Courses 2024-25

An introduction to economic methodology, models, and institutions. Includes both basic microeconomics and an introduction to modern approaches to macroeconomic issues. Students are required to participate in economics experiments.

This course offers advanced undergraduates the opportunity to pursue research in Economics individually or in a small group. Graded pass/fail.

Senior economics majors wishing to undertake research may elect a variable number of units, not to exceed 12 in any one term, for such work under the direction of a member of the economics faculty.

Topics to be determined by instructor.

A study of how technology affects issues of market structure and how market structure affects observable economic outcomes, such as prices, profits, advertising, and research and development expenditures. Emphasis will be on how the analytic tools developed in the course can be used to examine particular industries-especially those related to internet commerce-in detail. Each student is expected to write one substantial paper.

In this course we will examine game theories that are explicitly meant to describe behavior of humans and other species. Prominent models are those with level-k hierarchies, quantal response equilibrium (QRE) and cursed equilibrium. Most of the data is experimental evidence from a wide variety of games. We will also learn about field evidence, mostly about mixed strategies and application of level-k hierarchies to firms' decisions. Data include biological measures such as response times, eye-tracking, fMRI and evidence from psychiatric disorders. Students are expected to replicate an existing experiment (individual students) or work in small teams to create and run a new experiment.

In this course we will examine behavioral economics models in several key decision-making contexts: choice over time, choice under uncertainty, choice in market settings (i.e., buying and selling), and others. In each topic area we will begin by providing the standard neoclassical account for behavior, building from assumptions (axioms) to corresponding utility models. We will then ask whether critical axioms of neoclassical models are plausible by calling upon psychological insights and empirical data. Rejection of neoclassical axioms will lead to new models, behavioral economics models, in each setting. These models, mechanisms and their testable predictions will be discussed.

This course provides an introduction to Bayesian Statistics and its applications to data analysis in various fields. Topics include: discrete models, regression models, hierarchical models, model comparison, and MCMC methods. The course combines an introduction to basic theory with a hands-on emphasis on learning how to use these methods in practice so that students can apply them in their own work. Previous familiarity with frequentist statistics is useful but not required.

We will tackle the fundamental question of how to allocate resources and organize exchange in the absence of prices. Examples includes finding a partner, allocating students to schools, and matching donors to patients in the context of organ transplantations. While the main focus will be on formal models, we will also reason about the practical implications of the theory.

This course provides a survey from the perspective of economics of public policy issues regarding the management of natural resources and the protection of environmental quality. The course covers both conceptual topics and recent and current applications. Included are principles of environmental and resource economics, management of nonrenewable and renewable resources, and environmental policy with the focus on air pollution problems, both local problems (smog) and global problems (climate change).

This course is the first half of the advanced course on General Equilibrium Theory, which is designed to equip students with a deep understanding of the core principles that govern economic systems at equilibrium. This first part delves into Consumer Choice Theory, where students will explore how individuals make consumption decisions based on their preferences, budget constraints, and the theory of utility maximization. Through a series of lectures and exercises, participants will learn to model consumer behavior and study how changes in market conditions affect consumer demand. Simultaneously, the course will cover Firm Theory, examining how firms make production and pricing decisions to maximize profits in competitive and non-competitive markets. Students will be introduced to the concepts of production functions, cost minimization, and profit maximization, alongside the analysis of market structures and their impact on firm behavior. This dual focus provides a comprehensive foundation for understanding the interactions between consumers and firms, setting the stage for more complex discussions on market equilibria, welfare economics, and policy implications in later parts of the course (Ec 121b). Through a blend of theoretical models and real-world applications, this course aims to develop critical thinking and analytical skills, preparing students for advanced studies in economics or careers that require a sophisticated understanding of how economies function at equilibrium.

Building on the foundational knowledge acquired in the first part of the Advanced General Equilibrium course (Ec 121a), this second half of the course ventures into the study of Partial Equilibrium Analysis, Welfare Theorems, and Market Failures. Students will engage with Partial Equilibrium Analysis to understand the equilibrium conditions of specific markets in isolation, appreciating how changes in supply and demand in one market can impact prices and quantities without considering the economy-wide effects. This segment sets the groundwork for a deeper exploration of economic efficiency and resource allocation through a blend of theoretical insights and case studies. Then the course explores the First and Second Welfare Theorems, highlighting how, under ideal conditions, markets can achieve optimal social outcomes. The First Welfare Theorem shows that competitive markets lead to Pareto efficiency, where improving one's situation without harming another is impossible. The Second Theorem suggests that any Pareto efficient outcome can be reached through market equilibrium with correct resource distribution. However, real-world deviations such as monopolies, public goods, and externalities are examined to understand market failures and the potential for government intervention to enhance social welfare. This section equips students with the tools to evaluate economic policies, their efficiency, and their impact on society.

