Twin Cities campus

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Twin Cities Campus

Applied Economics Ph.D.

Applied Economics
College of Food, Agricultural and Natural Resource Sciences
Link to a list of faculty for this program.
Contact Information
Department of Applied Economics Graduate Program, 231 Ruttan Hall, 1994 Buford Avenue, Saint Paul, MN 55108-6040 (612-625-3777; fax: 612-625-6245)
Email: apecdgs@umn.edu
Website: https://www.apec.umn.edu/graduate-program
  • Program Type: Doctorate
  • Requirements for this program are current for Spring 2020
  • Length of program in credits: 48 to 66
  • This program does not require summer semesters for timely completion.
  • Degree: Doctor of Philosophy
Along with the program-specific requirements listed below, please read the General Information section of this website for requirements that apply to all major fields.
The PhD program in applied economics prepares students for careers in academia, government, and the private sector. Required coursework includes microeconomic theory and modeling, application of statistical methods to economics (econometrics), and macroeconomic theory and modeling. Students pursue specialized elective coursework covering additional optimization methods, natural resource and environmental economics, food and agricultural economics, labor economics, development economics, health economics, and policy analysis. The emphasis of the program is on rigorous empirical testing of economics hypotheses and quantitative policy evaluation.
Program Delivery
  • via classroom (the majority of instruction is face-to-face)
Prerequisites for Admission
The preferred undergraduate GPA for admittance to the program is 3.00.
The minimum preferred undergraduate GPA for admittance to the program is a B average (3.00/4.00). Most admitted students will have a higher GPA.
Other requirements to be completed before admission:
Applicants for the PhD degree should have completed an MS degree in economics, agricultural economics, or a related field; or have equivalent coursework and research experience. Applicants without a master's degree are, except in a few special cases, considered for admission into the MS program. Prior training should include micro- and macro-economic theory at the master's level, multivariate calculus, differential equations and linear algebra, and mathematical statistics. Students lacking background in economics or quantitative methods may be required to complete additional coursework before entering the program.
Special Application Requirements:
Applicants must submit scores from the General Test of the GRE, three letters of recommendation from persons familiar with the applicant's scholarship and research potential, a complete set of college or university transcripts, and a clearly written statement of academic and career interests, goals, and objectives. For complete application instructions, visit the website: http://www.apecgrad.umn.edu/Admissions/index.htm. Students should apply by the December deadline to ensure priority consideration for admissions and funding.
Applicants must submit their test score(s) from the following:
  • GRE
International applicants must submit score(s) from one of the following tests:
  • TOEFL
    • Internet Based - Total Score: 79
    • Internet Based - Writing Score: 21
    • Internet Based - Reading Score: 19
  • IELTS
    • Total Score: 6.5
  • MELAB
    • Final score: 80
The preferred English language test is Test of English as Foreign Language.
Key to test abbreviations (GRE, TOEFL, IELTS, MELAB).
For an online application or for more information about graduate education admissions, see the General Information section of this website.
Program Requirements
24 to 42 credits are required in the major.
0 credits are required outside the major.
24 thesis credits are required.
This program may be completed with a minor.
Use of 4xxx courses towards program requirements is not permitted.
A minimum GPA of 3.00 is required for students to remain in good standing.
Most students take at least 42 credits of coursework and must take 24 doctoral thesis credits. Required courses in microeconomic theory, macroeconomic theory and applied econometrics, and at least two-thirds of the remaining credits included in the PhD degree program are to be completed on the A-F grade basis. Students must complete at least 18 course credits in applied economics at the 8xxx-level while enrolled as a current student in the graduate program (not including APEC 8901-04 and APEC 8991). PA, PUBH, and HRIR courses included in the list of fields noted in the Graduate Student Handbook can be applied to this requirement. Up to 6 credits of Department of Economics 8xxx-level field courses may be substituted for these credits (excluding ECON 8001-04, 8101-04, 8105-06, and 8205-08). Students must pass a written preliminary exam in microeconomic theory and at least one field examination in one of the seven PhD fields offered by the Applied Economics graduate program. In addition, there is a requirement for a qualifying paper written in the second year of the program. For more details, please see the Graduate Student Handbook at: http://www.apec.umn.edu/sites/apec.umn.edu/files/2015-16_apec_graduatestudenthandbook_final.pdf
Microeconomic Theory
All students must complete one of the three microeconomics theory sequences noted below (A-F only).
