ECON -- Economics

ECON 402 Macroeconomic Models and Forecasting (3) Prerequisite: ECON 305 or ECON 405. Analysis of the fluctuations in economic activity and the formulation and use of forecasting models of the economy. Illustrations of computer macro models and forecasting problems.

ECON 407 Advanced Macroeconomics (3) Prerequisite: ECON 305. An in-depth analysis of current issues in macroeconomic theory and policy. Topics covered include: 1. alternative perspectives on macroeconomics including monetarism, new classical equilibrium models, rational expectations, and real business cycle models; 2. long term growth, the slowdown in productivity growth, and concerns about U.S. competitiveness; 3. the effectiveness of macroeconomic policy in an open economy; 4. the effects of finance on the real sector.

ECON 410 Comparative Institutional Economics (3) Prerequisite: ECON 306. Determinants of institutional arrangements and the economic consequences of those arrangements for economic growth using transaction costs economics, the new institutional economics, and elementary game theory. Historical emergence of market institutions and nonpredatory governments in Europe and Japan, and the policy successes and failures of less-developed countries today.

ECON 413 Information and Markets (3) Prerequisite: ECON 306. Presents advanced microeconomic theory, concentrating on how information affects exchange and market outcomes, including insurance, signalling, reputations, and incentive contracts. Studies applications to various markets and policy questions.

ECON 414 Game Theory (3) Prerequisites: ECON 306 and (MATH 220 or MATH 140). Credit will be granted for only one of the following: ECON 414 or ECON 417. Formerly ECON 417. Studies the competitive and cooperative behavior that results when several parties with conflicting interests must work together. Learn how to use game theory to analyze situations of potential conflict. Applications are drawn from economics, business, and political science.

ECON 415 Strategic Behavior and Incentives (3) Prerequisite: ECON 414 or permission of department. Most decisions are not made in isolation, but involve interaction with others. Applies the foundations of game theory learned in ECON 414 to several important topics in business and economics. Emphasis is on topics of practical importance: negotiation, markets with few participants, pricing and incentives.

ECON 416 Theory of Economic Development (3) Prerequisite: ECON 305 or ECON 405. Credit will be granted for only one of the following: ECON 315 or ECON 416. Economic theory of the developing nations; role of innovation, capital formation, resources, institutions, trade and exchange rates, and governmental policies.

ECON 418 Economic Development of Selected Areas (3) Prerequisite: ECON 315 or ECON 416. Institutional characteristics of a specific area are discussed and alternate strategies and policies for development are analyzed.

ECON 422 Quantitative Methods in Economics I (3) Prerequisites: ECON 200; and ECON 201; and {ECON 321 or BMGT 230:} or permission of department. Emphasizes the interaction between economic problems and the assumptions employed in statistical theory. Formulation, estimation, and testing of economic models, including single variable and multiple variable regression techniques, theory of identification, and issues relating to inference. Independent work relating the material in the course to an economic problem chosen by the student is required.

ECON 423 Quantitative Methods in Economics II (3) Prerequisite: ECON 422. Interaction between economic problems and specification and estimation of econometric models. Topics include issues of autocorrelation, heteroscedasticity, functional form, simultaneous equation models, and qualitative choice models.

ECON 424 Computer Methods in Economics (3) Prerequisites: ECON 200; and ECON 201; and (ECON 321 or BMGT 230). Computer modelling of economic problems, including household and firm behavior, macroeconomic relationships, statistical models of economy, and simulation models.

ECON 425 Mathematical Economics (3) Prerequisites: ECON 305 or ECON 405, and ECON 306 or ECON 406, and MATH 220 or equivalent. Mathematical developments of theory of household and firm, general equilibrium and welfare economics, market imperfections, and role of information.

ECON 430 Money and Banking (3) Prerequisites: ECON 200 and ECON 201. Credit will be granted for only one of the following: ECON 430 or ECON 431. The structure of financial institutions and their role in the provision of money and near money. Analysis of the Federal Reserve System, the techniques of central banks, and the control of supply of financial assets in stabilization policy. Relationship of money and credit to economic activity and the price level.

