Economics           1

ECONOMICSContact InformationEconomicshttps://economics.rice.edu/266 Baker Building713-348-3563

Kenneth WolpinDepartment ChairKenneth.I.Wolpin@rice.edu

George R. ZodrowDirector of Undergraduate Studieszodrow@rice.edu

Hülya EraslanDirector of Doctoral Studieseraslan@rice.edu

Peter HartleyCo-Director of MEEcon Programhartley@rice.edu

Kenneth Medlock IIICo-Director of MEEcon Programmedlock@rice.edu

Students will learn the basic principles of microeconomics,macroeconomics, and econometrics, and how to apply those principles instudying economics phenomena and analyzing public policy issues.

Undergraduates may major in economics or mathematical economicanalysis (but not both). The major in mathematical economic analysis isa mathematically-intensive course of study recommended for studentswho intend to pursue graduate work in economics or a business orgovernmental job in which extensive analytical and quantitative skills arerequired.

Master of Energy Economics (MEEcon) students will be able to produceinsightful analyses of energy markets to inform such things as capitalasset decisions, firm strategic direction, and future market orientation.

The PhD program in economics equips students with the theoreticaland empirical skills essential to entering research careers in academia,business, and government.

Bachelor's Programs• Bachelor of Arts (BA) Degree with a Major in Economics  (ga.rice.edu/

programs-study/departments-programs/social-sciences/economics/economics-ba)

• Bachelor of Arts (BA) Degree with a Major in Mathematical EconomicAnalysis  (ga.rice.edu/programs-study/departments-programs/social-sciences/mathematical-economic-analysis/mathematical-economic-analysis-ba)

Minor• Minor in Financial Computation and Modeling (ga.rice.edu/programs-

study/departments-programs/engineering/financial-computation-modeling/financial-computation-modeling-minor)

Master's Programs• Master of Energy Economics (MEEcon) Degree (ga.rice.edu/

programs-study/departments-programs/social-sciences/energy-economics/energy-economics-meecon)

• Master of Arts (MA) Degree in the field of Economics*

Doctoral Programs• Doctor of Philosophy (PhD) Degree in the field of Economics

(ga.rice.edu/programs-study/departments-programs/social-sciences/economics/economics-phd)

• and a Major Concentration in Economics and Finance(ga.rice.edu/programs-study/departments-programs/social-sciences/economics/economics-concentration-finance-phd)

* Although students are not normally admitted to a Master of Arts (MA)degree program, graduate students may earn the MA as they worktowards the PhD.

ChairKenneth Wolpin

ProfessorsKerry BackRichard BoylanBryan W. BrownJames N. BrownFlavio CunhaMahmoud El-GamalHülya EraslanPeter HartleyVivian HoAntonio MerloTed Loch-TemzelidesIsabelle PerrigneRobin C. SicklesXun TangGeorge R. Zodrow

Associate ProfessorsMarc Peter DudeyJeremy Fox

Assistant ProfessorsRosella CalviYinghua HeYunmi KongMallesh PaiNatalia Sizova

Professors EmeritiDagobert L. BritoJohn B. BryantDonald L. Huddle

2        Economics

Peter MieszkowskiRonald Soligo

LecturersMaria BejanMichele BiavatiAmelie CarltonJames DeNicco

Adjunct ProfessorsBruce M. LairsonJohn Michael Swint

Adjunct Associate ProfessorsCharles E. Begley

Adjunct Assistant ProfessorsJohn DiamondKenneth Medlock III

For Rice University degree-granting programs:To view the list of official course offerings, please see Rice’sCourse Catalog (https://courses.rice.edu/admweb/!SWKSCAT.cat?p_action=cata)To view the most recent semester’s course schedule, please see Rice'sCourse Schedule (https://courses.rice.edu/admweb/!SWKSCAT.cat)

Economics (ECON)ECON 100 - PRINCIPLES OF ECONOMICSShort Title: PRINCIPLES OF ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelDescription: Introduction to the basic concepts of microeconomics andmacroeconomics. Microeconomics component includes analysis ofsupply and demand, consumer and producer behavior, and competitiveand noncompetitive market equilibria, with applications to currentpolicy issues. Macroeconomics component provides an overview ofthe determination of national output, employment, interest rates, andinflation, and analyzes monetary fiscal policies and international trade.Designed for both non-majors and majors. Mutually Exclusive: Creditcannot be earned for ECON 100 and ECON 101.

ECON 101 - INTRODUCTION TO MICROECONOMICSShort Title: INTRODUCTION TO MICROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelDescription: Introduction to microeconomic analysis at a level suitablefor non-majors. Applies only for transfer credit and requires departmentalapproval. Approved credit counts toward total credit hours required forgraduation and for distribution, but does not count toward the ECON orMTEC majors. Students may not receive credit for ECON 101 if creditfor ECON 201/211 has already been awarded. Mutually Exclusive: Creditcannot be earned for ECON 101 and ECON 100/ECON 201/ECON 211.

ECON 103 - INTRODUCTION TO MACROECONOMICSShort Title: INTRODUCTION TO MACROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelDescription: Introduction to macroeconomic analysis at a level suitablefor non-majors. Applies only for transfer credit and requires departmentalapproval. Approved credit counts toward total credit hours required forgraduation and for distribution, but does not count toward the ECON orMTEC majors. Students may not receive credit for ECON 103 if credit forECON 212 has already been awarded. Mutually Exclusive: Credit cannotbe earned for ECON 103 and ECON 112/ECON 212.

ECON 111 - AP/OTH CREDIT IN MICROECONOMICSShort Title: AP/OTH CREDIT MICROECONOMICSDepartment: EconomicsGrade Mode: Transfer CoursesCourse Type: TransferCredit Hours: 1-6Course Level: Undergraduate Lower-LevelDescription: Provides transfer credit based on student performanceon approved examinations in microeconomics, such as the AdvancedPlacement microeconomics exam or the International Baccalaureatehigher-level economics exams, or for an approved introductorymicroeconomics course. Approved credit counts toward total credit hoursrequired for graduation, but does not count for distribution or toward theECON or MTEC majors. Students may not receive credit for ECON 111 ifcredit for ECON 201/211 has already been awarded. Mutually Exclusive:Credit cannot be earned for ECON 111 and ECON 201/ECON 211.

