DEPARTMENT OF ECONOMICS
3223 Social Science
Plaza B; (949) 824-5788
David Brownstone, 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. Economic 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 empirical microeconomics including transportation, energy, industrial organization, labor, and urban development; in political economy and public choice; in economic history; and in econometrics. Members of the Department maintain close ties with members of the Department of Political Science and The Paul Merage School of Business. Members of the Department maintain affiliations with the Institute for Mathematical Behavioral Sciences, the Institute of Transportation Studies, the Institute of Global Conflict and Cooperation, the Center for the Study of Democracy, and the program in International Studies.
The Department offers majors in Economics, Business Economics, and Quantitative Economics, and an optional specialization in International Issues and Economics available to students in all three majors. In additional, an Honors Program in Economics is open to high-achieving students in all three majors.
NOTE: Students may complete only one of the three Economics majors.
ADMISSION TO THE MAJORS
Freshmen: Preference will be given to those who rank the highest using the selection criteria as stated in the Undergraduate Admissions section of this Catalogue.
Transfer-Student Applicants: Transfer applicants with the highest grades overall who satisfactorily complete course prerequisites will be given preference for admission. All applicants must complete one course in microeconomics, one course in macroeconomics, and one semester or two quarters of approved calculus.
Change of Major. Information about change-of-major requirements, procedures, and policies is available in the School of Social Sciences Undergraduate Counseling Office and at http://www.due.uci.edu/Change_of_Major.html.
REQUIREMENTS FOR THE BACHELOR'S DEGREE
University Requirements: See pages 59-64.
School Requirements: See page 442.
Departmental Requirements for the Major in Economics
This major is designed for students seeking a broad education applicable to occupations in business, law, and government or as preparation for graduate school in the social sciences. School requirements must be met and must include 17 courses as specified below.
A. Economics
20A-B.
B. Economics 15A-B.
C. Mathematics
2A-B and 4.
D. Economics 100A-B-C.
E. Economics
122A.
F. Six additional Economics courses, one of which may
be lower-division.
Sample Program — Economics Majors
Freshman
Economics
20A-B
2 Lower-division writing courses
Mathematics 2A-B, 4
Lower-division
Economics elective
2 Social Sciences intro. courses
2 Breadth
Sophomore
Economics
100A-B-C
Economics 15A-B
Social Sciences computer requirement
5 Breadth
Junior
Economics
122A
4 Upper-division Economics courses
2 Breadth
Electives
Senior
3
Upper-division Economics courses
Electives
Departmental Requirements for the Major in Quantitative Economics
The Department strongly urges students to consider the major in Quantitative Economics, which best prepares them for careers in business and finance, for law school, for M.B.A. programs, and for graduate studies in the social sciences. School requirements must be met and must include 19 courses as specified below.
A. Economics 20A-B.
B. Mathematics 2A-B, 3A, and 4.
C. Economics 105A-B-C.
D. Statistics 120A-B-C.
E. Economics 123A-B.
F. Five additional Economics courses, including at least four four-unit upper-division courses and one that satisfies the upper-division writing requirement. The upper-division electives must include two Quantitative Electives selected from Economics 109 (when the topic is either Game Theory or Asymmetric Information), 123C, 131A, and 135. Additional courses may be added to this list; up-to-date information is available at http://www.economics.uci.edu/.
NOTE: Students who are double majoring in Quantitative Economics and Mathematics may (i) substitute Mathematics 2D-E for Mathematics 4, (ii) substitute an upper-division probability and statistics sequence taught in the Mathematics Department for Statistics 120A-B-C, and (iii) substitute three upper-division Mathematics electives for upper-division Economics electives.
