in macroeconomics, in order to read, understand, and replicate some of the recent research in the field; as preparation for careers involving macroeconomic analysis, time series analysis, or asset pricing; or as preparation for graduate school. Decent knowledge of linear algebra and calculus is required. All advanced material will be taught in class.

Instructor(s): H. Uhlig     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECMA 33221. Introduction to Advanced Macroeconomic Analysis II. 100 Units.

This course introduces concepts and tools for advanced macroeconomics. It builds on ECMA 33220. We discuss the decision of consumption and investment over time, monetary economics, fiscal policy, asset pricing, and international economics. We introduce numerical methods to solve problems in economics and finance such as methods to solve nonlinear equations and to generate random numbers. These methods are useful when we solve economic models through value-function iterations, quadratic linearization, and other methods. Some topics discussed are the welfare cost of inflation, portfolio allocation, the yield curve and economic activity, optimal taxation, and financial markets and monetary policy. As ECMA 33220, this course is useful for students interested in increasing their knowledge in macroeconomics for careers involving macroeconomic analysis and as preparation for graduate school. Knowledge of calculus and linear algebra is expected.

Instructor(s): A. Silva     Terms Offered: Winter Prerequisite(s): For Undergraduates: ECON 20200/20210 and ECON 21020/21030

ECMA 33230. Macroeconomic Crises. 100 Units.

This course introduces students to economic theories of "crises" or particular periods of rapid (negative) changes in real and financial variables that are distinct from long-run growth and regular business cycles. In particular, we will cover the origin of various types of financial crises, i.e. speculative bubbles, bank runs, credit crunches, and sovereign debt crises and defaults. Time permitting, we will also study currency crises and speculative attacks. Throughout, our focus will be on the implications for fiscal and monetary policy.

Instructor(s): N. Balke     Terms Offered: Winter Prerequisite(s): ECON 23950 and ECON 21020 (or ECON 21030)

ECMA 33330. Introduction to Dynamic Economic Modeling. 100 Units.

This course provides an introduction to dynamic economic models, with applications to macroeconomics, labor economics, financial economics, and other subfields of economics. The core methodology will be consistent over time, but the applications will vary from year to year. The course will analyze decentralized equilibrium and social planner's problems in dynamic environments. It will focus on developing techniques for analyzing such models graphically, analytically, and computationally. Students should be familiar with constrained optimization (e.g. Lagrangians), linear algebra, and difference equations, as well as microeconomics, macroeconomics, and econometrics at an intermediate level.

Instructor(s): R. Shimer Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECMA 33603. Introduction to Macroeconomics and Financial Frictions. 100 Units.

This course studies the behavior of consumers, investors, and firms when they face frictions to take their decisions. These frictions can be in the form of costs to change portfolios, to change prices, or to find another investor to trade. Frictions also appear in the form of borrowing costs, the possibility of default, or the need to use money to carry on transactions. We show how taking into account these frictions change predictions about the economy. Borrowing constraints, for example, affect interest rates, and the need to rebalance portfolios changes predictions on optimal taxation. We discuss models, techniques and papers that show the relevance of frictions for economic analysis.

Instructor(s): A. Silva     Terms Offered: Spring Prerequisite(s): PQ for Undergraduates: ECON 20200/20210 and ECON 21020/21030

ECMA 33620. Introduction to Heterogeneous Agent Macroeconomics. 100 Units.

This class is an introduction to macroeconomics with heterogeneous households. We will study consumption-savings problems, income dynamics, wealth inequality in partial and general equilibrium, and the effects of fiscal and monetary policy in the presence of household inequality. The class will make use of theoretical analysis, empirical analysis and computational methods. Material will be presented in both discrete and continuous time. Students will analyze micro-level data on wealth, income and consumption, and will learn how to write code to solve heterogeneous agent models on a computer. Familiarity with a statisical package such as R or Stata, and a programming language such as Matlab, Python, Julia, Fortran or C is highly recommended.

Instructor(s): G. Kaplan Prerequisite(s): Undergraduates: PQ: ECON 20200/20210 and ECON 21020/21030

ECMA 34150. Origins, Persistence, and Consequences of Inequality. 100 Units.

The continued rise of economic inequality in the U.S. has spurred heated debate among economists and policymakers over the past several years. This course aims to provide students with a comprehensive understanding of social science perspectives on inequality, including its causes, persistence, and effects. It also introduces students to different frameworks for discussing inequality and how societal forces contribute to increasing inequality. Additionally, the course helps students connect broader societal trends with specific government policies. By covering key vocabulary, concepts, theories, and debates related to economic inequality, the course lays a solid foundation for further studies in economics. Upon completion of the course, students should possess a deeper understanding of the facts about inequality and social mobility, as well as a grasp of the complexity of the problem and challenges inherent in addressing these issues through governmental policies. Specifically, students are anticipated to be able to: - Articulate economic terminology and methods for measuring inequality, - Perform calculations to assess and illustrate income/wealth inequality, and economic mobility, - Analyze the root causes, mechanisms, and consequences of economic inequality, - Demonstrate a nuanced comprehension of the policy and political ramifications associated with inequality.

Instructor(s): S. Eshaghnia     Terms Offered: Autumn Prerequisite(s): PQ for Undergraduates: ECON 21020/21030

ECMA 35050. Information and Financial Markets. 100 Units.

This course studies the information economics that underlies modern financial markets and trading. Whether one is into designing new financial marketplaces (for example: fintech, crypto) or creating new trading strategies (for example: high-frequency, active management) or managing complex investment portfolios (for example: hedge funds, pension funds), tools from the economics of information asymmetry play an essential role. We take a deep dive into the technical tools that are commonly used and explore applications that help us place the techniques in context. Topics covered include: Lotteries, Measures of risk aversion, Orders of stochastic dominance, vNM and Savage utilities, Information structures, Blackwell ordering, Bayesian inference, Common knowledge and belief hierarchies, Agreement and No-trade theorems, Grossman-Stiglitz type paradoxes, Role of noise in markets, Kyle and Golsten-Milgrom models of trading and PIN models, along with Dealer, limit-order, automated-market-making and batch-auction market structures.

Instructor(s): A. Bhattacharya     Terms Offered: Autumn Prerequisite(s): PQ for Undergraduates: ECON 20200/20210 and STAT 23400/24400/24410

ECMA 35550. The Practicalities of Running Randomized Control Trials. 100 Units.

This course is designed for those who plan to run a randomized control trial. It provides practical advice about the trade-offs researchers face when selecting topics to study, the type of randomization technique to use, the content of a survey instruments, analytical techniques and much more. How do you choose the right minimum detectable effect size for estimating the sample size needed to run a high quality RCT? How do you quantify difficult to measure outcomes such as women's empowerment or ensure people are providing truthful answers when you are asking questions on sensitive topics like sexual health? When should you tie your hands by pre-committing to your analysis plan in advance, and when is a pre-analysis plan not a good idea? This course will draw on lots of examples from RCTs around the world, most (though not all) from a development context. Alongside field tips, it will also cover the concepts and theory behind the tradeoffs researchers face running RCTs. The course is designed for PhD students but given its practical nature is open to and accessible to masters students who plan to work on RCTs.

Instructor(s): Glennerster, Rachel     Terms Offered: Autumn Equivalent Course(s): ECON 35550, PPHA 35561

ECMA 36700. Economics of Education. 100 Units.

This course explores economic models of the demand for and supply of different forms of schooling. The course examines the markets for primary, secondary, and post-secondary schooling. The course examines numerous public policy questions, such as the role of government in funding or subsidizing education, the design of public accountability systems, the design of systems that deliver publicly funded (and possibly provided) education, and the relationship between education markets and housing markets.

Instructor(s): D. Neal Prerequisite(s): ECON 21020 or ECON 21030 Equivalent Course(s): PBPL 26705, EDSO 26700

ECMA 38010. Empirical Industrial Organization. 100 Units.

This course will provide an introduction to state-of-the-art methodologies in Empirical Industrial Organization. We will use real-life data to learn about consumers and firms. We will cover demand and preference estimation, production function estimation, empirical models of market entry, and auctions. We will also discuss applications including prediction, policy analysis, and price optimization. Students will learn about theory, estimation, optimization, and practical considerations. Students will apply what they learn using R.

Prerequisite(s): Prerequisites for Undergraduates: ECON 20100/20110 and ECON 21020/21030

Business Economics Courses

BUSN 20550. Application Development. 100 Units.

The new reality is that every company is a software company. Even in traditionally brick-and-mortar industries, software is performing more and more of the work. Many companies (especially "lean startups") are purely software-based. Lacking an understanding of how software works and how software is built puts you at a disadvantage. Our goal is to develop an understanding of both. We believe the best way to do that is to build something yourself, using modern languages and workflows. You will build a functional prototype of your own app idea, and will learn the Ruby on Rails web application framework. Higher-level goals are to: 1. Understand the general, platform-independent patterns of how apps work. 2. Communicate more effectively and credibly. 3. Develop a builder's eye for problems that can be solved with technology. 4. Prioritize features more intelligently by developing a better feel for their costs. 5. Implement a modern software development workflow, from task management to version control to quality assurance to deployment. 6. Be able to make and test small changes to an app yourself. This course is entirely project-driven. We will build a series of apps in class. Also, you will build your own app idea which will be your final project. This course is designed for a beginner who has never programmed before. Note: Due to the intensive support requirements and volume of requests, we can't allow auditors.

Instructor(s): R. Betina; Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20550 if BUSN 36110 Application Development taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. BUSN 20550 (and BUSN 36110) cannot count toward the standard economics major electives or the business economics specialization electives.

BUSN 20930. Social Sector Strategy and Structure. 100 Units.

The social sector, which encompasses nonprofit & for-profit firms that are primarily pursuing a solution to social or environmental issues, is an increasingly important sector. This course provides an overview of the structures, strategy frameworks, and management tools employed by social sector organizations to ensure that they deliver on the impact they seek. In particular, the course examines those approaches that differ from managing a non-impact seeking venture. The same fundamental approaches to marketing, competitive analysis, etc. can be translated across contexts. Where there are differences, however, they are important. We will review & analyze the distinctive challenges of managing for social or environmental impact, as opposed to profit maximization. We will use cases & exercises to examine and unpack social sector management and strategy. This includes how organizations are structured from a tax-status perspective; common business models; management tools such as the construct of theory of change/intended impact, impact measurement, marketing to donors & beneficiaries; managing paid & unpaid labor; funding sources such as philanthropy & impact investing; governance; and scale and growth. This is a "survey course" of the management tools, strategy frameworks, and structural approaches used in the social sector. It is not deep dive into any of these topics, and is designed to provide any student with a working knowledge of managing social sector organizations.

Prerequisite(s): This course is not open to MBA students. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Accounting Courses

BUSN 20100. Financial Accounting. 100 Units.

This course provides an introduction to financial statements and the financial reporting process from a user's perspective. The focus of the course is on fundamental accounting concepts and principles. Students learn how the economic transactions of a firm are reported in the financial statements and related disclosures. The objective of the course is to provide students with basic skills necessary to read and analyze financial statements as well as to prepare students for more advanced financial statement analysis courses.

Instructor(s): M. Muhn; L. Soffer; C. McClure; W. Heltzer; D. Samuels; J. Bonham     Terms Offered: Autumn Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20100 if BUSN 30000 Financial Accounting taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20101. Managerial Accounting. 100 Units.

This course focuses on internal operations, cost analysis, and performance evaluation, as opposed to the evaluation of external financial statements. Its targeted audience includes students intending become management consultants, entrepreneurs, managers (e.g., CEOs, CFOs, COOs, and product managers), and anyone with an interest in understanding how firms (1) make decisions about products and services and (2) evaluate performance and control risk. Topics covered include overhead allocation, activity based costing, opportunity cost of excess capacity, customer profitability, capital budgeting, transfer pricing, performance evaluation, risk management, internal controls, and fraud. Applications cover both the manufacturing and services sectors.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20101 if BUSN 30001 Cost Analysis and Internal Controls taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20140. Accounting and Financial Analysis. 100 Units.

Course is designed to improve students' understanding of financial information beyond an intro accounting class. It is designed to provide the knowledge of financial statements necessary to conduct a reasonably sophisticated financial statement analysis. Focus is on the use of financial statements, although this requires some understanding of the process by which financial statements are produced. It will benefit students who want to become investment bankers, economic consultants, analysts, or other jobs that requires more than a superficial understanding of financial reporting. Not limited to study of financial statements. Will also work with supplemental disclosures, which help the user to interpret the financial statements and to understand better the economic transactions that gave rise to them. Techniques employed will be useful for variety of purposes including (but not limited to) equity, credit, and complex deals (such as M&A) analysis. Although this course does not cover forecasting, valuation, or models of complex deals, a thorough understanding of financial reporting issues is critical to being able to use such techniques. This course especially useful as a prelude to Financial Statement Analysis (B20150/B30130), Advanced Financial Analysis and Valuation for Global Firms (B30131), and Deal Structuring and Financial Reporting Implications (B30122). Must submit answers to 5 cases based on actual financial statements. There are two in-person exams (Weeks 5 & 10).

Instructor(s): H. Christensen     Terms Offered: Autumn Prerequisite(s): Strict PQ: BUSN 20100 (or 30000). To register for this class, students must have taken BUSN 20100 or 30000. NEGPQ BUSN 30116 - Students cannot enroll in this class if they have taken BUSN 30116. All first year college students are restricted from enrolling in this course; new transfer students ok.

BUSN 20150. Financial Statement Analysis. 100 Units.

This course teaches you how to analyze financial statements in order to develop financial statement models, assess credit risk, and, ultimately, value a company. The course provides both a framework and the tools necessary to analyze financial statements. Its primary objective is to advance your understanding of how financial reporting can be used in a variety of decisions (e.g., lending and investment decisions) and analyses (e.g., financial distress and bankruptcy prediction). It is applied in nature and stresses the use of actual financial statements. Throughout the course, I draw heavily on real business examples and use cases to illustrate the application of the techniques and tools. Topics include traditional ratio analysis techniques, accounting analysis (i.e., identifying earnings management and accounting quality issues), and financial risk assessment. The second part of the course focuses on equity valuation, e.g., the preparation of pro forma financial statements, and the use of various valuation models. While students with a multitude of interests will benefit from this course, students with an interest in investment banking, equity or credit analysis, consulting, strategy, corporate finance, or management will find this course particularly relevant.

Instructor(s): Faculty TBD     Terms Offered: Spring Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20150 if BUSN 30130 Financial Statement Analysis taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. Financial Accounting (BUSN 20100 or BUSN 30000) is a strict prerequisite.

BUSN 20170. Tax Strategies. 100 Units.

This course provides students with a framework for thinking about tax planning. This framework has two principal advantages. First, it is designed to have value long after the recent and next tax law change. Second, the framework is portable, in that it can be applied to any set of tax laws - those of the United States or any other country. Although the course generally focuses on U.S. based transactions and planning examples, the underlying ideas are applicable in other jurisdictions. Once developed, the framework is applied to a variety of business settings. The applications integrate concepts from finance, economics, and accounting to achieve a more complete understanding of the role of taxes in business strategy. The course also includes periodic focus on the financial accounting ramifications of tax planning. Moreover, the course content has valuation related implications. Topics include the following: tax planning for mergers, acquisitions, and divestitures; taxation of structures for new businesses (e.g., C Corps, and LLCs); tax planning for financing transactions, including cross-border financing, executive compensation (e.g., incentive stock options); and others.

Terms Offered: TBD Prerequisite(s): All first year college students are restricted from enrolling in this course; new transfer students ok.

BUSN 20180. Advanced Financial Analysis and Valuation for Global Firms. 100 Units.

The course covers advanced financial analysis and valuation for global firms. It is designed for students who already have a basic familiarity with corporate valuation and DCF analysis (from corporate finance class) as well as solid accounting knowledge. We cover financial analysis of different business models, specific situations (e.g., cyclicals, young growth companies, closely-held firms) as well as the analysis and valuation of foreign companies (e.g., emerging markets, reporting under IFRS). Capital markets have become increasingly global, providing more opportunities for corporate investments and M&A abroad. Evaluating these global investments, however, poses unique challenges for financial analysis (e.g., regarding information, accounting and governance) as well as valuation problems.

Prerequisite(s): Investments (BUSN 20400 or 35000), corporate finance (BUSN 20410 or 35200) and accounting (BUSN 20100 or 30000) all helpful background for success in this class. Cannot take BUSN 20180 if BUSN 30131 taken previously.

Entrepreneurship Courses

BUSN 20330. Building the New Venture. 100 Units.

This course is intended for students who are interested in starting new entrepreneurial businesses. It is tactical, hands-on, and covers the nuts and bolts of starting a company with a lesser emphasis on investing in entrepreneurial ventures. Students will learn how to raise seed funding, compensate for limited human and financial resources, establish brand values and positioning, secure a strong niche position, determine appropriate sourcing and sales channels, and develop execution plans in sales, marketing, product development and operations. The emphasis is managerial and entrepreneurial, essentially a working model for starting an enterprise. This class is executed through a combination of lectures, group assignments based on student's new venture ideas, case discussions, VC and entrepreneur guest lectures and panels, and ultimately ties together in a pitch at the end of the quarter to a panel of VC observers.

Instructor(s): C. Przybyl     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20330 if BUSN 34103 Building the New Venture taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20340. Developing a New Venture. 100 Units.

This course is designed to guide groups of students through the new venture creation process. Students will have passed through the first round of the College New Venture Challenge, and will be developing their own original new business ideas. Students may enter the course with ideas that are traditionally for-profit in nature or more socially oriented (either for- or not-for-profit ventures). Students in this course can expect to learn: • how to evaluate the potential and viability of their entrepreneurial ideas • how to conduct research on specific market opportunities • how to analyze the competitive landscape • have to evaluate the merits and drawbacks of unique business models • how to pitch their idea/venture to investors, experts, mentors, and fellow entrepreneurs Additional topics include financial projections, product /technology development, legal issues for startups, and entrepreneurial marketing tactics. Students must prepare and submit original feasibility summaries prior to the application deadline. During the course, students will expand these summaries into full business plans, and will be required to present their ventures multiple times to venture capital investors, entrepreneurs, and startup mentors. Students interested in careers in: startups, technology, business, consulting, and management are encouraged to take this course. Enrollment by permission based on the feasibility summary application. This course is not open to MBA students.

Instructor(s): S. Marcello     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. Consent only: Students will have passed through the first round of the College New Venture Challenge. Students may enroll in both BUSN 20340 and BUSN 34104 Special Topics in Entrepreneurship: Developing a New Venture (New Venture Challenge), but may receive credit for only one within the Entrepreneurship bundle of the business economics specialization.

BUSN 20920. Social Entrepreneurship and Innovation. 100 Units.

We will study social innovation with a focus on the role of social entrepreneurship for implementing innovative solutions to society's problems. A team of 4 students will be assigned with an innovative idea that addresses a social problem and could become a (for-profit or non-profit) social venture. Students will provide their preferences for assignment from a list of preselected ideas. Teams will essentially develop a business idea around this innovation. To achieve this, students will research the relevant literature, conduct customer discovery, analyze the competitive landscape, validate and refine the offering, propose a business model, articulate a theory of change, and identify an impact management strategy. Teams will present to the idea sponsor at the end of the quarter and in a mid-quarter check-in. The hope is that there will be sufficient validation and interest to move forward with some of these ventures with students involved in or leading the venture. One path is to participate in the John Edwardson, '72, Social New Venture Challenge. Much of class time will be devoted to group exercises to implement frameworks to answer these questions for the projects as well as a set of case study examples we will use throughout the course. In addition, there will be readings and discussions on a set of topics to provide a broader understanding of the economics of social innovation and its relationship to more traditional innovation. Grading will be based weekly project

Terms Offered: TBD Prerequisite(s): Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20920 if BUSN 34117 Social Entrepreneurship and Innovation taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https:// tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

Finance Courses

BUSN 20400. Investments. 100 Units.