ECON 431 Theory of Money, Prices and Economic Activity (3) Prerequisite: ECON 305 or ECON 405. Credit will be granted for only one of the following: ECON 430 or ECON 431. Monetary theory and the role of money, financial institutions and interest rates in macro models. Analysis of money demand and supply and of the Monetarist-Keynesian debate as they affect inflation and stabilization policy.

ECON 440 International Economics (3) Prerequisites: ECON 200 and ECON 201. Credit will be granted for only one of the following: ECON 440 or ECON 441. A description of international trade and the analysis of international transactions, exchange rates, and balance of payments. Analysis of policies of protection, devaluation, and exchange rate stabilization and their consequences.

ECON 441 Theory of International Economics (3) Prerequisite: ECON 305 or ECON 405; and ECON 306 or ECON 406. Credit will be granted for only one of the following: ECON 440 or ECON 441. Theoretical treatment of international trade and international finance. Includes Ricardian and Heckscher-Ohlin theories of comparative advantage, analysis of tariffs and other trade barriers, international factor mobility, balance of payments adjustments, exchange rate determination, and fiscal and monetary policy in an open economy.

ECON 450 Introduction to Public Sector Economics (3) Prerequisite: {ECON 200; and ECON 201} or ECON 205. Credit will be granted for only one of the following: ECON 450 or ECON 454. The role of federal, state, and local governments in meeting public wants. Analysis of theories of taxation, public expenditures, government budgeting, benefit-cost analysis and income redistribution, and their policy applications.

ECON 451 Public Choice and Public Policy (3) Prerequisite: {ECON 200; and ECON 201}, or ECON 205. Analysis of collective decision making, economic models of government, program budgeting, and policy implementation; emphasis on models of public choice and institutions which affect decision making.

ECON 454 Theory of Public Finance and Fiscal Federalism (3) Prerequisite: ECON 306 or ECON 406. Credit will be granted for only one of the following: ECON 450 or ECON 454. Study of welfare economics and the theory of public goods, taxation, public expenditures, benefit-cost analysis, and state and local finance. Applications of theory to current policy issues.

ECON 456 Law and Economics (3) Prerequisite: ECON 306. Relationship of the exchange process to the system of institutions and rules that society develops to carry out economic transactions. Topics covered include: Property rights; torts, negligence, and liability; contracts and exchanges; criminal control and enforcement; equity issues in the rule and market environment.

ECON 460 Industrial Organization (3) Prerequisite: ECON 306 or ECON 406. Changing structure of the American economy; price policies in different industrial classifications of monopoly and competition in relation to problems of public policy.

ECON 465 Health Care Economics (3) Prerequisite: ECON 200 or ECON 205. Analysis of health care, the organization of its delivery and financing. Access to care; the role of insurance; regulation of hospitals, physicians, and the drug industry; role of technology; and limits on health care spending.

ECON 470 Theory of Labor Economics (3) Prerequisite: ECON 306. Credit will be granted for only one of the following: ECON 370 or ECON 470. An analytical treatment of theories of labor markets. Marginal productivity theory of labor demand; allocation of time in household labor supply models; theory of human capital; earnings differentials; market structure and the efficiency of labor markets; the role of trade unions; discrimination; and unemployment.

ECON 471 Current Problems in Labor Economics (3) Prerequisite: ECON 470 or permission of department. Emphasis on current policy issues. Topics include: the distribution of income; welfare reform and work incentives; employment and training programs; social insurance programs; unemployment policy; immigration, trade and labor market policy; international labor market comparisons; and the economics of human resource management.

ECON 476 American Living Standards and Poverty (3) Prerequisite: ECON 305 and ECON 321 or permission of department. Also offered as PUAF 730. Post-World War II trends in U.S. living standards and income inequality. Areas studied include: industrial base, productivity, growth demographics, international competitiveness and the structure (and holders) of debt as they affect the level of U. S. income and income inequality.

