Courses and Programs 1997-1999
Courses and Programs 1997-1999Econ 101. Principles of Microeconomics. (3-0) Cr. 3. F.S.SS. Theories of production and consumption, pricing and the market system, perfect and imperfect competition, business and labor regulation, issues within the capitalistic system such as problems of poverty, housing, and the environment. Comparative advantage and elements of international trade.
Econ 101H. Principles of Microeconomics. (3-0) Cr. 3. F. Theories of production and consumption, pricing and the market system, perfect and imperfect competition, business and labor regulation, issues within the capitalistic system such as problems of poverty, housing, and the environment. Comparative advantage and elements of international trade. Open only to honors students.
Econ 101L. Laboratory in Principles of Microeconomics. (0-2) Cr. 1. F. Prereq: Concurrent enrollment in 101. Discussion of material typically covered in Econ 101. Application of economic principles to real world problems. Economic principles and basic business management concepts applied to decision-making in agribusiness operations. Guest class visits by academic, government and industry representatives. Field trips to agribusiness firms. Field trip fee.
Econ 102. Principles of Macroeconomics. (3-0) Cr. 3. F.S.SS. Prereq: 101 recommended. Introduction to resource allocation, demand and supply; national income and employment, inflation and price levels; fiscal policy; monetary policy and the operation of the U.S. banking system; elements of international finance including balance of payments and exchange rate determination.
Econ 102H. Principles of Macroeconomics. (3-0) Cr. 3. S. Prereq: 101 or 101H. Introduction to resource allocation, demand and supply; national income and employment, inflation and price levels; fiscal policy; monetary policy and the operation of the U.S. banking system; elements of international finance including balance of payments and exchange rate determination. Open only to honors students.
Econ 110. Orientation in Agricultural Business. (1-0) Cr. R. F. Orientation course for freshman students in agricultural business.
Econ 135. Agricultural Firms, Markets and Prices. (3-0) Cr. 3. F.S. Prereq: 101. Basic concepts and economics principles related to markets for agricultural inputs and products. Overview of marketing problems faced by farms and agribusinesses, farm and retail price behavior, structure of markets, and the role of agriculture in the general economy and international trade. Introduction to hedging, futures, and other risk management tools. Field trip and materials fee.
Econ 298. Cooperative Education. Cr. R. F.S.SS. Prereq: Permission of the department cooperative education coordinator; sophomore classification. Required of all cooperative education students. Students must register for this course prior to commencing each work period.
Econ 301. Intermediate Microeconomics. (3-0) Cr. 3. F.S.SS. Prereq: 101; Math 151 or 165. Theory of consumer and business behavior; optimal consumption choices and demand; theory of firm behavior; costs, production, and supply; competitive and imperfectly competitive markets; theory of demand for and supply of factors of production; general equilibrium analysis. Nonmajor graduate credit.
Econ 302. Intermediate Macroeconomics. (3-0) Cr. 3. F.S.SS. Prereq: 101, 102; Math 151 or 165. Theory of income, employment, interest rates, and the price level; fiscal and monetary policy; budget and trade deficits; money and capital inflows, interest rates, and inflation. Nonmajor graduate credit.
Econ 312. History of Economic Thought. (3-0) Cr. 3. S. Prereq: 101. The logic and explanatory value of received economic doctrines since the middle of the eighteenth century. The reflection of past economic doctrines in contemporary theory and policy. Discussion of major works by Smith, Ricardo, Mill, Marx, Marshall, Walras, Wicksell, and Keynes.
Econ 320. Labor Economics. (3-0) Cr. 3. F. Prereq: 101. Survey of contemporary labor market problems and public policy toward labor. Economic analysis of topics such as labor supply and hours of work, work incentives of transfer programs, education and training, mobility, labor demand and employment, minimum wages, unions, income distribution and relative wages, discrimination, unemployment and wage inflation. Nonmajor graduate credit.
Econ 321. Economics of Discrimination. (Same as W S 321.) (3-0) Cr. 3. F. Prereq: 101. Economic theories of discrimination. Analysis of the economic problems of women and minorities in such areas as earnings, occupations, and unemployment. Public policy concerning discrimination. Nonmajor graduate credit.
