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ECON 190 Advanced Placement (AP) Economics: Micro (5) SSc
Course awarded based on Advanced Placement (AP) score. Consult the Admissions Exams for Credit website for more information.

ECON 191 Advanced Placement (AP) Economics: Macro (5) SSc
Course awarded based on Advanced Placement (AP) score. Consult the Admissions Exams for Credit website for more information.

ECON 200 Introduction to Microeconomics (5) SSc, RSN
Analysis of markets: consumer demand, production, exchange, the price system, resource allocation, government intervention. Course equivalent to: B BUS 220/BIS 200; TBECON 220; and TECON 200. Offered: AWSpS.

ECON 201 Introduction to Macroeconomics (5) SSc, RSN
Analysis of the aggregate economy: national income, inflation, business fluctuations, unemployment, monetary system, federal budget, international trade and finance. Course equivalent to: B BUS 221/BIS 201; TBECON 221; and TECON 201. Prerequisite: ECON 200. Offered: AWSpS.

ECON 216 Economics of Sports (5) SSc
Analyzes sports, athletes, sports fans, sports competitions, sports business, and sports policy through economics. Introduces microeconomic concepts including markets, trade, opportunity cost, and resource allocation to understand contemporary issues in the sports world.

ECON 230 Economics of Fisheries and Oceans (5) NSc/SSc, RSN
Examines how and why people and businesses make choices that lead to over-fishing, hypoxic zones, and oil spills in aquatic environments. Applies economic principles to understand how alternative policies might change these decisions, and how distributional effects influence politically feasible solutions. Offered: jointly with FISH 230; Sp.

ECON 235 Introduction to Environmental Economics (5) SSc/NSc
Introduces environmental and natural resource economics. Discusses fundamental economic concepts, including markets and private property. Includes basic tools used in the economic assessment of environmental problems and applies these methods to key environmental issues. Offered: jointly with ENVIR 235/ESRM 235; SpS.

ECON 282 Using Econometrics: A Practical Approach (5) NSc
Concerned with estimating economic relationships, confronting economic theory with facts, and testing hypotheses involving economic behavior. Specific topics include mathematical statistics, single and multiple variable regression analysis, the Gauss-Markov Theorem, hypothesis testing, model specification, multicollinearity, dummy variable, heteroskedasticity, and serial correlation.

ECON 299 Study Abroad: Economics (1-5, max. 10)
Lower-division economics courses taken for which there are no direct 爱豆社区 equivalents, taken through a 爱豆社区 study abroad program.

ECON 300 Intermediate Microeconomics (5) SSc
Analysis of decisions by individuals and by firms and of outcomes in factor and product markets. Policy issues and applications. Prerequisite: ECON 200; and either MATH 112, MATH 124, or MATH 134. Offered: AWSpS.

ECON 301 Intermediate Macroeconomics (5) SSc
Analysis of the determinants of the aggregate level of employment, output, prices, and income of an economy. Policy issues and applications with special reference to current monetary and fiscal policy. Course overlaps with: B BECN 303. Prerequisite: a minimum grade of 2.0 in ECON 201; and a minimum grade of 2.0 in ECON 300. Offered: AWSpS.

ECON 315 Study Abroad: Economics (3-5, max. 10) SSc
Upper-division economics courses for which there are no direct 爱豆社区 equivalents, taken through a 爱豆社区 study abroad program.

ECON 345 Global Health Economics (5) SSc
Introduces the application of health economics and the tools economists use to inform global health solutions in low and middle-income countries. Examines relationship between global health and development, survey of health economic evaluation concepts with focus on diseases and conditions in low and middle-income countries. Recommended: ECON 200 strongly recommended, G H 101 recommended Offered: jointly with G H 345; Sp.

ECON 346 Using Economics to Solve Today's Healthcare Problems (4) SSc
Health economics is a growing field and an important aspect of public policy. Introduces health economics and the tools economists use to analyze current issues in health care. Furthers the understanding of economics and how it is used in current debates. Prerequisite: ECON 200. Offered: jointly with HSERV 346; A.

ECON 382 Introduction to Econometrics (5) NSc
Applies statistical methods to economic data: estimating economic relationships using regression analysis and testing hypotheses involving economic behavior. Uses econometric software. Open to economics majors only. Cannot be taken for credit if credit has already been earned for ECON 482. Course overlaps with: B BECN 382. Prerequisite: a minimum grade of 2.0 in ECON 300.

ECON 396 Honors Research Seminar (2) SSc
Different members of the Economics faculty present and discuss their research work. Exposes students to ideas about potential topics for their thesis. For Honors students only. Does not satisfy graduation requirement for the major. Prerequisite: ECON 301 Offered: Sp.