APEC - Applied Microeconomic Theory
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand (2.0 cr)
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty (2.0 cr)
APEC 8003 - Applied Microeconomic Analysis of Game Theory and Information (2.0 cr)
APEC 8004 - Applied Microeconomic Analysis of Social Choice and Welfare (2.0 cr)
or ECON - Microeconomic Theory (Majors Sequence)
ECON 8101 - Microeconomic Theory (2.0 cr)
ECON 8102 - Microeconomic Theory (2.0 cr)
ECON 8103 - Microeconomic Theory (2.0 cr)
ECON 8104 - Microeconomic Theory (2.0 cr)
Macroeconomic Theory
All students must complete the following two courses (A-F only).
ECON 8105 - Macroeconomic Theory (2.0 cr)
ECON 8106 - Macroeconomic Theory (2.0 cr)
Econometrics
All students must complete the following two courses (A-F only).
APEC
APEC 8211 - Econometric Analysis I (2.0 cr)
APEC 8212 - Econometric Analysis II (2.0 cr)
First Year Seminars
All students must complete the following two courses (S-N only).
APEC 8901 - Graduate Seminar: MS & PhD (1.0 cr)
APEC 8902 - Graduate Research Development Seminar (1.0 cr)
Second Year Seminars
All students must complete the following two courses (S-N only).
APEC 8903 - PhD Qualifying Paper Seminar I (1.0 cr)
APEC 8904 - PhD Qualifying Paper Seminar II (1.0 cr)
Electives
(A-F only). Up to six credits of 8-level ECON courses (excluding micro theory, macro theory, 8105 and 8106) may be accepted as electives.
Take 18 or more credit(s) from the following:
· APEC 8202 - Mathematical Optimization in Applied Economics (3.0 cr)
· APEC 8203 - Applied Welfare Economics and Public Policy (3.0 cr)
· APEC 8206 - Dynamic Optimization: Applications in Economics and Management (3.0 cr)
· APEC 8341 - Applied Public Finance (3.0 cr)
· APEC 8401 - Agricultural Markets and Policy (2.0 cr)
· APEC 8402 - Information and Behavioral Economics (2.0 cr)
· APEC 8403 - Applied Consumer Theory (3.0 cr)
· APEC 8501 - Labor Economics I (2.0 cr)
· APEC 8502 - Labor Economics II (2.0 cr)
· APEC 8601 - Natural Resource Economics (3.0 cr)
· APEC 8602 - Economics of the Environment (3.0 cr)
· APEC 8701 - Trade and Development I (2.0 cr)
· APEC 8702 - Trade and Development II (2.0 cr)
· APEC 8703 - Trade and Development III (2.0 cr)
· APEC 8704 - Trade and Development IV (2.0 cr)
· APEC 8404 - Applied Production Theory (3.0 cr)
· APEC 8803 - Marketing Economics (3.0 cr)
· APEC 8804 - Managerial Economics (3.0 cr)
· ECON 8119 - Cooperative Game Theory (2.0 cr)
· ECON 8205 - Applied Econometrics (2.0 cr)
· ECON 8206 - Applied Econometrics (2.0 cr)
· ECON 8207 - Applied Econometrics (2.0 cr)
· ECON 8208 - Applied Econometrics (2.0 cr)
· ECON 8401 - International Trade and Payments Theory (2.0 cr)
· ECON 8402 - International Trade and Payments Theory (2.0 cr)
· ECON 8403 - International Trade and Payments Theory (2.0 cr)
· ECON 8501 - Wages and Employment (2.0 cr)
· ECON 8502 - Wages and Employment (2.0 cr)
· ECON 8503 - Wages and Employment (2.0 cr)
· ECON 8581 - Advanced Topics in Labor Economics (2.0 cr)
· ECON 8601 - Industrial Organization and Government Regulation (2.0 cr)
· ECON 8602 - Industrial Organization and Government Regulation (2.0 cr)
· ECON 8603 - Industrial Organization and Government Regulation (2.0 cr)
· ECON 8701 - Monetary Economics (2.0 cr)
· ECON 8702 - Monetary Economics (2.0 cr)
· ECON 8704 - Financial Economics (2.0 cr)
· ECON 8705 - Financial Economics (2.0 cr)
· ECON 8801 - Public Economics (2.0 cr)
· ECON 8803 - Public Economics (2.0 cr)
· HRIR 8801 - Core Seminar: Fundamentals of Economic Analysis for Work and Organizations (4.0 cr)
· PA 8302 - Applied Policy Analysis (4.0 cr)
· PA 8312 - Analysis of Discrimination (4.0 cr)
· PA 8331 - Economic Demography (3.0 cr)
· PUBH 6832 - Economics of the Health Care System (3.0 cr)
· PUBH 8811 - Research Methods in Health Care (3.0 cr)
· PUBH 8821 - Health Economics II (3.0 cr)
· APEC 8221 - Programming for Econometrics (2.0 cr)
· APEC 8222 - Big Data Methods in Economics (2.0 cr)
Doctoral Thesis Credits
Students must enroll for a minimum of 24 thesis credits.