Econ 322. Collective Bargaining. (3-0) Cr. 3. S. Prereq: 320. Economic analysis and institutional aspects of unions and collective bargaining. Organizing, bargaining strategy, and contract terms; impact of unions on employment and wages. Public policy toward unions, strikes, and negotiated benefits in both the private and public sectors. Nonmajor graduate credit.
Econ 330. Farm Business Management. (2-2) Cr. 3. F.S. Prereq: 101; Acct 284. Business and economic principles applied to decision making and problem solving in the management of a farm business. Cash flow, partial, enterprise, and whole farm budgeting. Information systems for farm accounting, analysis, and control. Obtaining and managing land, capital, and labor resources. Alternatives for farm business organization.
Econ 332. Cooperatives. (2-0) Cr. 2. S. Prereq: 101. Survey of cooperative activities with emphasis on agricultural cooperatives, types of cooperatives, methods of organization and operation, principles, legal and tax aspects, cooperative finance, economic possibilities and limitations of cooperation. Field trip fee. Nonmajor graduate credit.
Econ 335. Agricultural Market Organization and Pricing. (2-2) Cr. 3. F.S.SS. Prereq: 135, 301, Stat 227. Theory of markets, price determination and market strategies in the food and agricultural sector. Structure of the firm, competition, monopoly, cooperative and non-cooperative oligopoly, and product differentiation. Equilibrium of markets over space and time. Marketing decisions under risk and uncertainty, contingent claims markets, price patterns and price forecasting. Price discrimination, strategic pricing and vertical coordination in agricultural industries. Nonmajor graduate credit.
Econ 336. Agricultural Selling. (3-0) Cr. 3. S. Prereq: 101. Principles of selling with application to agricultural businesses. Attitudes, value systems, and behavioral patterns that relate to agricultural sales. Relationship of sales to marketing, selling strategies, preparing for sales calls, making sales presentations, handling objections, and closing sales. Analysis of the buying or purchasing process. Evaluation of agri-selling as a possible career choice. Materials fee.
Econ 338. Dairy Marketing. (2-0) Cr. 2. Alt. F., offered 1998. Prereq: 101. Trends in milk production and consumer demand for dairy products; industry organization and performance; federal milk marketing orders; dairy price support programs; dairy cooperatives; component pricing; promotional efforts.
Econ 344. Public Finance. (3-0) Cr. 3. F. Prereq: 101. The economic role of governments in market economies. Public goods, externalities, income distribution, and income maintenance programs. The effect of taxes on economic behavior, descriptions of the structure of the principal U.S. taxes, and current reform proposals. Nonmajor graduate credit.
Econ 353. Money and Banking. (3-0) Cr. 3. F.S.SS. Prereq: 101, 102. Theoretical and applied analysis of money, banking, and financial markets; interest rates and portfolio choice; the banking industry in transition; the money supply process; the Federal Reserve System and the conduct of monetary policy; macro implications of monetary policy; international finance.
Econ 355. International Economics. (4-0) Cr. 4. F. Prereq: 101, 102. Explanations of causes of international trade and the impact of trade on welfare and employment patterns. Analysis of government policies towards trade, such as tariffs, quotas, and free trade areas. Theory of balance of payments and exchange rate determination, and the role of government policies. Examination of alternative international monetary arrangements. Credit for either 355 or 455, but not both, may be applied to graduation. Nonmajor graduate credit.
Econ 370. Comparative Capitalism and Economic Transitions. (3-0) Cr. 3. F. Prereq: 101, 102. Comparative organization and performance of variants of market capitalism, including alternative government interventions and patterns of economic growth and income distribution; analysis of planning, incentives, and enterprise behavior in variants of socialism; study of comparative economic transformations of socialist economies; assessment of future capitalism and social market economies; includes examination of the United States, Europe, Japan, Russia and China.
Econ 376. Urban-Regional Economics. (3-0) Cr. 3. F. Prereq: 101. Theories of urban development; city typologies, trade and commuting patterns; urban economic interdependence; social investment in metropolitan communities; regional growth and efficiency; locational determinants of firms and households; the regional economic base; resource development and economic planning in the city-region. Nonmajor graduate credit.
Econ 380. Environmental and Resource Economics. (Same as Env S 380.) (3-0) Cr. 3. F.S. Prereq: 101. Natural resource availability, use, conservation, and government policy, including energy issues. Environmental quality and pollution control policies.
Econ 381. International Economic History. (Same as Hist 381.) See History.