ECON 490 Survey of Urban Economic Problems and Policies (3) Prerequisites: {ECON 200 and ECON 201} or ECON 205. An introduction to the study of urban economics through the examination of current policy issues. Topics may include suburbanization of jobs and residences, housing and urban renewal, urban transportation, development of new towns, ghetto economic development, problems in services such as education and police.

ECON 600 Analytical Techniques for Economists (3) Prerequisite: permission of department. Mathematical techniques applied in microeconomics and macroeconomics. Problems involving the use of constrained and unconstrained optimization are discussed, and difference equations, differential equations, and optimal control theory are introduced.

ECON 601 Macroeconomic Analysis I (3) Three hours of lecture and two hours of laboratory per week. Prerequisite: ECON 600 or permission of department. Introductory technical treatment of standard Keynesian, classical and new classical macroeconomic models. Expectations formation and microeconomic foundations of consumption, investment, money demand, and labor market behavior.

ECON 602 Macroeconomic Analysis II (3) Three hours of lecture and two hours of laboratory per week. Prerequisite: ECON 601 or permission of department. Further issues regarding macroeconomic topics. First half emphasis will be placed on dynamic macroeconomic theory as pertaining to monetary issues, policy ineffectiveness and effectiveness. The second half of the course will focus on theories of investment and growth.

ECON 603 Microeconomic Analysis I (3) Three hours of lecture and two hours of laboratory per week. Prerequisite: ECON 600 or permission of department. A detailed treatment of the theory of the consumer and of the firm, particularly emphasizing the duality approach. Topics include the household production model, imperfect competition, monopolistic and oligopolistic markets.

ECON 604 Microeconomic Analysis II (3) Three hours of lecture and two hours of laboratory per week. Prerequisite: ECON 603 or permission of department. Analysis of markets and market equilibria; the Arrow-Debreu model of general equilibrium, the two-sector model, welfare theorems, externalities, public goods, markets with incomplete and asymmetric information.

ECON 606 History of Economic Thought (3) Prerequisite: ECON 403 or permission of department. The classical economists, Adam Smith, David Ricardo, and John Stuart Mill are studied in detail after a survey of their predecessors: Aristotle, Aquinas, the Mercantilists, Founders, and Physiocrats. Attention is given to methodological issues, including the meaning and validity of economic theories.

ECON 607 Economic Theory in the Nineteenth Century (3) Prerequisite: ECON 606 or permission of department. Economics of Karl Marx; neo-classical economics of Jevons, Menger, Walras, Pareto, Marshall, and J.B. Clark; Veblen, J.M. Keynes and Neo-Keynesian economics. Particular attention is given to Marx's capital and Keynes's general theory. Criteria for the validity of economic theories.

ECON 611 Seminar in American Economic Development (3) Prerequisite: permission of department. Selected topics in the long-term movements of the American economy. Quantitative studies of the growth of output; applications of econometric methods and economic theory to topics in American economic history.

ECON 613 Origins and Development of Capitalism (3) Prerequisite: permission of department. Advanced special students not permitted. Institutions and technology shaping pre-capitalist economies: Archaic, Greek and Roman, Feudal, and Mercantile. Rise of the market system, national economies, and capitalism. The nature of industrial society. Imperialism.

ECON 615 Economic Development of Less-Developed Areas (3) Prerequisite: ECON 603 or permission of department. Analysis of the forces contributing to and retarding economic progress in less-developed areas. Topics include the relationship of international trade to development, import-substituting and export-led industrialization, the effects of population growth on economic development, and the analysis of institutions and institutional change in land tenure, finance, and labor markets.

ECON 616 Seminar in Economic Development (3) Prerequisite: ECON 615 or ECON 415. Current topics in economic development. Special emphasis on application of theory and research techniques to special problems or countries.

ECON 621 Quantitative Methods I (3) Prerequisite: ECON 600 or permission of department. An introduction to econometrics, and a development of the mathematical background concepts needed. Background materials relate to various topics in linear algebra, and in distribution theory. Focus on estimation, hypothesis testing, and prediction in the classical linear regression model. Corresponding large sample issues are considered. Special topics such as non-nested models, hypotheses relating to nonlinear functions of parameters, and specification analysis, including tests for the dynamic stability of a model.