ECON 399 Economics Internship (1-6, max. 12)
Academic work completed in conjunction with an economics-related internship. Faculty supervision required. Does not apply toward major. Credit/no-credit only.

ECON 400 Advanced Microeconomics (5) NSc
Explores the rigorous development of mathematical models used by economists to explain the behavior of consumers, firms, and markets. Topics include comparative statics for consumption theory, duality in production, and decision-making under uncertainty. Prerequisite: a minimum grade of 2.0 in ECON 300; and a minimum grade of 2.0 in MATH 126.

ECON 401 Advanced Macroeconomics (5) NSc
Application of mathematics to macroeconomics. Possible topics include economic dynamics and growth, rational expectations, real business cycle models, and New Keynesian approach. Prerequisite: minimum grade of 2.0 in ECON 301; either MATH 126, MATH 129, or MATH 136.

ECON 402 Microeconomics: Methods and Applications (5) SSc
Generalizations and extensions of the course models of competition and monopoly taught in ECON 300. Topics may include: factor markets and effects of monopoly power; game theory and oligopoly theory; decision making over time; uncertainty and under asymmetric information; contracts and incentives. Course overlaps with: ECON 486. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 403 The Economics of Property Rights (5) SSc
Property rights as an economic concept. Delineation of rights as a subject of optimization. Formation of contracts to maximize the value of personal property. Formation of organizations to induce efficient use of resources and minimize losses to public domain. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 404 Industrial Organization and Price Analysis (5) SSc
Analysis of firm behavior in imperfectly competitive markets. Topics include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Game theoretic tools and empirical evidence used to analyze topics. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 405 Analytical Framework for Policy and Decisions (5) NSc
Explores how insights form economics and finance can be used to design policies and formulate strategies to solve important real-life problems. Covers a variety of analytics and computational techniques, particularly those directed toward dynamics, uncertainty, and interactive decision problems. Prerequisite: MATH 207; ECON 301; either ECON 400 or ECON 401; and either ECON 382, ECON 424, ECON 482, or ECON 483.

ECON 406 Undergraduate Seminar in Economics (5, max. 10) SSc
Provides the undergraduate student an opportunity to apply the tools of economic analysis in a critical examination of theoretical and empirical work. A list of topics is available in the departmental office. Prerequisite: minimum grade of 2.0 in ECON 300

ECON 408 Economic Analysis of the Law (5)
Includes contracts, property, torts, securities regulation, antitrust, and intellectual property. Provides students a well-rounded view of both current examples and applications within the practice of law, as well as the underlying economic theory embedded in these areas of law. Course overlaps with: TECON 350. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 409 Undergraduate Seminar in Political Economy (5, max. 10) SSc
Seminar in political economy with focus on Marxian and public choice approaches to political economy. Explores the questions raised by each approach, the assumption(s) and testability of hypotheses, and applies these approaches to a number of problems in political economy. Offered: jointly with POL S 409.

ECON 410 Economics of Networks (5) SSc
Developing and using mathematical and other tools to describe and analyze networks in economic contexts. Applies tools to topics such as social learning, the effects of peers, and networked markets, as well as theoretical analysis of network formation and games on networks. Prerequisite: a minimum grade of 2.0 in ECON 300; recommended: ECON 400 and ECON 485.

ECON 411 Behavioral Economics (5) SSc
Incorporates insights from psychology into economic models. Examines evidence suggesting individuals systematically depart from traditional economic assumptions, and modifies these assumptions to construct models that generate sharp and testable predictions. Students learn how psychology and economics can be used together to understand human behavior. Prerequisite: a minimum grade of 2.0 in ECON 300.

ECON 412 Macroeconomics and Inequality (5) SSc, DIV
Determinants of income and wealth distribution and how these distributions interact with the macroeconomy; relationship between inequality and growth; interaction between inequality and business cycles; gender, racial, and geographic income and wealth gaps; effects of discrimination on inequality and growth; and effects of policies designed to reduce inequality. Prerequisite: a minimum grade of 2.0 in ECON 301.

ECON 415 Study Abroad: Economics (3-5, max. 10) SSc
Upper-division economics courses for which there are no direct 爱豆社区 equivalents, taken through a 爱豆社区 study abroad program.

ECON 421 Money, Credit, and the Economy (5) SSc
Role of money and the banking system in the United States economy. Relation of money to inflation, interest rates, and business fluctuations. Monetary policy and Federal Reserve System. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 422 Investment, Capital, and Finance (5) SSc
Intertemporal optimization: consumption and portfolio allocation decisions of households, investment and financing decisions of firms. Introduction to financial decisions under uncertainty. Portfolio theory, asset pricing, options, and futures. Financial market institutions and efficiency. Course overlaps with: FIN 467. Prerequisite: a minimum grade of 2.0 in ECON 300; and either ECON 311, STAT 311, STAT 390, or Q SCI 381.