Econ 382. United States Economic History. (Same as Hist 382.) See History.
Econ 385. Economic Development. (3-0) Cr. 3. S. Prereq: 101, 102. Current problems of developing countries, theories of economic development, agriculture and economic development, measurement and prediction of economic performance of developing countries, alternative policies and reforms required for satisfying basic needs of Third World countries, interrelationships between industrialized countries and the developing countries, including foreign aid. Nonmajor graduate credit.
Econ 392. Career Seminar. (1-0) Cr. 1. F. Prereq: Classification in agricultural business. Career opportunities in the various agribusiness industries. Required training and skills needed to perform successfully in different types of jobs within industry. Selection and training programs of typical agribusiness firms. Offered on a satisfactory-fail grading basis only.
Econ 397. Internship. Cr. 2 each time taken; maximum of 4. F. Prereq: Permission of instructor and classification in agricultural business. Students complete a research report, based on their internship or approved work experience, that examines chosen topics in management, marketing or finance. Offered on a satisfactory-fail grading basis only.
Econ 398. Cooperative Education. Cr. R. F.S.SS. Prereq: Permission of the department cooperative education coordinator; junior classification. Required of all cooperative education students. Students must register for this course prior to commencing each work period.
Econ 401. Topics in Microeconomics. (3-0) Cr. 3. F. Prereq: 301, Stat 227. Advanced treatment of selected topics from one or more of the following areas: household production models, factor markets, game theory and imperfect competition, uncertainty, imperfect information, general equilibrium, intertemporal choice, asset markets, income distribution, externalities and public goods, etc. Nonmajor graduate credit.
Econ 402. Topics in Macroeconomics. (3-0) Cr. 3. S. Prereq: 301, 302, Stat 227; Econ 472 recommended. Advanced treatment of selected topics from one or more of the following areas: business cycle theory, growth theory, fiscal and monetary policy, coordination issues, open economy macroeconomics, and financial economics. Nonmajor graduate credit.
Econ 415. Economics of Imperfect Competition, Antitrust and Regulated Industries. (3-0) Cr. 3. S. Prereq: 301; Math 151 or 160 or 165. The economic and strategic analysis of monopoly and oligopoly, predatory pricing, cartels and price-fixing, entry barriers and entry deterrence, vertical integration, technological change, and bid-rigging and other anticompetitive practices. The economic foundations of antitrust policy and industry regulation. Nonmajor graduate credit.
Econ 430. Advanced Farm Business Management. (3-2) Cr. 4. F. Prereq: 330. Familiarity with personal computers is helpful but not required. Effective use of decision methods and computer assistance for solving farm problems. Applications of economic and management theory to analyze farm business decisions using efficiency measures to assess current resource use and direct the farm business analysis, planning, and tax process. Computers as aids in the decision process. Materials fee. Nonmajor graduate credit.
Econ 432. Agribusiness Management. (3-0) Cr. 3. F. Prereq: 335. An advanced topics course in agribusiness management. Students explore the economics of management, organization and strategy as applied to agricultural businesses, vertical and horizontal boundaries of the firms, market structure and competition, competitive advantage, motivation and coordination, organizational efficiency. Nonmajor graduate credit.
Econ 437. Applied Commodity Marketing and Price Analysis. (3-0) Cr. 3. S. Prereq: 335. Applied commodity price analysis and forecasting; futures market theory and hedging strategy evaluation; options theory and strategy evaluation. Nonmajor graduate credit.
Econ 441. Economics of Agricultural Production. (3-2) Cr. 4. Prereq: 301, Stat 227. Economic concepts applied to the design, evaluation, and management of agricultural production technologies. Estimation and interpretation of production functions. Use of mathematical programming and simulation models for technology assessment. Economics of technology adoption and transfer, farming systems research, and sustainability. Nonmajor graduate credit.
Econ 451. Agricultural Law. (3-2) Cr. 4. F.S. Prereq: Senior classification. The legal framework impinging upon decision-making by farm firms, families and individuals, real and personal property, contracts, secured transactions, negotiable instruments, debtor-creditor relations, bankruptcy, organization of farm firms, intergeneration property transfers, trusts, insurance, liabilities, environmental law, federal and state regulatory powers. Nonmajor graduate credit.