ECON 622 Quantitative Methods II (3) Prerequisite: ECON 621 or permission of department. A continuation of ECON 621. Topics relate to the generalized least squares model, to dynamic single equation and simultaneous equation models, and to qualitative dependent variable models. Among the topics discussed are various tests for heteroskedasticity and autocorrelation, prediction issues, time series models such as ARCH and GARCH models, tests for unit roots, panel data models, and systems estimation including the GMM procedure. Both linear and nonlinear models are considered. General testing principles, such as likelihood ratio, Wald, and Hausman-type test are also discussed.

ECON 623 Econometrics I (3) Introduction to and development of aspects of mathematical statistics relevant for econometrics. Topics include: probability measure, random variables, density functions and distribution functions, expectations, moment generating functions, conditional distributions, independence, parameter estimators, hypothesis testing, sufficient statistics.

ECON 624 Econometrics II (3) Prerequisite: ECON 623 or permission of department. Estimation, hypothesis testing and prediction in the classical and generalized linear regression model. Topics include: ordinary least squares and generalized least squares, including a discussion of their algebraic, small and large sample properties, prediction and parameter restriction; specification tests; large sample distribution theory.

ECON 626 Empirical Microeconomics (3) Prerequisite: ECON 622 or ECON 721 or permission of instructor. Empirical techniques that are particularly valuable in the analysis of microeconomic data. Topics include panel data, nonlinear optimization, limited dependent variables, truncated, censored, and selected samples, the analysis of natural experiments, and quantile regressions.

ECON 627 Empirical Macroeconomics (3) Prerequisite: ECON 622 or ECON 721 or permission of instructor. Empirical and computational techniques that are particularly valuable in macroeconomic research. Topics include a variety of methods of modelling time series data, ARIMA modelling, state-space representation and the Kalman filter, unit roots and cointegration, vector autoregressions (VAR), and autoregressive conditional geteroskedasticity (ARCH). The course will also look at Euler equation estimation using the Generalized Method of Moments (GMM) and calibration of general equilibrium models.

ECON 661 The Corporate Firm (3) Prerequisites: ECON 603 and ECON 604. The first part of this course considers a transactions costs and contracting theory of the firm. Topics include vertical integration, long-term contracts, and internal contracts. The remainder of the course examines static models of monopoly and oligopoly. Topics include monopoly pricing, short-run and long-run competition, production differentiation, quality, and consumer search and switching costs.

ECON 662 Industry Structure, Conduct, and Performance (3) Prerequisites: ECON 603 and ECON 604. Dynamic theories of industry structure, conduct, and performance. Topics include: long run industry structure; dynamics of R&D competition and technological change; and entry, exit, and industry evolution. Antitrust policies pertaining to monopolization and natural monopoly regulation are also studied.

ECON 663 Antitrust Policy and Regulation (3) Prerequisites: ECON 603; and ECON 622 or ECON 624. U.S. antitrust policy after 1890; actual policies compared to theoretical policies to promote economic efficiency. Development of policy toward monopolies, cartels, mergers, and patents. Models of the regulatory process and empirical evidence. Studies of regulation of electricity, transportation, airlines, and other industries. Economics of product safety. Regulation of drugs, automobiles, food, and other products.

ECON 668 The Economics of Retail Systems (3) Repeatable to 6 credits if content differs. This course is designed mainly but not exclusively for students in the third year of the economics Ph.D program and for students at a similar stage in a marketing program. Its main objective is to help the student generate their first professional research paper. In terms of interests it targets those in the area of microeconomics (advanced micro, industrial organization, or more generally applied microeconomics or micro aspects of any field). The course will be conducted as a seminar.

ECON 681 Comparative Economic Systems and Economies in Transition (3) Theory and practice of economic systems with institutional structures differing markedly from those of decentralized market economies, especially focusing on the systems of the former Soviet-bloc. Approaches to systemic change, focusing on their empirical and theoretical underpinnings. Analysis of the experience of reforms in Eastern Europe.