This course offers the financial theory and quantitative tools necessary for understanding how stock, bond, and option prices are determined, and how financial assets are used for investment decisions. Topics covered include the following: the term structure of interest rates; portfolio selection based on mean-variance analysis; models of risk and return (including the CAPM and multifactor models); performance evaluation; market efficiency and the random walk hypothesis; asset pricing anomalies and behavioral finance; derivative security pricing (including options, futures, forwards, and swaps); and international investment. This course is not open to MBA students.

Instructor(s): A. Zhang; Q. Vandeweyer     Terms Offered: Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20400 if BUSN 35000 Investments taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20405. Financial Instruments. 100 Units.

This course develops, critically assesses, and applies theories of pricing derivatives. Topic discussed are: forward and futures contracts; interest rate and currency swaps; option trading strategies; binomial option pricing; the Black-Scholes-Merton option pricing model and extensions; risk management with options; empirical evidence and time-varying volatility; the pricing and hedging of corporate securities (common stock, senior and junior bonds, callable bonds, warrants, convertible bonds, and putable bonds); credit risk; and real options.

Instructor(s): J. Heaton     Terms Offered: Autumn Prerequisite(s): There are no enforced prerequisites but Investments (Business 20400/35000) is helpful. This course is not open to MBA students. Cannot enroll in BUSN 20405 if BUSN 35100 Financial Instruments taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20410. Corporation Finance. 100 Units.

This course provides you with an understanding of major decisions made by corporate financial managers and to familiarize you with the tools used to make these decisions. The first part of the course covers methods used to value investment opportunities. Particular attention is given to discounted cash flow valuation, including the methods of weighted average cost of capital (WACC) and adjusted present value (APV). The second part of the course focuses on issues of corporate financial structure. The focus will be on the choice of financing through equity, debt and other types of securities and on payout policies through dividends. Specialized topics, such as mergers and acquisitions and corporate hedging will be covered as time permits.

Instructor(s): E. Jiang; C. Yannelis     Terms Offered: Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20410 if BUSN 35200 Corporation Finance taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. Financial Accounting (BUSN 20100 or 30000) required. Investments (BUSN 20400 or 35000) strongly recommended.

Management Courses

BUSN 20600. Marketing Management. 100 Units.

The objective of the course is to provide an intro to marketing strategy. The course develops a common framework (3Cs/4Ps) to analyze real world problems presented in business cases and synthesize recommendations addressing strategic marketing issues. Numerous tools used to support the framework are also introduced. GOALS: 1. Introduce marketing strategy and elements of marketing analysis or business situation analysis: Customer analysis, Company analysis and Competitor analysis (3Cs). 2. Develop familiarity with tactical use of elements of the marketing mix - product policy, pricing, promotion and placement/distribution (4 Ps)-in a manner consistent with marketing analysis and strategy. 3. Integrate elements of the framework prescriptively into real world business situations. 4. Provide exposure to business case analysis and critical thinking common in case-based business classes. FORMAT: This course uses lectures to introduce concepts, and uses cases and business examples to illustrate them. Grading criteria includes homework assignments/case write-ups, final exam, and class participation that may involve student presentations or in-class exercises.

Instructor(s): J. McKinney     Terms Offered: Spring Summer Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20600 if BUSN 37000 Marketing Strategy taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

BUSN 20701. Managing in Organizations. 100 Units.

Successfully managing other people - be they competitors or co-workers - requires an understanding of their thoughts, feelings, attitudes, motivations, and determinants of behavior. Developing an accurate understanding of these factors, however, can be difficult to achieve because intuitions are often misguided and unstructured experience can be a poor teacher. This course is intended to address this development by providing the scientific knowledge of human thought and behavior that is critical for successfully managing others, and also for successfully managing ourselves.

Instructor(s): A. Todorov     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20701 if BUSN 38001 Managing in Organizations taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20702. Managerial Decision Making. 100 Units.

This course is designed to make you a better decision maker. Good decision makers know how to recognize decision situations, then how to represent the essential structure of the situations, and how to analyze them with the formal tools from decision theory. But, perhaps more important, they need to be able to think effectively about the inputs into a decision analysis, whether to trust the analysis, and how to use the outputs to guide actions by themselves and their firms. And, maybe most important of all, they need to know how to make effective, unaided intuitive decisions, and to recognize the limits on their intuitive skills. This course will move back and forth between formal, optimal models and behavioral, descriptive models to help you understand and improve your native decision making abilities.

Instructor(s): R. White     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20702 if BUSN 38002 Managerial Decision Making taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20710. Behavioral Economics. 100 Units.

Behavioral economics applies psychological insights to economic markets and decision making. In this class, we will discuss the recent theoretical and empirical advances that have been made in this increasingly important field of economics. Being thoughtful about the role of psychology can lead to a greater understanding of how the economy works.

Instructor(s): D. Pope; A. Imas     Terms Offered: Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20710 if BUSN 38120 The Study of Behavioral Economics taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20711. Choosing Leadership. 100 Units.

Get a head start on your personal leadership development journey by asking critical questions that most others wait to ask such as: What makes me a good leader? How can I improve my leadership skills? How can I add value by creating meaning? What is my definition of leadership? This course is about the practice of leadership. We take the approach that leadership development is an ongoing process of self-discovery. The content is based on insights from the core discipline of social psychology. Students use the data of their own experience as input together with a series of written assignments and in-class activities, including discussions, films, simulations, and peer coaching. The course enables students to engage in reflection, explore values and assess how they want to skillfully apply these lessons to their own leadership practice. No prerequisites.

Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

Marketing Courses

BUSN 20610. Pricing Strategy. 100 Units.

This course blends marketing analytic frameworks, marketing strategy & microeconomic theory, and data to formulate actionable pricing strategies. Students will learn how to coordinate pricing decisions with the rest of the marketing value proposition. Numerous pricing structures are developed in the course, along with their microeconomic foundations. Students will learn the underlying theory for each pricing structure, along with the practical considerations for implementation

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20610 if BUSN 37202 Pricing Strategies taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20620. Data Driven Marketing. 100 Units.

Marketing decisions in the era of big data are increasingly based on a statistical analysis of large amounts of transaction and customer data that provides the basis for profitability and ROI predictions. The goal of this class is to introduce modern data-driven marketing techniques and train the students as data scientists who can analyze data and make marketing decisions using some of the state-of-the-art tools that are employed in the industry. We will cover a wide range of topics, including demand modeling, the analysis of household-level data, customer relationship management (CRM) and database marketing, and elements of digital marketing. The focus throughout is on predicting the impact of marketing decisions, including pricing, advertising, and customer targeting, on customer profitability and the return on investment (ROI) from a customer interaction.

Instructor(s): G. Compiani     Terms Offered: Autumn Prerequisite(s): BUSN 20600 or BUSN 37000 required prereq. Previous stats background helpful. This course is not open to MBA students. Cannot enroll in BUSN 20620 if BUSN 37105 Data Science for Marketing Decision Making taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Operations Courses

BUSN 20500. Operations Management. 100 Units.

This core course focuses on understanding levers for structuring, managing, and improving a firm's recurring business processes to achieve competitive advantage in customer responsiveness, price, quality, and variety of products and services. These levers are broadly applicable to service firms, for example banks, hospitals, and airlines, as well as to traditional product-based firms. Processes within firms, as well as between firms, i.e. supply chains, are explored. The fundamental principles underlying state- of-the-art practices, such as Lean, Mass Customization, and Time-Based Competition, are explored so that students learn to critically evaluate these and other operational improvement programs. Students learn the basics of how to manage the operations of a firm, and how operations issues affect and are affected by the many business decisions they will be called upon to make or recommend in their careers. As such, this course is essential to students aspiring to become consultants, entrepreneurs, or general managers. A working knowledge of operations is also indispensable to those interested in marketing, finance, and accounting, where the interface between these functions and operations is critical. Finally, an understanding of how firms become market leaders through operations is important in investment careers. This course is not open to MBA students.

Instructor(s): J. Birge     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20500 if BUSN 40000 Operations Management: Business Process Fundamentals taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20510. Managerial Decision Modeling. 100 Units.

This course is designed to sharpen students' analytical skills and elucidate quantitative modeling as an aid in managerial decision-making. The course teaches various ways to frame, set up and solve managerial questions about resource allocation, revenue management, finance, marketing, operations and risk analysis using Microsoft Excel, as well as various tools and add-ins. The course will introduce various modeling frameworks and analytical tools in optimization and simulation. Students in this course will become proficient in formulating relevant managerial questions in the language of optimization and simulation modeling, as well as in solving the resulting problems using the frameworks covered in the course and interpreting the results. The course involves hands-on active learning through in-class cases and examples, homework and term project which applies the tools and modeling frameworks learned in the course to a business problem.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20510 if BUSN 36106 Managerial Decision Modeling taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20520. Supply Chain Management. 100 Units.

The supply chain of a firm is critical to its performance. Supply chains are networks of organizations that supply and transform materials and distribute final products to consumers. If designed and managed properly, these networks can be a crucial source of competitive advantage for both manufacturing and service enterprises. Students will learn how to examine and improve the flow of materials and information through this network of suppliers, manufacturers, distributors, and retailers in order to match supply with demand (i.e., to get the right products to the right customers in the right amount and at the right time). Key topics include inter- and intra-firm coordination, incentive design, the impact of uncertainty, and the role of information technology. Special emphasis is given to understanding how the business context shapes managerial decisions regarding the strategic design and management of the supply chain.

Instructor(s): L. DeValve     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20520 if BUSN 40101 Supply Chain Strategy and Practice taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Statistics Courses

BUSN 20800. Big Data. 100 Units.

Big Data is a course about data mining: the analysis, exploration, and simplification of large high-dimensional datasets. Students will learn how to model and interpret complicated `Big Data' and become adept at building powerful models for prediction and classification. Techniques covered include an advanced overview of linear and logistic regression, model choice and false discovery rates, multinomial and binary regression, classification, decision trees, factor models, clustering, the bootstrap and cross-validation. We learn both basic underlying concepts and practical computational skills, including techniques for analysis of distributed data. Heavy emphasis is placed on analysis of actual datasets, and on development of application specific methodology. Among other examples, we will consider consumer database mining, internet and social media tracking, network analysis, and text mining.

Instructor(s): D. Xiu     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20800 if BUSN 41201 Big Data taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20810. Machine Learning. 100 Units.

Students will learn about state-of-the-art machine learning techniques and how to apply them in business related problems. Techniques will be introduced in the context of business applications and the emphasis will be put on how machine learning can be used to create value and provide insights from data. First, and the biggest, part of the class will focus on predictive analytics. Students will learn about decision trees, nearest neighbor classifiers, boosting, random forests, deep neural networks, naive Bayes and support vector machines. Among other examples, we will apply these techniques to detecting spam in email, click-through rate prediction in online advertisement, image classification, face recognition, sentiment analysis and churn prediction. Students will learn what techniques to apply and why. In the second part of the class, students will learn about unsupervised techniques for extracting actionable patterns from data. Examples include clustering, collaborative filtering, probabilistic graphical modelling and dimension reduction with applications to customer segmentation, recommender systems, graph and time series mining, and anomaly detection.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20810 if BUSN 41204 Machine Learning taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20820. Financial Econometrics. 100 Units.

This course covers a variety of topics in financial econometrics. The topics covered are of real- world, practical interest and are closely linked to material covered in other advance finance courses. Topics covered include ARMA models, volatility models (GARCH), factor models, models for time varying correlations, analysis of panel data, cointegration models for long-run co-movement between prices and models for transactions data and the analysis of transactions cost.

Instructor(s): J. Russell     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20820 if BUSN 41203 Financial Econometrics taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Strategy and the Business Environment Courses

BUSN 20200. Macroeconomics and the Business Environment. 100 Units.

This course is designed to introduce students to classic macroeconomic issues such as economic growth, recessions, unemployment, inflation, interest rates, government deficit, international capital flows, and exchange rates. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of the economy. The analytical tools developed in class will be used to understand the recent experience of the United States and of the world economy and to discuss current policy debates.

Terms Offered: TBD Prerequisite(s): Cannot enroll in BUSN 20200 if BUSN 33050 (or 33040) taken previously.

BUSN 20230. International Financial Policy. 100 Units.

This course will help students develop an understanding of issues in international macroeconomics that are important for investors and managers operating in the global marketplace. It will cover theories of the determination of exchange rates and interest rates, the management of foreign exchange risk, international capital flows, debt and currency crises, international monetary and exchange rate regimes, the roles of the international financial institutions in developing countries, and other characteristics of international financial markets.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20230 if BUSN 33502 International Financial Policy taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20231. Economics in a Globalized World. 100 Units.

International trade has always been economically controversial and politically contentious. This course demystifies some of the complex issues that surround discussions of globalization. It asks such questions as: Why do countries engage in trade? Are countries in competition with one another, making one a winner and another a loser, or is trade mutually beneficial? Who gains and who loses from international trade within a country? Should high-wage countries be worried about competition from low-wage countries? Is international trade the main cause of increasing U.S. wage inequality? How do global supply chains affect firms and workers? How is the burden of import tariffs divided in the economy? Do international trade agreements create jobs or destroy jobs? What is the impact of a trade war on the global economy? This course examines these questions and much more. There are no strict prerequisites, but I assume familiarity with concepts of microeconomics.

Instructor(s): R. Adao     Terms Offered: Spring Prerequisite(s): There are no strict prerequisites, but I assume familiarity with concepts of microeconomics. This course is not open to MBA students. Cannot enroll in BUSN 20231 if BUSN 33501 International Commercial Policy taken previously. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20900. Competitive Strategy. 100 Units.

The course applies microeconomics (including elements of price theory, game theory, and industrial organization) to analyze decisions firms face in business environments. There will be specific focus on strategic decisions and the factors that influence firms' competitive advantages. Class time will be devoted to lectures and case discussions. Topics covered include sources of competitive advantage, scope of the firm, efficient performance, pricing, entry and exit, vertical structure, and network externalities.

Instructor(s): J. McKinney     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20900 if BUSN 42001 Competitive Strategy taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20940. Business Ethics. 100 Units.

Students in this course will gain experience formulating coherent arguments about the ethics and role of business, by relating their own views to important ideas about business, democracy and markets. We will use this approach to consider a broad range of tradeoffs and controversies that business leaders often confront. The business environment creates ethical choices that can be hard to think through clearly. It can also subject companies to negative publicity or political pressure, which affects both how they are regulated and how well they attract employees, customers and partners. Business leaders are often called upon to make credible and persuasive arguments defending their products, their firms, their industries, or the capitalist or market system in which they operate. The quality and accuracy of arguments in this environment vary, but usually include assertions that a business or its leaders are behaving unethically or lack legitimacy. The ability to assess these claims, and to address them effectively when you think the facts and arguments are on your side, is a crucial skill, especially given the extensive influence of governments, pressure groups and the media. This course requires students to consider how their views on the role and conduct of business relate to the ideas of important thinkers, and to apply their views to business settings by discussing controversial topics or decisions.

Instructor(s): B. Barry     Terms Offered: Spring Prerequisite(s): Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20940 if BUSN 33471Business, Politics, and Ethics taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

ECON 10000. Principles of Microeconomics. 100 Units.

This course introduces the principles and applications of price theory, which is a fundamental framework to analyze the decision-making of individuals and firms. The course is designed to develop problem-solving skills, both analytically and numerically, for students to be successful in subsequent coursework in the major. Coverage includes consumer theory, producer theory, determinants of demand and supply, market structures, equilibrium and welfare analysis, government intervention, international trade policy, and market failure and externalities. Students may substitute "Econ 20000: The Elements of Economic Analysis I" for this course in the business economics track.

Instructor(s): M. Lee; K. Kuevibulvanich     Terms Offered: Autumn Spring Winter

ECON 10200. Principles of Macroeconomics. 100 Units.

Building on the analytical framework developed in Econ 10000, this course introduces macroeconomic theory and its applications in public policy. Coverage includes measurements, the determination of income, output, unemployment and inflation, long-run economic growth, business cycles, financial market and banking, monetary policy, fiscal policy, international trade and finance, and history of thought. Students may substitute "Econ 20200: The Elements of Economic Analysis III" for this course in the business economics track.

Instructor(s): K. Kuevibulvanich; R. Zhao; O. Galvez-Soriano     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010

ECON 10700. Introductory Game Theory. 100 Units.

Instructor(s): R. Fang     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770] toward the 42 credits required for graduation.

ECON 11010. Introduction to Statistical Methods in Economics. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210

ECON 11020. Introduction to Econometrics. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210; ECON 11010 or ECON 21010 or STAT 22000 or STAT 23400 or STAT 24400

ECON 11310. Big Data and Better Decisions. 100 Units.

Instructor(s): A. Root     Terms Offered: Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 11600. Experimental Design. 100 Units.

Instructor(s): F. Ersoy, I. Kwok     Terms Offered: Spring Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 11700. Introduction to Behavioral and Experimental Economics. 100 Units.

Instructor(s): M. Lee     Terms Offered: Autumn Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010 Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 12300. Character and Commerce: Practical Wisdom in Economic Life. 100 Units.

Instructor(s): Candace Vogler     Terms Offered: Spring Equivalent Course(s): PHIL 24098

ECON 12410. Pathways in Economics. 100 Units.

ECON 12411. Pathways in Economics C. 100 Units.

ECON 12412. A Survey of Chicago Economics. 50 Units.

ECON 12413. A Survey of Chicago Economics and its Business Applications. 000 Units.

ECON 13000. Introduction to Money and Banking. 100 Units.

Instructor(s): K. Kuevibulvanich     Terms Offered: Autumn Winter Prerequisite(s): Econ 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 13000 and ECON 23950.

ECON 13110. Household Finance: Theory and Applications. 100 Units.

This course will examine the choices households make about important financial decisions and how these individual choices can impact the aggregate economy. Each week, basic predictions from economic theory will be discussed and compared with empirical findings. Topics will include: asset market participation and household portfolio choice; human capital and student loans; housing and mortgages; retirement planning; credit card debt; payday loans; and the gig/sharing economy. Focus will also be placed on government policies affecting these topics, including so-called household financial engineering, the creation of Government Sponsored Enterprises (GSEs) like "Fannie" and "Freddie," and regulatory agencies like the Consumer Financial Protection Bureau (CFPB). The course will provide an introduction to structural modeling for conducting policy counterfactuals. Assessment will be based on problem sets, a midterm and a final. These problem sets will require students to work in R, Stata or other statistical package of the student's choice (with permission of instructor).

Instructor(s): D. Koustas     Terms Offered: Spring Prerequisite(s): Prerequisite(s): PBPL 20000 (PBPL 22200 preferred) or ECON 20000 and one undergraduate course in quantitative research methods (Statistics or Econometrics) or the equivalent or consent of the instructor. Equivalent Course(s): PBPL 28528

ECON 13200. Introduction to Macroeconomic Crises. 100 Units.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): ECON 10200/20200/20210

ECON 13300. Introduction to the Macroeconomics of Monetary and Fiscal Policy. 100 Units.

Instructor(s): S. Salas     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and Econ 10200/20200/20210

ECON 13310. Introduction to Macroeconomic Analysis: A Data Driven Approach. 100 Units.

Instructor(s): O. Galvez-Soriano     Terms Offered: Spring Winter Prerequisite(s): Econ 10200/20200/20210 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 14000. Introduction to Labor Economics. 100 Units.

ECON 14020. Labor Markets: a Global Perspective. 100 Units.

Instructor(s): Lane, G     Terms Offered: Autumn Equivalent Course(s): PPHA 44302, PBPL 25640

ECON 14520. Economics of Gender in International Contexts. 100 Units.

Instructor(s): A. Gonzalez     Terms Offered: Winter Prerequisite(s): ECON 10000 or ECON 20000 or ECON 20010 or PBPL 22200. STAT 22000 also recommended. Equivalent Course(s): GNSE 22520

ECON 14810. Evolution and Economics of Human Behavior. 100 Units.

Instructor(s): D. Maestripieri     Terms Offered: Autumn Note(s): CHDV Distribution: Undergraduate subject area: A, Graduate distribution: 1 Equivalent Course(s): CHDV 27950, PSYC 27950, CHDV 37950, PSYC 37950

ECON 15010. Investments: From Economics to Finance. 100 Units.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and STAT 22000/STAT 23400/ECON 11010.

ECON 15020. Trading: From Game Theory to Finance. 100 Units.