The application of statistical techniques to the analysis of economic data.

Statistical inference in the social sciences is a difficult enterprise whereby we combine data and assumptions to draw conclusions about the world we live in. We then make decisions, for better or for worse, based on these conclusions. A simultaneously intoxicating and sobering thought! Strong assumptions about the data generating process can lead to strong but often less than credible (perhaps incredible?) conclusions about our world. Weaker assumptions can lead to weaker but more credible conclusions. This course explores the range of inferences that are possible when we entertain a range of assumptions about how data is generated. We explore these ideas in the context of a number of applications of interest to social scientists.

Fundamentally, this course is about making arguments with numbers and data. Data analysis for its own sake is often quite boring, but becomes crucial when it supports claims about the world. A convincing data analysis starts with the collection and cleaning of data, a thoughtful and reproducible statistical analysis of it, and the graphical presentation of the results. This course will provide students with the necessary practical skills, chiefly revolving around statistical computing, to conduct their own data analysis. This course is not an introduction to statistics or computer science. I assume that students are familiar with at least basic probability and statistical concepts up to and including regression.

This course will cover the basic concepts and principles of health economics and challenges in health policy implementation. By studying this course, students will establish economic thinking and be able to flexibly use economic methods to analyze practical problems in the field of health care. Students will also learn about the application of machine learning in public health. This course combines theory and methodology. The teaching goal focuses on students' ability to analyze and solve practical problems. Interactive teaching is done through group discussions and topic debates around case studies. Each chapter consists of a theory and case analysis. The case discussion will focus on basic theories and methods and highlight the hot issues in the current medical and health system. The exam will be an open-book exam, with class discussions accounting for 40%, and the final exam accounting for 60%.

An examination of certain analytical and quantitative tools and their application to American economic development. Each student is expected to write two substantial papers-drafts will be read by instructor and revised by students.

An analysis of the effects of uncertainty and information on economic decisions. Included among the topics are individual and group decision making under uncertainty, expected utility maximization, insurance, financial markets and speculation, product quality and advertisement, and the value of information.

This course is a course in decision theory that emphasizes axiomatic methods and mathematical analysis. It navigates not only through the traditional normative approach but also through more recent behavioral (i.e., descriptive) approaches to decision-making, incorporating psychological insights. We explore essential topics in decision theory such as dynamic choice, stochastic choice, ambiguity aversion, expected utility, and revealed preferences. This in-depth study provides students with a sophisticated understanding of the frameworks governing decision making, emphasizing the role of rigorous analysis and mentioning empirical evidence found in experimental economics and psychology. This course offers valuable insights into understanding individual behaviors across both economic and financial contexts as well as in broader scenarios, providing students with the mathematical proficiency required to analyze decision-making processes rigorously.

Social networks, the web, and the internet are essential parts of our lives, and we depend on them every day. CS/EE/IDS 143 and CMS/CS/EE/IDS 144 study how they work and the "big" ideas behind our networked lives. In this course, the questions explored include: What do networks actually look like (and why do they all look the same)?; How do search engines work?; Why do epidemics and memes spread the way they do?; How does web advertising work? For all these questions and more, the course will provide a mixture of both mathematical analysis and hands-on labs. The course expects students to be comfortable with graph theory, probability, and basic programming.

This course will equip students to engage with active research at the intersection of social and information sciences, including: algorithmic game theory and mechanism design; auctions; matching markets; and learning in games.

This course is an introduction to non-cooperative game theory, with applications to political science and economics. It covers the theories of normal-form games and extensive-form games, and introduces solutions concepts that are relevant for situations of complete and incomplete information. The basic theory of repeated games is introduced. Applications are to auction theory and asymmetric information in trading models, cheap talk and voting rules in congress, among many others.

Climate change has already begun to impact life on the planet, and will continue in the coming decades. This class will explore particular causes and impacts of climate change, technologies to mitigate or adapt to those impacts, and the economic and social costs associated with them - particular focus will be paid to distributional issues, environmental and racial justice and equity intersections. The course will consist of 3-4 topical modules, each focused on a specific impact or sector (e.g. the electricity or transportation sector, climate impacts of food and agriculture, increasing fires and floods). Each module will contain lectures/content on the associated climate science background, engineering/technological developments to combat the issue, and an exploration of the economics and the inequities that exacerbate the situation, followed by group discussion and synthesis of the different perspectives.