Take 24 or more credit(s) from the following:
· APEC 8888 - Thesis Credit: Doctoral (1.0-24.0 cr)
 
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· College of Food, Agricultural and Natural Resource Sciences

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APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8001/Econ 8001/Econ 8101
Grading Basis: A-F or Aud
Typically offered: Every Fall
The course provides a rigorous mathematical treatment of cost-benefit analysis in terms of the theory of how prices, income, preferences, and other factors affect consumer choices and the demand for goods and services. The optimization theories and economic models are developed with and without uncertainty. Part of four-course, year-long sequence (APEC 8001-2-3-4) prereq: [[5151 or ECON 3101 or ECON 5151 or intermediate microeconomic theory], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8002/Econ 8002/Econ 8102
Grading Basis: A-F or Aud
Typically offered: Every Fall
The course provides a rigorous mathematical treatment of cost-benefit analysis in terms of the theory of how prices, technology, and other important factors affect producer decisions, the supply of goods and services, and the demand for productive resources. The optimization theories and economic models are developed with and without uncertainty. The course also explores the theory of price determination in competitive, monopoly, and monopsony markets. Part of four-course, year-long sequence (APEC 8001-2-3-4) prereq: [[8001 or ECON 8001 or ECON 8101], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8003 - Applied Microeconomic Analysis of Game Theory and Information
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8003/Econ 8003/Econ 8103
Grading Basis: A-F or Aud
Typically offered: Every Spring
The course provides a rigorous mathematical treatment of cost-benefit analysis in terms of the theory of how strategic interactions between consumers and producers (game theory) and information affect prices, resource allocation, and welfare. The optimization theories and economic models are developed in the contexts of both market and nonmarket goods and services. Part of four-course, year-long sequence (APEC 8001-2-3-4). prereq: [[8002 or ECON 8002 or ECON 8102], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8004 - Applied Microeconomic Analysis of Social Choice and Welfare
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8400/Econ 8400/Econ 8104
Grading Basis: A-F or Aud
Typically offered: Every Spring
The course provides a rigorous mathematical treatment of cost-benefit analysis in terms of the theory of how prices of goods and services are determined in competitive markets, and the implications of these prices on social welfare. It shows what happens to the prices of goods and services and social welfare when competitive markets fail. Part of four-course, year-long sequence (APEC 8001-2-3-4). prereq: [[8003 or ECON 8003 or ECON 8103], [[MATH 2243, MATH 2263] or equiv]] or instr consent
ECON 8101 - Microeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Decision problems faced by the household and firm; theories of choice under conditions of certainty and uncertainty. Partial equilibrium analysis of competition and monopoly. General equilibrium analysis. Welfare economics: economic efficiency of alternative market structures, social welfare functions. Dynamics: stability of markets, capital theory. Seven-week course. prereq: 5151 or equiv, Math 2243 or equiv, concurrent registration is required (or allowed) in Math 5615 or concurrent registration in Math 8601, grad econ major or instr consent
ECON 8102 - Microeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Decision problems faced by the household and firm; theories of choice under conditions of certainty and uncertainty. Partial equilibrium analysis of competition and monopoly. General equilibrium analysis. Welfare economics: economic efficiency of alternative market structures, social welfare functions. Dynamics: stability of markets, capital theory. Seven-week course. prereq: 8101, concurrent registration is required (or allowed) in Math 5615 or concurrent registration is required (or allowed) in Math 8601, grad econ major or instr consent
ECON 8103 - Microeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Decision problems faced by the household and firm; theories of choice under conditions of certainty and uncertainty. Partial equilibrium analysis of competition and monopoly. General equilibrium analysis. Welfare economics: economic efficiency of alternative market structures, social welfare functions. Dynamics: stability of markets, capital theory. Seven-week course. prereq: 8102, concurrent registration is required (or allowed) in Math 5616 or concurrent registration is required (or allowed) in Math 8602 or comparable abstract math course, grad econ major or instr consent