Instructor(s): A. Bhattacharya     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 15030. Basics of Corporate, Banking and Investment Finance. 100 Units.

ECON 15500. Introduction to Development Economics. 100 Units.

Instructor(s): S. Vasudevan     Terms Offered: Autumn Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 16020. Introduction to Public Sector Economics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 16020 and ECON 26010/ECON 26020.

ECON 16520. Economics and Environmental Policy. 100 Units.

Instructor(s): S. Shaikh     Terms Offered: Autumn Prerequisite(s): ECON 10000 or higher, or PBPL 20000 Note(s): Not offered in Autumn of the 2020-21 academic year. Equivalent Course(s): PBPL 21800, ENST 21800, CEGU 21800

ECON 16700. Introduction to Economics of Education. 100 Units.

Instructor(s): F. Ersoy     Terms Offered: Spring. Introduction to Economics of Education Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 16710. Education and Economic Development. 100 Units.

Instructor(s): A. Adukia     Terms Offered: Winter Prerequisite(s): Recommended prerequisite courses: Microeconomics and econometrics. Students in their last years will be given priority. Equivalent Course(s): EDSO 28350, PBPL 28350

ECON 16950. Conflict: Root Causes, Consequences and Solutions for the Future. 100 Units.

Instructor(s): Oeindrila Dube     Terms Offered: Winter Note(s): Note: While the course sets out to teach these skills, you do not need previous coursework in statistics. Equivalent Course(s): PBPL 28750, PLSC 28750

ECON 17100. Introduction to International Trade. 100 Units.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210

ECON 17110. International Monetary Systems. 100 Units.

Instructor(s): G. Pieters     Terms Offered: Autumn Winter Prerequisite(s): ECON 10200/ECON 19900/ECON 20200/ECON 20210

ECON 17700. Introduction to Health Economics. 100 Units.

Instructor(s): Root, A.     Terms Offered: Autumn Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 17710. Health Care Markets and Regulation. 100 Units.

Instructor(s): Gottlieb, J     Terms Offered: Autumn Equivalent Course(s): PPHA 37820, PBPL 28335

ECON 18010. Introduction to Managerial Microeconomics. 100 Units.

Instructor(s): P. Pena     Terms Offered: TBD Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010

ECON 18020. Introduction to Applied Empirical Industrial Organization. 100 Units.

In this course, students will learn how to apply techniques and models developed in industrial organization and law and economics to important questions that arise in litigation and government regulation. We will be guided and informed by pure theory underlying industrial organization and implement it in a world of partial information, incomplete data, and even contradictory data, among other complexities. Students will learn how to develop inferences by applying the models to real world cases and data - ie, extracting the most information possible from partial, imperfect data, frequently with missing values or poorly-measured data points. These fact patterns will not always result in an incontrovertible answer. Thus, students will be expected to identify and express the "best argument for" and "best argument against" the questions posed to them. This means that students will be expected to (i) use theory as a guideline to assess the relevant facts, circumstances, and data, (ii) reach a view, (iii) succinctly express that view in writing and acknowledge and address contrary theory and empirical results. Students will also see actual expert reports and/or white papers that have been prepared in actual disputes and investigations. Part of the grade will be based on an "expert report" written by the students in small teams.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 10000/20000 and Econ 11020/21020 Note(s): Business Economics specialization students should register for Econ 18020.

ECON 19000. Economics for Everyone: Micro. 100 Units.

ECON 19100. Economics for Everyone: Macro. 100 Units.

Instructor(s): G. Kaplan     Terms Offered: TBD Note(s): *This course does not apply toward economics major requirements.

ECON 19200. Introduction to Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start by developing the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010. Note(s): Study Abroad

ECON 19300. Introduction to Issues and Methods in Macroeconomics. 100 Units.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10200/20200/20210 Note(s): Study Abroad

ECON 19850. Introduction to Economics: Micro. 100 Units.

Instructor(s): A. Sanderson     Terms Offered: Autumn Winter Note(s): This course may count toward the Perspectives requirement of the business economics specialization.

ECON 19950. Introduction to Economics: Macro. 100 Units.

Instructor(s): A. Sanderson     Terms Offered: Autumn Note(s): This course may count toward the Perspectives requirement of the business economics specialization.

ECON 20000-20100-20200-20300. The Elements of Economic Analysis I-II-III-IV.

ECON 20000. The Elements of Economic Analysis I. 100 Units.

ECON 20100. The Elements of Economic Analysis II. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 20000 or 20010

ECON 20200. The Elements of Economic Analysis III. 100 Units.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 20100 or 20110

ECON 20300. Elements of Economic Analysis IV. 100 Units.

ECON 20010-20110-20210. The Elements of Economic Analysis: Honors I-II-III.

ECON 20010. The Elements of Economic Analysis I Honors. 100 Units.

Instructor(s): V. Lima     Terms Offered: Autumn Spring Prerequisite(s): MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250, or 16300. First-year students must also pass the economics placement exam or complete ECON 10000 (or ECON 19800). First year students may enroll in Econ 20000 concurrently with Math 16300/16310 if they have received an A/A- in both Math 16100/16110 and Math 16200/16210. Note(s): Students who matriculated prior to 2022-2023 and have completed MATH 15100-15200-15300 may replace the MATH 19520 requirement with MATH 15250. They may take MATH 15250 prior to or concurrently with ECON 20000/20010.

ECON 20110. The Elements of Economic Analysis II Honors. 100 Units.

Instructor(s): R. Fang     Terms Offered: Winter Prerequisite(s): ECON 20000 or 20010

ECON 20210. The Elements of Economic Analysis III Honors. 100 Units.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 20100 or 20110

ECON 20520. Formal Models of Political Economics. 100 Units.

Why do the Republicans and the Democrats almost always ended up choosing moderates as their party nominees in presidential races? How do "checks and balances" such as a legislative committee's power to set the agenda or a president's power to veto a bill affect policy outcomes? What leads to coalition building in a legislature and how does it affect the result of legislative bargaining? When can a legislature optimally delegate its power to a bureaucratic agency who has its own interests and agenda? To answer questions like these, we study formal models of political economics. Such models examine explicitly the incentives of participants in political processes and generate predictions of their behavior based on such incentives and any confounding strategic considerations. Our approach is largely game theoretical. Familiarity with fundamental game theoretical ideas like the strategic and extensive games, the Nash Equilibrium, and the Subgame Perfect Equilibrium is essential and assumed.

Instructor(s): R. Fang     Terms Offered: Autumn Prerequisite(s): ECON 10700 or ECON 20100 or ECON 20110 or ECON 20700 Note(s): Students may count either ECON 20510 or ECON 20520, but not both, toward the 42 credits required for graduation.

ECON 20700. Game Theory and Economic Applications. 100 Units.

Instructor(s): J. Root     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation.

ECON 20770. Decision and Strategy. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): Prerequsites for Undergraduates: ECON 20100/ECON 20110 and MATH 20300/MATH 20310/MATH 20700, or consent of instructor Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation. Equivalent Course(s): ECMA 30770

ECON 20780. Decision and Strategy II. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): ECON 20770/ECMA 30770 or consent of instructor Equivalent Course(s): ECMA 30780

ECON 21020. Econometrics. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 20100/20110; ECON 21010, or STAT 23400/24400/24410 and MATH 19620 (or MATH 20000 or STAT 24300 or MATH 20250)

ECON 21030. Econometrics - Honors. 100 Units.

Instructor(s): A. Torgovitsky, E. Rose     Terms Offered: Spring Winter Prerequisite(s): ECON 20100/20110, and STAT 24400/24410/24500, and MATH 19620/20250/STAT 24300; or consent of instructor

ECON 21031. Econometrics II-Honors. 100 Units.

Instructor(s): A. Torgovitsky     Terms Offered: Spring Prerequisite(s): ECON 21020/21030

ECON 21110. Applied Microeconometrics. 100 Units.

Instructor(s): J. Joensen     Terms Offered: Winter Prerequisite(s): ECON 21020 or ECON 21030

ECON 21160. Topics in Causal Inference. 100 Units.

Instructor(s): M. Mogstad, A. Torgovitsky     Terms Offered: Autumn Prerequisite(s): ECON 21030 (or ECON 21020 with instructor consent)

ECON 21200. Time Series Econometrics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020/21030

ECON 21300. Data Construction and Interpretation in Economic Applications. 100 Units.

In this course we will explore the process of extracting insights from real-world data. What can one learn from a particular data set? How do you know what sets of tools will be "right" for the job? How can you increase your degree of confidence that the inferences you are drawing are correct? How can you best communicate the insights you glean from the data? Unlike standard econometrics courses, this class emphasizes hands-on work with actual data sets rather than the development of sophisticated tools and techniques (which are also useful, you just won't learn them here!).

Instructor(s): S. Levitt     Terms Offered: Not offered in 2022-2023. Prerequisite(s): ECON 10000/19800/20000/20010 and STAT 22000/23400/24400 (or ECON 21010)

ECON 21410. Computational Methods in Economics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 21730. Applied Behavioral Economics. 100 Units.

ECON 21740. Behavioral Economics and Experiments. 100 Units.

Instructor(s): J. Heckman     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 AND STAT 22000/23400/24300/24400/24410/ECON 21010 (Lab students require one economics course.)

ECON 21800. Experimental Economics. 100 Units.

Instructor(s): J. List     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030; ECON 10000/20000 and ECON 11020 for declared business economics students. No first-year students. Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 21830. Social Neuroscience. 100 Units.

Instructor(s): J. Decety     Terms Offered: Autumn Equivalent Course(s): HLTH 22350, BIOS 24137, PSYC 22350, CHDV 22350

ECON 22030. The Chinese Economy. 100 Units.

Instructor(s): Wang, S     Terms Offered: Spring Equivalent Course(s): PPHA 35585, PBPL 25585

ECON 22410. UChicago Economics: The People and the Seminal Ideas. 100 Units.

Instructor(s): A. Sanderson and Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210. Third- or fourth-year standing.

ECON 23000. Money and Banking. 100 Units.

This course covers economic theories and topical issues in money and banking. We discuss such "traditional" topics as the quantity theory, the Phillips curve, and the money creation process. We also investigate models of bank runs and financial crises, the tradeoff between rules and discretion, and the New Macroeconomic Synthesis of New Classical. Other topics include New Keynesian approaches to modeling money and monetary policy, practical and institutional issues in European and U.S. monetary policy, and the 2008 financial crisis.

Instructor(s): H. Uhlig     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210); ECON 21020 and ECON 23950 are strongly recommended.

ECON 23200. Topics in Macroeconomics. 100 Units.

Instructor(s): N. Stokey     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210) and MATH 20300 (or MATH 20310 or MATH 20700)

ECON 23410. Economic Growth. 100 Units.

Instructor(s): U. Akcigit     Terms Offered: Winter Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECON 23950. Economic Policy Analysis. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Spring Prerequisite(s): ECON 20200/20210; ECON 21020 or 21030 strongly recommended. Note(s): This course does not apply toward the economics major elective requirement. Students may not receive credit for both Econ 13000 and Econ 23950 toward the 42 degree credits.

ECON 24000. Labor Economics. 100 Units.

Instructor(s): Staff     Terms Offered: Summer Prerequisite(s): ECON 10000/20000/20010

ECON 24450. Inequality and the Social Safety Net: Theory, Empirics, and Policies. 100 Units.

Instructor(s): M. Deshpande     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25000. Introduction To Finance. 100 Units.

ECON 25100. Financial Economics; Speculative Markets. 100 Units.

Instructor(s): F. Alvarez     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and STAT 23400/24400/24410/ECON 21010

ECON 25120. Options and Volatility Products. 100 Units.

Instructor(s): F. Alvarez     Terms Offered: Spring

ECON 25520. Development Economics and Data Analysis. 100 Units.

Instructor(s): R. Glennerster     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25530. Behavioral Development Economics (Undergraduate) 100 Units.

Instructor(s): A. Karing     Terms Offered: Winter Prerequisite(s): Econ 20100/20110 and Econ 21020/21030

ECON 26010. Public Finance. 100 Units.

Instructor(s): M. Golosov     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020 (or ECON 21030) Note(s): ECON 26010 or 26020 may be used as an economics elective, but only one may be used toward degree requirements.

ECON 26030. The Economics of Socialism. 100 Units.

ECON 26040. Human Capital and the Economy. 100 Units.

Instructor(s): P. Pena     Terms Offered: Spring Prerequisite(s): Econ 20200/20210

ECON 26610. The Economics of Cities and Regions. 100 Units.

Instructor(s): Rossi-Hansberg, E.     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 26920. Behavioral Economics and Policy. 100 Units.

Instructor(s): J. Leitzel     Terms Offered: Autumn Equivalent Course(s): PBPL 28805

ECON 27000. International Economics. 100 Units.

Instructor(s): F. Tintelnot     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 Equivalent Course(s): PBPL 27000

ECON 27700. Health Economics and Public Policy. 100 Units.

Instructor(s): Meltzer, D     Terms Offered: Spring Equivalent Course(s): PBPL 28300, CCTS 38300, PPHA 38300

ECON 28000. Industrial Organization. 100 Units.

Instructor(s): M. Dinerstein     Terms Offered: Spring Prerequisite(s): ECON 20100/20110

ECON 28010. Applied Empirical Industrial Organization. 100 Units.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 20100/20110 and Econ 21020/21030 Note(s): Standard Track Economics majors should register for Econ 28010

ECON 28030. Markets and Regulation. 100 Units.

Instructor(s): Kathryn Ierulli     Terms Offered: Autumn Prerequisite(s): PQ: PBPL 20000 or equivalent Equivalent Course(s): PBPL 28670

ECON 28060. The Economics of Organizations: An Experimental Perspective. 100 Units.

ECON 28100. The Economics of Sports. 100 Units.

ECON 28620. Crony Capitalism. 100 Units.

Instructor(s): L. Zingales     Terms Offered: Spring Equivalent Course(s): BUSN 35225

ECON 28700. The Economics of Crime. 100 Units.

ECON 29200. Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start with a quick refresher in the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20000/20010 Note(s): Study Abroad

ECON 29300. Issues and Methods in Macroeconomics. 100 Units.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20200/20210 Note(s): Study Abroad

ECON 29700. Undergraduate Reading and Research. 100 Units.

Instructor(s): J. Wong     Terms Offered: Autumn Spring Winter Prerequisite(s): Consent of directors of the undergraduate program

ECON 29800. Undergraduate Honors Workshop. 100 Units.

Instructor(s): K. Yoshida, V. Lima     Terms Offered: Autumn Spring Winter Prerequisite(s): Faculty sponsorship and consent of honors workshop supervisors

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Undergraduate Secondary Contact

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Administrative Contact

Student Affairs Administrator Julie Wong SHFE 106 773.834.6672 Email

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THE HANDBOOK OF EXPERIMENTAL ECONOMICS Edited by John H. Kagel and Alvin E. Roth is published by Princeton University Press and copyrighted, (c) 1995, by Princeton University Press. All rights reserved. This text may be used and shared in accordance with the fair-use provisions of US copyright law, and it may be archived and redistributed in electronic form, provided that this entire notice is carried and provided that Princeton University Press is notified and no fee is charged for access. Archiving, redistribution, or republication of this text on other terms, in any medium, requires the consent of Princeton University Press.

Early reviews (from the bookjacket...) by Ken Binmore, Robert Gibbons, Daniel Kahneman, Richard Thaler, and Ariel Rubinstein.

This Handbook is the work not only of many years, but also of many hands, by no means all of whom are authors of the chapters. In order to invite the maximum amount of feedback to the author of each chapter, a three day conference was convened in Pittsburgh in June of 1990, at which each author presented an extended outline of his proposed chapter. Investigators from every major center of experimental economics at the time were invited to attend, and most of these centers were in fact represented 2 . The discussions were lively, sometimes even heated. Each author subsequently circulated the various versions of his chapter widely to both experimenters and others interested in the particular topic area, and received many comments and suggestions. Indeed, the pace of experimentation was sufficiently rapid during the time that the chapters were being written that revisions were often required to take account of recent developments, sometimes developments that had been initiated by the earlier discussions.

The capstone of this effort came in January of 1994 when the (virtually) final chapters were presented at the annual meeting of the American Economic Association, in Boston.

This Handbook has eight chapters. Every one except the first of these surveys an area of economics in which there has been a concentration of experiments. The first chapter, in contrast, is meant to serve as an introduction to experimental economics as a whole. In our editorial discussions with the chapter authors, they were told that they were free to write each chapter under the assumption that readers would have read the Introduction. Thus each author was free to focus each chapter as sharply as seemed appropriate.

One suggestion that we received more than once during the course of this project was that the Handbook should include a chapter on methodology, which would tell people how to do experiments. We have not done this. Our view is that a better way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues they are designed to investigate, and the hypotheses among which they are designed to distinguish. For this reason, we asked each author to address methodological issues that were important for the experiments being discussed 3 .

One of the pleasures of participating in this project has been that it has afforded us the best seats from which to observe one of the most exciting games in town. New centers of experimental economics have sprung up continually while this work was underway, and the interaction between theorists and experimenters has increased apace. Indeed, one of the special pleasures of finally finishing this project is that it is clear that in only a few more years, a single volume will no longer be able to do even the rough justice that we manage here, to such a rapidly growing area of economic research.

March 1994 Pittsburgh, PA.

1. This volume thus has a very different, although complementary purpose to the earlier volume Laboratory experimentation in economics: Six points of view (Alvin E. Roth, editor, Cambridge University Press, 1987). In that volume, six investigators with different approaches to experimentation (John Kagel, Charles Plott, Alvin Roth, Reinhard Selten, Vernon Smith, and Richard Thaler) were each asked to describe work that illustrated their own approach. In this Handbook, in contrast, the authors were asked to describe how series of experiments are mediated by and mediate the different approaches of different investigators.

2. Although we failed to preserve a complete list of attendees, some of whom only attended for a day, the following list is nearly complete: John O'Brien (Carnegie-Mellon University), Colin Camerer (University of Pennsylvania, now at California Institute of Technology), Robin Dawes (Carnegie-Mellon University), Robert Forsythe (University of Iowa), Glenn Harrison (University of South Carolina), John Hey (University of York), Elizabeth Hoffman (University of Arizona, now at Iowa State University), Charles Holt (University of Virginia), John Kennan (University of Iowa, now at Wisconsin), John Ledyard (California Institute of Technology), Dan Levin (University of Houston), Graham Loomes (University of York), Jack Ochs (University of Pittsburgh), Vesna Prasnikar (University of Pittsburgh, now at University of Ljubljana and Northwestern University), Tatsuyoski Saijo (University of Tsukuba), Andrew Schotter (New York University), Leo Simon (UC Berkeley), Vernon Smith (University of Arizona), Sanjay Srivastava (Carnegie-Mellon University), Shyam Sunder (Carnegie-Mellon University), Richard Thaler (Cornell University, now at Chicago), John Van Huyck (Texas A&M University), and James Walker (University of Indiana). Regrettably no one from the active German (then West German) group of experimenters was able to accept our invitation.

3. Readers with a methodological inclination might keep an eye out for the following kinds of issues: the role of monetary incentives on behavior, demand induced effects, subject pool effects, inducing risk preferences (the binary lottery technique), techniques for inducing infinite horizon games, effects of subject experience, within versus between group designs, and abstract versus concrete problem representation (to name some of the issues that appear in more then one chapter).