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ECON 113 - AP/OTH CREDIT IN MACROECONOMICSShort Title: AP/OTH CREDIT MACROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: TransferCredit Hours: 1-6Course Level: Undergraduate Lower-LevelDescription: Provides transfer credit based on student performanceon approved examinations in macroeconomics, such as the AdvancedPlacement macroeconomics exam or the International Baccalaureatehigher-level economics exams, or for an approved introductorymacroeconomics course. Approved credit counts toward total credithours required for graduation, but does not count for distribution ortoward the ECON or MTEC majors. Mutually Exclusive: Credit cannot beearned for ECON 113 and ECON 112/ECON 212.

ECON 200 - MICROECONOMICSShort Title: MICROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryDistribution Group: Distribution Group IICredit Hours: 4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100 and (MATH 102 (may be taken concurrently) orMATH 106)Description: Intermediate level analysis of theories of household behavior,including demand for consumer goods, labor supply, and savings/investment decisions, and producer behavior including the supply ofoutput and demands for labor, capital and other production inputs.Emphasizes individual and interactive decision making under resourceconstraints. Analyzes equilibria in competitive and noncompetitivemarkets, and discusses topics in welfare economics. MATH 102 may betaken concurrently with ECON 200. Mutually Exclusive: Credit cannot beearned for ECON 200 and ECON 301.

ECON 203 - MACROECONOMICSShort Title: MACROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 200 (may be taken concurrently)Description: Analyzes aggregate performance of the national economyincluding output, inflation, interest rates, employment, the business cycle,monetary and fiscal policy, and more generally the role of governmentin influencing aggregate economic performance. Introduces both thetraditional aggregative only approach to Macroeconomics and the morerecent New Classical and New Keynesian micro-foundations approaches.ECON 200 may be taken concurrently. Mutually Exclusive: Credit cannotbe earned for ECON 203 and ECON 303.

ECON 209 - APPLIED ECONOMETRICSShort Title: APPLIED ECONOMETRICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryDistribution Group: Distribution Group IICredit Hours: 4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100 and (ECON 307 or STAT 310 or STAT 315)Description: Applied econometric methods: econometric theory withpractical emphasis on modeling, estimation, and hypothesis testing. Acomputer lab one day a week focuses on empirical implementation ofeconometric methods using STATA software. Mutually Exclusive: Creditcannot be earned for ECON 209 and ECON 309/ECON 446.

ECON 210 - BEHAVIORAL ECONOMICSShort Title: BEHAVIORAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100Description: Examines behavioral economics, which seeks to insert morebehavioral realism into economic theory by incorporating into economicmodels insights based on empirical observations from psychology,sociology, and neuroscience. Emphasizes attempts by behavioraleconomists to explain anomalies that depart from the predications ofstandard economic theory. Topics include temptation and self-control,fairness and reciprocity, reference dependence, bounded rationality andchoice under risk and uncertainty.

ECON 238 - SPECIAL TOPICSShort Title: SPECIAL TOPICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Internship/Practicum, Lecture, Seminar, LaboratoryCredit Hours: 1-4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelDescription: Topics and credit hours vary each semester. Contactdepartment for current semester's topic(s). Repeatable for Credit.

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ECON 239 - LAW AND ECONOMICSShort Title: LAW AND ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100Description: Exploration of the law using economic tools based onmicroeconomic theory. Focuses on legal issues most applicable tobusiness. Mutually Exclusive: Credit cannot be earned for ECON 239 andECON 438.

ECON 260 - MICROECONOMICS AND PUBLIC POLICYShort Title: MICROECONOMICS & PUBLIC POLICYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100Description: Applies insights learned from the microeconomiccomponent of ECON 100 to the analysis of public policy issues, stressingeconomic intuition rather than mathematical formulations. Designed forstudents who do not wish to major in ECON or MTEC, and does not applytoward ECON or MTEC major requirements.

ECON 265 - MICROECONOMICS AND PUBLIC POLICY TOWARDSBUSINESSShort Title: MICRO & PUBLIC POLICY/BUSINESSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100Description: Applies insights learned from the microeconomiccomponent of ECON 100 to the analysis of issues related to public policytoward business, stressing economic intuition rather than mathematicalformulations. Designed for students who do not wish to major in ECON orMTEC, and does not apply toward ECON or MTEC major requirements.

ECON 270 - MACROECONOMICS AND PUBLIC POLICYShort Title: MACROECONOMICS & PUBLIC POLICYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100Description: Applies insights learned from the macroeconomiccomponent of ECON 100 to the analysis of public policy issues, stressingeconomic intuition rather than mathematical formulations. Designed forstudents who do not wish to major in ECON or MTEC, and does not applytoward ECON or MTEC major requirements.

ECON 275 - INTERNATIONAL MACROECONOMICS AND PUBLIC POLICYShort Title: INT MACRO & PUBLIC POLICYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 100Description: Applies insights learned from the macroeconomiccomponent of ECON 100 to the analysis of issues related to internationalpublic policy, stressing economic intuition rather than mathematicalformulations. Designed for students who do not wish to major in ECON orMTEC, and does not apply toward ECON or MTEC major requirements.

ECON 299 - EXPERIENTIAL EDUCATION IN ECONOMICSShort Title: EXPERIENTIAL EDUC IN ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Internship/PracticumCredit Hour: 1Restrictions: Enrollment is limited to students with a major inEconomics or Mathematical Economic Analysis. Enrollment is limited toUndergraduate, Undergraduate Professional or Visiting Undergraduatelevel students.Course Level: Undergraduate Lower-LevelPrerequisite(s): ECON 200Description: Provides one hour of university credit for faculty-approvedinternship. Students must obtain approval from a member of thedepartment’s undergraduate committee and must an offer letter fromthe internship provider as well as a letter indicating completion andsatisfactory performance. Instructor Permission Required. Repeatable forCredit.

