3223 Social Science Plaza B; (949) 824-3655
Linda Cohen, Department Chair
Economics is concerned with the way individuals or societies allocate scarce resources and distribute goods and services. Any situation requiring choice among competing alternatives can be viewed as an economic problem. Economics courses enable students to study the way individuals make these choices (microeconomics), the way governments make these choices (public choice), and the aggregate consequences of these choices (macroeconomics). In addition, the economics curriculum addresses international trade, money and banking, and economic development of the less developed nations.
The Department of Economics is composed of faculty with interests in a broad range of areas within micro- and macroeconomics, and the evaluation of public policy. It is especially strong in econometrics (both Bayesian and classic), public choice, and empirical microeconomics including transportation, energy, industrial organization, labor, and urban development. Members of the Department maintain close ties with members of the Department of Political Science and the Graduate School of Management.
In anticipation that the number of students who want to major in Economics will exceed the number of positions available, students applying for admission for fall 2002 should be sure to file their application before November 30, 2001.
In the event the major in Economics receives more qualified applicants than can be accommodated, applicants may be subject to screening beyond minimum University of California admissions requirements. Freshman applicants not selected for Economics at the time of admission will be encouraged to opt for the Undeclared major within the School of Social Sciences or for any other open major for which they qualify. However, lower-division courses prerequisite to upper-division major study are available to all students, and selection to the Economics major at the end of the sophomore year will be based on performance in those courses.
Continuing-Student Applicants. Sophomore students who were not admitted to the Economics major upon their admission to the University may apply for entry into the major. Such students should apply in the School of Social Sciences Undergraduate Counseling Office. The following three criteria must be met to be considered for admission as a junior: the student must have (a) completed two quarters of calculus (Mathematics 2A-B) with a minimum average grade of B, (b) completed the Basic Economics sequence (Economics 20A-B-C) with a minimum grade of a B in at least two of the three quarters, and (c) completed the lower-division writing requirement.
Transfer-Student Applicants: For transfer-student admission, preference will be given to junior-level applicants with the highest grades overall and who satisfactorily complete course prerequisites. All applicants must complete the following required courses: one year of microeconomics and macroeconomics with a minimum average grade of B, and one semester or two quarter courses of approved calculus with a minimum average grade of B.
University Requirements: See pages 54-59.
School Requirements: See page 374.
Departmental Requirements for the Major
School requirements must be met and must include 15 courses (60 units) as specified below:
A. Economics 20A-B-C; this course sequence is a prerequisite for almost all upper-division Economics courses.
B. All majors must demonstrate competence in probability and statistics prior to enrolling in any upper-division economics course, or they must be concurrently enrolled in an approved probability and statistics course. Students may satisfy this requirement by completing Economics 10A-B and Economics 30, or equivalent courses.
C. All majors must demonstrate competence in calculus by completing Mathematics 2A-B or equivalent courses. Students must complete at least Mathematics 2A or an equivalent course prior to enrolling in Economics 100A, and both Mathematics 2A and 2B or equivalent courses prior to enrolling in Economics 100B.
D. Economics 100A-B-C.
E. Four additional four-unit upper-division economics courses. At least one of the four must be research-oriented and involve the production of a significant research paper. This required paper may be approved by any Economics faculty member. Strongly recommended: either Economics 121A-B-C or 123A-B-C.
Honors Program in Economics
The Honors Program in Economics provides outstanding students an in-depth study of economic theory and an opportunity to work more closely with faculty members in smaller honors-designated courses. In their junior year, students complete an honors thesis devoted to the collection and rigorous analysis of data, demonstrating their achievement of an advanced level of research and analytical skills. The program is open to selected students who are majoring in Economics and admission is based on a formal application that is normally submitted in the spring quarter after students have completed two quarters of calculus and Economics 20A-B. Applicants should have an overall grade point average of at least 3.0 and a grade point average of at least 3.0 in Economics and calculus classes. In the first year of the program, students enroll in Honors Intermediate Economics I, II, III (Economics H100A-B-C), and in the second year, Econometrics I, II, III (Economics 123A-B-C). The honors thesis is usually completed while taking Economics 123C. Upon successful completion of an approved thesis, students graduate with Honors in Economics and their transcript notes that they have completed the Honors Program in Economics. Successful completion of the thesis also satisfies the upper-division writing requirement.
To graduate with Honors in Economics, School requirements must be met and must include 20 courses (80 units) as specified below:
A. Economics 20A-B-C.
B. Mathematics 2A-B-J must be completed prior to taking Economics H100A.
C. Mathematics 3A or an equivalent course.
D. Economics 10A-B and Economics 30, or equivalent courses.
E. Economics H100A-B-C.
F. Economics 123A-B-C or equivalent.
G. An honors thesis.
H. A minimum of four additional upper-division Economics courses, with a grade point average of at least 3.0.
I. Achievement of a grade point average of at least 3.0 in upper-division economics courses taken to fulfill requirements.