ECON 682 Topics in Economies in Transition (3) Prerequisite: ECON 681. Comparative analysis of components of the transition process, focusing on liberalization, stabilization, privatization, the political economy of reforms, institutional development, etc. The patterns and determinants of changes in a variety of countries, especially Russia, China, and those in Eastern Europe.

ECON 684 Seminar in Economic Development of the Soviet Union (3) Measurement and evaluation of Soviet economic growth; interpretation and use of Soviet statistics; planning and economic administration; manpower and wage policies; foreign trade and aid. Selected topics in Bloc development and reform.

ECON 685 Institutions, Collective Choice, and Economic Performance (3) Prerequisite: ECON 603 or permission of instructor. Analyze the basic institutions of societies, especially those that undergird market economies. Focus on fundamental change such as: the transition from communism to a market economy, the industrialization of less-developed societies, and agricultural and industrial revolutions.

ECON 698 Selected Topics in Economics (3)

ECON 700 Applied Economic Theory (3) Applied economic theory designed primarily for master's degree students. Topics from microeconomic and macroeconomic theory, including applied welfare economics, consumer surplus, public goods and externalities, investment theory, economic growth, and a review of IS-LM analysis.

ECON 701 Advanced Macroeconomics I (3) Prerequisite: ECON 601; and ECON 602. Recent developments in macroeconomics with an emphasis on topics and techniques useful for conducting research in macroeconomics. Topics include advanced treatment of fiscal and monetary policy issues; the role of imperfect competition; real, sectoral and nominal business cycle models.

ECON 702 Advanced Macroeconomics II (3) Prerequisites: ECON 601 and ECON 602. Disequilibrium macroeconomic models; models of persistence and hysteresis; models of nominal and real rigidities; macroeconomic time series estimation techniques including cointegration and method-of-moments estimation procedures.

ECON 703 Advanced Microeconomics I (3) Prerequisites: ECON 603 and ECON 604. Formal treatment of game theory and its microeconomic applications are presented, emphasizing dynamics and information. Equilibrium concepts for static and dynamic games, and games with complete and incomplete information are studied. Topics also discussed: mechanism design, efficiency, reputations, signaling, and screening.

ECON 704 Advanced Microeconomics II (3) Prerequisites: ECON 603 and ECON 604. General equilibrium theory and its relation to the core, the convergence theorem, and temporary equilibrium in a sequence of markets. The role of information in various economic organizations: including coordination and incentives under incomplete information, the principal-agent problem, search, and signaling. Principles of efficient and optimal allocation over time, and applications to capital accumulation and taxation.

ECON 705 Contemporary Institutional Economics (3) Introduction to institutional economics. Methodological contrasts with orthodox theory and Marxism. The institutional value theory. Theories of consumption, production, technological change, trade. Treatment of modern institutionalists: Galbraith, Ayres, Polanyi, Myrdal, Gruchy.

ECON 708 Advanced Topics in Applied and Theoretical Microeconomics (3) Prerequisite: completion of a one-year graduate sequence in one of the microeconomic fields. Repeatable to 6 credits if content differs. Read, discuss, and analyze current topics in microeconomics, including public economics, environmental economics, labor economics, industrial economics, microeconomic theory, public choice and international trade. Specific topics covered will change from semester to semester depending on the students' and faculty's interests. Intended primarily for students beginning thesis research in economics.

ECON 709 Advanced Topics in Applied and Theoretical Macroeconomics (3) Prerequisite: completion of a one-year graduate sequence in one of the macroeconomic fields. Repeatable to 6 credits if content differs. Read, discuss, and analyze current topics in macroeconomics, including asset pricing models, models of economic growth, investment, and the labor market. Specific topics covered will change from semester to semester depending on the students' and faculty's interests. Intended primarily for students beginning thesis research in economics.

ECON 721 Econometrics III (3) Prerequisite: ECON 624 or permission of instructor. A continuation of ECON 624. Estimation hypothesis testing and prediction in various generalized linear regression models, and in dynamic and simultaneous equation models. Topics include: autocorrelation, heteroskedasticity, seemingly unrelated regressions, cross section and time-series models, and general testing principles for significance.