• 1. Individual Choice, and the Wallis-Friedman Critique
• 2. Game-theoretic Hypotheses
• 3. Industrial Organization
• B. The 1960's to the present
• II. The Uses of Experimentation
• 1. The Prisoner's Dilemma a.Experiments versus simulations: A methodological digression
• 2. The Free Rider Problem in Public Goods Provision
• 1. Coordination and coordination failure
• 2. Learning and adaptation
• 1. Nash's model of bargaining
• 2. Controlling for unobserved risk posture: binary lottery payoffs
• 3. Information in bargaining
• 4. Risk aversion in bargaining
• 1. Repeated double auctions with stationary parameters
• 2. Some policy-oriented comparisons of market rules
• 3. Information aggregation: Markets as forecasters
• 1. The winner's curse
• a. Controlling incentives: A methodological digression
• a. Alternative theoretical directions
• b. Market behavior
• 2. Other choice phenomena
• 3. Why haven't these demonstrated anomalies swept away utility theory?
• a. The BDM procedure for measuring reservation prices
• b. Controlling preferences with monetary payoffs
• (1) Preferences and probabilities: An Historical Digression on Binary Lotteries and Related Experimental Designs
• d. To control or not to control? Costs and benefits

Bibliography

• A. A Simple Public Goods Experiment (LI>B. The Art of Experiment: Sensitivity and Control
• C. The Language of Experiment: Mechanisms and Environments
• D. The Range of Public Goods Environments
• E. What Is and Is Not to Be Surveyed
• A. Bohm: Estimating Demand
• B. Dawes et al.: Social Dilemmas
• C. Marwell et al.: The Free-Rider Problem
• D. Economists Begin to React
• E. Issac et al.: Systematic Study by Economists
• A. Thresholds and Provision Points
• B. Experience, Repetition and Learning
• 1. Marginal Payoffs and Rebates
• 3. Communication
• 1. Environment
• 2. Systematic
• 3. Institutional
• E. Unknown Effects
• IV. Final Thoughts

Appendix Notes Bibliography

• A. Adaptive Learning Processes and Rational Expectations Equilibria
• B. The Path or Prices When the Rate of Growth of the Money Stock Is Zero
• C. Price Inflation with a Growing Money Stock
• D. Sunspots
• A. Payoff Dominance, Security and Historical Precedent
• B. The Relevance of Dominated Strategies
• C. Influencing Equilibrium Selection
• III. Experiments in Decentralized Matching Environments: Games with Multiple Optimal Equilibria
• IV. Concluding Remarks

Notes Bibliography

• A. Unstructured Bargaining Experiments
• 1. An Initial Exchange of Views
• 2. A Larger Experimental Design
• a. Are Players "Trying to Be Fair"?
• a. Distinguishing between Alternative Hypotheses
• b. A Cross-Cultural Experiment
• A. The Frequency of Disagreements and Delays
• a. The Uncontrolled Social Utility Hypothesis
• b. The Communications Hypothesis
• 2. A New Experiment
• 3. Some Further Experiments
• 4. Recapitulation of the Methodological Issues
• 1. Nonstrategic Models
• a. Complete Information Models
• b. Incomplete Information Models
• c. A Digression on the Strategy Method
• D. Deadlines
• I. Overview
• II. Beginnings
• A. Experiments That Evaluate Behavioral Assumptions
• B. Tests for Sensitivity to Violations of Structural Assumptions
• C. Searching for Empirical Regularities
• A. Instructions
• B. Design Considerations
• A. Posted Prices
• B. Uniform Prices
• C. One-Sided Sequential Auctions
• D. Double Auctions
• E. Decentralized Negotiations
• F. Discounting
• G. Other Institutions
• H. Disadvantages of the Cournot Quantity-Choice Institution
• A. Monopoly
• B. Decentralized Regulatory Proposals
• C. Potential Competition as a Regulator: Market Contestability
• D. Predatory Pricing and Antitrust Remedies
• A. Definitions of Market Power
• B. Market Power in Double Auctions
• C. Market Power in Posted-Offer Auctions
• A. Repetition with Different Cohorts: Experience
• B. Multiperiod Repetition with the Same Cohort
• C. Pure-Numbers Effects and the Ability to Punish
• D. Communication
• E. Contractual Provisions
• A. Product Quality, Asymmetric Information, and Market Failures
• B. Spatial Competition
• C. Vertically Related Markets
• A. Field Data from Financial Markets
• B. Designing Experimental Asset Markets
• C. Dissemination of Information
• D. Aggregation of Information
• E. Market for Information
• II. Futures and State-Contingent Claims
• III. Bubbles and False Equilibria
• A. Adjustment Path
• B. Variables That Transmit Information
• C. Learning Sequences
• D. Aggregate Uncertainty
• E. Role of Arbitrage
• F. Generation of Bids and Asks
• A. Variance Bound Tests
• B. Arbitrage Relationships
• A. Trading Suspensions and Price Change Limits
• B. Double Auction versus Call Market
• C. Specialist Privileges and Book Display
• D. Control of Speculative Bubbles
• E. Bid-Ask Spread
• F. Off-Floor and Block Trading
• VII. Laboratory Modeling of Asset Markets

Introduction

• A. Experimental Procedures
• 1. Tests of the Strategic Equivalence of First-Price and Dutch Auctions
• 2. Tests of the Strategic Equivalence of Second-Price and English Auctions
• 1. Effects of Changing Numbers of Bidders
• 2. Uncertainty Regarding the Number of Bidders
• D. Auctions with Affiliated Private Values
• E. Effects of Price Information in Private Value Auctions
• F. Learning, Adjustment Processes, and Cash Balance Effects in First-Price Private Value Auctions
• 1. Risk Aversion and CRRAM As Applied to Single Unit First-Price Auctions
• 2. The Flat Maximum Critique
• 3. Risk Aversion and Overbidding in Related Environments
• 4. Using the Binary Lottery Procedure to Control for Risk Aversion
• 1. First-Place Sealed Bid Auctions
• 2. Limited Liability and "Safe Havens"
• 3. Second-Place Sealed Bid Auctions
• B. More Winner's Curse: English Auctions and First-Price Auctions with Asymmetric Information
• 1. The Winner's Curse in Bilateral Bargaining Games with Asymmetric Information
• 2. The Winner's Curse in "Blind Bid" Auctions
• 3. Lemons and Ripoffs: The Winner's Curse in Markets with Quality Endogenously Determined
• D. Learning and Adjustment Processes in Markets with a Winner's Curse
• A. Collusion
• 1. Direct Comparisons between Laboratory and Field Data
• 2. Differences in Structure between Laboratory and Field Auctions
• C. Two-Sided Auctions
• D. Other Auction Studies

Detailed table of contents of chapter 8:

• 1. Why Study Errors in Decision Making?
• B. Two Controversies: Methods and Implications
• C. A Map and Guidebook
• 1. Scoring Rules
• 2. Confidence Intervals
• B. Perception and Memory Bases
• 1. Underweighting of Base Rates
• 2. Underweighting on Likelihood Information (Conservatism)
• 3. The Law of Small Numbers and Misperceptions of Randomness
• 4. Market Level Tests of Representativeness
• D. Confirmation Bias and Obstacles to Learning
• E. Expectations Formation
• 1. False Consensus and Hindsight Bias
• 2. Market Level Tests of Curse of Knowledge
• G. The Illusion of Control
• H. Judgment: Summary and New Directions
• 1. Notation and a Diagram
• 2. The Axioms
• 1. Three Controversies
• 2. Initial Tests
• 1. The Allais Paradoxes
• 2. Process Violations
• 3. Prospect Theory
• 4. Elicitation Biases
• 1. Predictions of Generalized EU Theories
• 2. Empirical Studies Using Pairwise Choices
• 3. Empirical Studies Measuring Indifference Curves
• 4. Empirical Studies Fitting Functions to Individuals
• 5. Cross-Species Robustness: Experiments with Animals
• 6. Some Conclusions from Recent Studies
• 7. Investments in Risky Assets
• 1. The Ellsberg Paradox
• 2. Conceptions of Ambiguity
• 3. Empirical Tests
• 4. Formal Models
• 5. Applications to Economics
• F. Choice over Time
• G. Process Theories and Tests
• 1. Framing Effects
• 2. Lottery Correlation, Regret, and Display Effects
• 3. Compound Lottery Reduction
• 1. New Evidence of Preference Reversal
• 2. Arbitage and Incentives
• 3. Reversals and Markets
• 4. Social Comparisons and Reversals
• 5. Some Conclusions about Preference Reversals
• 1. Market Experiments
• 2. Explanations Based on Experimental Artifacts
• 3. Endowment Effects: Some Psychology and Implications
• 1. Search for Wages and Prices
• 2. Search for Information
• L. Choice: Summary and New Directions

Short reviews

--from the hardcover bookjacket:

"I wish every economist and economics graduate student would read this book. Those who are considering running experiments should be forced to; this is a bible in how to run good experiments. Every chapter is amazingly comprehensive and has been written by a true expert in the field. But economists who would never dream about running an experiment can benefit from reading this just as much. The beauty of experiments is that they force theorists to think carefully about their theories." Richard Thaler, Cornell University

"This Handbook surveys one of the most important developments in economics in the last decade, the flowering of experimental economics. Led by two of the leaders of current economic theory and experimental economics, an impressive group of researchers provides the reader with an excellent up-to-date overview of one of the most fascinating and promising areas of current economic research." Ariel Rubinstein, Tel Aviv University and Princeton University

"The Handbook is not only a contribution to experimental economics, it is a major contribution to social science. It successfully combines the rigor and clarity of economic analysis with a commitment to open-minded examination of data, and a refreshing willingness to question dogma. Every student of human choice and action will find this text useful." Daniel Kahneman, The Woodrow Wilson School of Public and International Affairs, Princeton University

"Experimental economics comes of age with this volume. At last the dust begins to clear, and it becomes possible to confront theory with coherent and reliable laboratory data." Ken Binmore, University College, London

"This Handbook heralds the emergence of experimental economics as a field within economics. Several chapters emphasize that strong connections are developing to such fields as industrial organization and macroeconomics. Just as important, however, the Handbook may open a dialogue with the legions of researchers in other disciplines, including organizational behavior, political science, psychology, and sociology, who also conduct experiments to improve their understanding of human behavior." Robert Gibbons, Johnson Graduate School of Management, Cornell University

--and from the paperback book jacket:

"This book is impressive for the clarity, depth, and informativeness of its surveys. The focus on series of experiments is very instructive... One can learn a lot from the issues debated, the methodological digressions, and the many suggestions for further research... This is a great book that is whole-heartedly recommended." F. van Winden, The Journal of Economics

"The book provides not only a comprehensive and deep review of major areas of experimental research, but it is also exceptionally intellectually stimulating and insightful for theoretical economists as well as those who are interested in more immediate policy issues." Katerina Sherstyuk, Economic Record

Experimental Economics

A branch of economics called experimental economics studies human behavior in a controlled laboratory setting or in the field, as opposed than modeling it mathematically.

Using scientific experiments, experimental economics tests economic theories, alternative market mechanisms, and what choices people make in particular circumstances.

Researchers

Jeremiah hurley learn more.

Dean of Social Sciences, Director McMaster Decision Science Laboratory (McDSL), Professor Economics

I am Dean of the Faculty of Social Sciences; a professor and former Chair in the Department of Economics; a member of the Centre for Health Economics and Policy Analysis, and an associate member of the Department of Health Research Methods, Evidence, and Impact (HEI), all at McMaster University.

My research on the economics of health and health care systems includes physician behaviour, funding models and resource association in health care, public and private roles in health care financing, financial incentives in health systems, equity in health systems, normative frameworks in health economics, and the application of experimental economic methods in health research.

I have publications in leading health economic, health policy, and health services research journals and have acted as a consultant to regional, provincial, national and international agencies. I am the author of the Canadian health economics textbook, Health Economics.

Bradley Ruffle Learn More

Academic Director, McMaster Decision Science Laboratory (McDSL), Professor

I am a behavioural and experimental economist. Broadly speaking, my research interests revolve around understanding human decision-making in economically interesting, usually strategic, situations.

Some of the specific questions my research addresses include:

• What types of group rituals promote in-group cooperation?
• Are large industrial buyers able to counteract monopoly power?
• Are physically attractive job candidates more likely to be hired?
• Can insurance companies pre-fill fields on a claims form to reduce insurance fraud?
• Do people actually make the same labour-leisure and purchase choices when faced with theoretically equivalent taxes?
• Why do people still give in-kind gifts rather than cash or gift cards?

One current research project explores whether better alternatives exist to the matching mechanism that university and college co-op programs employ to match students to jobs. Another project explores whether the people who pay more for insurance feel more entitled to cheat when filing an insurance claim.

Andrew Leal

PhD Student

The following is a list of classes that I’ve taught at the University of Chicago and their reading lists.

Current Courses

Econ 190 – economics for everyone.

DOWNLOAD SYLLABUS

There are some classes you’ll only find at UChicago.

The field of economics has generated a powerful set of insights which have fundamentally shaped the modern world. Because modern economics puts such a heavy stress on mathematical rigor, the most interesting economic ideas often get pushed to the background. Steven Levitt and John List created this course to make the beauty and power of economic thinking available to everyone. In this course, we will explore these big economic ideas, without the math. Stripping economics down to its core, students get answers to questions like why people make seemingly odd choices and why Uber has surge pricing. We will discuss what it means to think like an economist, how you can use economic thinking to make the world a better place (or to take advantage of your friends and enemies, if you prefer), and also how sometimes thinking like an economist can get you into trouble.

Econ 198 – Introduction to Microeconomics

This course will provide the student with an understanding of economics-both how to use it in your everyday life and how economists make use of the main principles to test theory, speak to policymakers, and find facts. In particular, you will become familiar with the intuition underlying the cornerstones of economics: how incentives affect behavior (via an understanding of individual optimization), demand and supply, and equilibrium. In addition, the course will expose you to current microeconomic research.

Previous Courses

Experimental economics (spring 2010).

Taking a course in experimental economics is a little like going to dinner at a cannibal’s house. Sometimes you will be the diner, sometimes you will be part of the dinner, sometimes both.

If you take a laboratory course in the physical sciences, you get to mix smelly chemicals, or monkey with pulleys, or dissect a frog, but you are always the experimenter and never the subject of the experiment. In the market experiments conducted in this class, you and your classmates will be the participants in the markets as well as the scientific observers who try to understand the results.

It is hard to imagine that a chemist can put herself in the place of a hydrogen molecule. A biologist who studies animal behavior is not likely to know what it feels like to be a duck. You are more fortunate. You are studying the behavior and interactions of people in economically interesting situations. And as one of these interacting economic agents, you will be able to experience the problems faced by such an agent first hand. We suspect that you will learn nearly as much about economic principles from your experience as a participant as you will from your analysis as an observer.

Environmental Economics (Spring 2009)

This course will provide the student with the necessary tools to be an avid consumer of an area of the environmental economics literature and eventually a producer of the literature. Thus, it will provide a summary of recent findings and discuss future research agendas. There is no official text, but weekly readings will be discussed in class. We will focus on empirical work, but at times will discuss theoretical studies.

Experimental Economics (Winter 2009)

A short article about this class from the  University of Chicago Magazine .

Economics (ECON)

Econ 1 introduction to economics 4 units.

Terms offered: Fall 2024, Summer 2024 Second 6 Week Session, Spring 2024 A survey of economics designed to give an overview of the field. Introduction to Economics: Read More [+]

Rules & Requirements

Credit Restrictions: Students will receive no units for Economics 1 after passing Economics 2.

Hours & Format

Fall and/or spring: 15 weeks - 2 hours of lecture and 2 hours of discussion per week

Summer: 6 weeks - 6 hours of lecture and 6 hours of discussion per week 8 weeks - 4 hours of lecture and 4 hours of discussion per week

Additional Format: Two hours of lecture and two hours of discussion per week. Four hours of lecture and four hours of discussion per week for 8 weeks. Six hours of lecture and six hours of discussion per week for 6 weeks.

Additional Details

Subject/Course Level: Economics/Undergraduate

Grading/Final exam status: Letter grade. Final exam required, with common exam group.

Introduction to Economics: Read Less [-]

ECON 2 Introduction to Economics--Lecture Format 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Econ 2 provides an overview of the field of economics. It covers both microeconomics, the study of consumer choice, firm behavior, and market interaction, and macroeconomics, the study of economic growth, unemployment, and inflation. Econ 2 has longer lectures than Econ 1. Econ 2 covers topics in greater depth with more connection with current economic research. The required material includes both the standard textbook material as well as more technical academic papers from the current economic literature. It is particularly suited for intended economics majors. Introduction to Economics--Lecture Format: Read More [+]

Credit Restrictions: Students will receive no credit for ECON 2 after completing ENVECON 1, ECON 3, or ECON 1 .

Fall and/or spring: 15 weeks - 3 hours of lecture and 1 hour of discussion per week

Additional Format: Three hours of lecture and one hour of discussion per week.

Grading/Final exam status: Letter grade. Final exam required.

Introduction to Economics--Lecture Format: Read Less [-]

ECON C3 Introduction to Environmental Economics and Policy 4 Units

Terms offered: Fall 2024, Summer 2024 8 Week Session, Fall 2023, Fall 2022 Introduction to microeconomics with emphasis on resource, agricultural, and environmental issues. Introduction to Environmental Economics and Policy: Read More [+]

Prerequisites: Mathematics 32

Credit Restrictions: Students will receive no credit for ECON C3 after completing ECON 1 .

Summer: 8 weeks - 6 hours of lecture and 2 hours of discussion per week

Additional Format: Three hours of lecture and one hour of discussion per week. Six hours of lecture and two hours of discussion per week for 8 weeks.

Also listed as: ENVECON C1

Introduction to Environmental Economics and Policy: Read Less [-]

ECON 24 Freshman Seminar 1 Unit

Terms offered: Fall 2011, Spring 2008, Fall 2004 The Freshman Seminar Program has been designed to provide new students with the opportunity to explore an intellectual topic with a faculty member in a small seminar setting. Freshman seminars are offered in all campus departments. Topics vary from department to department and semester to semester. Enrollment limited to 15 freshman. Freshman Seminar: Read More [+]

Repeat rules: Course may be repeated for credit when topic changes.

Fall and/or spring: 15 weeks - 1 hour of seminar per week

Additional Format: One hour of Seminar per week for 15 weeks.

Grading/Final exam status: The grading option will be decided by the instructor when the class is offered. Final Exam To be decided by the instructor when the class is offered.

Freshman Seminar: Read Less [-]

ECON 84 Sophomore Seminar 1 or 2 Units

Terms offered: Spring 2022, Spring 2021, Spring 2020 Sophomore seminars are small interactive courses offered by faculty members in departments all across the campus. Sophomore seminars offer opportunity for close, regular intellectual contact between faculty members and students in the crucial second year. The topics vary from department to department and semester to semester. Enrollment limited to 15 sophomores. Sophomore Seminar: Read More [+]

Prerequisites: At discretion of instructor

Fall and/or spring: 5 weeks - 3-6 hours of seminar per week 10 weeks - 1.5-3 hours of seminar per week 15 weeks - 1-2 hours of seminar per week

Summer: 6 weeks - 2.5-5 hours of seminar per week 8 weeks - 1.5-3.5 hours of seminar per week

Additional Format: unit(s):one hour of seminar per week; 2 unit(s):two hours of seminar per week. unit(s):one and one-half hours of seminar per week; 2 unit(s):three hours of seminar per week for 10 weeks. unit(s):one and one-half hours of seminar per week; 2 unit(s):three and one-half hours of seminar per week for 8 weeks. unit(s):two and one-half hours of seminar per week; 2 unit(s):five hours of seminar per week for 6 weeks. unit(s):three hours of seminar per week; 2 unit(s):six hours of seminar per week for five weeks.

Sophomore Seminar: Read Less [-]

ECON 98 Directed Group Study 1 - 4 Units

Terms offered: Fall 2019, Fall 2016, Fall 2015 Written proposal must be approved by Department Chair. Seminars for the group study of selected topics, which will vary from year to year. Topics may be initiated by students. Directed Group Study: Read More [+]

Credit Restrictions: Enrollment is restricted; see the Introduction to Courses and Curricula section of this catalog.

Repeat rules: Course may be repeated for credit without restriction.

Fall and/or spring: 15 weeks - 1-4 hours of directed group study per week

Additional Format: Hours to be arranged.

Grading/Final exam status: Offered for pass/not pass grade only. Final exam not required.

Directed Group Study: Read Less [-]

ECON 100A Microeconomics 4 Units

Terms offered: Fall 2024, Summer 2024 8 Week Session, Spring 2024 This course introduces students to the main tools and concepts of microeconomics. These tools and concepts will serve as a foundation for many upper level economics courses. Topics covered include consumer theory, producer theory, equilibrium in a competitive market, monopoly, general equilibrium, and asymmetric information. This course makes use of calculus. Topics covered are similar to those in 101A. Microeconomics: Read More [+]

Prerequisites: 1 or 2 or C3, or Environmental Economics and Policy 1, and Mathematics 1A or 16A, and Mathematics 1B or 16B, or equivalent

Credit Restrictions: Students will receive no credit for ECON 100A after completing ECON 101A , UGBA 101A , or ECON S100A.