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ECON 300 - GAME THEORY AND OTHER MICRO TOPICS FOR ECONMAJORSShort Title: GAME THEORY, MICRO TOPICS/ECONDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and (ECON 307 or STAT 310 or STAT 315)Description: Advanced applied analysis of topics in microeconomicsdesigned for students in the ECON major. Topics include the foundationsand applications of game theory, the economics of choice underuncertainty, and information economics including issues of asymmetricinformation. Additional topics may include auction theory andmechanism design. Open to all majors other than MTEC. MutuallyExclusive: Credit cannot be earned for ECON 300 and ECON 205.

ECON 305 - GAME THEORY AND OTHER MICRO TOPICS FOR MTECMAJORSShort Title: GAME THEORY, MICRO TOPICS/MTECDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): (ECON 307 or STAT 310 or STAT 315) and ECON 308Description: Advanced theoretical analysis of topics in microeconomics,focusing on mathematical modeling. Designed for students in theMTEC major. Topics include the foundations and applications of gametheory, general equilibrium theory and applications, the economics ofchoice under uncertainty, and information economics including issuesof asymmetric information. Additional topics may include auction theoryand mechanism design. Open to all majors. Mutually Exclusive: Creditcannot be earned for ECON 305 and ECON 405.

ECON 307 - PROBABILITY AND STATISTICSShort Title: PROBABILITY & STATISTICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IIICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): MATH 102 or MATH 106 or MATH 112Description: Probability and the central concepts and methods ofstatistics including probability, distributions of random variables,expectation, sampling distributions, estimation, confidence intervals, andhypothesis testing. Cross-list: STAT 310. Recommended Prerequisite(s):MATH 212.Course URL: statistics.rice.edu/courses.cfm

ECON 308 - MATHEMATICAL ECONOMICSShort Title: MATHEMATICAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and (MATH 212 or (MATH 221 andMATH 222))Description: Coverage of mathematical topics used in economics, suchas linear algebra, optimization, and real analysis, with applicationsto fundamental topics in economic theory, constrained optimization,labor market dynamics, game theory and Leontief input-output model.Emphasizes logical clarity and mathematical rigor, along with the abilityto follow and construct mathematical proofs. Students must haveeither (1) made a grade of B- or higher in MATH 212 or MATH 221/MATH 222 taken at Rice, or (2) received transfer credit for MATH 212 orMATH 221/MATH 222 and received approval of the course instructor.Mutually Exclusive: Credit cannot be earned for ECON 308 and ECON 401/ECON 477.

ECON 310 - ECONOMETRICSShort Title: ECONOMETRICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 209 and ECON 308Description: Survey of estimation and forecasting models. Includesmultiple regression time series analysis. A good understanding of linearalgebra is highly desirable. Cross-list: STAT 376. Mutually Exclusive:Credit cannot be earned for ECON 310 and ECON 409/STAT 400.

ECON 343 - CORPORATE FINANCEShort Title: CORPORATE FINANCEDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 100 and (STAT 280 or STAT 305 or STAT 310or STAT 315 or ECON 307 or STAT 312 or POLI 395 or PSYC 339) andBUSI 305Description: Corporate financial management including tools used toevaluate and select investment projects and the method of financingthose investments. The influence of corporate control on investmentdecisions. The valuation of stocks, bonds and options using the timevalue of money, the trade-off between risk and return, and arbitrage.Recommended Prerequisite(s): ECON 200. Mutually Exclusive: Creditcannot be earned for ECON 343 and BUSI 343.

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ECON 355 - FINANCIAL MARKETSShort Title: FINANCIAL MARKETSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group IICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Principles governing U.S. and international equity anddebt markets, and the interactions between such markets and nationalmonetary and exchange rate policies. Focuses on the role of financialmarkets and institutions in the allocation and transfer of credit and risk,and examines various existing and suggested regulatory frameworks.

ECON 365 - WORLD ECONOMIC HISTORYShort Title: WORLD ECONOMIC HISTORYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureDistribution Group: Distribution Group ICredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 100 and ECON 200 and ECON 203Description: Study and analysis of world economy focusing on theeconomic expansion of Western countries between the 14th and 21stcenturies. Emphasis on contextual changes in economy, geography,history, society, culture, religion and politics in determining economicleadership of certain economies, such as Italy, Portugal, Spain, the UnitedKingdom, Belgium, the Netherlands, France, Germany, Sweden, the UnitedStates and Japan. Cross-list: HIST 365.

ECON 399 - INDEPENDENT RESEARCHShort Title: INDEPENDENT RESEARCHDepartment: EconomicsGrade Mode: Standard LetterCourse Type: ResearchCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203 and ECON 209 and (ECON 300 or ECON 305)Description: Independent research project under the supervision of afaculty member who must approve the topic.Consult the departmentwebsite under "Independent Research" for additional details. Studentsmust have a GPA of 3.0 or higher in the prerequisite courses and musthave taken the 400-level course or courses most relevant to the researchtopic. Faculty advisors may require additional prerequisites. Instructorand department permission required. Not offered during the summer.Instructor Permission Required.

ECON 415 - LABOR ECONOMICSShort Title: LABOR ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Empirical evidence and theories relating to several featuresof labor markets. Topics covered may include fertility, health, criminalbehavior, labor force participation, hours of work, education andtraining, geographical and inter-firm labor mobility, static and dynamiclabor demand, unions, discrimination, government intervention inlabor markets, and "hedonic" equilibria in labor markets. Graduate/Undergraduate Equivalency: ECON 515. Mutually Exclusive: Credit cannotbe earned for ECON 415 and ECON 515.

ECON 418 - ECONOMIC FORECASTINGShort Title: ECONOMIC FORECASTINGDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203 and ECON 209Description: Application of econometric techniques to problems inmacroeconomics and financial economics. The course focuses onmacroeconomic forecasting and test of economic theories usingstationary and non-stationary time-series data. Methods includepredictive regressions, vector autoregressions, impulse responsefunctions, and variance decomposition. Tests and comparisons offorecast accuracy are also included. Projects will be completed in STATA.

ECON 419 - ADVANCED TOPICS IN ECONOMETRICSShort Title: ADV TOPICS IN ECONOMETRICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 310 or STAT 376Description: Introduction to advanced econometrics, with an emphasison methods used in microeconomic applications. Methods covered areused in the estimation of the demand for goods and services, productionfunctions, and for analyzing the impact of social programs.