Sample Program -- Economics Majors
| GENERAL | HONORS | |
| Freshman | ||
| Economics 20A-B-C | Economics 20A-B-C | |
| 2 Lower-div. writing courses | Humanities Core | |
| 1 Breadth | Mathematics 2A-B-J | |
| 2 Soc. Sci. intro. courses | ||
| Mathematics 2A-B | ||
| Sophomore | ||
| Economics 10A-B, 30 | Mathematics 3A | |
| Economics 100A-B-C | Economics 10A-B, 30 | |
| 6 Breadth | Economics H100A-B-C | |
| 2 Soc. Sci. intro. courses | ||
| Soc. Sci. computer requirement | ||
| 2 Breadth | ||
| Junior | ||
| Soc. Sci. computer requirement | Economics 123A-B-C | |
| 3 Upper-div. Economics courses | 3 Breadth | |
| 2 Upper-div. Soc. Sci. courses | 2 Upper-div. Economics courses | |
| 1 Lower-div. or upper-div. | Electives | |
| Soc. Sci. course | ||
| 1 Breadth | ||
| Electives | ||
| Senior | ||
| 1 Upper-div. Economics course | 2 Upper-div. Economics courses | |
| 1 Breadth | Electives | |
| Electives | ||
Sample Program -- Transfer Economics Majors
This program is based on successful completion and certification of the
Intersegmental General Education Transfer Curriculum (IGETC).
| Junior | Senior | |
| Economics 10A-B-C | 4 Upper-div. Economics courses | |
| Economics 100A-B-C | Electives | |
| 2 Upper-div. Soc. Sci. courses | ||
| 1 Lower-div. or upper-div. | ||
| Soc. Sci. course | ||
| Soc. Sci. computer requirement | ||
| Electives | ||
Participating Faculty
Duran Bell: Models of social processes
Duncan Black: Urban economics, economic growth
David Brownstone: Econometrics and applied microeconomics
Linda R. Cohen: Political economy, economics of science and innovation, law and economics
Arthur S. DeVany: Economic theory, industrial organizations
John E. DiNardo: Labor economics and applied microeconomics
Gordon J. Fielding: Urban theory and transportation policy
Michelle R. Garfinkel: Macroeconomics and political economy
Garance Genicot: Development economics, applied microeconomics
Amihai Glazer: Political economy
John Johnston: Econometrics
Sheen T. Kassouf: The theory of stochastic speculative pricing
Charles A. Lave: Transportation economics
R. Duncan Luce: Mathematical behavioral science; measurement theory, utility theory, response times
Julius Margolis: Political economy of national defense and government behavior
Martin C. McGuire: Public finance, international trade, economics of peace and security
Mark P. Moore: International economics, macroeconomics
Hisahiro Naito: Public economics, international economics
Dale Poirier: Theoretical and empirical econometrics, Bayesian econometrics
Priya Ranjan: International economics, macroeconomics
Gary Richardson: Economic history, immigration, institutions, and economic development
Donald G. Saari: Social choice, voting theory, economic theory and mathematical economics
Sarah Senesky: Labor economics, applied microeconomics, econometrics
Stergios Skaperdas: Economic theory, political economy
Brian Skyrms: Game theory and decision making
Kenneth A. Small: Urban economics, transportation economics, discrete-choice econometrics
Justin L. Tobias: Econometrics, Bayesian econometrics, economics of education
Christian Werner: Mathematical geography
Affiliated Faculty
Dennis J. Aigner: Statistical and econometric methodology, efficiency estimation
Marlon G. Boarnet: Urban economics, urban planning, urban economic development
Thomas C. Buchmueller: Economics of health care
Michael Burton: Economic anthropology, households, environmental anthropology, comparative research methodology
Frank Cancian: Anthropology, social stratification, economic anthropology, agriculture, Mexico
Paul J. Feldstein: Health economics
Bernard Grofman: Public choice, law and economics, models of collective decision making
Phillipe Jorion: International finance
Richard McKenzie: Public choice
Robert J. Town: Industrial organization, economics of health care, applied econometrics
Carole J. Uhlaner: Comparative political participation, formal models of political behavior
The Department of Economics offers a program of study leading to the Ph.D. in Economics. Drawing upon the School's strong quantitative tradition, it specializes in public choice, transportation economics, urban economics, econometrics, and applied microeconomics. Admission is highly selective and is limited to students whose interests mesh closely with those of the faculty. By requiring a high degree of overlap between faculty and student research interests, the program offers extensive faculty contact within a tutorial framework. Motivated and well-qualified students find the graduate program highly attractive because of its small size and its great flexibility. Self-discipline and an inquiring mind are prerequisites.