Fall and/or spring: 15 weeks - 3-3 hours of lecture and 1-2 hours of discussion per week

Summer: 8 weeks - 6-6 hours of lecture and 1.5-4 hours of discussion per week

Additional Format: Three hours of lecture and one to two hours of discussion per week. Six hours of lecture and one and one-half to four hours of discussion per week for 8 weeks.

Microeconomics: Read Less [-]

ECON 100B Macroeconomics 4 Units

Terms offered: Fall 2024, Summer 2024 First 6 Week Session, Spring 2024 This course introduces students to the main approaches economists use to describe how the economy works at the aggregate level. Topics covered include economic growth, business cycles, the determinants of aggregate employment, unemployment, and inflation, and the effects of monetary and fiscal policy. This course makes use of calculus. Topics covered are similar to those in 101B. Macroeconomics: Read More [+]

Prerequisites: 1 or 2, and Mathematics 1A or 16A

Credit Restrictions: Students will receive no credit for ECON 100B after completing ECON 101B , UGBA 101B , or ECON S100B.

Summer: 6 weeks - 8-8 hours of lecture and 2-4 hours of discussion per week 8 weeks - 6-6 hours of lecture and 1.5-4 hours of discussion per week

Additional Format: Three hours of lecture and one to two hours of discussion per week. Six hours of lecture and one and one-half to four hours of discussion per week for 8 weeks. Eight hours of lecture and two to four hours of discussion per week for 6 weeks.

Macroeconomics: Read Less [-]

ECON 101A Microeconomics (Math Intensive) 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course introduces students to the main tools and concepts of microeconomics. These tools and concepts will serve as a foundation for many upper level economics courses. Topics covered include consumer theory, producer theory, equilibrium in a competitive market, monopoly, general equilibrium, game theory, and asymmetric information. Topics covered are similar to those in 100A, but this course uses calculus more intensively and is intended for students with a strong mathematical background. Microeconomics (Math Intensive): Read More [+]

Prerequisites: 1 or 2, Mathematics 53 or equivalent or consent of instructor

Credit Restrictions: Students will receive no credit for ECON 101A after completing ECON 100A , or UGBA 101A .

Additional Format: Three hours of lecture and one to two hours of discussion per week.

Microeconomics (Math Intensive): Read Less [-]

ECON 101B Macroeconomics (Math Intensive) 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course introduces students to the main approaches economists use to describe how the economy works at the aggregate level. Topics covered include economic growth, business cycles, the determinants of aggregate employment, unemployment, and inflation, and the effects of monetary and fiscal policy. This course uses calculus intensively and is intended for students with a strong mathematical background. Topics covered are similar to those in 100B. Macroeconomics (Math Intensive): Read More [+]

Prerequisites: 1 or 2, and Mathematics 1A and 1B

Credit Restrictions: Students will not receive credit for 101B after taking 100B or Undergraduate Business Administration 101B. A deficient grade in Undergraduate Business Administration 101B may be repeated by taking 101B.

Macroeconomics (Math Intensive): Read Less [-]

ECON C102 Natural Resource Economics 4 Units

Terms offered: Fall 2023, Spring 2023, Fall 2022 Introduction to the economics of natural resources. Land and the concept of economic rent. Models of optimal depletion of nonrenewable resources and optimal use of renewable resources. Application to energy, forests, fisheries, water, and climate change. Resources, growth, and sustainability. Natural Resource Economics: Read More [+]

Prerequisites: 100, or Economics 100A or 100B

Additional Format: Three hours of Lecture and One hour of Discussion per week for 15 weeks.

Instructor: Sunding

Also listed as: ENVECON C102

Natural Resource Economics: Read Less [-]

ECON C103 Introduction to Mathematical Economics 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Selected topics illustrating the application of mathematics to economic theory. This course is intended for upper-division students in Mathematics, Statistics, the Physical Sciences, and Engineering, and for economics majors with adequate mathematical preparation. No economic background is required. Introduction to Mathematical Economics: Read More [+]

Prerequisites: Math 53 and 54

Fall and/or spring: 15 weeks - 3 hours of lecture per week

Additional Format: Three hours of Lecture per week for 15 weeks.

Formerly known as: 103

Also listed as: MATH C103

Introduction to Mathematical Economics: Read Less [-]

ECON 104 Advanced Microeconomic Theory 4 Units

Terms offered: Fall 2022, Spring 2021, Spring 2020 This course explores some issues in advanced microeconomic theory, with special emphasis on game-theoretic models and the theory of choice under uncertainty. Specific applications will vary from year to year, but will generally include topics from information economics and models of strategic interaction. Advanced Microeconomic Theory: Read More [+]

Prerequisites: 101A or consent of instructor

Fall and/or spring: 15 weeks - 3 hours of lecture and 0-1 hours of discussion per week

Additional Format: Three hours of Lecture and Zero to One hour of Discussion per week for 15 weeks.

Advanced Microeconomic Theory: Read Less [-]

ECON 105 History of Economic Thought 4 Units

Terms offered: Fall 2019, Summer 2019 First 6 Week Session, Fall 2018 A survey of the theories of major economists from Adam Smith to Keynes. History of Economic Thought: Read More [+]

Summer: 6 weeks - 8 hours of lecture per week 8 weeks - 5.5 hours of lecture per week

Additional Format: Three hours of lecture per week. Five and one-half hours of lecture per week for 8 weeks. Eight hours of lecture per week for 6 weeks.

History of Economic Thought: Read Less [-]

ECON 106 Advanced Macroeconomics 4 Units

Terms offered: Spring 2021 This class will provide an introduction to the modern analysis of macroeconomic stabilization policies such as monetary policy and fiscal policy. Students will be introduced to modern techniques such as dynamic stochastic general equilibrium models with rational expectations as well as modern techniques for empirically assessing the effects of macroeconomic policies on the economy. Advanced Macroeconomics: Read More [+]

Prerequisites: Econ 100A (or Econ 101A) and Econ 100B (or Econ 101B) or consent of instructor

Credit Restrictions: Students will receive no credit for ECON 106 after completing ECON 106 . A deficient grade in ECON 106 may be removed by taking ECON 106 .

Fall and/or spring: 15 weeks - 3-3 hours of lecture and 1-0 hours of discussion per week

Additional Format: Three hours of lecture and one to zero hours of discussion per week.

Advanced Macroeconomics: Read Less [-]

ECON C110 Game Theory in the Social Sciences 4 Units

Terms offered: Fall 2023, Spring 2023, Fall 2022 A non-technical introduction to game theory. Basic principle, and models of interaction among players, with a strong emphasis on applications to political science, economics, and other social sciences. Game Theory in the Social Sciences: Read More [+]

Credit Restrictions: Students receive no credit for PS C135/PEIS C135/ ECON C110 after taking ECON 104 . If PS C135/ ECON C110 /PS W135/ ECON N110 is taken and with a passing grade, students can't take the other versions of the course for additional credit.If PS C135/ ECON C110 /PS W135/ ECON N110 is taken and not passed, students can take the other versions to replace grade.

Repeat rules: Course may be repeated for credit under special circumstances: PS C135/ECON C110,PS W135 and ECON N110 are similar in content. See Restriction Description.

Fall and/or spring: 15 weeks - 3-3 hours of lecture and 0-1 hours of discussion per week

Additional Format: Three hours of lecture and zero to one hours of discussion per week.

Formerly known as: Economics C110, Political Economy of Industrial Soc C135, Political Science C135

Also listed as: POL SCI C135

Game Theory in the Social Sciences: Read Less [-]

ECON N110 Game Theory in the Social Sciences 4 Units

Terms offered: Summer 2024 First 6 Week Session, Summer 2023 8 Week Session, Summer 2022 8 Week Session A non-technical introduction to game theory. Basic principle, and models of interaction among players, with a strong emphasis on applications to political science, economics, and other social sciences. Game Theory in the Social Sciences: Read More [+]

Credit Restrictions: Students will receive no credit for Economics N110 after completing Economics 104, Political Science C135/Political Economy of Industrial Societies/Economics C110.

Summer: 8 weeks - 6 hours of lecture per week

Additional Format: Three hours of Lecture and One hour of Discussion per week for 15 weeks. Six hours of Lecture per week for 8 weeks.

Grading/Final exam status: Letter grade. Final exam not required.

Formerly known as: 135

ECON 111 Applied Mechanism Design 4 Units

Terms offered: Fall 1974 The course will analyze the roles of individual incentives, target group objectives and outcomes and how they are impacted by group decision making systems. A group decision making system is a way of making group level decisions. We examine this through the lens of game theory and mechanism design and other complementary analytic approaches. For example, we would examine the impact of having alternative election systems. This course draws primarily from microeconomic theory as an anchoring framework to evaluate these systems and individual actions. As with much of behavioral economics where we deal with real complex structures, we borrow from psychology (for behavioral theory) and business and politics (for real world examples). Applied Mechanism Design: Read More [+]

Prerequisites: -Required: Math 1A/1B or equivalent, Econ 1 or equivalent, Stats 20, 21, W21, 88, 131A, or 135 or equivalent -Preferred: (not required but nice to have for background) Econ 100A /101A (Intermediate Micro), Econ 110(Game Theory), Econ 140/141 (Econometrics)

Summer: 8 weeks - 6-6 hours of lecture and 2-0 hours of discussion per week

Additional Format: Three hours of lecture and one to zero hours of discussion per week. Six hours of lecture and two to zero hours of discussion per week for 8 weeks.

Grading/Final exam status: Letter grade. Alternate method of final assessment during regularly scheduled final exam group (e.g., presentation, final project, etc.).

Applied Mechanism Design: Read Less [-]

ECON 113 U.S Economic History 4 Units

Terms offered: Spring 2018, Spring 2017, Spring 2015 A survey of the history of the U.S. economy. Emphasis is on economic events, factors, and explanations, with particular emphasis on economic growth, development, and the distribution of gains and losses associated with growth. A key skill developed during the course is the ability to read, understand, and critique econometric results in current economic history research. U.S Economic History: Read More [+]

Prerequisites: Econ 1 or 2 or C3, or EnvEcon C1; Econ 140 or 141 or EnvEcon/ IAS C118

Credit Restrictions: Students will receive no credit for ECON 113 after completing ECON N113 . A deficient grade in ECON 113 may be removed by taking ECON N113 .

Summer: 8 weeks - 6-6 hours of lecture and 0-2 hours of discussion per week

Additional Format: Three hours of lecture and zero to one hours of discussion per week. Six hours of lecture and zero to two hours of discussion per week for 8 weeks.

U.S Economic History: Read Less [-]

ECON N113 U.S Economic History 4 Units

Terms offered: Summer 2010 8 Week Session, Summer 2009 10 Week Session, Summer 2009 8 Week Session A survey of the history of the U.S. economy. Emphasis is on economic events, factors, and explanations, with particular emphasis on economic growth, development, and the distribution of gains and losses associated with growth. A key skill developed during the course is the ability to read, understand, and critique econometric results in current economic history research. U.S Economic History: Read More [+]

Credit Restrictions: Students will receive no credit for ECON N113 after completing ECON 113 . A deficient grade in ECON N113 may be removed by taking ECON 113 .

Summer: 8 weeks - 8 hours of lecture per week

Additional Format: Eight hours of lecture per week for 8 weeks.

ECON 115 The World Economy in the Twentieth Century 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Development of the world economic system with particular reference to world-wide trading relationships. This course is equivalent to History 160; students will not receive credit for both courses. The World Economy in the Twentieth Century: Read More [+]

Prerequisites: 1 or 2

Credit Restrictions: Students will receive no credit for ECON 115 after passing History 160.

The World Economy in the Twentieth Century: Read Less [-]

ECON 116 Economic Growth Seminar 4 Units

Terms offered: Prior to 2007 This seminar course will analyze how scholars think about modern economic growth and how people thought about the idea of economics growth before the onset of modern economic growth in the 19th century. Students will read major works by scholars trying to understand economic growth from different perspectives and discuss what these scholars got right and what they got wrong. Economic Growth Seminar: Read More [+]

Prerequisites: Economics 100B or 101B

Fall and/or spring: 15 weeks - 3 hours of seminar per week

Additional Format: Three hours of seminar per week.

Grading/Final exam status: Letter grade. Alternative to final exam.

Economic Growth Seminar: Read Less [-]

ECON 119 Psychology and Economics 4 Units

Terms offered: Fall 2024, Summer 2024 8 Week Session, Spring 2024 This course presents psychological and experimental economics research demonstrating departures from perfect rationality, self-interest, and other classical assumptions of economics and explores ways that these departures can be mathematically modeled and incorporated into mainstream positive and normative economics. The course will focus on the behavioral evidence itself, especially on specific formal assumptions that capture the findings in a way that can be incorporated into economics. The implications of these new assumptions for theoretical and empirical economics will be explored. Psychology and Economics: Read More [+]

Prerequisites: 100A or 101A

Summer: 6 weeks - 8-8 hours of lecture and 0-2 hours of discussion per week 8 weeks - 6-6 hours of lecture and 0-2 hours of discussion per week

Additional Format: Three hours of lecture and zero to one hours of discussion per week. Six hours of lecture and zero to two hours of discussion per week for 8 weeks. Eight hours of lecture and zero to two hours of discussion per week for 6 weeks.

Psychology and Economics: Read Less [-]

ECON 121 Industrial Organization and Public Policy 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 The organization and structure of production in the U.S. economy. Determinants of market structure, business behavior, and economic performance. Implications for antitrust policy. Industrial Organization and Public Policy: Read More [+]

Summer: 6 weeks - 8-8 hours of lecture and 0-2 hours of discussion per week 8 weeks - 6-6 hours of lecture and 0-1.5 hours of discussion per week

Additional Format: Three hours of lecture and zero to one hours of discussion per week. Six hours of lecture and zero to one and one-half hours of discussion per week for 8 weeks. Eight hours of lecture and zero to two hours of discussion per week for 6 weeks.

Industrial Organization and Public Policy: Read Less [-]

ECON 122 Industrial Organization Seminar 4 Units

Terms offered: Fall 2012, Spring 2010, Spring 2009 Seminar on problems in the field of industrial organization. Seminar paper is required. Industrial Organization Seminar: Read More [+]

Prerequisites: 121 and/or consent of instructor

Additional Format: Three hours of Seminar per week for 15 weeks.

Industrial Organization Seminar: Read Less [-]

ECON 123 Government Regulation of Industry 3 Units

Terms offered: Fall 2014, Spring 2014, Spring 2013 Problems of public policy in the field of industrial organization. Analysis of regulatory consequences with particular attention to economic performance. Government Regulation of Industry: Read More [+]

Prerequisites: 121

Government Regulation of Industry: Read Less [-]

ECON 124 Special Topics in Industrial Organization 4 Units

Terms offered: Spring 2016, Spring 2015, Spring 2014 Analysis of market structure, conduct and performance in selected industries. See course announcement for current topics. Special Topics in Industrial Organization: Read More [+]

Special Topics in Industrial Organization: Read Less [-]

ECON C125 Environmental Economics 4 Units

Terms offered: Fall 2024, Spring 2024, Spring 2023 Theories of externalities and public goods applied to pollution and environmental policy. Trade-off between production and environmental amenities. Assessing nonmarket value of environmental amenities. Remediation and clean-up policies. Environment and development. Biodiversity management. Environmental Economics: Read More [+]

Prerequisites: 100, Mathematics 16A-16B, or Economics 100A or 101A

Instructor: Zilberman

Also listed as: ENVECON C101

Environmental Economics: Read Less [-]

ECON 127 Antitrust Economics and Law 4 Units

Terms offered: Spring 2023, Spring 2022 We will study both antitrust law and antitrust economics. Antitrust law governs the accumulation and exercise of market power. It prohibits both monopolization and agreements in unreasonable restraint of trade such as price fixing. It also prohibits anticompetitive mergers and a variety of specific competition problems such as exclusive dealing or tying arrangements. Deciding what qualifies as "monopolization," what qualifies as an "unreasonable restraint of trade," what qualifies as "anticompetitive," and more generally how to interpret the prohibitions of antitrust law invariably involves economic analysis. Such economic analysis commonly goes by the name "antitrust economics". Antitrust Economics and Law: Read More [+]

Prerequisites: Intermediate Microeconomics at the level of Economics 100A or 101A is required. Economics 121 is recommended

Antitrust Economics and Law: Read Less [-]

ECON 130 Using Economics for Public Policy 4 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 This course explores how economics can be used to understand and evaluate public policies. We will use both economic theory and empirical evidence to study the varying impacts and incentives created by public policies. An emphasis will be placed on the application of economic tools to policy questions. The course will provide an overview of key research in several policy areas, including inequality and opportunity, the social safety net, education , criminal justice, tax policy, climate change and the environment, health care, and structural barriers to racial equity. The course will also provide an introduction to empirical techniques common in economics and policy analysis, including regression, cost-benefit analysis, and causal inference. Using Economics for Public Policy: Read More [+]

Prerequisites: Economics 1 or 2

Fall and/or spring: 15 weeks - 3-3 hours of lecture and 1-1 hours of discussion per week

Using Economics for Public Policy: Read Less [-]

ECON 131 Public Economics 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course focuses on the role of the government in the economy from a theoretical and empirical perspective. The aim of the course is to provide an understanding of the reasons for government intervention in the economy, analyzing the merits of possible government policies, and the response of economic agents to the government's actions. The course covers the analysis of tax policy, social insurance programs, public goods, environmental protection , and the interaction between different levels of government. Special emphasis is set on current government policy issues such as social security reform, income tax reform, and budget deficits. Public Economics: Read More [+]

Prerequisites: 100A-100B or 101A-101B

Summer: 6 weeks - 7.5-7.5 hours of lecture and 0-2.5 hours of discussion per week 8 weeks - 5.5-6 hours of lecture and 0-2 hours of discussion per week

Additional Format: Three hours of lecture and zero to one hours of discussion per week. Five and one-half to six hours of lecture and zero to two hours of discussion per week for 8 weeks. Seven and one-half hours of lecture and zero to two and one-half hours of discussion per week for 6 weeks.

Public Economics: Read Less [-]

ECON 132 Seminar in Public Sector Economics 4 Units

Terms offered: Fall 2015, Fall 2014, Fall 2013 Enrollment will be limited. A seminar paper is required. Seminar in Public Sector Economics: Read More [+]

Prerequisites: 131 and/or consent of instructor

Seminar in Public Sector Economics: Read Less [-]

ECON 133 Global Inequality and Growth 4 Units

Terms offered: Spring 2024, Fall 2022, Spring 2022 This course provides an introduction to the analysis of economic inequalities and the interplay between inequality and economic growth. It focuses on three sets of core questions: 1) How does inequality evolve over the path of development? 2) What are the theories that can explain the degree of economic inequalities and its dynamic? 3) How do policies affect inequalities, and what types of policies can foster equitable growth? The course addresses these issues from a global and historical perspective: it comprehensively deals with the United States today, but also with inequality in China, India, Latin America, and Europe, as far back as 1700. Global Inequality and Growth: Read More [+]

Prerequisites: Economics 1

Summer: 6 weeks - 10 hours of lecture and 0 hours of discussion per week 8 weeks - 6 hours of lecture and 0 hours of discussion per week

Additional Format: Three hours of lecture and one hour of discussion per week. Six hours of lecture and zero hour of discussion per week for 8 weeks. Ten hours of lecture and zero hour of discussion per week for 6 weeks.