ECON 8104 - Microeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Decision problems faced by the household and firm; theories of choice under conditions of certainty and uncertainty. Partial equilibrium analysis of competition and monopoly. General equilibrium analysis. Welfare economics: economic efficiency of alternative market structures, social welfare functions. Dynamics: stability of markets, capital theory. Seven-week course. prereq: 8103, concurrent registration is required (or allowed) in Math 5616 or concurrent registration is required (or allowed) in Math 8602 or comparable abstract math course, grad econ major or instr consent
ECON 8105 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, prices. Models with uncertainty, search, matching, indivisibilities, private information. Implications for measurement and data reporting. Overlapping generations and dynasty models. Variational and recursive methods. This seven-week course meets with 4165. prereq: 5152 or equiv, Math 2243, Math 2263 or equiv or instr consent
ECON 8106 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, prices. Models with uncertainty, search, matching, indivisibilities, private information. Implications for measurement and data reporting. Overlapping generations and dynasty models. Variational and recursive methods. This seven-week course meets with 4166. prereq: 8105
APEC 8211 - Econometric Analysis I
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
The course introduces the foundations for statistical economic (econometric) models, linear econometric models, and inference with linear econometric models when observations are independent and the sample size is large. it shows how linear models can be used to evaluate and quantify theoretical relationships and forecast counterfactual economic outcomes. Part of four-course, year-long sequence (APEC 8211-2-3-4). prereq: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8212 - Econometric Analysis II
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
The course introduces the foundations for statistical economic (econometric) models, linear econometric models, and inference with linear econometric models when observations are dependent because individual units are sampled over regular time intervals (panel data) as well as for other reasons. It shows how these linear models can be used to evaluate and quantify theoretical relationships and forecast counterfactual economic outcomes. Part of four-course, year-long sequence (APEC 8211-2-3-4). prereq: 8211 or equiv or instr consent
APEC 8901 - Graduate Seminar: MS & PhD
Credits: 1.0 [max 1.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall
Attendance and active participation in applied economics research seminars. Effective research methods. Research topics and observe professional methods of research presentations.
APEC 8902 - Graduate Research Development Seminar
Credits: 1.0 [max 1.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall & Spring
Faculty, students, outside speakers present research ideas/results, which participants critique. Topics vary according to interests of speakers. prereq: ApEc MS student or ApEc PhD student
APEC 8903 - PhD Qualifying Paper Seminar I
Credits: 1.0 [max 1.0]
Grading Basis: S-N only
Typically offered: Every Fall
Support for writing second year Qualifying Paper. Purpose of paper is to provide guided opportunity for doctoral students to complete substantial research paper. prereq: 8001-8004 or Econ 8001-8004 or Econ 8101-8104
APEC 8904 - PhD Qualifying Paper Seminar II
Credits: 1.0 [max 1.0]
Grading Basis: S-N only
Typically offered: Every Spring
Provides support to doctoral students writing second year Qualifying Paper. Purpose of paper is to provide guided opportunity for students to complete substantial research paper. prereq: APEC 8903
APEC 8202 - Mathematical Optimization in Applied Economics
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Economic foundations and applications of mathematical and dynamic programming and optimal control. Mathematical optimization concepts; structures and economic interpretations of various models of the firm, consumer, household, sector, and economy. Model building and solution techniques. prereq: [5151, Econ 5151] or equiv or instr consent
APEC 8203 - Applied Welfare Economics and Public Policy
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Basic concepts underlying measurement of welfare change, problems of market failure and externalities, social welfare functions, and distribution within and across generations. Application of concepts, based on case studies of the environment, returns to research, technical change, and agricultural policy. prereq: calculus, intermediate econ theory
APEC 8206 - Dynamic Optimization: Applications in Economics and Management