The deadline for application for admission is January 15 for fall quarter. Students are admitted for winter or spring quarters only under exceptional circumstances. Late applications are considered on a space-available basis. All applicants must take the Graduate Record Exam (GRE) prior to the application deadline. Foreign applicants must also submit Test of English as a Foreign Language (TOEFL) scores. Foreign students who need financial aid and would like to be considered for teaching assistantships must also submit Test of Spoken English (TSE) scores.
All students must show competence in the core areas of microeconomics, macroeconomics, and econometrics. This is done by taking the three-quarter required course sequences in microeconomics and macroeconomics, and the four-quarter required course sequence in econometrics. All of these required courses must be passed with a grade of B or better. Students also must master two fields of applied economics by taking a two-course sequence (possibly including independent reading courses) and writing a research paper in each field. Students also must enroll for at least four quarters in the graduate colloquium, in which attendance at regular Economics faculty research colloquia is supplemented by discussion of the papers presented and additional reading. Students are encouraged to become conversant with areas of current economic research early in their graduate careers, in order to facilitate a timely transition from meeting course and field requirements to thinking through a dissertation research plan. Knowledge of one foreign language is required; a computer language may be substituted at the discretion of the faculty. After meeting the above requirements, the student will be advanced to candidacy upon completion of an oral examination on a written dissertation proposal.
Concentration in Transportation Economics
Students can also be awarded a Ph.D. in Economics with a concentration in Transportation Economics. This option draws upon the transportation researchers on the campus within the School of Social Sciences, The Henry Samueli School of Engineering, the Graduate School of Management, and the School of Social Ecology. Students benefit from association with the Institute of Transportation Studies, which facilitates student research by providing research assistantships and interdisciplinary seminars on all modes of transportation.
Requirements for the concentration are the same as those described above with the following three exceptions: (1) instead of the third quarter of microeconomics and macroeconomics, students may substitute specified courses such as Discrete Choice Econometrics (Economics 223A), Advanced Travel Demand Analysis (Engineering CE220A), or Operations Research for Management (Management 201B); (2) one of the student's two required fields of competence must be transportation economics; the other must be a related field such as urban economics, labor economics, industrial organization, or a transportation-related field from outside economics (such as travel demand and flow theory, urban and transportation policy analysis, environmental impacts of transportation, or urban and transportation planning) subject to the approval of the Director of Graduate Studies for Economics; and (3) students must take at least one additional course from a list of designated courses in transportation and related subject areas.
Concentration in Public Choice
Students can also earn a Ph.D. degree in Economics with a concentration in Public Choice. This is an interdisciplinary field, at the intersection of Economics and Political Science, which draws on quantitative tools to model the functioning of political institutions. Faculty from the Departments of Economics, Political Science, and Philosophy and from the Graduate School of Management are involved in research that supports the concentration.
Students who elect this concentration are admitted under the normal procedures for the program in Economics and must fulfill all the requirements for the Economics degree with the following modifications: (1) one of the student's two required fields of competence must be public choice; included is a three-quarter core course in public choice, which is jointly organized by faculty in the Departments of Economics and Political Science. (A background in economic theory equivalent to Economics H100A-B-C, Honors Intermediate Economic Theory, is a prerequisite to this sequence.) The requirement for competence in a second field may be met with a one-quarter course, instead of two, if it provides sufficient fluency in the field; and (2) students must obtain a background knowledge in political science equivalent to that provided by a one-year undergraduate survey course, if they do not already have it.
UCI is a major research university with an excellent library, as well as special interlibrary loan arrangements with other University of California libraries. The School of Social Sciences provides a computer laboratory. The Economics Department has a small library with current journals and unpublished working papers from other universities. Students also have access to advanced computing resources as well as PC and UNIX laboratories. Three Organized Research Units, the Institute of Transportation Studies, the Center for Research on Information Technology and Organizations, and the Institute for Mathematical Behavioral Sciences, provide research opportunities for graduate students.
NOTE: Students are reminded that each quarter of a sequential course (i.e., Economics 20A-B-C, 100A-B-C) must be taken in order. Priority for admission to upper-division Economics courses is given to Economics majors and International Studies majors.