ECON 722 Econometrics IV (3) Prerequisite: ECON 721 or permission of instructor. A continuation of ECON 721. A "topics course." The topics considered are a large subset of the following: inference in parametric and semi-parametric nonlinear econometric models (least mean distance and GMM estimation); pretest estimation issues; rational expectations models; further issues in specification testing; qualitative and limited dependent variable models (binary and polychotomous choice models, truncated and censored samples, etc.); causality and exogeneity; time series models with unit roots; cointegration; spatial models; ARCH and GARCH models; the Kalman filter; cross section time series models (random parameters); and optimal control.

ECON 723 Time Series Econometrics (3) Prerequisite: ECON 622 or ECON 722 or permission of instructor. Provides a broad survey of the models and methods commonly used in the analysis of time series data. Emphasis on analyzing the statistical properties of the methods being discussed. Particular attention to recent developments in time series econometrics.

ECON 725 Empirical Economic Modeling I (3) Three hours of lecture and two hours of laboratory per week. Prerequisite: ECON 622 or ECON 721. Credit will be granted for only one of the following: ECON 725 or ECON 625. The experience of building a structural macroeconomic model. Computer techniques for creating models and writing model-building software. Basics of input-output economics.

ECON 726 Empirical Economic Modeling II (3) Three hours of lecture and two hours of laboratory per week. Prerequisite: ECON 725. Modeling of interindustry flows, personal consumption and saving, investment, exports and imports, wages, employment, profits, prices, interest and income distribution. Analyzing a model's simulation properties. Applications of general models to specific questions.

ECON 731 Monetary Economics (3) Prerequisite: ECON 601 or permission of department. Implementation of monetary policy: targets and instruments. Tobin's asset accumulation models. Transactions demand for money: Clower constraints, cash-in-advance models, legal restrictions. Asset demand for money, portfolio diversification, and overlapping generations models. Elements of finance: Capital Asset Pricing Models, arbitrage pricing theory, pricing of state-contingent claims. The term structure of interest rates.

ECON 732 Seminar in Monetary Theory and Policy (3) Prerequisite: ECON 731 or permission of department. Optimal monetary policy; time consistency problems; positive theory of inflation; business cycles; asset prices; financial intermediation; cash in advance and OG models.

ECON 741 Advanced International Economics I (3) Prerequisite: ECON 601 or permission of department. Exchange rate determination; exchange rate regimes; international monetary reform; policy conflict and cooperation; the LDC debt problem; pricing of international assets; balance of payments crises.

ECON 742 Advanced International Economics II (3) Prerequisite: ECON 603 or permission of department. Comparative advantage, Heckscher-Ohlin theory, specific-factors model, empirical verification, economies of scale, imperfect competition, commercial policy, factor mobility.

ECON 751 Advanced Theory of Public Finance (3) Prerequisites: ECON 603 and ECON 604. Expenditure side of the public sector, and the economics of state and local public finance. Topics may include: normative theory of public goods, private provision of public goods, voting models, monopoly models of government, demand revelation models, growth of the public sector, externalities, in-kind and cash transfers, the Tiebout model, empirical studies of the demand and supply of local public goods, and fiscal federalism.

ECON 752 Seminar in Public Finance (3) Prerequisite: ECON 751. Theory of taxation, with particular emphasis on income taxation; empirical studies; the burden of the public debt.

ECON 753 Economics of Renewable Natural Resources (3) Prerequisites: ECON 603 and ECON 604, or permission of department. Also offered as AREC 753. Credit will be granted for only one of the following: ECON 753 or AREC 753. Basic models of renewable natural resources. Current research issues concerning natural resources with emphasis on problems in commercial and recreational fisheries, forestry, water, fugutive wildlife, and agriculture. Policies to correct related market failures.

ECON 755 Theory of Public Choice I (3) Prerequisite: ECON 604 or permission of department. Market failure and the need for collective choice: public goods, externalities, decreasing costs, and the case for universalistic social insurance; income distribution and the role of government; the need for and potential of a unified approach to social science; the theory of regulation; collective choice in developing countries; single-peaked preference and median voter theorems; conditions for equilibria in multidimensional voting models; cycling and logrolling; majority rule and unanimity rule.