Econ 452. Legal Issues in Agriculture. (2-0) Cr. 2. Prereq: 101. Designed for off-campus programs in agriculture. Offered as demand warrants. The legal framework impinging on decision-making by individuals, families, and firms in agriculture; ownership and transfer of real property; commercial law including secured transactions, sales, and negotiable instruments; bankruptcy; income tax planning and management; estate and business planning for the farm family; civil liabilities; water law; environmental law; government regulation of agriculture. Nonmajor graduate credit.
Econ 455. International Trade and Finance. (4-0) Cr. 4. S. Prereq: 301. Rigorous treatment of theories of international trade and its impact on domestic and world welfare and the distribution of income. Theoretical analysis of government policies towards trade, such as quotas, tariffs and free trade areas. Theory of exchange rate and balance of payments determination and the role of government policy; study of efficiency of the foreign exchange market. Examination of alternative international monetary arrangements. Credit for either 355 or 455, but not both, may be applied toward graduation. Nonmajor graduate credit.
Econ 460. Agricultural, Food, and Trade Policy. (3-0) Cr. 3. F.S. Prereq: 301. Description and analysis of economic problems of U.S. agriculture. Explanation and economic analysis of government policies and programs to develop agriculture, conserve agricultural resources, address consumer food concerns, stabilize farm prices, and raise farm incomes. The influence of macropolicy, world economy, and international trade on U.S. agriculture. Nonmajor graduate credit.
Econ 466. Introduction to Agricultural Finance. (3-0) Cr. 3. S. Prereq: 301, Stat 227; Fin 350 and Econ 353 recommended. Financial analysis of agricultural businesses; liquidity, capital structure, and growth of agricultural firms; risk and return; capital asset pricing model; risk management strategies in agriculture; capital budgeting methods; analysis of land investments, leasing, and costs of credit; financial intermediation and major financial institutions for agriculture; credit scoring, loan pricing, and asset-liability management techniques by financial intermediaries; public policies affecting agricultural credit markets. Nonmajor graduate credit.
Econ 470. Public Choice. (Same as Pol S 470.) (3-0) Cr. 3. Alt. F., offered 1997. Prereq: 101 and Pol S 251. Application of economics to political science in the study of nonmarket decision-making. Behavior of bureaucrats, elected officials, and voters. Market failure, collective action, representative democracies, direct democracies, logrolling, voter paradoxes, game theory, and terrorism. Nonmajor graduate credit.
Econ 472. Introductory Econometrics. (4-0) Cr. 4. F. Prereq: 301, 302, Stat 227. Introduction to the models and methods used to estimate relationships and test hypotheses pertaining to economic variables. Simple and multiple regression analysis; stochastic regressors; heteroskedasticity; autocorrelation; measurement error; simultaneous equations. Nonmajor graduate credit.
Econ 480. Intermediate Environmental and Resource Economics. (3-0) Cr. 3. S. Prereq: 301. Theories of natural resource utilization and allocation. Externalities, public goods, and environmental quality. Planning natural resource use and environmental quality. Methodologies for analyzing natural resource and environmental problems. Nonmajor graduate credit.
Econ 490. Independent Study. Cr. 1 to 5 each time taken. Prereq: Junior or senior classification, 14 credits in economics. Students in the College of Agriculture may use no more than 6 credits of Econ 490 toward the total of 128 credits required for graduation; students in the College of Liberal Arts and Sciences may count no more than 9 credits of Econ 490 toward graduation. Offered on a satisfactory-fail grading basis only. H. Honors.
Econ 493. Workshops. Cr. 1 to 3 each time taken. No more than 6 credits may be applied towards graduation. Prereq: Permission of instructor. Offered on a satisfactory-fail grading basis only.
Econ 498. Cooperative Education. Cr. R. F.S.SS. Prereq: Permission of the department cooperative education coordinator; senior classification. Required of all cooperative education students. Students must register for this course prior to commencing each work period.
Econ 500. Quantitative Methods in Economic Analysis I. (4-0) Cr. 4. F. Prereq: 301, 1 year of calculus, Stat 401 or equivalent, and permission of Director of Graduate Studies. Economic applications of selected mathematical and statistical concepts: linear models and matrix algebra; differential calculus and optimization; integral calculus and economic dynamics; probability distributions, estimation, and hypothesis testing in the analysis of economic data.