1 Introduction to Economics (4) F, W, S. An analysis of the problems society faces in organizing itself to provide goods and services. How decisions of government, business, and the individual relate to current economic problems such as unemployment, inflation, poverty, and environmental pollution. Open only to non-Economics majors. Credit will not be given for Economics 1 if taken concurrently or after Economics 20A-B-C. (III)
10A-B-C Probability and Statistics in Economics I, II, III (4-4-4) F, W, S. An introduction to probability and statistics. Emphasis on a thorough understanding of the probabilistic basis of statistical inference. Examples from economics. Students who receive credit for Economics 10A-B-C may not receive credit for Anthropology 10A-B-C, Psychology 10A-B-C, Social Ecology 13, Social Science 9A-B-C or 10A-B-C, or Sociology 10A-B-C. Economics 10C and 30 may not both be taken for credit. (V)
13 Global Economy (4) S. Acquaints students with the fundamental patterns of the global economy. Emphasizes the historical roots and political implications of economic choices. Same as International Studies 13. (VII-B)
20A-B-C Basic Economics I, II, III (4-4-4) F, W, S. The fundamentals of economics: microeconomics and macroeconomics. The behavior of firms and of consumers: markets, supply/demand, utility maximization, resource allocation, and efficiency. Government behavior: monetary and fiscal policy, inflation, and unemployment. (III)
30 Introduction to Econometrics (4). An introduction to econometrics emphasizing (1) estimating economic relationships, (2) confronting economic theory with facts and testing hypotheses involving economic behavior, and (3) forecasting the behavior of economic variables. Covers the basic classical linear regression model and applies it to real data. Prerequisite: Economics 10A-B or equivalent, and Economics 20A-B-C and Mathematics 2A-B. Economics 30 and 10C may not both be taken for credit. (V)
100-119: GENERAL ECONOMICS
100A-B-C Intermediate Economics I, II, III (4-4-4) F, W, S. Determinants of supply and demand; operation of competitive and monopolistic markets; imperfections of the market system, explanations of unemployment, inflation, recessions; public policy for macroeconomic problems. Prerequisites: Economics 20A-B-C; Mathematics 2A or equivalent. For 100B: Mathematics 2B and Economics 100A. For 100C: Economics 100B.
H100A-B-C Honors Intermediate Economics I, II, III (4-4-4) F, W, S. An advanced and mathematical version of Economics 100A-B-C for students in the Honors program. Prerequisites: Economics 20A-B-C and Mathematics 2A-B-C. Open only to honors program students.
101A Advanced Macroeconomics (4). Consumption and investment theories. Theories of money demand and supply. Capital accumulation, economic growth, productivity and supply-side theory. Rational expectations in macroeconomic models of inflation and unemployment. Macroeconomic dynamics; balance of international payments; fiscal and monetary policies to counteract demand and supply shocks. Prerequisite: Economics 100C.
101B Advanced Microeconomics (4). A presentation of the theory of production and distribution, relying heavily upon formal mathematical models. Prerequisites: Economics 100A-B-C and Mathematics 2A-B-C.
102A The Economics of Accounting Principles (4). Introduction to accounting concepts and principles, including the accounting model and accounting cycle, transaction analysis, and the preparation of financial statements. An analysis of the similarities and differences between accounting and economic concepts (e.g., value, profits). Prerequisites: Economics 20A-B-C.
104A History of Economic Thought (4). Discussion of the principal schools of economic thought. Emphasis on ideas expressed by Smith, Malthus, Ricardo, Marx, Jevons, J.B. Clark, Bohm-Bawerk, Wicksell, Marshall, and Keynes. Assignments include readings (in English) of important selections from the original works. Prerequisite: Economics 20A-B-C.
109 Special Topics in Economic Theory (4). Prerequisites vary. May be repeated for credit as topic varies.
120-124: QUANTITATIVE METHODS
121A-B Data Analysis I, II (4-4). Practical applications-oriented course on multiple regression. How to discover and explore general socioeconomic models in data. Prerequisites: Economics 10A-B and 30, or Social Science 10A-B-C, or equivalent courses.
121C Data Analysis-Writing (4). Advanced regression analysis. Covers practical techniques for solving model-building problems. Strong emphasis on learning clear, effective writing. Prerequisite: Economics 121B or 123B.
123A-B-C Econometrics I, II, III (4-4-4) F, W, S. 123A-B: Specification, estimation, and testing of econometric models. Applications in various areas of microeconomics and macroeconomics. 123C: Seminar course in which students do an original econometric research project. Prerequisites: Mathematics 2A-B-C and 3A; Economics 10A-B, 30, and 100A-B-C. For 123C: satisfactory completion of the lower-division writing requirement.
124A Time Series Analysis (4). Introduction to the basic techniques of time series analysis. Univariate time series models and forecasting. Multivariate models. Transfer function models. Relations between time series models and econometric models. Prerequisite: Economics 123A.