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Formulation and solution of dynamic optimization problems using optimal control theory and dynamic programming. Analytical and numerical solution methods to solve deterministic and stochastic problems for various economic applications. prereq: 5151 or equiv or instr consent
APEC 8341 - Applied Public Finance
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Spring
Current economic research on government tax and expenditure policy. Apply tools of applied economics to public finance issues. Tax policy, taxation and household decisions (including labor supply and saving), taxation and the firm (including the cost of capital), and fundamental tax reform. Alternative demand models for public goods, public choice theory, and fiscal federalism. prereq: 8001-8004 or ECON 8001-8004 or ECON 8101-8104
APEC 8401 - Agricultural Markets and Policy
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Spring
Seven-week course. Designed for students pursuing the field of food and agricultural economics to acquire a foundational understanding of markets for food and farm commodities and skills to conduct analyses of market supply and demand and efforts of policy changes. prereq: APEC 8001 & 8002 or ECON 8101 & 8102, or concurrent registration
APEC 8402 - Information and Behavioral Economics
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Spring Even Year
This course examines new theories of consumer behavior that combines economists' and psychologists' modeling of human behavior. Questions about whether human behavior is consistent with standard economic models will be posed and alternative explanatory models will be offered by incorporating psychological phenomena. The influence of information on consumer choice over time and under uncertainty will also be studied from a theoretical and empirical perspective. Topics include expected and unexpected utility theory, bounded rationality, prospect theory, choice over time, and rational addiction with applications to empirical work. prereq: APEC 8001 - 8004 or ECON 8101 - 8104, APEC 8401, APEC 8211-8212
APEC 8403 - Applied Consumer Theory
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Spring Odd Year
The objective of this course is to provide students with the theoretical and methodological foundations to perform analyses of demand and competition in food and agricultural markets. Some of the specific topics include specification and estimation of demand systems such as welfare analysis, analysis of competition, market power and public policy (e.g., a tax policy) in both homogeneous and differentiated product markets, analysis of cost pass-through, and merger analysis. prereqs: APEC 8001 - 8004 or ECON 8001 - 8004 or ECON 8101 - 8104, APEC 8211, APEC 8212, or instructor consent.
APEC 8501 - Labor Economics I
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall
Theoretical and empirical studies of compensating differentials, discrimination, personnel economics, and gross flows. prereq: 8003 or equiv or concurrent registration is required (or allowed) in 8003, 8211, 5032 or equiv
APEC 8502 - Labor Economics II
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall
Topics in applied microeconomics related to labor supply and human capital. Household decisions and resulting outcomes in labor market. Household labor supply. Estimation of labor supply and earnings functions. Theory of human capital, wage structure and determination, and impacts of tax and transfer policies.
APEC 8601 - Natural Resource Economics
Credits: 3.0 [max 3.0]
Typically offered: Periodic Fall & Spring
Economic analysis of resource use and management. Capital theory, dynamic resource allocation. Applications to renewable and nonrenewable resources. Empirical studies, policy issues. prereq: [5151, 8202, 8206 [ECON 5151 or equiv]] or instr consent
APEC 8602 - Economics of the Environment
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Economic analysis of environmental management, emphasizing environmental policy. Application of microeconomic theory to problems of market failure, market-based pollution control policies, contingent valuation, hedonic models, option value, and other topics. prereq: 8004 or ECON 8004 or ECON 8104 or equiv or instr consent
APEC 8701 - Trade and Development I
Credits: 2.0 [max 2.0]
Typically offered: Fall Odd Year
This course will analyze international trade and economic policies that affect trade. The course will consider the determinants of trade, the welfare effects of trade, and the implications of trade liberalization or protectionism. The course will use contemporary economic theory and econometric methods of analysis; and will provide an economic foundation for analyzing issues on the frontier of the academic literature and policy debate.