Instructor: Zucman

Global Inequality and Growth: Read Less [-]

ECON 134 Macroeconomic Policy from the Great Depression to Today 4 Units

Terms offered: Fall 2024, Fall 2023, Spring 2023 This course will analyze the macroeconomic challenges and policy responses in the United States over the past century. Among the key topics studied are the Great Depression and the New Deal; boom and bust monetary and fiscal policy in the early post-World War II period; the Volcker disinflation and the Great Moderation; and the 2008 financial crisis and the Great Recession. Macroeconomic Policy from the Great Depression to Today: Read More [+]

Prerequisites: Econ 100B or 101B; and Econ 140 or 141 or EnvEcon/ IAS C118

Instructor: Romer

Macroeconomic Policy from the Great Depression to Today: Read Less [-]

ECON 135 Economic Growth in Historical Perspective 4 Units

Terms offered: Fall 2024, Spring 2023, Spring 2022 This course examines the idea and reality of economic growth in historical perspective, beginning with the divergence between human ancestors and other primates and continuing through with forecasts for the 21st century and beyond. Topics covered include human speciation, language, and sociability; the discovery of agriculture and the domestication of animals; the origins and maintenance of gross inequality; Malthusian economies; the Commercial and Industrial Revolutions; modern economic growth; international prosperity differentials; OECD convergence and East Asian miracles; the political economy of growth and stagnation; and the stubborn persistence of poverty. Economic Growth in Historical Perspective: Read More [+]

Prerequisites: Required: Econ 100B or Econ 101B, and Mathematics 1A or 16A, and Mathematics 1B or 16B Recommended: Data Science 8, or equivalent

Economic Growth in Historical Perspective: Read Less [-]

ECON 136 Financial Economics 4 Units

Terms offered: Fall 2024, Summer 2024 First 6 Week Session, Spring 2024 Analysis of financial assets and institutions. The course emphasizes modern asset valuation theory and the role of financial intermediaries, and their regulation, in the financial system. Financial Economics: Read More [+]

Prerequisites: 100A or 101A, and one semester of statistics

Credit Restrictions: Students will receive no credit for 136 after taking Undergraduate Business Administration 103. Students intending on majoring in Business should not take 136.

Financial Economics: Read Less [-]

ECON N136 Financial Economics 4 Units

Terms offered: Summer 2009 10 Week Session, Summer 2009 8 Week Session, Summer 2008 8 Week Session Analysis of financial assets and institutions. The course emphasizes modern asset valuation theory and the role of financial intermediaries, and their regulation, in the financial system. Financial Economics: Read More [+]

Additional Format: Three hours of Lecture and One hour of Discussion per week for 15 weeks. Eight hours of Lecture per week for 8 weeks.

ECON 138 Financial and Behavioral Economics 4 Units

Terms offered: Spring 2023, Spring 2022, Spring 2021 This course is an advanced class in Financial Economics. Topics include moral hazard (principal-agent problems, free cash flow), asymmetric Information (security issurance, dividends), mergers and acquisitions (theory, managerial incentives), corporate governance (separation of ownership and control, internal capital markets, superstar CEOs), corporate fraud (earnings manipulations). This class emphasizes the economic underpinning of financial decision-making and is mathematically and technically demanding. You will be required to do some empirical homework using STATA. Financial and Behavioral Economics: Read More [+]

Prerequisites: 100A or 101A, and Statistics 20, 21, or 25 or any upper division statistics course

Summer: 6 weeks - 7.5 hours of lecture and 0-2.5 hours of discussion per week 8 weeks - 6 hours of lecture and 0-1.5 hours of discussion per week

Additional Format: Three hours of Lecture and Zero to One hour of Discussion per week for 15 weeks. Six hours of Lecture and Zero to One and one-half hours of Discussion per week for 8 weeks. Seven and one-half hours of Lecture and Zero to Two and one-half hours of Discussion per week for 6 weeks.

Financial and Behavioral Economics: Read Less [-]

ECON 139 Asset Pricing and Portfolio Choice 4 Units

Terms offered: Fall 2023, Spring 2023, Fall 2022 This undergraduate elective focuses on financial economics, with specific emphasis on asset pricing and the valuation of risky cash flows. After developing and studying the details of consumer decision-making under uncertainty, we use this general framework as a basis for understanding both equilibrium and no-arbitrage theories of securities pricing, including traditional models like the capital asset pricing model and newer Arrow-Debreu theories. Asset Pricing and Portfolio Choice: Read More [+]

Prerequisites: Students need a basic understanding of the principles of microeconomic theory. Some exposure to linear algebra, probability and statistics is helpful. Required courses: Economics 100A/101A, or equivalent. Recommended courses: Math 54 (linear algebra half), Statistics 20, or equivalent

Additional Format: Three hours of lecture per week.

Asset Pricing and Portfolio Choice: Read Less [-]

ECON 140 Econometrics 4 Units

Terms offered: Fall 2024, Summer 2024 8 Week Session, Spring 2024 This course provides an introduction to statistical and estimation analysis of economic data, also known as “Econometrics”. It covers topics such as the linear regression model and its estimator, Ordinary Least Squares, as well as extensions such as Instrumental Variables models, panel data models, and time series models. Topics covered in this course are similar to those in 141. Econometrics: Read More [+]

Prerequisites: Econ 1 or 2 or equivalent, Stats 20, 21, W21, 88, 131A, or 135 or equivalent

Credit Restrictions: Students will not receive credit for 140 after taking 141.

Fall and/or spring: 15 weeks - 3 hours of lecture and 1.5 hours of discussion per week

Summer: 8 weeks - 6 hours of lecture and 3 hours of discussion per week

Additional Format: Three hours of Lecture and One and one-half hours of Discussion per week for 15 weeks. Six hours of Lecture and Three hours of Discussion per week for 8 weeks.

Econometrics: Read Less [-]

ECON 141 Econometrics (Math Intensive) 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course provides an introduction to statistical and estimation analysis of economic data, also known as “Econometrics”. It covers topics such as the linear regression model and its estimator, Ordinary Least Squares, as well as extensions such as Instrumental Variables models, panel data models, and time series models. While topics covered in this course are similar to those in 140, the treatment in this course is more theoretical and more mathematical. Econometrics (Math Intensive): Read More [+]

Prerequisites: Econ 1 or 2 or equivalent, Stats 20, 21, W21, 88, 131A, or 135 or equivalent, Math 53 and 54 or equivalent

Credit Restrictions: Students will not receive credit for 141 after taking 140.

Summer: 8 weeks - 4 hours of lecture and 3 hours of discussion per week

Additional Format: Three hours of Lecture and One and one-half hours of Discussion per week for 15 weeks. Four hours of Lecture and Three hours of Discussion per week for 8 weeks.

Econometrics (Math Intensive): Read Less [-]

ECON C142 Applied Econometrics and Public Policy 4 Units

Terms offered: Spring 2022, Spring 2021, Fall 2020, Spring 2020 This course focuses on the sensible application of econometric methods to empirical problems in economics and public policy analysis. It provides background on issues that arise when analyzing non-experimental social science data and a guide for tools that are useful for empirical research. By the end of the course, students will have an understanding of the types of research designs that can lead to convincing analysis and be comfortable working with large scale data sets. Applied Econometrics and Public Policy: Read More [+]

Prerequisites: 140 or 141 or consent of instructor

Credit Restrictions: Students who completed Econ C142 receive no credit for Econ N142.

Also listed as: POL SCI C131A/PUB POL C142

Applied Econometrics and Public Policy: Read Less [-]

ECON 143 Econometrics: Advanced Methods and Applications 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 This course introduces selected advanced data analysis and inference methods appropriate for economic data. Methods are taught in tandem with real world applications as encountered in policy analysis, industry and consulting work. Equal weight is given to theoretical development, computation and application. Exact topics and applications may vary across offerings. ECON C142 and 143 may be taken independently or together in any order. Econometrics: Advanced Methods and Applications: Read More [+]

Prerequisites: (i) A first course in econometrics, intermediate statistics or intermediate data science (Ec 140, Ec 141, ENVECON C118 , DATA C100 or STAT 135 ); (ii) Linear algebra (Math 54, Stat 89A or EECS 16A ). (iii) Exposure to economic theory at an intermediate level (e.g., Ec 100A, 101A etc.) is preferred, but not required. Prior exposure to scientific computing is also helpful, but not required

Econometrics: Advanced Methods and Applications: Read Less [-]

ECON 144 Empirical Asset Pricing 4 Units

Terms offered: Spring 2024 This undergraduate elective is designed for undergraduates in Economics, Statistics, Mathematics, Data Science, and IEOR who are interested in financial economics and econometric methods as applied to financial data. After reviewing important econometric concepts, the course will discuss the short-run time series behavior of stock prices and present the evidence on short- and long-run predictability of stock returns. We will then consider cross-sectional models and static equilibrium theory, including the Capital Asset Pricing Model and Arbitrage Pricing Theory, and intertemporal equilibrium models, including Arrow-Debreu pricing theory and the consumption-based CAPM. Finally, the course will introduce models of volatility and correlation. Empirical Asset Pricing: Read More [+]

Prerequisites: Students need a basic understanding of the principles of econometrics. Some exposure to probability and statistics is helpful. Required courses: Economics 140/141, or equivalent

Fall and/or spring: 15 weeks - 3-3 hours of lecture per week

Summer: 8 weeks - 8-8 hours of lecture per week

Additional Format: Three hours of lecture per week. Eight hours of lecture per week for 8 weeks.

Empirical Asset Pricing: Read Less [-]

ECON C147 Algorithmic Economics 4 Units

Terms offered: Spring 2024 The class provides an introduction to algorithmic questions in economic design. The class will cover problems of public goods and social choice, as well as allocative questions and private consumption. The focus is on normative questions: From the perspective of social goals, these are efficiency, fairness, and equity. In terms of private goals, the focus is on revenue maximization. The course will cover voting, fair division, pricing and market mechanisms. There is an emphasis on the algorithmic questions that arise naturally in economic design. Algorithmic Economics: Read More [+]

Prerequisites: Students should be comfortable with formal mathematical proofs, and will be expected to write proofs on their own

Also listed as: COMPSCI C177

Algorithmic Economics: Read Less [-]

ECON 148 Data Science for Economists 4 Units

Terms offered: Summer 2024 First 6 Week Session, Spring 2024, Summer 2023 First 6 Week Session This course will give the undergraduate student the basic computational building blocks needed to be a good consumer and producer of applied economics work. Students will work to acquire data through APIs, access census data, or download from replication repositories. The course will cover wrangling data, working with incomplete or unstructured data, joining and merging data, exploratory data analysis and data visualization. The course will cover many aspects of preparing data for econometric analysis. Practices around literate code, open science tools, reproducibility, and data management will also be covered. Data Science for Economists: Read More [+]

Prerequisites: Data Science C8/Computer Science C8/Info C8/Statistics C8 or Statistics 20; familiarity with Python recommended

Summer: 6 weeks - 10 hours of lecture and 0 hours of discussion per week

Additional Format: Three hours of lecture and one hour of discussion per week. Ten hours of lecture and zero hour of discussion per week for 6 weeks.

Data Science for Economists: Read Less [-]

ECON 151 Labor Economics 4 Units

Terms offered: Spring 2024, Spring 2023, Summer 2022 First 6 Week Session This course provides a general overview of labor markets primarily in the U.S., using the theoretical and empirical tools of modern economics. Topics include labor force participation, the allocation of time to market work, migration, labor demand and monopsony, investment in human capital like education and on-the-job training, race and gender and discrimination, labor unions, and unemployment. The course will also examine the impacts on work and well-being of government programs such as unemployment insurance, minimum wages, and a negative income tax like the modern earned income credit. Labor Economics: Read More [+]

Prerequisites: 100A or 101A, or consent of instructor

Credit Restrictions: Students will receive no credit for ECON 151 after completing ECON 152 . A deficient grade in ECON 151 may be removed by taking ECON 152 .

Summer: 6 weeks - 7.5 hours of lecture per week 8 weeks - 6 hours of lecture per week

Additional Format: Three hours of lecture per week. Six hours of lecture per week for 8 weeks. Seven and one-half hours of lecture per week for 6 weeks.

Labor Economics: Read Less [-]

ECON 152 Wage Theory and Policy 4 Units

Terms offered: Fall 2021, Spring 2020, Spring 2019 This course focuses on theoretical and empirical analysis of wage and employment determination in the labor market. In addition, the role of public policy in affecting wage and employment outcomes in the U.S. labor market is examined. Topics include labor supply, labor demand, minimum wages, the economics of education and training, discrimination and the impact of antidiscrimination programs, changes in wage inequality over time, immigration , unions, unemployment, and poverty. Wage Theory and Policy: Read More [+]

Credit Restrictions: Students will receive no credit for ECON 152 after completing ECON 151 . A deficient grade in ECON 152 may be removed by taking ECON 151 .

Summer: 8 weeks - 6 hours of lecture and 0 hours of discussion per week

Additional Format: Three hours of lecture and one hour of discussion per week. Six hours of lecture and zero hour of discussion per week for 8 weeks.

Wage Theory and Policy: Read Less [-]

ECON 153 Labor Economics Seminar 4 Units

Terms offered: Fall 2015, Fall 2014, Fall 2006 Topics in labor economics. Seminar paper required. Labor Economics Seminar: Read More [+]

Prerequisites: 140 or 141, and 151 or 152 and consent of instructor

Labor Economics Seminar: Read Less [-]

ECON 154 Economics of Discrimination 4 Units

Terms offered: Spring 2018, Spring 2016, Spring 2014 Starting from Becker's classic book on the economics of discrimination, this course will focus on issues of difference and discrimination accociated with race, gender, or nation of birth, focusing particularly on credit and housing markets, education, and health care. The course looks carefully at the ways in which econometrics is used to address questions of discrimination. Economics of Discrimination: Read More [+]

Prerequisites: 140 or 141

Economics of Discrimination: Read Less [-]

ECON 155 Urban Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Spring 2023 Application of economic theory to urban problems. Topics covered include location theory, housing, transportation, and the fiscal problems of city government. Urban Economics: Read More [+]

Summer: 6 weeks - 8 hours of lecture per week 8 weeks - 6 hours of lecture per week

Additional Format: Three hours of lecture per week. Six hours of lecture per week for 8 weeks. Eight hours of lecture per week for 6 weeks.

Urban Economics: Read Less [-]

ECON 155A Cities and Public Policy 4 Units

Terms offered: Fall 2024, Fall 2022, Spring 2022 This is an advanced course considering the economic forces governing cities and a host of attendant public policy issues. Topics covered will include theory and evidence on sources of agglomeration economies and urban growth, housing markets, segregation, neighborhood effects, and place-based policies. Cities and Public Policy: Read More [+]

Prerequisites: Intermediate microeconomics (Economics 100A or Economics 101A) and econometrics (Economics 140 or Economics 141)

Credit Restrictions: Students will receive no credit for Economics 155A after taking Economics 155.

Instructor: Kline

Cities and Public Policy: Read Less [-]

ECON 157 Health Economics 4 Units

Terms offered: Summer 2024 8 Week Session, Spring 2024, Summer 2023 8 Week Session An economic analysis of policies and institutions in the U.S. health care sector. Topics covered include the supply and demand for health services, conceptual and policy issues relating to the provision of health insurance, and economic analysis of efficient regulatory policies toward the health care sector. Health Economics: Read More [+]

Fall and/or spring: 15 weeks - 3 hours of lecture and 0 hours of discussion per week

Summer: 6 weeks - 8 hours of lecture and 0 hours of discussion per week 8 weeks - 6-6 hours of lecture and 0-2 hours of discussion per week

Additional Format: Three hours of lecture and zero hour of discussion per week. Six hours of lecture and zero to two hours of discussion per week for 8 weeks. Eight hours of lecture and zero hour of discussion per week for 6 weeks.

Health Economics: Read Less [-]

ECON 161 Economics of Transition: Eastern Europe 4 Units

Terms offered: Spring 2016, Spring 2015, Fall 2009 Economic behavior under socialism; socialism vs. capitalism. Transition challenges. Stylized facts of transition. Political economy of reform strategies. Liberalization and the macroeconomic environment. Privatization policies and enterprise restructuring. Legal reform, institutional change, and variation in economic performance across countries. Foreign trade and enlargement of the European Union to transition countries. The Washington consensus , transition, and the institutions of capitalism. Economics of Transition: Eastern Europe: Read More [+]

Additional Format: Three hours of Lecture per week for 15 weeks. Six hours of Lecture per week for 8 weeks.

Economics of Transition: Eastern Europe: Read Less [-]

ECON 162 The Chinese Economy 3 Units

Terms offered: Fall 2024, Summer 2024 First 6 Week Session, Fall 2023 The Chinese economy, its institutions, reform and transition to the market, and development. The Chinese Economy: Read More [+]

Summer: 6 weeks - 7.5 hours of lecture per week 8 weeks - 5.5 hours of lecture per week

Additional Format: Three hours of lecture per week. Five and one-half hours of lecture per week for 8 weeks. Seven and one-half hours of lecture per week for 6 weeks.

The Chinese Economy: Read Less [-]

ECON 165 Money and Banking 4 Units

Terms offered: Fall 2024, Spring 2024 This course explores money, financial institutions, markets, central banking, and the interactions between these topics. The aim of the course is to help students answer important questions like: what is money? What are banks? What are central banks and monetary policy? What are interest rates? What is crypto currency? What determines the price of goods and services? What the causes and consequences of financial crises? Money and Banking: Read More [+]

Money and Banking: Read Less [-]

ECON C171 Development Economics 4 Units

Terms offered: Fall 2024, Fall 2023, Summer 2023 8 Week Session, Fall 2022 This course covers theory and empirical evidence on the determinants of economic development and the global fight against poverty. The course aims to introduce students to modern empirical research methods that are being used to inform policy making in developing countries. Students also learn how to implement these tools themselves using real-world data sets and widely used statistical software for impact evaluatio n. Development Economics: Read More [+]

Prerequisites: EnvEcon 100 or Econ 100A or 101A; Econ 140 or 141 or EnvEcon/ IAS C118

Summer: 6 weeks - 8 hours of lecture and 2 hours of discussion per week 8 weeks - 6 hours of lecture and 2 hours of discussion per week

Additional Format: Three hours of Lecture and One hour of Discussion per week for 15 weeks. Six hours of Lecture and Two hours of Discussion per week for 8 weeks. Eight hours of Lecture and Two hours of Discussion per week for 6 weeks.

Also listed as: ENVECON C151

Development Economics: Read Less [-]

ECON N171 Economic Development 4 Units

Terms offered: Summer 2015 10 Week Session, Summer 2015 8 Week Session, Summer 2012 8 Week Session Problems of underdevelopment and poverty, policy issues, and development strategy. Economic Development: Read More [+]

Prerequisites: 100A or 101A or Environmental Economics and Policy 100

Summer: 8 weeks - 8 hours of lecture and 0 hours of discussion per week

Additional Format: Eight hours of lecture and zero hour of discussion per week for 8 weeks.

Economic Development: Read Less [-]

ECON 172 Case Studies in Economic Development 4 Units

Terms offered: Spring 2023, Spring 2022, Spring 2021 This course focuses on the process of economic development and growth from a theoretical and empirical perspective. The aim of the course is to provide an understanding of the patterns of socioeconomic development in a selected geographic region (e.g., Sub-Saharan Africa, Latin America, South Asia). The course covers trends in comparative global development, theories of economic growth, and the roles of public health, human capital, climate change, political institutions, and historical factors in shaping contemporary economic outcomes in low- and middle-income countries. Special emphasis is given to applying the econometric methods used to evaluate public policies and anti-poverty interventions. Case Studies in Economic Development: Read More [+]

Prerequisites: 100A

Repeat rules: Course may be repeated for credit with instructor consent.