129 Special Topics in Quantitative Methods (4). Prerequisites vary. May be repeated for credit as topic varies.
130-139: FINANCIAL ECONOMICS
131A The Economics of Risk and Uncertainty (4). The theory of insurance and joint-ownership of risky enterprises; optimal procedures for the allocation of uncertain payoffs. Prerequisites: prior or concurrent enrollment in Economics 10A-B and 30, or equivalent courses; Economics 100A-B.
132A Portfolio Selection and Capital Market Theory (4). Optimal design of portfolios based upon mean-variance characteristics. An examination of the efficiency of present-day capital markets. Prerequisites: Economics 10A-B and 30, or equivalent courses; Economics 100A-B-C.
134A Corporate Finance (4). Provides an analytic approach to modern economic finance theory. Covers capital markets, investment decisions, decision theory under uncertainty, capital asset pricing, and contingent claims theory. Prerequisite: Economics 100A-B-C.
139 Special Topics in Financial Economics (4). Prerequisites vary. May be repeated for credit as topic varies.
140-149: ECONOMICS OF PUBLIC AND PRIVATE ORGANIZATIONS
141A-B-C Economic Analysis of Government Behavior I, II, III (4-4-4). The study of government using the tools of economics. 141A: The influence of voters' preference on governmental policy; Arrow's impossibility theory; the Downsian theory of voting. 141B: The effects of various taxation and expenditure policies, such as social security. 141C: Research course in which students write a paper testing one of the theories covered in the first two quarters of the sequence. Prerequisite: Economics 100A-B. Same as Political Science 127A-B-C. Economics 141B also same as Environmental Analysis and Design E158U.
142A-B-C Industrial Organization I, II, III (4-4-4) F, W, S. 142A: The theory of market structure. Imperfect markets, government policies, and industry performance. 142B: Regulation and antitrust theory and performance in industries. 142C: Research in industrial organization. Prerequisites: prior or concurrent enrollment in Economics 10A-B and 30, or equivalent courses; Economics 100A-B. For 142C: satisfactory completion of the lower-division writing requirement.
143K-L-M Economics of Information and Incentives I, II, II (4-4-4). 143K: Study of how incentive structures affect the decisions and actions of economic agents. The consequences of differing property rights for the existence and operation of markets and their implications for the use and allocation of resources. Contracts, structure of the firm, mining, primitive economies, fisheries, environmental management, invention, and innovation. 143L: Information as an economic resource focusing on principles which govern the production, distribution, and value of information. Implications of different information structures for decision and the operation of markets. Auctions and procurement methods, contracts, searching warranties, and price guarantees, truthful and nontruthful mechanisms. 143M: Directed research and writing. Prerequisites: Economics 100A-B-C.
144A-B-C Urban Economics I, II, III (4-4-4). 144A: Focus on spatial impact of economic process within urban areas. 144B: Emphasizes economic theory and the assessment of the urban problem including housing, transportation, environmental quality, and public finance. 144C: Allows students to apply knowledge of urban and transportation economics in the conduct of individual research. Prerequisites: Economics 20A-B-C. Strongly recommended prior or concurrent enrollment in Economics 10A-B and 30, or equivalent courses. For 144C: satisfactory completion of the lower-division writing requirement.
144T Mathematical Analysis of Transportation Networks (4). Models of transportation demand; optimal utilization of transportation networks; cost-benefit analysis of network design projects; the economic impact of transportation networks. Prerequisite: Economics 20A-B-C. Same as Social Science 118A.
145E Economics of the Environment (4). Surveys economic aspects of natural resources, pollution, population, and the environment. Examines the causes of pollution, e.g., air, water, noise, toxic waste, and nonoptimal utilization of certain resources, e.g., fisheries; analysis of public polices regarding these problems. Emphasis on microeconomic aspects of environmental problems. Prerequisites: prior or concurrent enrollment in Economics 10A-B and 30, or equivalent courses; Economics 100A-B.
145F Economics of the Environment II (4). Applications of the tools covered in Economics 145E to such topics as global warming, destruction of the ozone layer, and emissions trading. Emphasis on independent research papers. Syllabus and classes include writing technique. Prerequisites: Economics 10A-B and 30, or equivalent courses; Economics 145E; and satisfactory completion of the lower-division writing requirement.
145L Economics of Law (4). Examination of several economic concepts which are useful in understanding legal rules: externalities, the assignment of property rights, and Coase's theorem. Examples are drawn from the fields of pollution control, no-fault insurance, medical malpractice, and product liability. Prerequisites: Economics 100A-B or concurrent enrollment in Economics 100B.