ECON 423 Topics in Financial Economics (5) SSc
Topics of current interest such as regulation of securities markets and valuation of stocks. Allows students to apply tools of economics to real world problems in finance. Prerequisite: minimum grade of 2.0 in ECON 301; and ACCTG 215 or ACCTG 219,

ECON 424 Computational Finance and Financial Econometrics (5) NSc
Covers probability models, data analysis, quantitative, and statistical methods using applications in finance. Course overlaps with: CFRM 420. Prerequisite: a minimum grade of 2.0 in ECON 300; and either ECON 311, STAT 311, STAT 341, STAT 390, or Q SCI 381; recommended: MATH 208.

ECON 425 Topics in Monetary Economics (5) SSc
Topics include monetary policy and financial markets, two transmission mechanisms, dynamics of monetary policy, targeting interest rates versus targeting the quantity of money, monetary policy under fixed versus flexible exchange rates, inflation targeting, and practices of central banks, i.e., Fed, ECB, BOJ and PBOC. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 426 Advanced Financial Economics (5) SSc
Provides an introduction to financial derivatives and structured financial products, with emphasis on futures, options, credit derivatives, swaps, economic theory, valuation methods, trading strategies, hedging, and securitization. Emphasizes real world applications and developments in the financial market. Prerequisite: ECON 300 and MATH 124.

ECON 427 Central Banking (5) SSc
Role of central banks and monetary policy in the global economy. History of central banks, mechanics of monetary policy implementation, economic stabilization, lender of last resort, and liquidity provision to financial markets. Prerequisite: minimum grade of 2.0 in ECON 301

ECON 431 Government and Business (5) SSc
Economic effects of various governmental regulatory agencies and policies. Antitrust legislation as a means of promoting desired market performance. Observed economic effects of policies intended to regulate business practices, control prices, conserve resources, or promote competition. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 432 Empirical Industrial Organization (5)
Competition and market structure, product differentiation, entry and exit, vertical relationships, cartel, mergers, and consumer dynamics. Special emphasis on empirical aspects of economic models in industrial organization; i.e., identification of demand and supply, merger evaluations, detection of cartels, and estimation of entry-exit models. Econometrics and statistical software employed to conduct empirical exercises. Prerequisite: a minimum grade of 2.0 in ECON 300.

ECON 435 Natural Resource Economics (5) SSc
Survey of the economics of renewable and nonrenewable resources including fisheries, forest, minerals, and fuels. Optimal trade-offs between benefits and costs of resource use, including trade-offs between current and future use. Effects of property rights on resource use. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 436 Economics of the Environment (5) SSc
Microeconomic analysis of environmental regulation. The problem of social cost, policy instrument choice, enforcement of regulations, methods for damage assessment, and estimating benefits of environmental improvement. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 437 Economics of Biological Resources (5) SSc
Application of economic concepts to biology and biological concepts to economics. Examination of theory of species maximization, parallels in behavior between humans and other biota, animal choices among alternative food sources, games animals play, evidence of risk aversion in animals. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 438 Economics of Energy (5) SSc
Topics include the optimal extraction of depletable resources, the history and economic organization of the energy industries, and trade in energy commodities. Covers energy policies aimed at increasing national security or economic efficiency and those aimed at reducing the environmental effects of energy demand and supply. Prerequisite: 2.0 in ECON 300.

ECON 442 Economics of Human Resource Management (5)
Analyzes the relationship between personnel practices and organizational performance. Economic analysis of compensation policy emphasized. Topics include hiring and retention strategies; incentive pay; relative performance evaluation; teams; promotions; seniority; and organization design. Examines human capital accumulation and labor legislation. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 443 Labor Market Analysis (5) SSc
Determinants of employment and incomes in the United States: analysis of individual and firm decisions and of equilibrium in the labor market. Topics include decisions to work and retire, education and occupation choices, compensation, discrimination, poverty, unemployment, and unions. Examination of policy issues affecting the labor market. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 444 Topics in Labor Market Analysis (5) SSc
In-depth analysis of special topics in the operation of labor markets and public policies affecting incomes and employment. Course content varies by instructor. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 446 Economics of Education (5) SSc
Examines formal education as an investment industry, the economics of human capital investment, and competition among government-owned schools and the non-profit sector. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 447 Economics of Gender (5) SSc, DIV
Microeconomic analysis of the sources of gender differences in earnings, labor force participation, occupational choice, education, and consumption. Economic theories of discrimination, human capital, fertility, and intrahousehold resource allocation. Economics of the family in developed and developing countries. Prerequisite: minimum grade of 2.0 in ECON 300. Offered: jointly with GWSS 447.