APEC 8702 - Trade and Development II
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
This course will focus on the applied microeonomics of international development. The course will focus on empirically testing the various theories developed to account for persistent economic underdevelopment and poverty. We will start from key ideas and methods in empirical development economics, then cover household models (both unitary and otherwise), intrahousehold models, market formation and market participation, land markets, technology adoption, risk and insurance, and other topics related to development microeconomics, all from an empirical perspective. prereq: First-year PhD level microeconomics and econometrics
APEC 8703 - Trade and Development III
Credits: 2.0 [max 3.0]
Typically offered: Periodic Spring
Topics in the microeconomic analysis of development covered include: education (both the determinants of educational outcomes and the impact of those outcomes on several economic outcomes), poverty, inequality, demography (population, fertility and gender issues), and the impact of international aid.
APEC 8704 - Trade and Development IV
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
This course will focus on the applied microeconomics of international development. It will empirically analyze various market failures in developing countries, their role in driving persistent poverty, and interventions to address them. The course will focus specifically on the functioning of financial, labor, and healthcare markets, as well as the influence of social networks and economic decisions and outcomes.
APEC 8404 - Applied Production Theory
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Spring Odd Year
Aspects of production theory. Axiomatic representations of multi-output technologies. Input, output, and directional distance functions. Cost, revenue, and profit functions and duality. Input/output separability. Jointness/non-jointness in production. Index numbers, measures of efficiency/productivity. prereq: APEC 8001 and 8002 or equiv or instr consent
APEC 8803 - Marketing Economics
Credits: 3.0 [max 3.0]
Prerequisites: [Econ 8001, Econ 8002] or [Econ 8101, Econ 8102] or #
Grading Basis: A-F or Aud
Typically offered: Periodic Fall & Spring
Review of market structure, conduct, and performance. Market interdependency over space/time. Product forms. Issues pertaining to market failures/interventions. prereq: [Econ 8001, Econ 8002] or [Econ 8101, Econ 8102] or instr consent
APEC 8804 - Managerial Economics
Credits: 3.0 [max 3.0]
Typically offered: Periodic Fall & Spring
Analysis of managerial decisions by organizations/individual entrepreneurs. Application of dynamic programming to investment/resource allocation decisions. Economics of business organization, including boundaries of the firm, mechanisms for vertical coordination. Economic implications of alternative ownership structures. prereq: [8001, 8002, 8003, 8004] or [Econ 8101, Econ 8102, Econ 8103, Econ 8104] or instr consent; majors must register on A-F basis.
ECON 8119 - Cooperative Game Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Basics of cooperative game theory, emphasizing concepts used in economics. Games with and without transferable utility; the core, the value, and other solution concepts. Recent results, including potentials, reduced games, consistency, and noncooperative implementation of cooperative solution concepts. Seven-week course. prereq: 8104, Math 5616 or equiv or instr consent
ECON 8205 - Applied Econometrics
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Application in research, including classical and Bayesian approaches; formulation, comparison, and use of models and hypotheses; inference and prediction in structural models; simulation methods. Seven-week course. prereq: Math 4242 or equiv, concurrent registration is required (or allowed) in Econ 8101, concurrent registration is required (or allowed) in Econ 8105, concurrent registration is required (or allowed) in Stat 5101 or instr consent
ECON 8206 - Applied Econometrics
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Application in research, including classical and Bayesian approaches; formulation, comparison, and use of models and hypotheses; inference and prediction in structural models; simulation methods. Seven-week course. prereq: 8205, concurrent registration is required (or allowed) in 8102, concurrent registration is required (or allowed) in 8106, concurrent registration is required (or allowed) in Stat 5101 or instr consent
ECON 8207 - Applied Econometrics
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Application in research, including classical and Bayesian approaches; formulation, comparison, and use of models and hypotheses; inference and prediction in structural models; simulation methods. Seven-week course. prereq: 8206, concurrent registration is required (or allowed) in 8103, concurrent registration is required (or allowed) in 8107, concurrent registration is required (or allowed) in Stat 5102 or instr consent
ECON 8208 - Applied Econometrics
Credits: 2.0 [max 2.0]
Typically offered: Periodic Spring