Sample Program — Quantitative Economics Majors
Freshman
Economics
20A-B
2 Lower-division writing courses
Mathematics 2A-B, 3A, 4
2 Social
Sciences intro. courses
2 Breadth
Sophomore
Economics
105A-B-C
Statistics 120A-B-C
Social Sciences computer requirement
4 Breadth
Junior
Economics
123A-B
4 Upper-division Economics courses
2 Breadth
Electives
Senior
3
Upper-division Economics courses
Electives
Departmental Requirements for the Major in Business Economics
The Business Economics major is for students seeking a business orientation in their study of economics. It does not replicate the traditional undergraduate business school curriculum. Instead, it offers a more tightly focused curriculum that is guided by the rigorous logic and integrative perspective of economics. School requirements must be met and must include 20 courses as specified below.
A. Economics 20A-B.
B. Economics 15A-B.
C. Economics 25.
D. Mathematics 2A-B and 4.
E. Economics 100A-B-C.
F. Economics 122A-B.
G. Seven additional Economics courses, including at least four four-unit upper-division courses. Two of the electives must be selected from the following Business Electives list: Economics 129 (when the topic is Business Forecasting), 131A, 132A, 134A, 142A-B-C, 145, and 161A-B-C; and two of the electives must be selected from the following Management Electives list: Economics 139 (when the topic is Managerial Accounting), 149 (when the topic is Managerial Economics or Business Decisions), and 169 (when the topic is Economics of International Business). It is strongly recommended that students satisfy the upper-division writing requirement with one of the Economics electives.
Sample Program — Business Economics Majors
Freshman
Economics
20A-B
2 Lower-division writing courses
Mathematics 2A-B, 4
Economics 25
2
Social Sciences intro. courses
2 Breadth
Sophomore
Economics
100A-B-C
Economics 15A-B
Social Sciences computer requirement
5 Breadth
Junior
Economics
122A-B
4 Upper-division Economics courses
2
Breadth
Electives
Senior
3
Upper-division Economics courses
Electives
Specialization in International Issues and Economics
Students in any of the three Economics majors may complete the specialization in International Issues and Economics. Admission to the specialization requires approval in advance by the Economics Department. The admissions process begins with completing a form at the Department office. This approval should be applied for after the student has completed Economics 20A-B, but no later than the end of the junior year.
The specialization requires the completion of:
A. International Studies 11 and 12 and Economics 13.
B. Three upper-division international Economics elective courses selected from Economics 148I-J-K, 161B-C, 162A, 163, 164A, and 169.
C. Three additional international breadth elective courses selected from International Studies 111A, 112A, 120, 121, 122, 123, 179; Political Science 141A, 141B, 141C, 141D, 143D, 143E; Environmental Analysis and Design E100 (when the topic is International Environmental Issues); History 21A, 21B, 21C, 101. At most, only one lower-division elective may be taken.
Honors Program in Economics
Undergraduates in any of the three Economics majors may complete the Honors Program in Economics. Entry into the program requires a 3.4 GPA or better in upper-division Economics courses and an overall GPA of 3.2 or better. Undergraduates hoping to enter the program must apply no later than the spring quarter of their junior year. Applicants must have the Undergraduate Advisor sign the application form. Students in the Honors Program must complete an honors thesis and the two-quarter Economics Honors Colloquium (Economics H190A-B; satisfies the upper-division writing requirement).