ECON 448 Population and Development (5) SSc, DIV
International economic development, with a focus on population issues. Demography, poverty and income inequality, fertility choice and sex selection, household production models and intra-household inequality, parental investments in child health and education, including discrimination against girls, and migration and urbanization. Evidence-based policy and differential impacts on diverse communities within developing societies. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 450 Public Finance: Expenditure Policy (5) SSc
Application of normative microeconomic theory to analysis of government expenditures. Rationale for government economic activity, collective choice, public goods, and externalities, income redistribution, public sector pricing, and specific expenditure programs. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 451 Public Finance: Tax Policy (5) SSc
Microeconomics of taxation: efficiency, incidence, effect on distribution of income, personal and corporate income taxes, sales and consumption taxes, taxation of property and estates. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 452 Economic Theory as Applied to the Political System (5) SSc
Explanation and evaluation of the political system, using elementary economics theory. Topics include alternative voting rules, the political effectiveness of various types of groups, causes and consequences of logrolling, and bureaucratic organizations. Prerequisite: ECON 300. Offered: jointly with POL S 416.

ECON 454 Cost-Benefit Analysis (5) SSc
Theory and practice of cost-benefit analysis of public sector projects and policies. Welfare criteria, investment criteria, shadow prices, social discount rate, marginal-willingness-to-pay for non-market goods, social risk, and special topics. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 455 Microeconomics of Public Policy (5) SSc
Topics include general equilibrium analysis of efficiency and equity, income and substitution effects, analysis of alternative welfare programs, intergovernmental grants, price discrimination, price controls, rationing, industry regulation, and public goods. Prerequisite: minimum grade of 2.0 in ECON 300.

ECON 464 Financial Crisis (5) SSc
Causes, effects, and cures for financial crisis traced through history from the Tulip Bubble, to the Great Depression, to the East Asian Crisis of 1997, and beyond. Explores the original work of Fisher, Keynes, Friedman, and Krugman, among others. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 471 International Trade (5) SSc
Identifies gains/losses from trade, trade policy, trade pacts, and trade organizations, with links to political economy. Highlights global firms/supply chain interdependencies via investment, migration, and outsourcing. Connects trade news to theory and policy. Prerequisite: a minimum grade of 2.0 in ECON 300.

ECON 472 International Finance (5) SSc
Explores global implications of macroeconomic and monetary theories and policies. Highlights interdependencies of countries through policy choices, trade flows, and financial investments. Connects current international financial news to theory and policy choices. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 473 Topics in International Trade (5) SSc
Advanced theory of trade and analysis of government trade policies. International trade and factor mobility. Theory of commercial policy. Prerequisite: minimum grade of 2.0 in ECON 301; ECON 471.

ECON 475 Economics of the European Union (5) SSc
Analysis of economic issues relating to the European union. Explores the institutional aspects, the attempt to coordinate social and economic policies - welfare, employment, commercial, fiscal, and monetary - and the economic linkages between the European Union and the rest of the world. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 476 Trade, Foreign Direct Investment, and Labor Migration (5) SSc
Covers the economic theory of foreign trade, foreign direct investment and international labor migration. Focuses on the phenomena of investment and migration, exploring their relations with trade and discussing relevant government policies. Real world examples and experience will be presented and explained in class. Prerequisite: 2.0 in ECON 301

ECON 481 Data Science Computing for Economics (5) NSc
Provides technical foundations required to do rigorous computational analytical work with economic data and models, either in an academic or professional setting. Includes learning how to gather economic data programmatically, use industry standard tools to analyze it, and build custom tools. Prerequisite: a minimum grade of 2.0 in ECON 300; MATH 126; ECON 382 or ECON 482; and either STAT 311, STAT 390, or Q SCI 381; recommended: MATH 208.

ECON 482 Econometric Theory and Practice (5) NSc
Applies statistical modeling to empirical work in economics. Focuses on regression analysis; derivations of regression estimators and their properties; and applied computer work in estimating multiple regression models. Prerequisite: a minimum grade of 2.0 in ECON 300; and either ECON 311, STAT 311, STAT 390, or Q SCI 381.

ECON 483 Econometric Applications (5) NSc
Provides opportunity to learn econometric model building for a particular problem while applying the theory learned in various courses to specific economic cases. Estimate, test, and forecast economic models. Extensive use of the computer and econometric programs. Prerequisite: minimum grade of 2.0 in ECON 301; either ECON 311/STAT 311, STAT 341, MATH 390/STAT 390, or Q SCI 381.