Application in research, including classical and Bayesian approaches; formulation, comparison, and use of models and hypotheses; inference and prediction in structural models; simulation methods. Seven-week course. prereq: 8207, concurrent registration is required (or allowed) in 8104, concurrent registration is required (or allowed) in 8108, concurrent registration is required (or allowed) in Stat 5102 or instr consent
ECON 8401 - International Trade and Payments Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Impact of trade on factor rentals. Stolper-Samuelson, Rybczynski, and factor price equalization theorems. Heckscher-Ohlin theorem. Derivation of offer curves and general international equilibrium. Transfer problem. Seven-week course. prereq: 8103, 8105 or instr consent
ECON 8402 - International Trade and Payments Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall & Spring
Tariffs, quotas, and other barriers to trade; gains from trade; trading blocs; increasing returns; growth. This is a seven-week course. prereq: 8401 or instr consent
ECON 8403 - International Trade and Payments Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
International business cycles; exchange rates; capital movements; international liquidity. This is a 7-week course. prereq: 8402 or instr consent
ECON 8501 - Wages and Employment
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Economic analysis of labor markets and their operation under conditions of both individual and collective bargaining. Implications of labor market operations for resource allocation, wage and price stability, income and employment growth. Wage structures and wage levels. Wage and employment theories and practices. Economic impacts of unions. Seven-week course. prereq: 8102, 8106 or instr consent
ECON 8502 - Wages and Employment
Credits: 2.0 [max 4.0]
Typically offered: Every Fall & Spring
Economic analysis of labor markets and their operation under conditions of both individual and collective bargaining. Implications of labor market operations for resource allocation, wage and price stability, income and employment growth. Wage structures and wage levels. Wage and employment theories and practices. Economic impacts of unions. Seven-week course. prereq: 8501 or instr consent
ECON 8503 - Wages and Employment
Credits: 2.0 [max 4.0]
Typically offered: Every Spring
Economic analysis of labor markets and their operation under conditions of individual/collective bargaining. Implications of labor market operations for resource allocation, wage/price stability, income/employment growth. Wage structures and wage levels. Wage/employment theories/practices. Economic impacts of unions. Seven-week course. prereq: 8502 or instr consent
ECON 8581 - Advanced Topics in Labor Economics
Credits: 2.0 [max 4.0]
Typically offered: Every Fall & Spring
Faculty and student presentations based on recent literature. Seven-week course. prereq: 8502 or instr consent
ECON 8601 - Industrial Organization and Government Regulation
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Behavior of businesses and industries: productivity, firm size distributions, exit-entry dynamics, etc. Theories of the firm, industry structure and performance, invention and innovation, and technology adoption. Positive and normative theories of regulation. Seven-week course. prereq: 8102 or instr consent
ECON 8602 - Industrial Organization and Government Regulation
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Behavior of businesses and industries: productivity, firm size distributions, exit-entry dynamics, etc. Theories of the firm, industry structure and performance, invention and innovation, and technology adoption. Positive and normative theories of regulation. Seven-week course. prereq: 8601 or instr consent
ECON 8603 - Industrial Organization and Government Regulation
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Behavior of businesses and industries: productivity, firm size distributions, exit-entry dynamics, etc. Theories of the firm, industry structure and performance, invention and innovation, and technology adoption. Positive and normative theories of regulation. Seven-week course. prereq: 8602 or instr consent
ECON 8701 - Monetary Economics
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Economic role of principal financial institutions. Determinants of value of money. Principal problems of monetary policy. Seven-week course. prereq: 8103, 8106 or instr consent
ECON 8702 - Monetary Economics
Credits: 2.0 [max 2.0]
Typically offered: Every Fall & Spring
Economic role of principal financial institutions. Determinants of value of money. Principal problems of monetary policy. Seven-week course. prereq: 8701 or instr consent
ECON 8704 - Financial Economics
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Role of financial institutions in efficient allocation of risk; multiperiod and continuous-time securities markets; theory of firm under uncertainty; financial intermediation; derivation of empirical asset-pricing relationships; tests concerning alternative market structures. Seven-week course. prereq: 8103, 8106 or instr consent
ECON 8705 - Financial Economics
Credits: 2.0 [max 2.0]
Typically offered: Every Fall & Spring
Role of financial institutions in efficient allocation of risk; multiperiod and continuous-time securities markets; theory of firm under uncertainty; financial intermediation; derivation of empirical asset-pricing relationships; tests concerning alternative market structures. Seven-week course. prereq: 8704 or instr consent