ECON 756 Theory of Public Choice II (3) Prerequisites: ECON 603 and ECON 604. The economic study of non-market decisions and the application of economic methodology to political issues is a main focus. Topics may include: Bergson-Samuelson social welfare functions; Arrow's impossibility theorem; single-profile impossibility theorems; relation between "independence" and "neutrality"; Sen's liberal paradox; majority rule and unanimity rule; other voting rules; Buchanan's critique of social rationality; Rawls and just social contracts; Harsanyi and Utilitarianism; Nash social welfare functions.

ECON 771 Advanced Labor Economics: Theory and Evidence (3) Prerequisite: ECON 603, and (ECON 621, or ECON 624) or permission of department. Modern analytical and quantitative labor economics. Labor supply decisions of individuals and households; human capital model and distribution of income. Demand for labor; marginal productivity theory, imperfect information and screening. Interaction of labor demand and supply; unemployment; relative and absolute wages; macroeconomic aspects of the labor market.

ECON 772 Government Policy and the Labor Market (3) Prerequisite: ECON 771 or permission of department. Impact of governmental programs on the labor market. Programs examined chosen from among: employment training and public employment programs; public assistance; unemployment insurance, social security, wage-setting policies such as fair labor standards act and Davis-Bacon act; policies toward unionization; anti-discrimination programs.

ECON 781 Environmental Economics (3) Prerequisites: ECON 603 and ECON 604; and (ECON 621 or ECON 624). The study of economics as it applies to environmental issues and policies. Topics include: the theory of externalities and its implications, the design of environmental policies with applications, open-economy environmental economics encompassing the impact of international trade on the environment and global environmental management, and the measurement of the benefits and costs of environmental programs.

ECON 785 Advanced Economics of Natural Resources (3) Prerequisites: ECON 603 and ECON 604; and (ECON 621 or ECON 624). The use of exhaustible and renewable natural resources from normative and positive points of view. Analysis of dynamic resource problems emphasizing energy, mineral, groundwater, forestry, and fishery resources; optimal, equilibrium, and intergenerational models of resource allocation.

ECON 790 Advanced Urban Economics (3) Market processes and public policies as related to urban problems and metropolitan change. Employment, housing, discrimination, transportation and the local public sector.

ECON 799 Master's Thesis Research (1-6)

ECON 808 Workshop on Macroeconomics and Growth (3) Prerequisite: permission of department. Repeatable to 6 credits if content differs.

ECON 818 Workshop in Microeconomic Theory (3) Repeatable to 6 credits if content differs. Current research in microeconomic theory. Topics drawn from game theory, mathematical economics, and the economics of information and will include applications of the theory to diverse areas of economics. Specific topics: bargaining, auctions, mechanism design, signaling, general equilibrium, industrial organization theory, and financial markets theory.

ECON 825 Advanced Economic Welfare Analysis (3) Prerequisites: ECON 603 and ECON 604, or permission of department. Not open to students who have completed AREC 825. Credit will be granted for only one of the following: ECON 825 or AREC 825. Theory of economic welfare measurement, problems of path dependence in evaluating multiple price changes, welfare measurement under risk, general equilibrium welfare measurement with multiple distortions, and applications in evaluation of agricultural and resource policies.

ECON 828 Workshop in Econometrics (3) Prerequisite: permission of department. Repeatable to 6 credits if content differs.

ECON 848 Workshop in International Development, and Comparative Economics (3) Prerequisite: permission of department. Repeatable to 6 credits if content differs.

ECON 858 Workshop in Public Economics (3) Prerequisite: permission of department. Repeatable to 6 credits if content differs.

ECON 868 Workshop in Industrial Organization (3) Prerequisite: permission of department. Repeatable to 6 credits if content differs.

ECON 878 Workshop in Labor Economics (3) Prerequisite: permission of department. Repeatable to 6 credits if content differs.

ECON 899 Doctoral Dissertation Research (1-8)