ECON 484 Econometrics and Data Science (5) NSc
Advanced continuation of ECON 482 and ECON 483. Traditional topics: structural modeling, non-linear and logistic regression, the LASSO, and non-traditional topics: regression and classification trees, bagging, boosting, and random forests. Computer based, uses the R language, emphasizing interpretation, not formal proofs. Prerequisite: ECON 482; MATH 126.

ECON 485 Game Theory with Applications to Economics (5) NSc
Introduction to the main concepts of game theory: strategy, solution concepts for games, strategic behavior, commitment, cooperation, and incentives. Application to economics oligopoly theory, bargaining theory, and contract theory. Course overlaps with: B BECN 469. Prerequisite: a minimum grade of 2.0 in ECON 300.

ECON 486 Economics of Information (5) SSc
Basic models of decision making and strategic interaction in the presence of imperfect and incomplete information. Information issues in market exchange and in hierarchical settings. Includes adverse selection, moral hazard, signaling, and screening. Course overlaps with: ECON 402. Prerequisite: a minimum grade of 2.0 in ECON 300.

ECON 487 Data Science for Strategic Pricing (5) NSc
Focuses on applying data science techniques using economic principles. Applies the theory of optimal pricing to real-world datasets using the statistical program R. Data science and machine learning for policy evaluation also covered. Prerequisite: minimum grade of 2.0 in ECON 300; minimum grade of 2.0 in either ECON 382 or ECON 482 (ECON 482 recommended).

ECON 488 Causal Inference (5) NSc
Statistical methods for inference about counterfactuals. Focuses on uncovering causal relationships, whereby the researcher is interested in quantifying the effect of a cause on one or more outcome variables of interest. Program evaluation with data from randomized control trials, matching, instrumental variables and LATE, difference-in-difference, synthetic controls, and regression discontinuity design (sharp and fuzzy). Prerequisite: ECON 482; recommended: MATH 126

ECON 490 Comparative Economic Systems (5) SSc
Study of resource allocation, growth, and income distribution in capitalist, market socialist, and centrally planned economies. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 491 Issues in Economic Development (5) SSc
Examines factors contributing to the economic problems of developing countries and possible solutions. Theory and applications in economic development and international trade. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 492 Macroeconomics of Emerging Markets (5) SSc
Examines how the standard macroeconomic models that are used in industrial countries can be modified to help understand the macroeconomic issues facing emerging and developing countries. Covers topics including fiscal policy, inflation targeting, financial market stability, natural resource dependence, and institutional reforms. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 493 Economy of Modern China (5) SSc
Prerequisite: minimum 2.0 in ECON 301.

ECON 494 Economy of Japan (5) SSc
Analysis of the economic growth of Japan since about 1850 to the present. The reasons for rapid industrialization, various effects of sustained economic growth, and significant contemporary issues are investigated. Prerequisite: ECON 201.

ECON 495 Economies in Transition (5) SSc
Analysis of the interaction between institutional change and economic performance in the transforming socialist economies. Resources allocation in command economies. Market institutions. Primary focus on empirical comparison of growth, productivity, and social institutions in former socialist economies in Asia, Europe, and Central Asia. Prerequisite: minimum grade of 2.0 in ECON 301.

ECON 496 Honors Seminar (5) SSc
Honors and other students in high standing have the opportunity to develop research techniques, to pursue topics in breadth and depth, and to apply tools of economic analysis to selected topics in economic theory and current issues of national and international economic policy.

ECON 497 Honors Directed Study (5)
Students write their honors thesis on the topic chosen in the Honors Seminar working under the previously arranged supervision of a faculty adviser. Prerequisite: ECON 496

ECON 498 Senior Seminar (5) SSc
Advanced undergraduate research in economics. Students formulate some underlying economic issue, organize its study, gather necessary information, and analyze results. Does not satisfy graduation requirement for the major. Prerequisite: ECON 301; one 400-level ECON course.

ECON 499 Undergraduate Research (1-5, max. 10)
May not be applied toward an advanced degree.

ECON 500 Microeconomic Analysis I (4)
Duality and comparative statics analysis. Consumer and firm behavior. Uncertainty. Prerequisite: permission of instructor.

ECON 501 Microeconomic Analysis II (4)
General equilibrium and welfare economics. Introduction to game theory. Prerequisite: ECON 500.

ECON 502 Macroeconomic Analysis I (4)
Topics include theories of business cycles, dynamics of price adjustments, consumption theory, dynamic programming, introduction to numerical techniques, and open economy macroeconomics. Prerequisite: permission of instructor.

ECON 503 Macroeconomic Analysis II (4)
Rational expectations in macroeconomic models. Dynamic optimizing models under uncertainty. Empirical examination of consumption, asset-pricing, and real business cycles. Prerequisite: ECON 502.

ECON 508 Microeconomic Analysis III (4)
Information economics. Prerequisite: ECON 500; ECON 501.