Econ 501. Microeconomics. (4-0) Cr. 4. F. Prereq: 301, credit or enrollment in 500 or equivalent background in calculus and statistics. The theory of the consumer, theory of the firm, perfect and imperfect competition, welfare economics and selected topics in general equilibrium and uncertainty. This is a Master's level course.
Econ 502. Macroeconomics. (4-0) Cr. 4. F. Prereq: 302, credit or enrollment in 500 or equivalent background in calculus and statistics. Models of aggregate supply and demand, theories of consumption and investment, money supply and demand, inflation, rational expectations, stabilization policy, financial markets, and international finance. This is a Master's level course.
Econ 513. History of Economic Analysis. (3-0) Cr. 3. Prereq: 301 and 302. The ideas of great economists from the eighteenth to the twentieth centuries. Adam Smith, David Ricardo, Thomas Robert Malthus, John Stuart Mill, Karl Marx, William Stanley Jevons, Leon Walras, John Bates Clark, Thorstein Veblen, Alfred Marshall, John Maynard Keynes, and John R. Hicks.
Econ 515. Industrial Organization I. (3-0) Cr. 3. F. Prereq: 501 or 601. Theoretical and empirical studies of industry structure, conduct, and performance. Introduction to game theory. Monopoly, oligopoly, monopolistic competition, collusion and cartels. Contestable markets. Entry barriers and deterrence. Concentration and performance. Price discrimination. Product differentiation and spatial markets.
Econ 520. Labor Supply and Human Capital Formation. (3-0) Cr. 3. Alt. S., offered 1999. Prereq: 501 or 601. Labor supply decisions and empirical analysis for agricultural operators and wage-earning households; multiple job holding; resource allocation in productive households; human capital formation by households, firms, and public institutions, which includes schooling, on-the-job training, migration, health, research, raising of children, and implications for household income and welfare; applications to problems in rural areas of developing and developed countries.
Econ 521. Labor Markets. (3-0) Cr. 3. Alt. F., offered 1998. Prereq: 501 or 601. Modern analysis of labor demand and market determination of wages and employment; analysis of distortions in labor markets due to non-competitive forces, legislation, and discrimination; microeconomic analysis of unemployment and job search.
Econ 530. Advanced Farm Management. (2-0) Cr. 2. Prereq: 6 credits in economics. Offered off campus as demand warrants. Management techniques of planning, implementation, and control as applied to farm businesses. Quantitative tools as applied to agricultural decision-making. Accounting control concepts and decision theory as used to manage agricultural enterprises. Designed for master of agriculture program only.
Econ 532. Business Economics. (3-0) Cr. 3. Prereq: 101 and enrollment in MBA or BAS program; not for economics majors. Applications of microeconomic theory and decision analysis. Demand analysis, production and cost analysis, forecasting, pricing, market structures and strategy, capital investment analysis, decision-making under uncertainty, government and business.
Econ 534. Mathematical Programming in Agricultural and Applied Economics. (3-0) Cr. 3. Prereq: 3 credits in economics at the 400 level or above. Linear programming and the Simplex method; sensitivity analysis and parametric programming; goal programming, stochastic programming, and other extensions of linear programming; input-output and interregional models; nonlinear and quadratic programming to reflect production, marketing, and financial risk; comparison with other criteria for making risky decisions; integer programming and investment analysis; use of recursive and dynamic programming in long-term planning and farm firm growth models.
Econ 535. Agricultural Marketing. (3-0) Cr. 3. F. Prereq: 501 or 532 or 601. Analysis of agricultural marketing systems focusing on their structure, pricing and coordination mechanisms (including futures markets), and performance. Government market intervention and regulation methods. Comparison of market mechanisms and problems in the U.S. and centrally planned or developing countries.
Econ 536. Applied Agricultural Marketing. (2-0) Cr. 2. Prereq: 6 credits in economics. Off campus. Offered as demand warrants. Market structure and performance in the food and agricultural sector. Vertical coordination systems and pricing systems in agriculture. Market information and price forecasting. Alternative marketing methods and strategies for major Iowa agricultural commodities including the use of futures market. Designed for master of agriculture program only.
Econ 537. Commodity Markets: Structure, Analysis, and Strategy. (3-0) Cr. 3. S. Prereq: 501 or 532 or 601, concurrent or previous enrollment in Econ 571 or Stat 328. Analysis of commodity markets, their function and performance. Price forecasting in commodity markets; futures market theory and hedging strategy evaluation; options theory and strategy evaluation.