Participating Faculty
Marigee Bacolod: Labor economics, econometrics, and microeconomics
Duran Bell: Models of social processes
Volodymyr Bilotkach: Industrial organization, transportation economics, and microeconomics
Dan Bogart: Economic history, institutions, infrastructure and economic development
William A. Branch: Macroeconomics
David Brownstone: Econometrics and transportation economics
Jan K. Brueckner: Urban economics, public economics, industrial organization, and housing finance
Jiawei Chen: Empirical industrial organization, econometrics, finance
Linda R. Cohen: Political economy, social choice, government regulation, and government policy toward research and development
Art DeVany: Economic theory, industrial organization
Gordon J. Fielding: Urban and transportation economics
Michelle R. Garfinkel: Macroeconomics, political economy and conflict
Amihai Glazer: Political economy
Jun Ishii: Industrial organizations, regulated industries, applied econometrics
Ivan Jeliazkov: Econometrics, applied econometrics, empirical macroeconomics, and monetary economics
Igor Kopylov: Microeconomics, decision theory, game theory
Charles A. Lave: Transportation economics
R. Duncan Luce: Theory of measurement, individual decision theory, response times
Julius Margolis: Political economy of national defense and government behavior
Michael McBride: Microeconomics, game theory, political economy
Martin C. McGuire: Public finance, international trade, economics of peace and security
Fabio Milani: Macroeconomics, monetary economic, time-series econometrics, international money and finance
David Neumark: Labor economics
Min Ouyang: Macroeconomics, industrial organization, computational economics
Dale Poirier: Econometrics, both theoretical and empirical, specializing in Bayesian econometrics
Priya Ranjan: International trade
Gary Richardson: Economic history, immigration, institutions, and economic development
Donald G. Saari: Social choice, voting theory, economic theory and mathematical economics
Stergios Skaperdas: Economic theory, political economy
Kenneth A. Small: Urban economics, transportation economics, discrete-choice econometrics, environmental economics
Kurt Van Dender: Transportation economics, urban economics, and public finance
Christian Werner: Mathematical geography
Affiliated Faculty
Dennis J. Aigner: Statistical and econometric methodology, efficiency estimation
Frank Bean: Immigration, population, public policy
Marlon G. Boarnet: Urban planning, urban economic development
Thomas C. Buchmueller: Economics of health care
Michael L. Burton: Economic anthropology, cognitive anthropology; kinship, gender, and households
Frank Cancian: Economic anthropology, comparative social inequality
Christopher Carpenter: Health economics, labor economics, and policy evaluation
Paul J. Feldstein: Economics of health care
Bernard Grofman: Mathematical models of decision making, electoral rules and reappointment
Mireille Jacobson: Health economics
Phillipe Jorion: Empirical research in investment, global portfolio investments, predicting the risk and return of foreign currencies, managing financial risk, and derivatives markets
Marek Kaminski: Voting models, democratization, political consequences of electoral laws
Richard McKenzie: Public choice
Andrew Policano:
Macroeconomics, monetary theory and policy Jean-Daniel Saphores: Environmental and natural resource economics and policy
Brian Skyrms: Game theory and decision making
Carole J. Uhlaner: Comparative political participation, formal models of political behavior
The Department of Economics offers a Ph.D. degree program 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.
ADMISSION
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. Applicants whose primary language is not English must also submit Test of English as a Foreign Language (TOEFL) scores. To be considered for any financial aid (including a teaching assistantship), students who are not citizens of countries where English is either the primary or dominant language as approved by the UCI Graduate Council must submit a passing score from the Test of Spoken English (TSE).
REQUIREMENTS
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.
A student can take the oral candidacy examination after completing the 10 required core courses with no grade lower than a B and with a grade point average across all graduate courses of at least 3.25. The student must also complete a research paper that consists of an extended literature review in a subfield approved by the graduate committee or a replication and extension of an empirical paper published in a refereed economics journal. A well-prepared student should take this oral examination at the end of the fourth or fifth quarter. The normal time for advancement to candidacy is two years (six quarters).
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.
Two or three quarters before the expected completion of the dissertation, the dissertation committee will organize an oral examination of the candidate's dissertation prospectus. Ordinarily, the prospectus will describe in detail the dissertation, and will typically be accompanied by at least one completed chapter of the dissertation.
Students are expected to complete their dissertation by the end of their fifth year. The maximum time permitted for completion of the Ph.D. is six years.
Concentration in Transportation Economics
Students can also pursue 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 Paul Merage School of Business, 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 CEE220A), 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 pursue 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 Logic and Philosophy of Science and from The Paul Merage School of Business 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, Economics 270A-B-C, which is jointly organized by faculty in the Departments of Economics and Political Science. (A background in 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.
RESEARCH FACILITIES
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 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.