ECON 509 Macroeconomic Analysis III (4)
Modern macroeconomic dynamics, presenting a range of approaches based on intertemporal optimization. Representative agent models with special emphasis on the analysis of government policy. More advanced discussion of economic growth. Prerequisite: ECON 502; ECON 503, or equivalent.

ECON 511 Advanced Microeconomic Theory: Selected Topics (3, max. 12)
Seminar in advanced microtheory. Selected topics of special interest and significance. Prerequisite: ECON 500; ECON 501.

ECON 512 Advanced Macroeconomic Theory: Selected Topics (3, max. 12)
Seminar in advanced macrotheory. Selected topics of special interest and significance.

ECON 515 Special Topics in Mathematical Economics (3, max. 12)

ECON 516 Noncooperative Game Theory for Economists (3)
Study of both pure game theory and its applications to such problems as oligopoly pricing, non-cooperative bargaining, entry deterrence, reputation phenomena. Focus on game theory as a modeling tool as opposed to a body of known results. Course overlaps with: B ECON 546. Prerequisite: ECON 508.

ECON 517 Foundations of Economic Analysis (3)

ECON 518 Contract Theory (4)
Basic contract theory models, including hidden action and hidden information models. Current developments in contract theory. Prerequisite: ECON 508 or permission of instructor.

ECON 519 Economics of Contracts and Organizations: Empirics (3)
Critically reviews empirical literature on contracts and organization. Topics include multi-tasking; incentives and risk sharing; relative and subjective performance evaluation; team production; tournament and promotion; efficiency wage; career concern; relational contracts; asset specificity and asset ownership; complexity, uncertainty, asset ownership; adverse selection. Prerequisite: ECON 518; ECON 582, or permission of instructor.

ECON 520 The Economics of Property Rights (3)
Application of standard economic theory to analyze various forms of property rights as constraints of competition; the costs associated with delineation and enforcement of rights; the costs of negotiating and enforcing contracts for right transfers; resource allocation and income distribution implied by different property right and transaction cost constraints. Prerequisite: ECON 500; ECON 501, or permission of instructor.

ECON 523 Emergence of the State (3)
Using tools of property rights, industrial organization, and game theory, explores the emergence of the state. Specifies conditions conducive to constitutional rule. Analyzes circumstances amenable to state-promoted exchange as opposed to self-enforced agreements. Prerequisite: ECON 500; ECON 501, or permission of instructor.

ECON 525 Computational Methods for Structural Economic Analyses (3)
Develops a basic understanding of computational techniques used in the economic literature. Demonstrates, with economic examples, when and how these techniques are used and why and how they work. Prerequisite: STAT 509/CS&SS 509/ECON 580; ECON 581; and ECON 582.

ECON 527 Empirics and Theory in Macroeconomics (3)
Explores the integration of empirical and theoretical methods central to macroeconomic research. Exposes students to frontier areas of research to help them learn substantive material and transition to conducting their own independent research. Prerequisite: ECON 502; ECON 503; ECON 509; ECON 581; ECON 582.

ECON 528 Micro Heterogeneity in Macroeconomics (3)
Discusses the role of heterogeneity in impulse and propagation of shocks to output, consumption, and asset prices. Covers empirical methods and theoretical models to further our understanding of these topics.

ECON 534 Empirical Industrial Organization II (4)
Exposes students to the research frontier in empirical industrial organization. Topics include identification in linear models, models of product differentiation, estimation in data-rich environments, static games of imperfect competition, dynamic games of imperfect competition, and computational approaches to large-scale games.

ECON 535 Natural Resource Economics (3)
Half of integrated two-course sequence in environmental and natural resource economics. Dynamic optimization. Nonrenewable resource extraction and exploration, including effects of market structure, uncertainty, and taxation. Renewable resources, including fisheries and forests. Prerequisite: ECON 500; ECON 501, or permission of instructor.

ECON 536 Environmental Economics (3)
Half of integrated two-course sequence in environmental and natural resource economics. Theory of externalities. Normative and positive analysis of policy instruments for environmental management. Theory and methods of measuring environmental and resource values. Prerequisite: ECON 500; ECON 501, or permission of instructor.

ECON 537 Economic Aspects of Marine Policy (3)
Development of pertinent economic concepts and their application to selected topics in marine policy decision making, including maritime policy, OCS oil and gas development, and wetlands management. Prerequisite: SMEA 500 or permission of instructor. Offered: jointly with SMEA 537; W.

ECON 538 Economics of Living Marine Resources (3)
Develops pertinent economic concepts and applications for conservation, regulation, and restoration of fisheries and other living resources. Gives special attention to fishery management, including harvest regulation and enforcement, recreational fisheries evaluation, property rights regimes, contemporary issues, and marine protected area management. Offered: jointly with SMEA 538; Sp.