Case Studies in Economic Development: Read Less [-]

ECON 173 Economic Development Seminar 4 Units

Terms offered: Fall 2010, Fall 2009, Spring 2009 A seminar paper will be required. Economic Development Seminar: Read More [+]

Prerequisites: 171 or 172 and consent of instructor

Economic Development Seminar: Read Less [-]

ECON 174 Global Poverty and Impact Evaluation 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 There are a countless number of potential policies and programs to address the causes and consequences of poverty. However, how should one determine which of these is actually effective in improving the lives of the poor? This course explores a variety of empirical tools to rigorously measure the impact of development programs. Through weekly case studies of field research, students will learn impact evaluation theory and methods, and apply them to concrete examples from the development literature. Global Poverty and Impact Evaluation: Read More [+]

Prerequisites: Econ 100A or 101A or 100B or 101B; and Econ 140 or 141 or EnvEcon/ IAS C118

Instructor: Miguel

Global Poverty and Impact Evaluation: Read Less [-]

ECON C175 Economic Demography 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 A general introduction to economic demography, addressing the following kinds of questions: What are the economic consequences of immigration to the U.S.? Will industrial nations be able to afford the health and pension costs of the aging populations? How has the size of the baby boom affected its economic well being? Why has fertility been high in Third World countries? In industrial countries, why is marriage postponed, divorce high, fertility so low, and extramarital fertility rising? What are the economic and environmental consequences of rapid population growth? Economic Demography: Read More [+]

Summer: 6 weeks - 7.5-7.5 hours of lecture and 0-2.5 hours of discussion per week 8 weeks - 6-6 hours of lecture and 0-2 hours of discussion per week

Additional Format: Three hours of lecture and zero to one hours of discussion per week. Six hours of lecture and zero to two hours of discussion per week for 8 weeks. Seven and one-half hours of lecture and zero to two and one-half hours of discussion per week for 6 weeks.

Instructor: Lee

Formerly known as: Demography C175, Economics C175

Also listed as: DEMOG C175

Economic Demography: Read Less [-]

ECON N175 Economic Demography 3 Units

Terms offered: Summer 2013 10 Week Session, Summer 2013 8 Week Session A general introduction to economic demography, addressing the following kinds of questions: What are the economic consequences of immigration to the U.S.? Will industrial nations be able to afford the health and pension costs of the aging populations? How has the size of the baby boom affected its economic well being? Why has fertility been high in Third World countries? In industrial countries, why is marriage postponed , divorce high, fertility so low, and extramarital fertility rising? What are the economic and environmental consequences of rapid population growth? Economic Demography: Read More [+]

Credit Restrictions: Students will receive no credit for Economics N175 after taking Economics C175/Demography C175; Economics 175/Demography 175. A deficient grade in Economics C175/Demography C175 may be removed by taking Economics N175.

Additional Format: Six hours of lecture per week for 8 weeks.

ECON C181 International Trade 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 The theory of international trade and its applications to tariff protection. This course is equivalent to UGBA 118 ; students will not receive credit for both courses. International Trade: Read More [+]

Prerequisites: Economics100A-100B or Economics 101A-101B

Credit Restrictions: Students will receive no credit for ECON C181 / ENVECON C181 after passing ECON 181, ECON N181 or UGBA 118 . A deficient grade in ECON 181, or ECON N181 may be removed by taking ECON C181 / ENVECON C181 .

Also listed as: ENVECON C181

International Trade: Read Less [-]

ECON N181 International Trade 4 Units

Terms offered: Summer 2018 First 6 Week Session, Summer 2017 First 6 Week Session, Summer 2016 First 6 Week Session The theory of international trade and its applications to tariff protection. International Trade: Read More [+]

Prerequisites: Economics 100A-100B or Economics 101A-101B

Credit Restrictions: Students will receive no credit for Economics N181 after passing Economics 181 or Economics C181/Environmental Economics C181. A deficient grade in Economics 181, Economics C181/Environment Economics C181 may be removed by taking Economics N181.

Summer: 6 weeks - 10 hours of lecture per week 8 weeks - 8 hours of lecture per week

Additional Format: Eight hours of lecture per week for 8 weeks. Ten hours of lecture per week for 6 weeks.

ECON 182 International Monetary Economics 4 Units

Terms offered: Fall 2021, Spring 2021, Fall 2020 The balance of payments, the determination of the trade balance and income under fixed and floating exchange rates, money and prices in open economies, the internationalization of financial markets and its implications, international macroeconomic interdependence, capital flows, and the determination of the exchange rate. International Monetary Economics: Read More [+]

Summer: 8 weeks - 7.5 hours of lecture per week

Additional Format: Seven and one half hours of lecture/discussion per week for eight weeks.

International Monetary Economics: Read Less [-]

ECON 183 International Economic Seminar 4 Units

Terms offered: Spring 2022, Spring 2021, Spring 2020 This small seminar course is designed to introduce students to a set of current policy controversies in international economics and provide an opportunity for them to apply to these policy debates the analytical tools encountered in previous courses (such as Economics 100B or 101B). Students will make a class presentation, write several short papers, as well as submitting a final paper. International Economic Seminar: Read More [+]

Prerequisites: Economics 100B or 101B or consent of instructor

International Economic Seminar: Read Less [-]

ECON C184 International Environmental Economics 4 Units

Terms offered: Fall 2023, Fall 2022, Fall 2021 This course studies the following question:How should policymakers and scholars design and analyze environmental policy in a globalized world where much economic activity and pollution crosses political borders? The course addresses issues including climate change, air and water pollution, deforestation, species extinction, and others. The course also analyzes a variety of ways that countries and regions interact, including trade, foreign direct investment, outsourcing, international agreements and treaties, and others. The course also teaches a range of tools used to analyze these issues, including life-cycle(also called environmental footprint) analysis, simple econometrics, environmental market design, non-market valuation, and the data. International Environmental Economics: Read More [+]

Objectives & Outcomes

Course Objectives: 1. Develop a strong grasp of the main debates and ideas involving international environmental economics 2. Learn to interpret, apply, and critically assess methods used to study international environmental economic issues 3. Build skills in reading basic economic writing involving these issues, including an understanding of their evidence and conclusions, and ability to critically evaluate the basis for these conclusion

Student Learning Outcomes: 1. A strong grasp of the main scholarly debates and ideas involving international environmental economics 2. The ability to interpret and critically assess methods used to study international environmental economic issues, including: life-cycle analysis and input-output tables; simple econometric estimates; the design of environmental policy; non-market valuation; and the use of remote sensing (satellite) data The ability to read basic empirical environmental economics papers, understand their evidence and conclusions, and critically evaluate the basis for these conclusions

Prerequisites: ENVECON 100 , ECON 101a, ECON 100a or or equivalent

Instructor: Shapiro

Also listed as: ENVECON C132

International Environmental Economics: Read Less [-]

ECON C188 Advanced Topics in International Economics 3 Units

Terms offered: Fall 2024 Globalization and its consequences have interested economists and the public since Adam Smith and David Ricardo. However, the nature of the global economy has changed dramatically over time. Paraphrasing Ricardo’s famous example, “it’s not wine for cloth anymore.” This course will introduce a modern view on international trade focusing on firms as vehicles of trade. We will study key theoretical models of New Trade Theory and apply them to understand the consequences of a range of trade policies from the recent past, such the NAFTA agreement and China’s entry to the WTO. We will combine theoretical models, empirical econometric tools, and data to understand the impacts of trade and offshoring on trade flows,aggregate welfare,and inequality Advanced Topics in International Economics: Read More [+]

Prerequisites: • Microeconomics (Envecon100, Econ100 or Econ101A): required • Econometrics (EnveconC118, Econ140 or Econ141): required but can be taken concurrently • International TradeEnvecon/EconC181): optional. This course is complementary to C181; a few extra readings will be provided to students who have not taken that class; • Students should have a basic knowledge of calculus (roughly at the level of Mathematics 16A and 16B) and be comfortable understanding mathematical arguments

Instructor: Borusyak

Also listed as: ENVECON C188

Advanced Topics in International Economics: Read Less [-]

ECON 191 Topics in Economic Research 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course discusses recent research and policy developments. The core objective is to expose students to different aspects of research in economics. A sequence of five different frontier research topics are studied in depth each semester. Each topic lasts three weeks, during which students will familiarize themselves with cutting-edge economic research and methodology. Students will then develop their own research ideas and write two medium- size research papers. Topics in Economic Research: Read More [+]

Prerequisites: 100A or 100B

Topics in Economic Research: Read Less [-]

ECON H195A Senior Honors Thesis 1 - 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Preparation for writing a thesis, finding and organizing a topic, gathering data and getting started. H195A is not prerequisite to H195B. Senior Honors Thesis: Read More [+]

Prerequisites: Senior honors candidates only (students with major GPA of 3.50 or better or permission of instructor.)

Fall and/or spring: 15 weeks - 1-3 hours of independent study per week

Summer: 6 weeks - 1-5 hours of independent study per week 8 weeks - 1-4 hours of independent study per week

Senior Honors Thesis: Read Less [-]

ECON H195AS Senior Honors Thesis 1 - 3 Units

Terms offered: Prior to 2007 Preparation and writing of an honors thesis under the supervision of a member of the faculty. H195AS is not a prerequisite to H195BS. Senior Honors Thesis: Read More [+]

Prerequisites: Senior honors candidates only, with major GPA of 3.5 or better. Permission of undergraduate adviser

Summer: 15 weeks - 1-3 hours of independent study per week

Additional Format: One to three hours of independent study per week.

Grading/Final exam status: Offered for pass/not pass grade only. Final exam required.

ECON H195B Senior Honors Thesis 1 - 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Writing a thesis under the supervision of a faculty member. Applications and details through the departmental undergraduate office. H195A is not prerequisite to H195B. Senior Honors Thesis: Read More [+]

Prerequisites: Senior honors candidates only (students with major GPA of 3.50 or better or permission of undergraduate adviser)

ECON H195BS Senior Honors Thesis 1 - 3 Units

Terms offered: Prior to 2007 Preparation and writing of an honors thesis under the supervision of a member of the faculty. Senior Honors Thesis: Read More [+]

Summer: 15 weeks - 1-3 hours of seminar per week

Additional Format: Hours to be arranged, dependent upon unit value. Seminar.

ECON 196 Special Topics in Economics 1 - 4 Units

Terms offered: Spring 2024, Fall 2023, Spring 2019 Study in various fields of economics. Topics will vary from semester to semester and will be announced at the beginning of each semester. Special Topics in Economics: Read More [+]

Prerequisites: Upper division standing or consent of instructor

Fall and/or spring: 15 weeks - 1-4 hours of lecture per week

Summer: 6 weeks - 2.5-10 hours of lecture per week 8 weeks - 1.5-7.5 hours of lecture per week

Additional Format: One to four hours of lecture per week. One and one-half to seven and one-half hours of lecture per week for 8 weeks. Two and one-half to ten hours of lecture per week for 6 weeks.

Special Topics in Economics: Read Less [-]

ECON 197 Field Studies 1 - 4 Units

Terms offered: Fall 2024, Summer 2024 8 Week Session, Summer 2024 Second 6 Week Session Written proposal must be approved by Department Chair. Supervised field studies in economics. Projects may be initiated by the students. Field Studies: Read More [+]

Prerequisites: Upper-division standing

Fall and/or spring: 15 weeks - 1-4 hours of independent study per week

Summer: 6 weeks - 1-5 hours of independent study per week 8 weeks - 1-4 hours of independent study per week 10 weeks - 1.5-6 hours of independent study per week

Field Studies: Read Less [-]

ECON 198 Directed Group Study 1 - 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Written proposal must be approved by Department Chair. Seminars for the group study of selected topics, which will vary from year to year. Topics may be initiated by students. Directed Group Study: Read More [+]

Prerequisites: Upper-division standing and consent of instructor

ECON 199 Supervised Independent Study and Research 1 - 4 Units

Terms offered: Spring 2024, Summer 2023 8 Week Session, Summer 2023 Second 6 Week Session Written proposal must be approved by Department Chair. Enrollment is restricted. Supervised Independent Study and Research: Read More [+]

Prerequisites: Consent of Instructor

Fall and/or spring: 15 weeks - 1-2 hours of independent study per week

Additional Format: One to two hours of independent study per week. One and one-half to six hours of independent study per week for 10 weeks. One to four hours of independent study per week for 8 weeks. One to five hours of independent study per week for 6 weeks.

Supervised Independent Study and Research: Read Less [-]

ECON 201A Economic Theory 4 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Basic preparation for the Ph.D. program including theory of the firm and the consumer, game theory. Economic Theory: Read More [+]

Prerequisites: 101A-101B, 204, Mathematics 53 and 54; or equivalent

Fall and/or spring: 15 weeks - 3 hours of lecture and 2 hours of discussion per week

Additional Format: Three hours of Lecture and Two hours of Discussion per week for 15 weeks.

Subject/Course Level: Economics/Graduate

Grading: Letter grade.

Economic Theory: Read Less [-]

ECON 201B Economic Theory 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic preparation for the Ph.D. program including agency theory and mechanism design, general equilibrium theory. Economic Theory: Read More [+]

Prerequisites: 101A-101B, 201A, 204, Mathematics 53 and 54; or equivalent

ECON 202A Macroeconomics 4 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Basic preparation for the Ph.D. program including aggregation theory, national accounting and index problems, survey of major short-term models, implications of various expectations hypotheses, wage price determination, the role of money and financial assets, theories of consumption and investment, disequilibrium theory, dynamic systems, and international considerations. Macroeconomics: Read More [+]

Prerequisites: 100A-100B or 101A-101B or equivalent. Mathematics 53 and 54 or equivalent

ECON 202B Macroeconomics 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic preparation for the Ph.D. program including aggregation theory, national accounting and index problems, survey of major short-term models, implications of various expectations hypotheses, wage price determination, the role of money and financial assets, theories of consumption and investment, disequilibrium theory, dynamic systems, and international considerations. Macroeconomics: Read More [+]

Prerequisites: 100A-100B or 101A-101B or equivalent. Mathematics 50A or equivalent

ECON 204 Mathematical Tools for Economics 3 Units

Terms offered: Summer 2024 3 Week Session, Fall 2023, Summer 2023 3 Week Session The course provides a rigorous abstract treatment of the elements of real analysis and linear algebra central to current research in economics. The course develops in the students the ability to read mathematical proofs and to compose simple proofs on their own. Mathematical Tools for Economics: Read More [+]

Prerequisites: Mathematics 53 and 54 or equivalent and consent of instructor

Fall and/or spring: 15 weeks - 2 hours of lecture and 1 hour of discussion per week

Summer: 3 weeks - 10 hours of lecture and 5 hours of discussion per week

Additional Format: Two hours of Lecture and One hour of Discussion per week for 15 weeks. Ten hours of Lecture and Five hours of Discussion per week for 3 weeks.

Mathematical Tools for Economics: Read Less [-]

ECON 206 Mechanism Design and Agency Theory 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2019 This course will study the optimal design of mechanisms in the presence of incomplete information and imperfect observability. The course will begin with the "classic" principal-agent problem and will then develop its applications to the "implicit contracts" theory of agency and to the choice of government policies for regulated industries. The second half of the course will treat the design of auctions, regulation with costly or imperfect monitoring, mechanism design with limited contracts. Mechanism Design and Agency Theory: Read More [+]

Prerequisites: 201B and 209A or consent of instructor

Fall and/or spring: 15 weeks - 2 hours of lecture per week

Additional Format: Two hours of Lecture per week for 15 weeks.

Formerly known as: 209B

Mechanism Design and Agency Theory: Read Less [-]

ECON 207A Mathematical Economics 3 Units

Terms offered: Fall 2023, Fall 2022, Spring 2022 Mathematical analysis of economic theory. The problems treated involve as wide a range of mathematical techniques and of economic topics as possible, including theories of preference, utility, demand, personal probability, games and general equilibrium. Also listed as IDS 213A-213B and Math 213A-213B. Mathematical Economics: Read More [+]

Prerequisites: Math 104 and 110 and Statistics 101

Additional Format: Two hours of lecture per week. Twelve hours per week including class time and preparation.

Mathematical Economics: Read Less [-]

ECON 207B Mathematical Economics 3 Units

Terms offered: Spring 2020, Spring 2015, Spring 2011 Mathematical analysis of economic theory. The problems treated involve as wide a range of mathematical techniques and of economic topics as possible, including theories of preference, utility, demand, personal probability, games and general equilibrium. Also listed as IDS 213A-213B and Math 213A-213B. Mathematical Economics: Read More [+]

ECON 208 Microeconomic Theory Seminar 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Microeconomic Theory Seminar: Read More [+]

Prerequisites: Consent of instructor

Fall and/or spring: 15 weeks - 2 hours of seminar per week

Additional Format: Two hours of Seminar per week for 15 weeks.

Microeconomic Theory Seminar: Read Less [-]

ECON 209A Theory and Application of Non-Cooperative Games 3 Units

Terms offered: Fall 2013, Fall 2012, Fall 2011 This course will study both pure game theory and its application to such problems as oligopoly pricing, non-cooperative bargaining, predatory pricing, and optimal auctions. The focus will be on game theory as a modelling process as opposed to a body of known results. Theory and Application of Non-Cooperative Games: Read More [+]

Theory and Application of Non-Cooperative Games: Read Less [-]

ECON 209B Theory and Application of Non-Cooperative Games: II 3 Units

Terms offered: Spring 2016, Spring 2015, Spring 2014 The course will cover basic topics not covered in 209A; will provide a more thorough treatment of topics covered in 209A; will cover a selection of advanced topics. Theory and Application of Non-Cooperative Games: II: Read More [+]

Prerequisites: 209A or consent of instructor

Theory and Application of Non-Cooperative Games: II: Read Less [-]

ECON 210A Introduction to Economic History 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Survey of some central themes in world economic history. Required of all Ph.D. candidates in economics. Introduction to Economic History: Read More [+]

Introduction to Economic History: Read Less [-]

ECON 210B Topics in European Economic History 3 Units

Terms offered: Spring 2023, Spring 2022, Spring 2021 A survey of some central themes in European economic history. Topics in European Economic History: Read More [+]

Prerequisites: 210A

Topics in European Economic History: Read Less [-]

ECON 210C Topics in American Economic History 3 Units

Terms offered: Fall 2018, Fall 2016, Fall 2013 A survey of some central themes in American economic history. Topics in American Economic History: Read More [+]

Topics in American Economic History: Read Less [-]

ECON 211 Seminar in Economic History 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Economic History: Read More [+]

Seminar in Economic History: Read Less [-]

ECON 215A Political Economics 3 Units

Terms offered: Fall 2017, Fall 2016, Fall 2015 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

Prerequisites: 215A is a prerequisite to 215B

Instructor: Roland

Political Economics: Read Less [-]

ECON 215B Political Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

ECON C215A Political Economics 3 Units

Terms offered: Fall 2023, Fall 2022, Fall 2021, Fall 2010, Fall 2009 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

Also listed as: POL SCI C237A

ECON C215B Political Economics 3 Units

Terms offered: Prior to 2007 Tools of political economics: preferences and institutions, electoral competition, agency, partisan politics. Redistributive politics: general interest politics, special interest politics. Comparative politics: electoral rules, separation of powers, political regimes. Dynamic politics: fiscal policy, growth. Political Economics: Read More [+]

Prerequisites: ECON C215A is a prerequisite to ECON C215B , and POL SCI C237A is a prerequisite to POL SCI C237B

Also listed as: POL SCI C237B

ECON 217 Risk Seminar 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This interdisciplinary seminar features seminar participants and guest speakers from academic institutions and financial services firms, presenting work on the analysis and management of risk in financial markets. Economics, statistics, finance, operations research, and other disciplines will be represented. Risk Seminar: Read More [+]

Prerequisites: Consent of instructor. Graduate standing

Credit Restrictions: Students will receive no credit for Economics 217 after completing Statistics 278B.

Additional Format: Two hours of seminar per week.

Grading: Offered for satisfactory/unsatisfactory grade only.