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ECON 420 - INTERNATIONAL TRADEShort Title: INTERNATIONAL TRADEDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203Description: Studies the economic relationships between countries. Thiscourse explores the concept of comparative advantage, and it analyzeswhy countries trade. It includes trade theory, tariffs and other traderestrictions, trade and development, and current policy issues.

ECON 421 - INTERNATIONAL FINANCEShort Title: INTERNATIONAL FINANCEDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203Description: Analysis of foreign exchange and international capitalmarkets and linkages between exchange rates, interest rates, andprices, interest rates, and aggregate outputs, including internationaltransmission of business cycles and economic growth. Includes anoverview of historical and institutional developments, and current policyissues.

ECON 422 - INTERNATIONAL ECONOMICS AND FINANCEShort Title: INTERNATIONAL ECON & FINANCEDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 203Description: Studies the economic relationships among countries.Explores the sources of comparative advantage and reasons for tradepolicies. Examines foreign exchange and international capital marketsand linkages between exchange rates, interest rates, and prices. Includestrade theory, tariffs, and other trade restrictions, an overview of historicaland institutional developments, and current policy issues.

ECON 432 - POLITICAL ECONOMYShort Title: POLITICAL ECONOMYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 300 (may be taken concurrently) orECON 305 (may be taken concurrently)Description: Analyzes income redistribution, taxation, the production ofpublic goods, and other actions of the public sector as determined by apolitical process simultaneously with the economic process of exchangeand production. Investigates the connection between public policies andthe political forces that shape them.

ECON 435 - INDUSTRIAL ORGANIZATIONShort Title: INDUSTRIAL ORGANIZATIONDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): (ECON 300 or ECON 305) and (ECON 209 or ECON 310)Description: Covers topics in industrial organization and market design,including oligopoly, mergers, demand, matching and auctions.

ECON 437 - ENERGY ECONOMICSShort Title: ENERGY ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Discussion of key aspects in the supply and demand ofenergy. Topics include optimal extraction of depletable resources,transportation, storage, end-use and efficiency, and the relationshipbetween economic activity, energy, and the environment. Cross-list:ENST 437. Graduate/Undergraduate Equivalency: ECON 601. MutuallyExclusive: Credit cannot be earned for ECON 437 and ECON 601.

ECON 439 - ADVANCED TOPICS IN LAW AND ECONOMICSShort Title: ADV TOPICS IN LAW AND ECONDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Addresses the role of economics in understanding thelegal system, in particular how the law allocates entitlements and riskin property, tort and contract law. Intended primarily for students whoare considering attending law school and uses instruction methodsappropriate for that goal.

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ECON 441 - EMPIRICAL METHODS FOR INDUSTRIAL ORGANIZATIONShort Title: EMPIRICAL METHODS FOR IODepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 209Description: Covers empirical methods for the analysis of markets andindustries. Focuses on various topics related to incomplete informationin industrial organization. Topics include markets, strategy, interactionsamong firms, and the pricing of products, including non-linear pricing.

ECON 443 - FINANCIAL ECONOMICSShort Title: FINANCIAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 305 and (ECON 307 or STAT 310 or STAT 315)Description: Economic analysis of the operation of financial markets froma mathematical and theoretical perspective. Topics include asset pricing,risk management, portfolio theory, arbitrage theory, and market efficiency.Emphasizes the application of the financial concepts to decisions facedby households and firms.

ECON 445 - MANAGERIAL ECONOMICSShort Title: MANAGERIAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Application of economics to the determination of theprofitability of the firm. Includes organization theory and problems ofcontrol. A student may not receive credit for ECON 445 and ECON 245/POLI 245.

ECON 449 - PRINCIPLES OF FINANCIAL ENGINEERINGShort Title: FINANCIAL ENGINEERINGDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): (ECON 308 or MATH 211) and MATH 212 and (ECON 310or STAT 376)Description: Covers the use of financial securities and derivatives totake or hedge financial risk positions, including most commonly usedinstruments, from simple forwards and futures to exotic options andswaptions. Studies the pricing of derivative securities with emphasison the mechanics and uses of financial engineering methods. MutuallyExclusive: Credit cannot be earned for ECON 449 and STAT 449.

ECON 450 - ECONOMIC DEVELOPMENTShort Title: ECONOMIC DEVELOPMENTDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 203Description: This course covers different dimensions of economicdevelopment, focusing on poverty, inequality, demography, and health. Itprovides an overview of the economies of less developed countries, thelives of the poor, and the theories for why some countries are rich andothers are poor. It also describes how labor and credit markets function inpoor countries, the consequences for health and education, and the roleof institutions.

ECON 452 - RELIGION, ETHICS, AND ECONOMICSShort Title: RELIGION, ETHICS, & ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and (ECON 307 or STAT 310 or STAT 315)Description: Reviews economic models of the demand, supply, andmarkets for religion, including the effects of economic conditions onreligious choice and vice versa. Students will write a term paper ontopics of their choosing, subject to professor's approval. RecommendedPrerequisite(s): ECON 209 or ECON 310 or STAT 376.

ECON 455 - MONEY AND BANKINGShort Title: MONEY AND BANKINGDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 203Description: Micro-foundations of monetary, fiscal and financial theory.Examines the unique roles of money and of banking in providing thetransactions mechanism and in the functioning of financial markets.Explains the use of valued fiat, unbacked money which appears toviolate basic microeconomics, in the context of Samuelson's overlappinggenerations model, including the implications for monetary and fiscalpolicy and for inflation. Discusses bank runs and financial instability.

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ECON 460 - ADVANCED TOPICS IN ECONOMIC DEVELOPMENTShort Title: ADV TOPICS ECON DEVELOPMENTDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Focuses on role of taxation, finance and international trade,foreign investment and foreign aid in economic development.

ECON 462 - ECONOMICS OF HUMAN CAPITALShort Title: ECONOMICS OF HUMAN CAPITALDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 209Description: This course covers theory that describes the central roleof human capital in determining economic growth and inequality, usesadvanced econometric techniques to test if the theory is consistent withdata, and presents insights for public policy that can improve humancapital formation, increase economic growth and reduce social inequality.