ECON 539 Economics of Natural Resources Seminar (4)
Uses dynamic optimization, game theory, industrial organization, political economy, development, and econometrics to explore economic modeling problems in commercial, recreational, and subsistence fisheries. Recommended: coursework in mathematical modeling and optimization; and econometric analysis.

ECON 541 Labor Economics (3)
Theoretical and empirical analysis of the labor market, focusing on the time allocation and labor supply decisions of individuals and households and the determinants of wages and wage differentials.

ECON 542 Labor Economics (3)
Theoretical and empirical analysis of the labor market. The determinants of labor supply and demand, human capital investment, the pattern of compensation, employment contracts and incentives, unemployment and labor market dynamics.

ECON 543 Population Economics (3)
Analysis of population issues from an economic perspective. Focuses on the study of household behavior in both developed and developing countries. Studies areas including fertility decisions, health and mortality, investment in education, the intra-household allocation of resources, and household structure and marriage. Prerequisite: ECON 501.

ECON 547 Health Policy Economics (3)
Applies economic theory to selected topics in healthcare, including information, risk and insurance, industry organization, government regulation, and public health issues. Emphasizes policy implications of these applications. Offered: jointly with HSERV 587.

ECON 550 Public Finance: Expenditure Policy (3)
Theory of public finance with emphasis on public expenditures. Social welfare maximization, public goods and externalities, decreasing cost industries, theory of collective choice, second-best analysis. Prerequisite: ECON 500; ECON 501, or permission of instructor.

ECON 551 Public Finance: Tax Policy (3)
Theory of public finance with emphasis on taxation. Second-best analysis, optimal taxation, general equilibrium incidence analysis, issues in personal income taxation and corporate income taxation. Prerequisite: ECON 500; ECON 501, or permission of instructor.

ECON 554 Cost-Benefit Analysis (3)
Covers the theoretical foundations of cost-benefit analysis using graduate microeconomics. Stresses both the conceptual and practical problems encountered in the subject. Emphasis on problem solving and term project. Prerequisite: ECON 500; ECON 501.

ECON 568 Game Theory for Social Scientists (5)
Studies non-cooperative game-theory and provides tools to derive appropriate statistical models from game-theoretic models of behavior. Equilibrium concepts, learning, repeated games and experimental game theory. Prerequisite: MATH 112, MATH 124, or MATH 134; STAT 311/ECON 311 or equivalent. Offered: jointly with CS&SS 568.

ECON 571 International Trade Theory (3)
Comparative advantage, resource allocation, income distribution, and foreign trade. Different theories of trade, with or without perfect competition and constant returns. International factor mobility. Prerequisite: ECON 500; ECON 501.

ECON 572 International Financial and Monetary Economics (3)
Analysis of open economy macro models with emphasis on exchange rates and balance of payments determination. Prerequisite: ECON 502; ECON 503.

ECON 573 International Commercial Policy (3)
Analysis of welfare aspects of international trade and factor mobility. Costs and benefits of protection; implications of different government policies. Import competition and response. Prerequisite: ECON 500; ECON 502.

ECON 574 International Macroeconomics (3)
Surveys recent developments in international macroeconomics, placing particular emphasis on the dynamic aspects. One sector, multisector, and two-country international models discussed. Fiscal issues treated in depth. Stochastic aspects introduced and related to the literature on international real business cycles. Prerequisite: ECON 509 or equivalent.

ECON 575 International Trade and Macroeconomics (3)
Studies how international macroeconomic models with trade microfoundations can shed light on questions in international macroeconomics. Theories are confronted with evidence, and special attention is paid to the roles of produces entry and exit into markets, and of firm heterogeneity, in shaping aggregate fluctuations and economic policy outcomes.

ECON 580 Econometrics I: Introduction to Mathematical Statistics (4)
Examines methods, tools, and theory of mathematical statistics. Covers, probability densities, transformations, moment generating functions, conditional expectation. Bayesian analysis with conjugate priors, hypothesis tests, the Neyman-Pearson Lemma. Likelihood ratio tests, confidence intervals, maximum likelihood estimation, Central limit theorem, Slutsky Theorems, and the delta-method. Prerequisite: STAT 311; either MATH 126 or MATH 136; and either MATH 208 or MATH 209. Offered: jointly with CS&SS 509/STAT 509.

ECON 581 Econometrics II (4)
Methods, tools, and theory of econometrics as the basis for empirical investigation in economics. Specification, testing, and use of econometric models with reference to examples in the literature. Prerequisite: either ECON 580, CS&SS 509, or STAT 509.