LOWER-DIVISION
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. (III)
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)
15A-B Probability and Statistics in Economics I, II (4-4) F, W. An introduction to probability, statistics, and econometrics. Emphasis on a thorough understanding of the probabilistic basis of statistical inference. Examples from economics. Prerequisites: Mathematics 2A-B and 4. Formerly Economics 110A-B.
17 An Economic Approach to Religion (4) F. Introduction to how basic economic concepts such as demand, supply, consumption, production, competition, free-riding, innovation, regulation, and rent-seeking can be applied to understand observed religious behavior. (III)
20A-B Basic Economics I, II (4-4) F, W. 20A: The fundamentals of microeconomics. The behavior of firms and of consumers: markets, supply/demand, utility maximization, resource allocation, and efficiency. 20B: The fundamentals of macroeconomics. Government behavior: monetary and fiscal policy, inflation, and unemployment. (III)
25 The Economics of Accounting Decisions (4). Introduction to accounting concepts and principles, including the accounting model and accounting style, transaction analysis, and preparation of financial statements. An analysis of the similarities and differences between accounting and economic concepts (e.g., value, profits). Prerequisite: Economics 20A. Formerly Economics 102A.
UPPER-DIVISION
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 and Mathematics 2A or equivalent. For 100B: Economics 100A. For 100C: Economics 100B. Economics 100A-B-C and 105A-B-C may not both be taken for credit.
101A-B Advanced Macro- or Microeconomics (4-4). 101A: Consumption and investment theories. Theories of money demand and supply. 101B: A presentation of the theory of production and distribution, relying heavily upon formal mathematical models. Prerequisites: Economics 100A-B-C and Mathematics 2A-B and 4.
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.
105A-B-C Intermediate Quantitative Microeconomics and Macroeconomics I, II, III (4-4-4) F, W, S. An advanced and mathematical version of Economics 100A-B-C for students in the Quantitative Economics major. Prerequisites: Economics 20A-B and Mathematics 2A-B, 3A, and 4. Economics 105A-B-C and 100A-B-C may not both be taken for credit.
109 Special Topics in Economic Theory (4). Prerequisites vary. May be repeated for credit as topic varies.
116 Game Theory (4). An introduction to non-cooperative game theory. Topics include Nash Equilibrium, Subgame perfect equilibrium, dynamic games, bargaining, repeated games, and cooperation. Prerequisites: Economics 15A-B and 100A.
120-124: QUANTITATIVE METHODS
122A-B Applied Econometrics I, II (4-4). Introduction to econometrics emphasizing practical applications in microeconomics and macroeconomics. Prerequisites: Economics 15A-B, 20A-B. Economics 122A-B and 123A-B may not both be taken for credit.
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 and 4 or equivalent; Statistics 120A-B-C and Economics 100A-B-C. For 123C: satisfactory completion of the lower-division writing requirement. Economics 123A-B and 122A-B may not both be taken for credit.
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 15A-B or equivalent; 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 15A-B or equivalent; Economics 100A-B-C.
134A Corporate Finance (4). Provides an overview of the modern theory and practice of corporate finance and focuses on two fundamental financial decisions; investment as well as financing. Prerequisite: Economics 100A-B-C.
135 Mathematics of Finance (4). Introduces the mathematics of finance with an emphasis on financial derivatives. After a review of certain tools from probability, statistics, and elementary differential and partial differential equations, concepts such as hedging, arbitrage, Puts, Calls, and the design of portfolios are discussed. Prerequisites: Mathematics 2A-B-J. Same as Mathematics 176.
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: Economics 15A-B and 100A-B. For 142C: satisfactory
completion of the lower-division writing requirement. 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 15A-B, 20A-B, or equivalent.
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. Prerequisites: Economics 20A-B. 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 15A-B and 122A or equivalent; 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 15A-B, 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 15A-B or equivalent; 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.
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 15A-B or equivalent; Economics 20A-B.