Instructors: Goldberg, Anderson

Risk Seminar: Read Less [-]

ECON 218 Seminar in Psychology and Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 A graduate seminar in the field of behavioral economics. Seminar in Psychology and Economics: Read More [+]

Instructors: Della Vigna, Koszegi, Rabin

Seminar in Psychology and Economics: Read Less [-]

ECON 219A Foundations of Psychology and Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 This course presents psychological and experimental economics research demonstrating departures from perfect rationality, self-interest, and other classical assumptions of economics and explores ways that these departures can be mathematically modeled and incorporated into mainstream positive and normative economics. The course will focus on the behavioral evidence itself, especially on specific formal assumptions that capture the findings in a way that can be used by economists. Economic applications will be used for illustrative purposes, but the course will emphasize formal theory. Foundations of Psychology and Economics: Read More [+]

Prerequisites: 201A-201B or consent of instructor

Foundations of Psychology and Economics: Read Less [-]

ECON 219B Applications of Psychology and Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 This course will build off of the material presented in 219A. It will expand on the psychological and experimental economic research presented there, but will emphasize a range of economic applications and especially empirical research. Applications of Psychology and Economics: Read More [+]

Prerequisites: 219A, 240A-240B or consent of instructor

Applications of Psychology and Economics: Read Less [-]

ECON 220A Industrial Organization 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Market structure, conduct and performance in the unregulated sector of the American economy. Public policies related to the promotion or restriction of competition. Industrial Organization: Read More [+]

Prerequisites: 201A

Industrial Organization: Read Less [-]

ECON 220B Industrial Organization 3 Units

Terms offered: Spring 2024, Spring 2023, Fall 2021 Continuation of 220A. The characteristics of regulated industries and the consequences of regulation for economic performance. Industrial Organization: Read More [+]

Prerequisites: 220A

ECON 220C Special Topics in Industrial Organization 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2020 See course announcement for current topics. Special Topics in Industrial Organization: Read More [+]

ECON 221 Seminar in Industrial Organization: Regulation and Public Enterprise 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Industrial Organization: Regulation and Public Enterprise: Read More [+]

Seminar in Industrial Organization: Regulation and Public Enterprise: Read Less [-]

ECON C222 Economics of Innovation 3 Units

Terms offered: Fall 2020, Fall 2018, Fall 2016, Spring 2016, Fall 2015 Study of innovation, technical change, and intellectual property, including the industrial organization and performance of high-technology industries and firms; the use of economic, patent, and other bibliometric data for the analysis of technical change; legal and economic issues of intellectual property rights; science and technology policy; and the contributions of innovation and diffusion to economic growth. Methods of analysis are both theoretical and empirical, econometric and case study. Economics of Innovation: Read More [+]

Also listed as: PHDBA C279I

Economics of Innovation: Read Less [-]

ECON 224 Economics of Institutions 3 Units

Terms offered: Spring 2016, Spring 2015, Fall 2012 This course develops the proposition that institutions have pervasive ramifications for understanding economic organization. A comparative institutional approach is employed whereby the transaction is made the basic unit of analysis and alternative modes of organization are assessed with respect to their comparative contracting properties. Economics of Institutions: Read More [+]

Economics of Institutions: Read Less [-]

ECON C225 Workshop in Institutional Analysis 2 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023, Fall 2015, Fall 2014, Fall 2013 This seminar features current research of faculty, from UC Berkeley and elsewhere, and of advanced doctoral students who are investigating the efficacy of economic and non-economic forms of organization. An interdisciplinary perspective--combining aspects of law, economics, and organization--is maintained. Markets, hierarchies, hybrids, bureaus, and the supporting institutions of law and politics all come under scrutiny. The aspiration is to progressively build toward a new science of organization. Workshop in Institutional Analysis: Read More [+]

Prerequisites: Economics 100 or 101; Business Administration 110 or equivalent; or consent of instructor

Also listed as: PHDBA C270

Workshop in Institutional Analysis: Read Less [-]

ECON 230A Public Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 The economic and policy analysis of government expenditures, taxes, and intergovernmental fiscal relations. 230A is not a prerequisite for 230B. Public Economics: Read More [+]

ECON 230B Public Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Government intervention changes opportunities and incentives for firms, families, individuals, service providers, and state and local government. This course considers the incentive effects of government expenditure programs. The primary emphasis will be in the examination of the effect of social expenditure programs on individuals and families. Most of the papers will be empirical. The course will not contain an explicit section on methodology and econometric techniques; instead, relevant econometric techniques (e.g., discrete choice, duration analysis) will be discussed in the context of the empirical literature. Public Economics: Read More [+]

ECON 230C Public Sector Microeconomics 3 Units

Terms offered: Spring 2009, Spring 1999 The economic and policy analysis of government expenditures, taxes, and intergovernmental fiscal relations. Public Sector Microeconomics: Read More [+]

Additional Format: Two hours of lecture per week.

Public Sector Microeconomics: Read Less [-]

ECON 231 Seminar in Public Sector Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Public Sector Economics: Read More [+]

ECON 234A Macroeconomic Finance 3 Units

Terms offered: Spring 2012, Spring 2011, Fall 2009 Introduction to macroeconomic finance. Course covers static portfolio choice, capital asset pricing model (CAPM), consumption based models, dynamic equilibrium asset pricing theories, and current issues in behavioral finance. Strong emphasis on household finance and risk-sharing. Course is both theoretical and empirical. Macroeconomic Finance: Read More [+]

Formerly known as: 236D

Macroeconomic Finance: Read Less [-]

ECON 234C Financial Decision-Making in Firms 3 Units

Terms offered: Spring 2017, Spring 2015, Spring 2014 This course provides a theoretical and empirical treatment of the core topics in corporate finance including internal corporate investment; external corporate investment (mergers and acquisitions); capital structure and financial contracting; bankruptcy; corporate governance. Financial Decision-Making in Firms: Read More [+]

Prerequisites: 240A-240B or equivalent

Financial Decision-Making in Firms: Read Less [-]

ECON C234C Empirical Corporate Finance 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022, Fall 2020, Spring 2020 This course provides a theoretical and empirical treatment of the core topics in corporate finance including internal corporate investment; external corporate investment (mergers and acquisitions); capital structure and financial contracting; bankruptcy; corporate governance. Empirical Corporate Finance: Read More [+]

Prerequisites: ECON 240A -240B or equivalent

Credit Restrictions: Students who have passed ECON 234C are not eligible to also receive credit for passing ECON C234C .

Instructor: Malmendier

Also listed as: PHDBA 239FD

Empirical Corporate Finance: Read Less [-]

ECON 235 Financial Economics Seminar 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course presents speakers who work on the boundary of economics and finance, on topics including asset pricing, behavioral finance, and corporate finance. Financial Economics Seminar: Read More [+]

Additional Format: One and one-half hours of seminar per week for eight weeks.

Financial Economics Seminar: Read Less [-]

ECON 236A Advanced Macroeconomics I 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Macroeconomic models; theory and practice of aggregate economics; rational expectations models; finance theory integrated with macro. Advanced Macroeconomics I: Read More [+]

Prerequisites: For 236A: 201A-201B and 202A-202B. For 236B: 236A

Advanced Macroeconomics I: Read Less [-]

ECON 236B Advanced Macroeconomics II 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Macroeconomic models; theory and practice of aggregate economics; rational expectations models; finance theory integrated with macro. Advanced Macroeconomics II: Read More [+]

Advanced Macroeconomics II: Read Less [-]

ECON 236D Behavioral Macroeconomics 3 Units

Terms offered: Spring 2021, Fall 2006 This course focuses on incorporating insights from behavioral economics into macroeconomic analysis. Behavioral Macroeconomics: Read More [+]

Prerequisites: Economics 202A or their equivalents. Economics 202B, Economics 219A/B will be useful, but not required Admission will be automatic for regular Berkeley PhD students. Undergraduate and master students who have an interest in economics graduate studies are also encouraged to consider taking the course, but with instructor's consent

Behavioral Macroeconomics: Read Less [-]

ECON 237 Seminar in Advanced Macroeconomics and Money 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Advanced Macroeconomics and Money: Read More [+]

Seminar in Advanced Macroeconomics and Money: Read Less [-]

ECON 240A Econometrics 5 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Basic preparation for the Ph.D. program including probability and statistical theory and the classical linear regression model. Econometrics: Read More [+]

Prerequisites: 100A or 101A or equivalent; 100B or 101B or equivalent; Mathematics 53 and 54, or equivalent; Statistics 131A or equivalent

Fall and/or spring: 15 weeks - 4 hours of lecture and 2 hours of discussion per week

Additional Format: Four hours of Lecture and Two hours of Discussion per week for 15 weeks.

Formerly known as: 240

ECON 240B Econometrics 4 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic preparation for the Ph.D. program including generalized least squares; instrumental variables estimation; generalized method of moments; time series analysis; and nonlinear models. Econometrics: Read More [+]

Prerequisites: 240A or equivalent

ECON 241A Econometrics 2 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Intended for students specializing in econometrics and others with strong mathematical backgrounds. Linear and nonlinear statistical models and their applications in economics. Special problems in analyzing data from non-controlled experiments. Econometrics: Read More [+]

Prerequisites: Econ 240A,B; linear algebra; multivariable calculus; basic probability and inference theory

ECON 241B Econometrics 2 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 This course will cover fundamentals of time series econometrics. It is intended both for students specializing in econometric theory and for students interested in applying time series methods to economic data. Econometrics: Read More [+]

Prerequisites: Econ 240A-B, or equivalent

ECON 241C Econometrics 2 Units

Terms offered: Fall 2023, Spring 2023, Spring 2022 The course covers topics in classic nonparametric and modern approaches to econometrics. Topics include (among others) decision theory, high-dimensional models, causal inference, and Bayesian methods. Econometrics: Read More [+]

Prerequisites: Econ 240A-B; linear algebra; multivariable calculus, basic probability and inference theory

ECON 242 Seminar in Econometrics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Econometrics: Read More [+]

Prerequisites: 240A-240B

Seminar in Econometrics: Read Less [-]

ECON 244 Applied Econometrics 3 Units

Terms offered: Fall 2024, Spring 2023, Fall 2021 Methods of applied econometrics, with emphasis on alternative modelling strategies and problems met in practice. Intended for doctoral students conducting empirical research. Applied Econometrics: Read More [+]

Applied Econometrics: Read Less [-]

ECON 250A Labor Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Fall 2021 Analysis of labor market behavior. Labor Economics: Read More [+]

Prerequisites: 250A is prerequisite to 250B. Consent of instructor

ECON 250B Labor Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Analysis of labor market behavior. Labor Economics: Read More [+]

ECON 250C Labor Economics 3 Units

Terms offered: Fall 2014, Spring 2013, Spring 2012 Analysis of labor market behavior. Labor Economics: Read More [+]

Prerequisites: 250B

ECON 251 Seminar in Labor Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar for students at the doctoral dissertation level. Seminar in Labor Economics: Read More [+]

Seminar in Labor Economics: Read Less [-]

ECON 255 Spatial Economics 3 Units

Terms offered: Spring 2024 The course covers issues in spatial economics, from a variety of viewpoints, including public finance and economic geography. The class will introduce students to advanced tools for both theoretical and empirical analysis of spatial topics. Spatial Economics: Read More [+]

Spatial Economics: Read Less [-]

ECON 260A Comparative Economics 3 Units

Terms offered: Fall 2023, Fall 2021, Fall 2020 New issues raised by transition for economics. Political economy of reform: speed, sequencing, reform design, political economy of privatization. Allocative changes: speed of sectoral reallocation, price liberalization, output fall and macroeconomic dynamics, law enforcement, dynamics of institutional change. Comparative Economics: Read More [+]

Prerequisites: 260A is prerequisite to 260B

Comparative Economics: Read Less [-]

ECON 270B Development Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Problems of underdevelopment and poverty, policy issues and development strategies. Development Economics: Read More [+]

ECON 270C Development Economics 3 Units

Terms offered: Spring 2024, Spring 2023, Spring 2022 Basic macro-policy planning with investment project analysis. Development Economics: Read More [+]

ECON C270A Microeconomics of Development 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 Theoretical and empirical analyses of poverty and inequality, household and community behavior, and contract and institutions in the context of developing countries. Microeconomics of Development: Read More [+]

Fall and/or spring: 15 weeks - 4 hours of lecture per week

Additional Format: Four hours of lecture per week.

Also listed as: A,RESEC C251

Microeconomics of Development: Read Less [-]

ECON 271 Seminar in Development Economics 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in Development Economics: Read More [+]

Seminar in Development Economics: Read Less [-]

ECON 274 Global Poverty and Impact Evaluation 4 Units

Terms offered: Spring 2016, Spring 2015, Spring 2013 Rather than simply describing the causes and symptoms of global poverty, this course will explore the variety of tools available for rigorously measuring the impact of development programs. Through weekly case studies of field research, the course will cover impact evaluation theory and methods. The course will culminate with a final project in which each student will design an impact evaluation of a policy or intervention. Global Poverty and Impact Evaluation: Read More [+]

Prerequisites: At least one prior term of intermediate economics (i.e., 100A or 100B) and some prior coursework in statistics

ECON C275A Economic Demography 3 Units

Terms offered: Spring 2022, Spring 2019, Spring 2015 Economic consequences of demographic change in developing and developed countries including capital formation, labor markets, and intergenerational transfers. Economic determinants of fertility, mortality and migration. Economic Demography: Read More [+]

Also listed as: DEMOG C275A

ECON C275B Aging: Economic and Demographic Aspects 2 Units

Terms offered: Spring 2006, Spring 2004, Spring 2002 Course considers demographic and economic aspects of population aging. Aging: Economic and Demographic Aspects: Read More [+]

Fall and/or spring: 7.5 weeks - 2 hours of lecture per week

Additional Format: Two hours of lecture per week for seven and one-half weeks.

Also listed as: DEMOG C236

Aging: Economic and Demographic Aspects: Read Less [-]

ECON 280A International Economics 3 Units

Terms offered: Fall 2024, Fall 2023, Fall 2022 The world economy as a general equilibrium system. The theory of international economics, trade policy. International Economics: Read More [+]

International Economics: Read Less [-]

ECON 280B International Economics 3 Units

Terms offered: Fall 2023, Fall 2021, Fall 2020 This course develops basic theoretical models for studying issues in open-economy macroeconomics. The current account and the trade balance, international capital market integration, developing country debt problems, the real exchange rate, fiscal policy in the open economy, and international policy coordination. International Economics: Read More [+]

Prerequisites: 280A is not prerequisite to 280B

ECON 280C International Economics 3 Units

Terms offered: Spring 2023, Spring 2022, Spring 2021 This course is an empirical treatment of open-economy macroeconomics and finance. Topics include trade elasticities, the determination of the trade balance and income under fixed and floating exchange rates, purchasing power parity, devaluation in small open economies, quantifying the degree of international capital mobility, implications for the effectiveness of monetary and fiscal policy, international interdependence and coordination, models of exchange rate determination. International Economics: Read More [+]

Prerequisites: 280B

ECON 281 Seminar in International Trade and Finance 3 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminar in International Trade and Finance: Read More [+]

Seminar in International Trade and Finance: Read Less [-]

ECON 291 Departmental Seminar 1 Unit

Terms offered: Fall 2024, Spring 2024, Fall 2023 A general interest seminar featuring speakers and topics of broad interest whose work will be important for all areas of economics. Departmental Seminar: Read More [+]

Prerequisites: 201B, 202B

Fall and/or spring: 15 weeks - 1.5 hours of seminar per week

Additional Format: One and one-half hours of seminar every other week.

Departmental Seminar: Read Less [-]

ECON 295 Survey of Research in Economics 1 Unit

Terms offered: Fall 2024, Spring 2024, Fall 2023 Presentations by departmental faculty of new research directions in different subfields of economics. Survey of Research in Economics: Read More [+]

Survey of Research in Economics: Read Less [-]

ECON 296 Special Topics in Economics 3 Units

Terms offered: Spring 2014, Spring 2013, Fall 2010 Topics of different sections to be announced annually. Special Topics in Economics: Read More [+]

ECON 298 Directed Group Study for Graduates 1 - 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Seminars for the group of selected topics, which will vary from year to year. Directed Group Study for Graduates: Read More [+]

Fall and/or spring: 15 weeks - 0 hours of independent study per week

Directed Group Study for Graduates: Read Less [-]

ECON 299 Supervised Independent Study and Research 1 - 12 Units

Terms offered: Fall 2024, Summer 2024 First 6 Week Session, Summer 2024 Second 6 Week Session Open to candidates for the Ph.D. degree who have passed the qualifying examination and who are engaged in research for the thesis, and in special cases, with consent of the instructor in charge, to graduate students who desire to do special work in a particular field. Supervised Independent Study and Research: Read More [+]

Summer: 6 weeks - 0 hours of independent study per week 8 weeks - 0 hours of independent study per week

Additional Format: Zero hours of Independent study per week for 15 weeks. Zero hours of Independent study per week for 8 weeks. Zero hours of Independent study per week for 6 weeks.

ECON 301 GSI Practicum 4 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Course credit for experience gained in academic teaching through employment as a graduate student instructor. GSI Practicum: Read More [+]

Prerequisites: Appointment as graduate student instructor in department, consent of graduate advisor

Subject/Course Level: Economics/Professional course for teachers or prospective teachers

Instructor: Olney

GSI Practicum: Read Less [-]

ECON 375 GSI Pedagogy Workshop 2 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 This course is the pedagogy workshop for graduate student instructors (GSIs) in the Departments of Economics and Agricultural and Resource Economics (ARE), and satisfies the Graduate Division requirement for first-time GSIs. The goal of the workshop is to teach teaching. Through readings, discussion, assignments, and in-class activities, GSIs develop teaching skills grounded in pedagogical research. GSI Pedagogy Workshop: Read More [+]

Credit Restrictions: Not repeatable.

GSI Pedagogy Workshop: Read Less [-]

ECON 602 Individual Study for Doctoral Students 1 - 8 Units

Terms offered: Fall 2024, Spring 2024, Fall 2023 Individual study in consultation with the major field advisor, intended to provide an opportunity for qualified graduate students to prepare themselves for the various examinations required of candidates for the Ph.D. A student will be permitted to accumulate a maximum of 16 units of 602. Individual Study for Doctoral Students: Read More [+]

Credit Restrictions: Course does not satisfy unit or residence requirements for doctoral degree.

Additional Format: Zero hours of Independent study per week for 15 weeks.

Subject/Course Level: Economics/Graduate examination preparation

Individual Study for Doctoral Students: Read Less [-]

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1st Edition

Economics Lab An Intensive Course in Experimental Economics

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Description

Laboratory experiments with human subjects now provide crucial data in most fields of economics and there has been a tremendous upsurge in interest in this relatively new field of economics. This textbook introduces the student to the world of experimental economics. Contributors including Reinhard Selten and Axel Leijonhufvud that sketch the history of experimental economics before moving on to describe how to set up an economics experiment and to survey selected applications and the latest methods. This user-friendly book demonstrates how students can use the lessons to conduct original research. With their freeflowing, discursive yet precise style, Friedman and Cassar have created a book that is essential to students of experimental economics across the world. On account of its authoritative content, Economics Lab will also find its way on to the bookshelves of leading researchers in all fields of economics.

Table of Contents

Daniel Friedman is Professor of Economics at the University of California, Santa Cruz, USA. Alessandra Cassar is Assistant Professor of Economics at the University of San Francisco, USA.

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Economics Lab

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Laboratory experiments with human subjects now provide crucial data in most fields of economics and there has been a tremendous upsurge in interest in this relatively new field of economics. This textbook introduces the student to the world of experimental economics. Contributors including Reinhard Selten and Axel Leijonhufvud that s

TABLE OF CONTENTS

Part | 2  pages, part i introductions, chapter | 2  pages, an intensive course in experimental economics, chapter 1 | 7  pages, the trento summer school, chapter 2 | 11  pages, economists go to the laboratory, part ii laboratory methods, chapter 3 | 7  pages, first principles, chapter 4 | 6  pages, the art of experimental design, chapter 5 | 27  pages, dialogues with the data, chapter 6 | 10  pages, chapter 7 | 6  pages, finish what you started, part iii applications, chapter 8 | 9  pages, chapter 9 | 13  pages, chapter 10 | 10  pages, chapter 11 | 18  pages, chapter 12 | 8  pages, learning direction theory and impulse balance equilibrium*, chapter 13 | 7  pages, imitation equilibrium*, chapter 14 | 13  pages, choice anomalies, chapter 15 | 10  pages, policy analysis and institutional engineering, part iv student projects, chapter 16 | 6  pages, an asset market experiment, chapter 17 | 8  pages, bifurcation in a stock market experiment, chapter 18 | 8  pages, price instability and search, chapter 19 | 7  pages, animal-spirits cycles, chapter 20 | 8  pages, the restart effect, chapter 21 | 10  pages, zone of agreement bias in integrative negotiation, chapter 22 | 9  pages, culture from scratch.

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Keio University Syllabus and Timetable

Experimental economics.

Course Contents/Objectives/Teaching Method/Intended Learning Outcome

Course plan, method of evaluation, reference books, lecturer's comments to students, question/comments.