ECON 582 Econometrics III (4)
Methods, tools, and theory of econometrics as the basis for empirical investigation in economics. Specification, testing, and use of econometric models with reference to examples in the literature. Prerequisite: ECON 581.

ECON 583 Econometric Theory I (4)
Estimation and testing in linear and nonlinear regression models. Asymptotic theory, bootstrapping. Theoretical developments are reinforced with a variety of empirical examples and applications. Prerequisite: STAT 509/ECON 580/CS&SS 509; ECON 581; and ECON 582 (or equivalent).

ECON 584 Econometric Theory II (4)
Useful for individuals who plan to conduct research in empirical macroeconomics, empirical finance/asset pricing models, and empirical international economics. Topics include stationary univariate time series, Vector Autoregressive models, State-space models and the Kalman filter (unobserved components models/time-varying parameter models), cointegration models, and volatility models. Prerequisite: ECON 582.

ECON 585 Econometric Theory III (4)
Econometric issues that arise in applied microeconomic research. Topics range from standard methods to recent developments. Focus varies yearly to reflect interests of instructors and students. Prerequisite: ECON 583 or equivalent.

ECON 586 Advanced Applied Time Series Analysis (3)
Time series and empirical macroeconomics with focus on applications of time series analysis to various topics in macroeconomics and finance. Topics include: state-space models and Kalman filter; Markov-switching models and their extensions; Bayesian Gibbs sampling; randomization; and measurement of volatility.

ECON 587 Applied Microeconometrics (4)
Application of microeconomics methods. Topics include treatment effects, instrumental variables, natural experiments, measurement error, panel data, difference-in-differences, sibling data, regression discontinuity, randomization, and quantile regression. Prerequisite: ECON 582.

ECON 588 Bayesian Econometics (3)
Introduces the Bayesian approach to econometrics, and examines how estimation problems can be recast in a Bayesian light. Emphasizes practical technique. Examines Bayesian methods, standard econometric models, and computational issues.

ECON 589 Financial Econometrics (4)
Focuses on statistical modeling of financial time series with an emphasis on modeling volatility and correlation. Topics include statistical properties of asset returns, volatility and correlation modeling, statistical analysis of ultra high frequency time series, and estimation of continuous time models for asset returns. Prerequisite: ECON 583; either ECON 584 or STAT 519.

ECON 590 Introduction to Development Economics (4)
Theoretical and empirical analysis of the microeconomics of development. Examines household behavior in developing countries, and how households respond to missing/imperfect markets. Includes intrahousehold allocation, responses to risks and shocks, credit markets, firms, labor markets, and health. Prerequisite: either ECON 508 and ECON 582, or permission of instructor.

ECON 591 Topics in Development Economics I (4)
Topics in development economics. Includes cash transfers and anti-poverty programs, behavioral development economics, gender, and digital financial technology. Prerequisite: either ECON 508 and ECON 582, or permission of the instructor; recommended: ECON 587.

ECON 592 Financial Markets and Economic Development (3)
Theoretical, empirical, and historical analysis of the structure of the financial system and its impact on economic development and macroeconomic stability. Topics include the creation of safe financial assets, liquidity transformation, securitized banking, and financial crises. Prerequisite: ECON 503.

ECON 593 Topics in Development Economics II (3)
Covers topics in development economics. Includes research design, the strengths and limitations of experiments in development, education, social economics, peer effects, information, and the importance of networks. Prerequisite: either ECON 508 and ECON 582, or permission of the instructor.

ECON 594 Economic Growth (4)
Studies various theoretical approaches to the question of why some countries are richer than others using generalizations and extensions of contemporary macroeconomic theory. Discusses the implications of various macroeconomic policies for economic growth. Prerequisite: ECON 502; ECON 503; and ECON 509.

ECON 595 Growth and Inequality (3)
Introduces the modern tools of macroeconomic analysis, in the context of several research topics in the areas of growth and inequality. Helps prepare students to undertake research of their own.

ECON 596 Research Issues in Microeconomics (3)
Provides opportunity to practice research and presentation skills in applied and theoretical microeconomics. Students develop and refine thesis topics under faculty supervision. Credit/no-credit only.

ECON 599 Research Issues in Econometrics (3)
For second-year students or above who plan to do research in micro-econometrics or nonparametric and semi-parametric econometrics. Provides a forum for state-of-the-art research and an opportunity for students to practice research and presentation skills in applied and theoretical econometrics. Credit/no-credit only.

ECON 600 Independent Study or Research (*-)
Credit/no-credit only.

ECON 601 Internship (1-9, max. 9)
Credit/no-credit only.

ECON 602 Teaching Introductory Economics (1)
Examines problems encountered in preparing and presenting courses in introductory economics. Credit/no-credit only.

ECON 800 Doctoral Dissertation (*-)
Credit/no-credit only.