ECON 470 - MARKET DESIGNShort Title: MARKET DESIGNDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and (ECON 307 or STAT 310 or STAT 315)Description: Regulators, entrepreneurs and economists have recentlybeen involved in the design of novel markets for radio spectrum, kidneys,on-line advertising, school choice, etc. This course utilizes game theoryto provide the theoretical underpinning of such markets via real worldexamples, including the study of institutional details that can determinethe success or failure of a market.

ECON 477 - SPECIAL TOPICSShort Title: SPECIAL TOPICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture, Laboratory, Internship/Practicum, SeminarCredit Hours: 1-4Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelDescription: Topics and credit hours vary each semester. Contactdepartment for current semester's topic(s). Mutually Exclusive: Creditcannot be earned for ECON 477 and ECON 308. Repeatable for Credit.

ECON 479 - ECONOMIC MODELING AND PUBLIC POLICYShort Title: ECONOMIC MODLG & PUBLIC POLICYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Examines the use of computational dynamic models toanalyze the effects of economic policy reforms. Introduces computerprogramming methods to simulate household and firm behavior inpartial and general equilibrium frameworks. Policy evaluation includespersonal and corporate income taxes, Social Security, retirement savingsincentives, and social insurance programs.

ECON 480 - ENVIRONMENTAL ECONOMICSShort Title: ENVIRONMENTAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Uses economic theories of externalities and commonproperty resources to analyze how markets, legal institutions, regulations,taxes and subsidies, and voluntary activity can affect the supply ofenvironmental amenities, such as clean air, clean water, and wildernessareas. Also discusses methods for determining the demand forenvironmental amenities. Cross-list: ENST 480.

ECON 481 - HEALTH ECONOMICSShort Title: HEALTH ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 209 or (ECON 310 or STAT 376)Description: Study of determinants of health, including behavioral,economic and social factors and access to health care. Applicationof economics to understand health insurance, the hospital andphysician markets, pharmaceuticals, and the health care system.Effects of regulation and methods of payment. Graduate/UndergraduateEquivalency: ECON 565. Mutually Exclusive: Credit cannot be earned forECON 481 and ECON 565.

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ECON 483 - PUBLIC FINANCEShort Title: PUBLIC FINANCEDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200Description: Provides an economic analysis of tax policy, focusing onthe current national debate regarding the relative merits of income andconsumption-based taxes in terms of equity, efficiency, and simplicity.Analyzes tax effects on individual and business behavior and discussesgeneral equilibrium modeling of the economic and distributional effectsof alternative tax reforms. Special topics include optimal taxation,taxation of the family, estate taxation, taxation of electronic commerce,and state and local public finance.

ECON 484 - PUBLIC ECONOMICSShort Title: PUBLIC ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and MATH 212Description: Theory and evidence on government expenditure policy.Topics include the theory of public goods, education; state and localpublic goods; redistribution and welfare policy; cost-benefit analysis;social insurance programs such as social security and unemploymentinsurance; and health care policy.

ECON 489 - ECONOMICS OF SOCIAL NETWORKSShort Title: ECONOMICS OF SOCIAL NETWORKSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 200 and ECON 209Description: This course introduces research on social networks andanalyzes how these networks affect our choices: the products we buy, thecareers we follow, whom we marry, how we raise our children. Studentswill learn about network measurement and formation and the influence ofsocial networks on our decisions.

ECON 496 - RESEARCH IN ECONOMIC THEORYShort Title: RESEARCH IN ECONOMIC THEORYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: ResearchCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203 and (ECON 310 or STAT 376) and ECON 305Description: Capstone course for MTEC majors whose primary interest isin economic theory. Review and analysis of seminal and current researchin economic theory, including independent analysis by the student. Topicsvary from year to year.

ECON 497 - RESEARCH IN ECONOMETRICSShort Title: RESEARCH IN ECONOMETRICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: ResearchCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203 and (ECON 310 or STAT 376) and ECON 305Description: Capstone course for MTEC majors whose primary interest isin econometrics. Review and analysis of seminal and current research ineconometrics, including independent analysis by the student. Topics varyfrom year to year.

ECON 498 - HONORS PROGRAM IN ECONOMICS-IShort Title: HONORS PROGRAM IN ECONOMICS-IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: ResearchCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 203 and (ECON 209 or ECON 310) and (ECON 300or ECON 305)Description: Research workshop open to ECON and MTEC majors.Students must have a GPA of at least 3.67 in all courses taken towardsatisfying major requirements, and must have taken all ECON coursesdirectly related to the topic of their research. Students develop a researchidea, construct an economic model with testable hypotheses, testthose hypotheses, and write and present in the workshop an academicquality paper. Econometrics pre-requisite is ECON 209 for ECON majorsand ECON 310 for MTEC majors. Instructor may impose additionalprerequisites. Instructor Permission Required.

ECON 499 - HONORS PROGRAM IN ECONOMICS-IIShort Title: HONORS PROGRAM IN ECONOMICS-IIDepartment: EconomicsGrade Mode: Standard LetterCourse Type: ResearchCredit Hours: 3Restrictions: Enrollment is limited to Undergraduate, UndergraduateProfessional or Visiting Undergraduate level students.Course Level: Undergraduate Upper-LevelPrerequisite(s): ECON 498Description: Continuation of ECON 498. University credit only. InstructorPermission Required.

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ECON 501 - MICROECONOMICS IShort Title: MICROECONOMICS IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Consumer theory including choice under certainty, producertheory, partial and general equilibrium analysis.

ECON 502 - MACROECONOMICSShort Title: MACROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Intertemporal general equilibrium models, dynamicprogramming, search theory, monetary models.

ECON 504 - COMPUTATIONAL ECONOMICSShort Title: COMPUTATIONAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: This course covers numerical methods most commonlyused in Economics, including solving systems of equations, numericaloptimization, stochastic dynamic programming, numerical differentiationand integration, monte caro methods, and solving ordinary and partialdifferential equations. Cross-list: STAT 604.

ECON 505 - FINANCIAL ECONOMICS IShort Title: FINANCIAL ECONOMICS IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 501 and ECON 502Description: Introduction at the graduate level to asset pricing andportfolio choice theory. Covers single-period and dynamic models,including pricing by arbitrage, mean-variance analysis, factor models,dynamic programming, recursive utility, and an introduction tocontinuous-time finance. Cross-list: BUSI 521.