146 Public Policy Issues (4). An examination and interpretation of the public policy areas such as schooling, housing and homelessness, occupational licensing, F.D.A. drug approval, credit bureaus, the U.S. Postal Service, and auto emissions. Prerequisites: Economics 10A-B and 30, or equivalent courses; Economics 100A-B-C; satisfactory completion of the lower-division writing requirement.
148A-B Political Economy of National Defense I, II (4-4). 148A: Analysis of the adoption of military solutions to international problems; military budgets, weapons policy, and procurement; distribution of benefits and costs of military systems. Emphasis given to nuclear military policy. Focuses on empirical and descriptive works on policy and practice. 148B: Research seminar. Research paper required. Prerequisites: Economics 20A-B-C.
148D Political Economy of Economic Development (4). Focuses on fundamental factors affecting process of economic evolution and development. Most emphasized factors include methods by which economic surplus is appropriated by well-situated social groups and the characteristics of the economic policies of such groups. Corequisites or prerequisites: Economics 10A-B and 30 or equivalents recommended. Prerequisites: Economics 20A-B-C. Same as Anthropology 126N. (VII-B)
148I-J-K Political Economy of International Relations I, II, III (4-4-4). 148I-J: Migration, trade, and finance in competitive markets; bargaining and compacts; hegemony and imperialism; alliances; multinational firms; international institutions; international law; war and national boundaries; common markets; nationalism; super power conflicts. 148K: Research seminar. Prerequisites: prior or concurrent enrollment in Economics 10A-B and 30, or equivalent courses; Economics 20A-B-C.
149 Special Topics in Economics of Public and Private Organizations (4). Prerequisites vary. May be repeated for credit as topic varies.
150-159: HUMAN RESOURCES
151A-B-C Labor Economics and Human Resources I, II, III (4-4-4). Analysis of wage determination and the role of labor in production. 151A: Develops, extends, and applies basic supply/demand analysis. 151B: Labor market discrimination. 151C: Original research by students. Prerequisites: Mathematics 2A-B-C; Economics 10A-B and 30, or equivalent courses; Economics 100A-B-C. For 151C: satisfactory completion of the lower-division writing requirement.
152A Economic Anthropology (4). Economic systems in comparative perspective: production, distribution, and consumption in market and non-market societies; agricultural development in the third world. Prerequisite: one course in general science, anthropology, economics, geography, or sociology. Same as Anthropology 125A. (VII-B)
152M Marriage and Bridewealth (4). The rules by which children are positioned within a social system and by which men claim rights over women vary widely among societies. Analyzes these rules on the basis of a formal theory of wealth allocations between and among corporate groups that challenge neoclassical models. Prerequisites: Anthropology 2A and Economics 20A-B-C, or consent of instructor. Same as Anthropology 126G.
152P-Q The Economics of Traditional Societies I, II (4-4). 152P: Models and ethnographic descriptions of noncommodity economic relationships of the form that characterize intergroup and intragroup economic processes of many tribal societies. Includes analyses of gift exchange and resource allocation within the household. 152Q: Devoted entirely to supervised research by class members. Prerequisites: Economics 20 A-B-C; Economics 152A or Anthropology 125A recommended. Same as Anthropology 125P-Q. (VII-B)
155A Economics of the Family (4). Students write and rewrite papers on topics that are suggested by the models and literature in the "economics of the family." Prerequisites: Economics 10A-B and 30, or equivalent courses; Economics 100A-B-C; satisfactory completion of the lower-division writing requirement. Economics 151A-B-C desirable.
159 Special Topics in Economics in Human Resources (4). Prerequisites vary. May be repeated for credit as topic varies.
160-169: MACROECONOMICS
161A Money and Banking (4). Basic elements of money and banking: institutional features and economics of financial markets and, in particular, of the U.S. banking system; determinants of interest rates; the Federal Reserve and its role in the money supply process; effects of money on output and inflation. Prerequisites: Economics 100A-B-C or 100A-B and concurrent enrollment in 100C.
161B International Money (4). Open economy macroeconomics and determination of exchange rates. Asset-market approach to the balance of payments. Internal and external balance in the economy. Macroeconomic policies under fixed and floating exchange rates. The international monetary system and institutions. Prerequisites: Economics 100A-B-C or 100A-B and concurrent enrollment in 100C.
161C International Trade and Commercial Policy (4). Determination of trade flows and the relative prices. Gains from trade, the terms of trade, and income distribution. Imperfect competition and international trade. The effect of tariffs, export subsidies, and import quotas. The effects of free and restricted trade on economic welfare. Prerequisites: Economics 10A-B and 30, or equivalent courses; Economics 100A-B or 100A and concurrent enrollment in 100B.