Econ 538. Econometric Statistics. (Same as Stat 538.) See Statistics.
Econ 539. Game Theory. (Same as Stat 539.) See Statistics.
Econ 544. Theory of Public Goods and Externalities. (3-0) Cr. 3. F. Prereq: 501 or 601. Pure public goods and local public goods; optimality conditions for an economy with public goods; market and club provision of excludable public goods; externalities and common property resources; preference revealing mechanisms; fiscal federalism; public choice; decision making.
Econ 545. Economics of Taxation. (3-0) Cr. 3. S. Prereq: 501 or 601. Partial and general equilibrium analysis of tax shifting and incidence; excess burden and effects of taxes on supplies of labor, capital, and risk-taking; alternate bases for taxation and concepts of equity; optimal taxation; public debt; social security.
Econ 553. Applied Research in Monetary and Macroeconomics. (3-0) Cr. 3. F. Prereq: 502. Application of economic theory to the analysis of contemporary issues in macroeconomics, monetary economics, and financial economics. This is a Master's level course.
Econ 555. Issues in International Economics. (3-0) Cr. 3. S. Prereq: 501, 502. Theories of international trade and finance. Emphasis on current policy issues in international economics. This is a Master's level course.
Econ 560. Agricultural Policy. (3-0) Cr. 3. S. Prereq: 501 or 601. Effects of and motivation for government intervention in agriculture. Review of instruments of intervention; efficiency of redistribution; social choice theory. Trade and stabilization policies. Effects of environmental policies on agriculture.
Econ 563. Issues in Government Policy Affecting Agriculture. (2-0) Cr. 2. Prereq: 101. Off campus. Offered as demand warrants. Government policy and the policy-making process as it affects food, agriculture, and trade. Description and analysis of government policies and programs designed to address production agriculture problems and consumer food concerns. Evaluation of the interaction of agriculture and world trade as affected by U.S. and foreign government policies. Designed for master of agriculture program only.
Econ 566. Advanced Agricultural Finance. (3-0) Cr. 3. S. Prereq: 501 or 601; Fin 550 recommended. Modern financial theories of the firm applied to agriculture; models of capital structure of farm firms; investment under uncertainty; capital asset pricing in agriculture; land pricing; agency problems and financial contracting; formal and informal financing of agricultural production, including equity, debt, leasing and other contractual arrangements; relationship between real and financial decisions; evolving financial markets and financial institutions for agriculture; market imperfections in rural financial markets, public policy issues and government intervention.
Econ 571. Intermediate Econometrics. (3-0) Cr. 3. S. Prereq: 500. Single and multiple equation regression models; dummy explanatory variables; serial correlation; heteroskedasticity; distributed lags; qualitative dependent variables; simultaneity. Use of econometric models for tests of economic theories and forecasting.
Econ 573. Econometrics I. (3-0) Cr. 3. F. Prereq: 501 and Stat 447 or 542. Specification, estimation, and testing of single and multiple equation models of economic processes; qualitative choice and limited dependent variable models; examination and evaluation of empirical studies in the economics literature.
Econ 574. Econometrics II. (3-0) Cr. 3. S. Prereq: 573. Large sample properties of estimators and large sample inference; dynamic models and instrumental variables; identification, estimation, and evaluation of systems of simultaneous equations; introduction to time series methods and applications, including alternative variance specifications.
Econ 581. Advanced Environmental Economics. (3-0) Cr. 3. S. Prereq: 501 or 601. Interrelationships of natural resource use and the environment. Applied welfare and benefit cost analyses. Externalities and pollution abatement. Nonmarket valuation of resources. Property rights. Legal and social constraints. Policy approaches.
Econ 583. Water Resources. (Same as W Res 583.) (3-0) Cr. 3. S. Prereq: Graduate classification; not for economics majors. Analysis of water resource management issues from economic, legal, political, and sociological perspectives. Topics include rational water allocation systems, market failure, investment, pollution control strategies, and resource management. Administered by Economics in cooperation with Political Science and Sociology.