ECON 507 - MATHEMATICAL ECONOMICS IShort Title: MATHEMATICAL ECONOMICS IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: The purpose of this course is to provide the first-year PhDstudents in Economics with the essential mathematical tools. The coursecovers topics in real analysis, topology, linear algebra, etc. Aside fromproviding the mathematical tools, a primary aim of this course is todevelop the level of mathematical sophistication necessary to conductresearch in modern economics. The course will therefore emphasizelogical clarity and mathematical rigor, along with the ability to follow andconstruct mathematical proofs.

ECON 508 - MICROECONOMICS IIShort Title: MICROECONOMICS IIDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 5Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 501 and MATH 321Description: Game theory, imperfect competition, information economics,voting and social choice, mechanism design.

ECON 509 - TOPICS IN MICROECONOMICSShort Title: TOPICS IN MICROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 508Description: Discussion of selected topics of current interest. Varies yearto year. Repeatable for Credit.

ECON 510 - ECONOMETRICS IShort Title: ECONOMETRICS IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Estimation and inference in single equation regressionmodels, multicollinearity, autocorrelated and heteroskedasticdisturbances, distributed lags, asymptotic theory, and maximumlikelihood techniques. Emphasis is placed on the ability to analyzecritically the literature. Cross-list: STAT 610.

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ECON 511 - ECONOMETRICS IIShort Title: ECONOMETRICS IIDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Topics in linear and nonlinear simultaneous equationsestimation, including panel data, qualitative and categorical dependentvariable models, duration analysis, simulation based estimation,treatment effects, stochastic production frontier estimation. Cross-list:STAT 611.

ECON 512 - INTERNATIONAL TRADE THEORYShort Title: INTERNATIONAL TRADE THEORYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment limited to students with a class of Graduate.Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Exploration of classical, neoclassical, and moderntrade theory. Includes welfare aspects of trade such as the theory ofcommercial policy, with emphasis on applications.

ECON 514 - INDUSTRIAL ORGANIZATION AND CONTROLShort Title: INDUST'L ORGANIZATION&CONTROLDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Core topics include monopoly, price discrimination, verticalcontrol, short-run price competition, dynamic price competition and tacitcollusion, price and non-price competition with differentiated products,entry barriers, information and strategic behavior (e.g. limit pricing,auctions), and research and development.

ECON 515 - LABOR ECONOMICSShort Title: LABOR ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Graduate-level analysis of empirical evidence and theoriesrelating to several features of labor markets. Topics covered may includefertility, health, criminal behavior, labor force participation, hours ofwork, education and training, geographical and inter-firm labor mobility,static and dynamic labor demand, unions, discrimination, governmentintervention in labor markets, and “hedonic” equilibria in labor markets.Graduate/Undergraduate Equivalency: ECON 415. Mutually Exclusive:Credit cannot be earned for ECON 515 and ECON 415.

ECON 516 - EMPIRICAL MICROECONOMICSShort Title: EMPIRICAL MICROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 508Description: Overview of methods used in empirical microeconomicresearch. Examples are drawn from health economics, law andeconomics, and business economics. Emphasis is placed on designingeconometric and statistical analyses to test economic hypotheses. Classprojects will expand on analyses from previously published studies.

ECON 517 - EMPIRICAL INDUSTRIAL ORGANIZATIONShort Title: EMPIRICAL INDUSTRIAL ORGDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 508 and ECON 510Description: This field course aims to expose students to recentdevelopments in the empirical structural analysis of data in industrialorganization. Topics include demand, games and dynamics.

ECON 518 - INTERNATIONAL MACROECONOMICSShort Title: INTERNATIONAL MACROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment limited to students with a class of Graduate.Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Effects of fiscal and monetary policies on exchange ratesand the current account and balance of payments. Includes exchangemarket efficiency, exchange rates and prices, LDC debt, and policycoordination.

ECON 519 - ECONOMIC GROWTH AND DEVELOPMENTShort Title: ECONOMIC GROWTH &DEVELOPMENTDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment limited to students with a class of Graduate.Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Analysis of theory and policy questions relating to the leveland rate of economic development.

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ECON 522 - PUBLIC ECONOMICS: TAX POLICYShort Title: PUBLIC ECONOMICS: TAX POLICYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Study of the effects of taxation on individual and firmbehavior, general equilibrium tax incidence analysis, optimal taxationtheory, optimal implementation of tax reform, analysis of comprehensiveincome, and consumption taxes.

ECON 523 - DYNAMIC OPTIMIZATIONShort Title: DYNAMIC OPTIMIZATIONDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Study of dynamic optimization in discrete and continuoustime, including numerical methods and applications to macroeconomics,finance and resource and energy economics.

ECON 547 - ADVANCED TOPICS IN ENERGY ECONOMICSShort Title: ADV TOPICS IN ENERGY ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): (ECON 301 or ECON 370) and (ECON 309 or ECON 446 orECON 409 or ECON 400 or STAT 400) and ECON 437Description: A detailed development and analysis of topics in energymodeling. Topics include optimal extraction of depletable resources,models of storable energy commodities, energy demand by end-usesector, models of non-competitive behavior, energy security and therelationship between energy and commodity prices. ECON 547 requiresan additional assignment in addition to the assignments of ECON447. Recommended Prerequisite(s): ECON 477 or ECON 401. MutuallyExclusive: Credit cannot be earned for ECON 547 and ECON 447/ECON 604.

ECON 565 - HEALTH ECONOMICSShort Title: HEALTH ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment limited to students with a class of Graduate.Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Study of economic aspects of health. Includes production,cost, demand and supply factors; methods of payment and effects ofregulation. Graduate/Undergraduate Equivalency: ECON 481. MutuallyExclusive: Credit cannot be earned for ECON 565 and ECON 481.

ECON 575 - TOPICS IN FINANCIAL ECONOMICSShort Title: TOPICS IN FINANCIAL ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 505Description: Topics in asset pricing, corporate financial theory, andmarket microstructure, including asymmetric information, learning,heterogeneous priors, market frictions, nonstandard preferences,production models, q theory, real options, dynamic capital structure,quote-driven markets, order-driven markets, and dealer markets.Repeatable for Credit.