161D Advanced Money and Banking (4). What happened in the Great Depression and why? Could it happen again? What is the transmission mechanism? What do economists know about the money supply process? What is the evidence on the demand for money? What are the more important current issues for monetary policy? Prerequisite: Economics 161A.
162A The Japanese Economy (4). An analysis of the structure and performance of the Japanese economy in the post-World War II period. The mechanism and policies of rapid growth. Japan's industrial structure, labor market, and financial system. United States-Japanese trade friction and policy issues. Prerequisites: Economics 10A-B and 30, or equivalent courses; Economics 100A-B-C.
169 Special Topics in Development Economics (4). Prerequisites vary. May be repeated for credit as topic varies.
200A-B-C Graduate Colloquium for Economics I, II, III (2-2-2) F, W, S. Weekly reports and colloquia by faculty, students, and visitors. Supplemented by class discussion of these presentations and other material on current research methodology. Prerequisite: admission to graduate program in Economics or consent of instructor. May be repeated for credit.
201A-B-C Graduate Student Prospectus Seminar (2-2-2). Graduate students present their dissertation prospectus and job market papers to other graduate students and faculty. All graduate students on the job market must enroll and present their job market papers, and all third-year graduate students are strongly encouraged to enroll. Prerequisite: graduate standing.
203A Mathematics for Economists (4). Gives students the mathematical background required for graduate work in economics. Topics covered include multivariate calculus, differential equations, and linear algebra. Prerequisite: graduate standing or consent of instructor.
205A Research Writing in Economics (4). For Economic graduate students who are writing their required research paper in an applied field. How to write an original paper in economics, guidance for specific papers. Prerequisite: admission to the graduate program in Economics.
210-219: GRADUATE ECONOMIC THEORY
210A-B-C Microeconomic Theory I, II, III (4-4-4) W, S. Theoretical microeconomics. Emphasis on the meaning and empirical interpretation of theoretical models. Topics include theory of the firm, theory of the market, theory of the consumer, duality theory, application to econometrics, general equilibrium and welfare economics, uncertainty, game theory. Prerequisite: graduate standing or consent of instructor.
210D-E-F Macroeconomic Theory I, II, III (4-4-4) F, W, S. Advanced macroeconomic theory including alternative macroeconomic models, microeconomic foundations of macroeconomics, investment and growth theory, inflation and unemployment, rational expectations and macroeconomic policy, wealth effects, crowding out and fiscal policy, money and interest, open economy models.
219A-Z Special Topics in Economic Theory (4) F, W, S. Prerequisites vary. May be repeated for credit.
220-229: QUANTITATIVE METHODS
220A-B-C-D Statistics and Econometrics I, II, III, IV (4-4-4-4). 220A: Covers probability mathematical statistics necessary to prepare students for econometric study and empirical work. Topics include probability theory, distributions, sampling, and classical point estimation. A likelihood perspective is emphasized. 220B: Begins with Bayesian point estimation. Then covers interval estimation and hypothesis testing from both classical and Bayesian perspectives, followed by a general discussion of prediction. Finally, all these techniques are applied to the standard linear regression model under ideal conditions. 220C: Begins by relaxing the ideal conditions of the standard regression model. Topics include kernel density estimation, Generalized Least Squares (GLS), instrumental variables (IV), two stage least squares (2SLS), panel data models, and simulation-based Bayesian methods, including Gibbs sampling. 220D: Begins by reviewing estimation theory and the bootstrap. Topics include econometric time series, discrete choice and count models, sample selection, and duration models. Covers both Bayesian and classical asymptotic methods.
221A-B-C-D Statistics and Econometrics Laboratory I, II, III, IV (2-2-2-4). 221A-B-C: Discussion of problems in statistics and econometrics and their relationship to statistical and econometric theory. Instruction in the use of computers for applied econometric work. 221D: Before the course begins, students choose a published empirical economics article and obtain the necessary data to replicate it. Then, students replicate and extend the economic analysis and write a paper describing their work. Satisfies econometrics requirement for the Ph.D. in Economics. Corequisites: Economics 220A-B-C-D.
223A Discrete Choice Econometrics (4). Specification, estimation, and testing of discrete choice models, with emphasis on cross-section application. Qualitative choice, limited dependent variables, sample selection bias, and latent variables. Students use computer packages to apply models to real data. Prerequisites: Economics 220A-B-C-D.
224A Time Series Econometrics (4). Econometric analysis of time series data. Moving average and autoregressive series, regression analysis, Box-Jenkins techniques, computational methods, and causality conditions. Prerequisites: Economics 220A-B-C-D.
229A-Z Special Topics in Quantitative Methods (4). Prerequisites vary. May be repeated for credit as topics vary.