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) F, W S. 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 and 4; Economics 15A-B and 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, or consent of instructor. Same as Anthropology 126G.
152P-Q Evolution of Social Formations 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 20A-B; Economics 152A or Anthropology 125A recommended. Prerequisite for 152Q: satisfactory completion of the lower-division writing requirement. 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 15A-B or equivalent; 100A-B-C; satisfactory completion of the lower-division writing requirement.
157 Economic Development (4). Considers the process of economic development across the globe and why some countries are rich and others poor. Discusses the major problems facing developing countries, such as population growth, education, capital formation, environmental protection, and international trade. Prerequisites: Economics 20A-B.
158 Economics of Education (4). Arms students with tools, concepts, and evidence that can be used to analyze complex policy questions in education, enabling students to arrive at their own reasoned judgments about how to improve education. Prerequisite: satisfactory completion of the lower-division writing requirement.
159 Special Topics in Economics in Human Resources (4). Prerequisites vary. May be repeated for credit as topic varies.
160-169: MACROECONOMICS
161A Introduction to Financial Investments (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 15A-B or equivalent; 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 15A-B or equivalent; 100A-B-C.
163 Communism
in Russia and China (4). Examines the politics, economics, and history of revolutionary
Marxism during the twentieth century. Begins by discussing the theoretical foundation
of communism and then contrasting those theories with the actual institutions established
in communist nations and with socialist, capitalist, and democratic systems. Prerequisites: Economics
20A-B. 164A
The Industrial Revolution in Western Europe (4). How do economists explain the
process of economic development during the past three centuries? How has the process
of industrialization affected living standards? In focusing on these questions,
students learn how to apply economic theory and quantitative methods to the study
of historical issues. Prerequisites: Economics 100A-B-C; satisfactory completion
of the lower-division writing requirement.
164B The Industrial Revolution in the United States (4). How do economists explain the process of economic development during the past three centuries? How has the process of industrialization affected living standards? In focusing on these questions, students learn how to apply economic theory and quantitative methods to the study of historical issues. Prerequisites: Economics 100A-B-C; satisfactory completion of the lower-division writing requirement.
169 Special Topics in Development Economics (4). Prerequisites vary. May be repeated for credit as topic varies.
H190A-B Economics Honors Colloquium I, II (4-4). Colloquium required for honors students in Economics, Quantitative Economics, and Business Economics. Introduces students to independent research. Helps students plan a research program. H190A: Prepares students for thesis writing. H190B: Students complete their thesis. Prerequisites: must be enrolled in the Honors Program in Economics; satisfactory completion of the lower-division writing requirement.
GRADUATE
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 (4-4-4). 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. May be repeated for credit.
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.
206 How to Write a Paper (2 to 4). A course on writing. Also discusses how to make an oral presentation, how to go about doing research, and how academic journals operate. Grade based on two written assignments in which student edits and revises a paper.
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.
239: FINANCIAL ECONOMICS
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.
243A Game Theory (4). A formal introduction to noncooperative game theory. Topics include properties of Nash Equilibrium and equilibrium refinements, dynamic games, repeated games, games with imperfect information, and games with incomplete information. Prerequisites: Economics 201A-B-C; graduate standing or consent of instructor.
243B Advanced Game Theory (4). Provides advanced instruction and research opportunities in game theory for students interested in using game theory in their research. Prerequisites: Economics 243A and 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.
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). 282A: Applies microeconomic concepts of demand, costs, pricing, investment, and project evaluation to analyze transportation activities. Empirical studies include travel demand using discrete models, and cost functions. 282B: Policy analysis in the presence of road transport externalities (such as environmental spill-overs), imperfect instruments, and other economic distortions such as imperfectly priced networks and imperfect competition. Connections of transportation economics with environmental economics, public finance, spatial economics and industrial organization.
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. Satisfactory/Unsatisfactory only. Prerequisite: graduate standing or consent of instructor. May be repeated for credit as topics vary.
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.