ECON 576 - TOPICS IN MACROECONOMICSShort Title: TOPICS IN MACROECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: SeminarCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Discussion topics in macroeconomics. Repeatable for Credit.

ECON 577 - TOPICS IN ECONOMIC THEORY IShort Title: TOPICS IN ECONOMIC THEORY IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Discussion of topics in advanced economic theory.Repeatable for Credit.

ECON 578 - TOPICS IN ECONOMETRICS IShort Title: TOPICS IN ECONOMETRICS IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 3Restrictions: Enrollment limited to students with a class of Graduate.Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Discussion of selected topics in advanced econometrics.Repeatable for Credit.

ECON 579 - TOPICS IN ECONOMETRICS IIShort Title: TOPICS IN ECONOMETRICS IIDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduatePrerequisite(s): ECON 511Description: Discussion of selected topics in advanced econometrics.Repeatable for Credit.

14        Economics

ECON 592 - TOPICS IN POLICY AND APPLIED ECONOMICSShort Title: TOP-POLICY&APPL'D ECONDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Discussion of selected topics and applied economics.Repeatable for Credit.

ECON 593 - WORKSHOP IN MICROECONOMICSShort Title: WORKSHOP IN ECONOMICSDepartment: EconomicsGrade Mode: Satisfactory/UnsatisfactoryCourse Type: SeminarCredit Hour: 1Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Seminars on advanced topics in macroeconomics,microeconomics, econometrics and applied microeconomic theory,presented through guest lectures by leading researchers. Repeatable forCredit.

ECON 594 - WORKSHOP IN ECONOMICS IShort Title: WORKSHOP IN ECONOMICS IDepartment: EconomicsGrade Mode: Satisfactory/UnsatisfactoryCourse Type: SeminarCredit Hour: 1Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Continuation of ECON 593. Repeatable for Credit.

ECON 596 - RESEARCH SEMINARShort Title: RESEARCH SEMINARDepartment: EconomicsGrade Mode: Satisfactory/UnsatisfactoryCourse Type: SeminarCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Research presentations by graduate students. Students areexpected to attend class when not presenting their work. Repeatable forCredit.

ECON 597 - READINGS IN ADVANCED TOPICSShort Title: READINGS IN ADVANCED TOPICSDepartment: EconomicsGrade Mode: Satisfactory/UnsatisfactoryCourse Type: Independent StudyCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Repeatable for Credit.

ECON 598 - READINGS IN ADVANCED TOPICSShort Title: READINGS IN ADVANCED TOPICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Independent StudyCredit Hours: 3Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Repeatable for Credit.

ECON 601 - ENERGY ECONOMICS IShort Title: ENERGY ECONOMICS IDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Introduces the energy sector to students, discusses keyaspects of energy supply, demand and pricing, and is foundational forthe MEECON degree. Topics include optimal extraction of depletableresources, trade of energy commodities, storage, end-use demand andenergy efficiency, and the relationship between economic activity, energyand the environment. Graduate/Undergraduate Equivalency: ECON 437.Mutually Exclusive: Credit cannot be earned for ECON 601 and ECON 437.

ECON 602 - MICROECONOMICS OF THE ENERGY SECTORShort Title: MICROECONOMICS - ENERGY SECTORDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Covers basic microeconomic concepts and applies themto contemporary issues in the energy sector. Topics covered includedemand and supply analysis, market equilibrium and different marketstructures, international trade, investment and capacity expansion, riskand investment finance, and economic analysis of energy policy includingenvironmental policy.

ECON 603 - APPLIED ECONOMETRICS FOR ENERGY MARKETSShort Title: APPLIED ECONOMETRICS ENGY MKTSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Students will be introduced to basic concepts in statisticalanalysis and how to use statistical tools to analyze economic data andtest economic theories. The course includes a laboratory session wherestudents practice using the tools discussed in lectures with data that isparticularly relevant to the energy industry.

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ECON 604 - ENERGY ECONOMICS IIShort Title: ENERGY ECONOMICS IIDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Explores a variety of topics in energy modeling and energydata analysis. Topics include optimal extraction of depletable resources,game theoretic approaches to OPEC behavior, national oil companybehavior, models of storable energy commodities, energy demand by end-use sector, energy security and fundamental drivers of commodity prices.Credit may be earned by only one of the following courses: ECON 604 orECON 547. Mutually Exclusive: Credit cannot be earned for ECON 604 andECON 547.

ECON 605 - TAXATION IN THE ENERGY SECTORShort Title: TAXATION IN THE ENERGY SECTORDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Introduces basic principles of taxation, and generalequilibrium modeling of the economic effects of taxes, and applies themto federal and state taxes on the energy sector. Topics include royaltiesresource rent taxes, corporate income taxes including international taxissues such as transfer pricing and income shifting, excess profit taxes,production-sharing agreements, and environmental taxes.

ECON 606 - CORPORATE FINANCE FOR THE ENERGY SECTORShort Title: CORP FINANCE - ENERGY SECTORDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Examines the investment decisions of corporations,the valuation of stock, bonds and options investments by individualinvestors. The implications of investor decisions for corporations, andspecifically the manner in which they evaluate investment projects andfinance investments are a core focus. Examples and case studies focuson the energy sector.

ECON 607 - THE ECONOMICS OF ENERGY AND THE ENVIRONMENTShort Title: ECON OF ENERGY & ENVIRONMENTDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Focuses on environmental issues of relevance to the energysector. It examines how markets, legal institutions, especially governmentpolicy in the form of environmental taxes and emissions quotas can all beused to affect the supply of amenities such as clean air, clean water andwilderness areas.

ECON 608 - RISK MANAGEMENT IN THE ENERGY INDUSTRYShort Title: RISK MANAGEMENT/ENERGYINDUSTRYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Lecture/LaboratoryCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: This course introduces quantitative risk managementtechniques often employed in the energy industry. It covers topics suchas real options, value at risk, conditional value at risk, and expectedshortfall, as well as the use of derivatives for trading and hedgingvarious risk exposures. The course is methodologically self-containedand provides students with hands-on experience with state-of-the-artsoftware to measure and manage risk-adjusted returns of heterogeneousasset portfolios.

