Microeconomic theories attempt to explain the decisions that individuals and firms make about spending time, money, and other scarce resources. In this engaging microeconomics seminar, students actively participate in a series of hands-on scenarios designed to test hypotheses and develop models of economic behavior. It covers topics such as competition, bargaining, cooperation, public goods, market design, theories of fairness and learning, social issues like discrimination and gender effects, neuroeconomics. Participants study the core ideas of microeconomics by discussing and writing about their experiences and observations from the classroom exercises. In addition, students develop their programming skills by writing software code for original economics experiments of their own.
Mathematical analysis of strategic interaction and decision making. Topics include normal form games and Nash equilibrium, dynamic games of complete and perfect information and subgame perfect equilibrium, static Bayesian games and Bayesian Nash equilibrium, and dynamic games with incomplete information and perfect Bayesian equilibrium. Specific topics and applications include: prisoner’s dilemma, duopoly and oligopoly, bargaining, auctions, collective action problems, voting, and public choice. Prerequisite: Econ 241 and 245.
Application of microeconomic theory to the structure of industry. Course considers traditional, as well as recent and interdisciplinary theories of firm and industry behavior, with particular focus on oligopoly and game theory. Course also reviews the economic history of U.S. antitrust and regulatory policies and examines the effect of greater global interdependence. Students evaluate alternative policies for static economic efficiency, technological change, and equity. Prerequisite: Econ 241 and 245.
This course explores the key aspects of energy supply and demand covering issues in electricity, natural gas and oil sectors of the economy. It discusses the role of markets, regulation and deregulation of the industry. The course addresses market design questions related to energy generation, transmission and distribution. It also provides an overview of economic institutions designed to control pollution emissions and examines other public policies affecting energy markets. Prerequisite: Econ 241 and 245.
Foundations of experimental methodology in the field of economics. Course covers the major types of economics experiments that are utilized to investigate the economic decisions of individuals as well as their interactions in markets and other socio-economic environments. Students design, program and analyze laboratory experiments in order to examine the validity of alternative theories as well as performance and effectiveness of various policy solutions to economic problems. Prerequisite: Econ 241 and 245.
Examination of special topics in advanced microeconomic theory and applications. Particular focus varies, and includes such topics as new household economics, industrial organization and public policy, game theory, information costs-structure-behavior, production and cost functions, welfare economics, and micro aspects of international trade. Prerequisite: Econ 241, 243, 245, 249, 350 and at least one 300-level elective Econ course.