230-239: FINANCIAL ECONOMICS
231A-B Financial Economics and Markets (4-4). 231A: Modern theory of portfolio selection as an application of individual decision making under uncertainty. Implication for equilibrium financial asset-pricing. 231B: Roles, characteristics, policies of financial institutions, and behavior of capital markets. Attention to relationship between these aspects of the financial sector and federal monetary management and policy.
239A-Z Special Topics in Financial Economics (4). Prerequisites vary. May be repeated for credit as topics vary.
240-249: MICROECONOMICS
241A-B Industrial Organization I, II (4-4). Analysis of the structure and economic performance of markets, and the impact of public policy and their efficiency and equity. Effects of information structure. 241A: Oligopoly, cartels, mergers, vertical integration, patents, innovation, antitrust, and regulation; 241B: price flexibility and dispersion, auctions, search and industrial structure, intrafirm organization. Prerequisites: Economics 100B and 203A.
242A Information Economics (4). Study of information as an economic resource, focusing on principles which govern the production, distribution, and value of information. Impact of information structures on individual decision, corporate structure, and the operation of markets. Prerequisites: Economics 100A-B-C and 203A.
243A Game Theory (4). An introduction to game theory with emphasis on noncooperative games and economic applications. Topics include: properties of Nash equilibrium and its refinement, repeated games, bargaining games, games with incomplete information. Prerequisites: graduate standing or consent of instructor.
249A-Z Special Topics in Microeconomics (4). May be repeated for credit as topics vary.
250-259: HUMAN RESOURCES
251A-B Labor Economics I, II (4-4). Analytic and empirical study of labor markets. Topics include labor supply and demand, human capital, educational sorting, life-time earnings profiles, discrimination, unemployment, unions; several econometric techniques including combined time-series and cross-sections, sample selection bias, and switching regressions are taught as needed. Prerequisites: Economics 100B and 203A.
259A-Z Special Topics in Human Resources (4). Prerequisites vary. May be repeated for credit as topics vary.
260-269: MACROECONOMICS
261A-B International Trade I, II (4-4). Covers theoretical models, empirical methods, and policy issues in international trade. Following the conventional treatment of the Ricardian model, the Heckscher-Ohlin model, and the specific factors model; new trade models which incorporate scale economies and imperfect competition are discussed. Prerequisite: Economics 210A-B.
269A-Z Special Topics in Macroeconomics (4). Prerequisites vary. May be repeated for credit as topics vary.
270-279: PUBLIC CHOICE
270A-B-C Seminar in Public Choice I, II, III (4-4-4). Public choice lies at the intersection of economics and political science. This course involves the use of tools derived from economics to understand the behavior of governments and of citizens when they deal with politics. Prerequisite: graduate standing and Social Science 111H. Same as Political Science 270A-B-C.
271A-B Public Choice I, II (4-4). Application of economics tools to understanding the behavior of democratic governments. Arrow's Impossibility Theorem, spatial voting models, the behavior of bureaucracies, the influence of special interest groups on policy, and analysis of the effects of electoral politics on public policy.
279A-Z Special Topics in Public Choice (4). Prerequisites vary. May be repeated for credit as topics vary.
280-289: URBAN AND TRANSPORTATION ECONOMICS
281A-B Urban Economics I, II (4-4). Theoretical and empirical analysis of the economic functioning of urban areas. Urban economic development, location of firms and households, housing markets, urban public finance. Econometric estimation of hedonic price functions for housing. Prerequisites: Economics 100B and 203A or equivalent.
282A-B Transportation Economics I, II (4-4). Economic analysis of intercity transportation. Cost measurement, applications of pricing principles, project evaluation, and economic regulation. Policy toward railroads, air passenger transport, and intercity highways. Travel demand analysis including discussion of econometric techniques. Pricing and investment in urban transportation, selected policy issues.
283A Urban and Transportation Policy (4). Application of economic approaches to urban and transportation policy issues at national, state, and local levels. Special attention is given to the evolution of competition between modes and attempts to realistically price urban transportation. Prerequisite: graduate standing or consent of instructor.
285A-B-C Colloquium for Transportation Science I, II, III (2-2-2). Selected perspectives on transportation based on the study of human behavior. Organized by Interdisciplinary Program in Transportation Science. Research presentations by faculty, students, and visitors supplemented by class discussion. Prerequisite: graduate standing or consent of instructor.
289A-Z Special Topics in Urban and Transportation Economics (4). Prerequisites vary. May be repeated for credit as topics vary.
290-299: SPECIAL COURSES
290 Dissertation Research (4 to 12). Prerequisite: consent of instructor. May be repeated for credit.
299 Independent Study (4). May be repeated for credit.