ECON 610 - ENERGY AND THE MACROECONOMYShort Title: ENERGY & THE MACROECONOMYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Discusses connections between energy and economicactivity at the regional, national, and international level, and especiallythe role of energy shocks in economic fluctuations, innovations in energysupply as drivers of regional economic growth, and the role of energycommodities in transportation and international trade.

ECON 611 - GEOPOLITICS OF ENERGYShort Title: GEOPOLITICS OF ENERGYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Explores the geopolitical issues around energy security andtrade by focusing on role of energy as the world's largest business anda strategic requirement of the modern nation-state, a source of powerin international relations, and a major influence on national politics andinstitutions.

16        Economics

ECON 612 - MANAGEMENT OF PUBLIC POLICY ISSUES BY ENERGYCOMPANIESShort Title: MGMT OF PUBLIC POLICY ISSUESDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: This course discusses how to achieve best practices ingovernment, media, and community relations, and interaction withNGOs. It uses case studies as a springboard to demonstrate how energycompanies can set up processes to identify and manage public policyissues that can have significant impacts on the energy industry.

ECON 613 - INTERNATIONAL TRADE IN ENERGYShort Title: INTERNATIONAL TRADE IN ENERGYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: This course explores the effects of international trade andthe determinants of the amount of trade between countries in energycommodities, and the role of international capital flows in financingenergy projects, in particular. It will also discuss the many ways thatgovernments can alter international trade through various policies.

ECON 614 - POLITICAL ECONOMY OF OIL IN DEVELOPING COUNTRIESShort Title: POLITICAL ECONOMY OF OILDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: This course evaluates the political and economicdeterminants of oil and gas policies in developing countries andtheir impact on world markets, the interaction between states and oilcompanies, the challenges of oil wealth management, and the causallinks between resource dependency, development, institutions, andpolitical regimes. Although the main focus is on oil production, naturalgas is also analyzed, and both are compared to other natural resources.Must be in Masters of Energy Economics Program.

ECON 615 - SOCIAL STUDIES OF ENERGYShort Title: SOCIAL STUDIES OF ENERGYDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Investigate the ways in which energy production andconsumption impacts social life. By studying the implementation and useof renewable and on-renewable energy infrastructures in different parts ofthe world, the students will develop a contextual, self-reflexive and criticallens that will help them make decisions in later stages of their careers.

ECON 620 - INDUSTRIAL ORGANIZATION AND THE ENERGY SECTORShort Title: INDUSTRIAL ORG & ENERGY SECTORDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: The course will discuss monopoly, oligopoly, and theunderlying sources of monopoly power in energy industries and how theindustries can be restructured to isolate the monopoly elements from themore competitive ones. Other topics include price discrimination, verticalcontrol, mergers and acquisitions, and strategic behavior between firms.

ECON 621 - THE ECONOMICS OF THE ELECTRICITY INDUSTRYShort Title: ELECTRICITY INDUSTRY ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Discusses the determinants of the cost of electricity, theeffects of organizing the industry in different ways, the need to encouragesufficient investment in reserve capacity, and the use of informationtechnology to allow for new ways of pricing electricity, operating thenetwork and coordinating supply and demand.

ECON 622 - TRANSPORTATION ECONOMICSShort Title: TRANSPORTATION ECONOMICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: LectureCredit Hours: 4Restrictions: Enrollment is limited to Graduate level students. Enrollmentlimited to students in a Master of Energy Economics degree.Course Level: GraduateDescription: Discusses transportation as a major source of energydemand in modern post-industrial economies and of future demands inemerging economies. Emphasizes that the demand for energy use in thetransportation sector involves modeling household choices, economicgrowth and demographic transition, government decisions to supporttransportation infrastructure development, and the introduction of newtechnologies.

ECON 677 - SPECIAL TOPICSShort Title: SPECIAL TOPICSDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Seminar, Lecture, Laboratory, Internship/PracticumCredit Hours: 1-4Restrictions: Enrollment is limited to Graduate or Visiting Graduate levelstudents.Course Level: GraduateDescription: Topics and credit hours vary each semester. Contactdepartment for current semester's topic(s). Repeatable for Credit.

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ECON 699 - PRACTICUMShort Title: PRACTICUMDepartment: EconomicsGrade Mode: Standard LetterCourse Type: Internship/PracticumCredit Hours: 4Restrictions: Enrollment limited to students in a Master of EnergyEconomics degree.Course Level: GraduateDescription: Projects developed by an industry advisory group to beresearched and presented to participating industry at completion of allcourse work. Internships with an approved employer may be substituted.

ECON 800 - GRADUATE RESEARCHShort Title: GRADUATE RESEARCHDepartment: EconomicsGrade Mode: Satisfactory/UnsatisfactoryCourse Type: ResearchCredit Hours: 1-12Restrictions: Enrollment is limited to Graduate level students.Course Level: GraduateDescription: Repeatable for Credit.

Description and Code LegendNote: Internally, the university uses the following descriptions, codes, andabbreviations for this academic program. The following is a quick reference: 

Course Catalog/Schedule• Course offerings/subject code: ECON 

Department Description and Code• Economics: ECON 

Undergraduate Degree Description and Code• Bachelor of Arts degree: BA 

Undergraduate Major Descriptions and Codes • Major in Economics: ECON • Major in Mathematical Economic Analysis: MTEC 

Undergraduate Minor Description and Code• Minor in Financial Computation and Modeling: FCAM

Graduate Degree Descriptions and Codes• Master of Arts degree: MA• Master of Energy Economics degree: MEEcon• Doctor of Philosophy degree: PhD

Graduate Degree Program Descriptions and Codes• Degree Program in Economics: ECON• Degree Program in Energy Economics: ENEC 

Graduate Major Concentration Descriptions and Codes • Major Concentration in Economics and Finance: BEFI (attached to the

PhD degree)

CIP Code and Description 1

• ECON Major/Program: CIP Code/Title: 45.0601 - Economics, General• ENEC Major/Program: CIP Code/Title: 45.0603 - Econometrics and

Quantitative Economics

• MTEC Major/Program: CIP Code/Title: 45.0603 - Econometrics andQuantitative Economics

1 Classification of Instructional Programs (CIP) 2010 Codesand Descriptions from the National Center for EducationStatistics: https://nces.ed.gov/ipeds/cipcode/