ECON 8801 - Public Economics
Credits: 2.0 [max 4.0]
Typically offered: Every Fall & Spring
Theories of public choice and role of government in economy. Economic effects of taxes, public debt, and public expenditure. Current problems in economics of public sector, including political economy. Seven-week course. prereq: 8103, 8106 or instr consent
ECON 8803 - Public Economics
Credits: 2.0 [max 2.0]
Typically offered: Periodic Spring
Theories of public choice and role of government in economy. Economic effects of taxes, public debt, and public expenditure. Current problems in economics of public sector, including political economy. Seven-week course. prereq: 8802 or instr consent
HRIR 8801 - Core Seminar: Fundamentals of Economic Analysis for Work and Organizations
Credits: 4.0 [max 4.0]
Typically offered: Periodic Fall & Spring
Theoretical/empirical approaches in labor/organizational economics. Labor supply/demand. Monopoly/institutional features of labor markets. Compensation, incentives sorting, training. Approaching topics/questions in work/organizations from economic perspective. prereq: [Business Admin PhD student or dept consent], grad majors must enroll A-F
PA 8302 - Applied Policy Analysis
Credits: 4.0 [max 4.0]
Typically offered: Periodic Fall & Spring
Design/evaluation of public policies. Emphasizes market/non-market contexts. Microeconomics and welfare economics of policy analysis. Econometric tools for measurement of policy outcomes. Applications to policy problems. prereq: Intermediate microeconomics, introduction to econometrics
PA 8312 - Analysis of Discrimination
Credits: 4.0 [max 4.0]
Typically offered: Periodic Fall & Spring
Policy analysis/other applied social sciences as tools for measuring/detecting discrimination in market/nonmarket contexts. Application of modern tools of labor econometrics/race relations research to specific problems of market/nonmarket discrimination.
PA 8331 - Economic Demography
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Spring
Classical theory, advanced econometric methods, recent empirical work, and available datasets for research in economic demography. Topics include the economics of mortality, fertility, migration, marriage, women's labor supply, intra-family bargaining, and age structure. Students develop critical analysis and academic discourse skills through in-depth discussions and replications of papers, presentations, referee-style writing assignments, and a term paper. prereq: Grad-level economic theory (PA 5021 or equiv) and econometrics (PA 5033 or equiv) and instructor permission
PUBH 6832 - Economics of the Health Care System
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Examines applications of microeconomic principles to the U.S. health care system. Topics include demand for medical care, insurance theory and selection issues, provider payment, competition in health care markets, the health care workforce, pharmaceutical prices and innovation, health care spending growth, quality of care, externalities, the relationship between income and health, and the economics of the opioid epidemic. Prerequisite: an introductory economics or microeconomic theory course ? or permission of the instructor.
PUBH 8811 - Research Methods in Health Care
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Research methods commonly used in analysis of health services research and health policy problems. prereq: [8810, [grad or professional school] student] or instr consent
PUBH 8821 - Health Economics II
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Spring Even Year
Examines application of microeconomic theory to health services research through selected reading from published and unpublished health economics literature. prereq: 8820 or instr consent
APEC 8221 - Programming for Econometrics
Credits: 2.0 [max 2.0]
Typically offered: Fall Even Year
Applications of computer programming in econometrics. Introduction to and best practices in programming, including writing functions, organizing and commenting code, vectorization and other performance tips. Programmatic acquisition of novel economic datasets through Application Programming Interfaces (APIs), web scraping, and databases. Efficient cleaning and merging of datasets. Finally, a survey of common computational challenges in econometric estimation and potential solutions. prereq: APEC 5031 or equivalent
APEC 8222 - Big Data Methods in Economics
Credits: 2.0 [max 2.0]
Typically offered: Fall Even Year
Challenges, techniques, and opportunities presented by data that has one or more of the following characteristics: large, unstructured, high frequency, variable quality. The course will consist of three parts: 1) computational tools for applying standard econometric techniques on large datasets, 2) extracting summary information from unstructured data (e.g. images, text) for use in econometric analysis, 3) application of statistical learning techniques (e.g. classifiers, regression trees, machine learning) and the role of such techniques in causal inference. prereq: APEC 5031 or equivalent; APEC 8221 or equivalent programming experience.
APEC 8888 - Thesis Credit: Doctoral
Credits: 1.0 -24.0 [max 100.0]
Grading Basis: No Grade
Typically offered: Every Fall, Spring & Summer
Doctoral thesis credit. prereq: ApEc PhD student; max 18 cr per semester or summer; 24 cr required