3223 Social Science Plaza B; (714) 824-5788
Amihai Glazer, 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 applied econometrics, public choice, and applied microeconomics including transportation, energy, industrial organization, labor, and urban development. Members of the Department maintain close ties with members of the Department of Politics and Society 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 1998 should be sure to file their application before November 30, 1997.
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 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: See pages 3940.
University Requirements: See pages 5155.
School Requirements: See page 321.
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 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-C or an equivalent course.
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.
D. Economics 100A-B-C.
E. Four additional four-unit upper-division economics courses. At least one of the four courses must be research-oriented and involve the production of a significant research paper. This required paper may be approved by any faculty member in economics. It is strongly recommended that students take either the data analysis sequence (Economics 121A-B-C) or the econometrics sequence (Economics 123A-B-C).
Honors Program in Economics
To graduate in the Honors Economics Program, School requirements must be met and must include 19 courses (76 units) as specified below:
A. Economics 20A-B-C.
B. Mathematics 2A-B-C must be completed prior to taking Economics H100A.
C. Mathematics 3A or an equivalent course.
D. Economics 10A-B-C or equivalent courses.
E. Economics H100A-B-C.
F. Economics 123A-B-C or equivalent.
G. An honors-level research paper.
H. A minimum of four additional upper-division economics courses.
I. Achievement of a grade point average of at least 3.0 in upper-division economics courses taken to fulfill requirements.
Participating Faculty
Duran Bell: Models of social processes
David Brownstone: Econometrics and applied microeconomics
Soo Hong Chew: Economics of information and uncertainty, preference theory
Linda R. Cohen: Political economy, social choice, government regulation and government policy toward research and development
Arthur S. DeVany: Economic theory, industrial organizations
John E. DiNardo: Labor economics, development economics, applied economics
Gordon J. Fielding: Urban theory and transportation policy
Kaku Furuya: Macroeconomics, international economics
Michelle R. Garfinkel: Macroeconomic and monetary theory
Amihai Glazer: Public choice, industrial organization
John Johnston: Econometrics
Sheen T. Kassouf: The theory of stochastic speculative pricing
Charles A. Lave: Transportation economics
Jaewoo Lee: International economics, macroeconomics
David M. Lilien: Macroeconomics, labor economics and applied econometrics
R. Duncan Luce: Theory of measurement, individual decision 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
Stergios Skaperdas: Economic theory, game theory
Kenneth A. Small: Urban economics, transportation economics, discrete-choice econometrics, energy
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
Randall Crane: Urban planning, public policy
Paul J. Feldstein: Health economics
Bernard Grofman: Public choice, law and economics, models of collective decision making
Richard McKenzie: Public choice
Brian Skyrms: Game theory and decision making
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.
All students must show competence in microeconomics, macroeconomics, and econometrics. Normally this is done by taking a three-course sequence in each of these areas. 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, both within the School of Social Sciences, the School of Engineering, the Graduate School of Management, and the School of Social Ecology. Students benefit from association with the Institute of Transportation Studies. It 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, Politics and Society, 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 Department of Economics and the Department of Politics and Society. (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 several campus computers including a Convex C240 mini-super computer. 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.
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. (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 10A-B-C, or Sociology 10A-B-C. (V)
20A-B-C Basic Economics I, II, III (4-4-4) F, W, S. The fundamentals of economic theory: 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)
100119: ECONOMIC THEORY
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.
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).
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.
120124: 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. Prerequisite: simple probability and statistics (Social Science 10A-B-C strongly recommended). Same as Social Science 101A-B.
121C Data AnalysisWriting (4). Advanced regression analysis. Covers practical techniques for solving model-building problems. Strong emphasis on learning clear, effective writing. Prerequisite: Economics 121B or 123B. Same as Social Science 101C.
123A-B-C Econometrics I, II, III (4-4-4) F, W, S. Specification, estimation, and testing of econometric models. Applications in various areas of microeconomics and macroeconomics. Prerequisites: Mathematics 2A-B-C; Economics 10A-B-C or consent of instructor. 123C: Seminar course in which students complete either an applied or theoretical econometric research project.
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.
130139: 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: Economics 20A-B-C.
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-C and 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.
140149: 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.
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 100A-B.
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-C.
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: Economics 20A-B-C.
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 unabashed examination and interpretation of the following areas of public policy: schooling, housing and homelessness, occupational licensing, F.D.A. drug approval, credit bureaus, the U.S. Postal Service, and auto emissions. Heavy reading requirements from recent public-policy literature. Prerequisites: Economics 20A; satisfaction 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. Prerequisites: Economics 20A-B-C. Strongly recommended prior or concurrent courses: Economics 10A-B-C or equivalent. 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: 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.
150159: 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: Economics 10A-B-C and 20A-B-C.
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 exchange relations of the form that characterize intergroup and intragroup economic processes of many tribal societies. Includes analyses of gift exchange and exchanges 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). Each student chooses a chapter from Gary Becker's classic book, A Treatise on the Family and spends the quarter writing an approximately 25-page paper summarizing and critically evaluating Becker's arguments and evidence. Prerequisite: Economics 100A-B-C; Economics 151A-B-C desirable.
159 Special Topics in Economics in Human Resources (4). Prerequisites vary. May be repeated for credit as topic varies.
160169: MACROECONOMICS
161A Money and Banking (4). What is money, what does it do, and why is it important? How do depository institutions create money? What is the Federal Reserve Board, what does it do, and how does government affect its behavior? Why are interest rates so high/low, and who is responsible? How about inflation? Prerequisites: Economics 20A-B-C and 10A-B-C.
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 110C.
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 100A-B or 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? Prerequisites: Economics 10A-B-C and 20A-B-C.
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 100A-B-C. Formerly Economics 115I.
168A-B Comparative Economic Systems I, II (4-4). Survey of models and real-world examples of different economic systems, ranging from market capitalism to planned socialism, with special emphasis on resource allocation mechanisms and contemporary economic problems such as inflation, unemployment, defense spending, labor, and energy shortage. Prerequisites: Economics 20A-B-C.
169 Special Topics in Economics in Macroeconomics (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.
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.
210219: 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.
220229: QUANTITATIVE METHODS
220A-B-C-D Statistics and Econometrics I, II, III, IV (4-4-4-4). Mathematical statistics necessary to prepare students for econometric study and applied work. Topics include probability theory, distributions, sampling, parametric interval and point estimation, statistical hypothesis testing and nonparametric tests. 220B: Probability spaces, random variables, random sampling, maximum likelihood estimation, central limit theorems, hypothesis testing. Same as Psychology 203B. 220C-D: Specification, estimation and testing of econometric models. emphasis on linear simultaneous equations models, and limited dependent-variable models are covered.
221A-B-C-D Statistics and Econometrics Laboratory I, II, III, IV (2-2-2-2). 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. Concurrent with 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 and 220C.
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, 220C-D.
229A-Z Special Topics in Quantitative Methods (4). Prerequisites vary. May be repeated for credit as topics vary.
230239: 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.
240249: 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.
250259: 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.
260269: 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.
270279: 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.
280289: 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: 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. 282B: 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.
290299: 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.