Econ 585. Economic Growth and Development. (3-0) Cr. 3. Alt. S., offered 1998. Prereq: 501 and 502 or 601 and 602. Performance and problems of developing countries in relation to growth, employment, structural change and human development; theories and paradigms of development; theories and sources of economic growth; policies to promote industrialization and trade; role of agriculture; farm size and tenure in relation to productive efficiency and technology adoption; generation and diffusion of new agricultural technology; fertility, population growth and sustainability; income distribution, poverty and poverty alleviation; foreign aid and development strategies adopted by countries and international lending agencies.
Econ 586. Microfoundations of Economic Growth and Development. (3-0) Cr. 3. Alt. F., offered 1997. Prereq: 501 and 502 or 601 and 602. Models of household and firm/farm behavior in developing countries. Computable general equilibrium models. General equilibrium incidence of large investment projects, technological change and market interventions. Models of endogenous growth. Convergence and productivity. Analysis of large data sets.
Econ 590. Special Topics. Cr. 1 to 5 each time taken. Offered on a satisfactory-fail grading basis only.
Econ 599. Creative Component. Cr. 1 to 5. Offered on a satisfactory-fail grading basis only.
Econ 600. Quantitative Methods in Economic Analysis II. (3-0) Cr. 3. F. Prereq: 500 or equivalent background in calculus. Introduction to elements of nonlinear programming, comparative static analysis, difference and differential equations, probability, statistics, and game theory useful for micro- and macroeconomic modeling.
Econ 601. Microeconomic Analysis I. (4-1) Cr. 4. F. Prereq: 301, previous or concurrent enrollment in 600 and permission of Director of Graduate Studies. Economic theory and methodology; theory of consumer behavior, theory of the competitive firm, supply and factor demand; duality relations in consumer and producer theory, partial equilibrium analysis, stability and comparative statics; introduction to game theory; theory of imperfect competition.
Econ 602. Macroeconomic Analysis. (4-1) Cr. 4. F. Prereq: 301, 302, previous or concurrent enrollment in 600 and permission of Director of Graduate Studies. Analysis of static and dynamic models of aggregate economic activity with an emphasis on the role of fiscal and monetary policies on the determination of GNP and its distribution, the price level, and labor employment.
Econ 603. Microeconomic Analysis II. (4-1) Cr. 4. S. Prereq: 601, 602 and permission of Director of Graduate Studies. General equilibrium analysis, efficiency and welfare; market failures, externalities, and the theory of the second best; uncertainty and economic theory; producer supply and factor demand decisions under uncertainty; portfolio and savings decisions under uncertainty; value of information; applications of game theory to economic analysis.
Econ 604. Advanced Macroeconomic Analysis. (4-1) Cr. 4. S. Prereq: 601, 602 and permission of Director of Graduate Studies. Introduction to microtheoretic-based dynamic and stochastic macroeconomic models applied to the study of economic growth, business cycles, and governmental policies.
Econ 605. Advanced Topics in Microeconomics. (3-0) Cr. 3 each time taken. Prereq: 603, 604. Selected topics in microeconomic theory of current significance to the profession.
Econ 606. Advanced Topics in Macroeconomics. (3-0) Cr. 3 each time taken. Prereq: 603, 604. Selected topics in macroeconomic theory of current significance to the profession.
Econ 608. Noncooperative Game Theory and Information Economics. (3-0) Cr. 3. Alt. S., offered 1998. Prereq: 603 or 501 and permission of instructor. The noncooperative theory of strategic and extensive form games. Nash equilibrium, subgame perfection and other refinements, and other solution concepts such as iterated dominance. Supergames. Applications in information economics such as bargaining, auctions, signaling, reputation building, and the principal-agent problem.
Econ 616. Industrial Organization II. (3-0) Cr. 3. Alt. S., offered 1999. Prereq: 515. Theoretical and empirical studies of industry structure, conduct, and performance. Review of game theory. Technological innovation and diffusion. Mergers. Vertical integration and contractual alternatives. Antitrust. Regulation and regulated industries.
Econ 635. Agricultural Price Analysis. (3-0) Cr. 3. F. Prereq: 601. Application of price theory to agricultural market analysis. Agricultural product supply and input demand. Uncertainty and risk, expectations and supply dynamics. Retail demand and derived demand for farm products. Competitive equilibrium of agricultural markets. Vertical market relations and marketing margins. Storage and price relations over time. Price discovery and risk allocation with futures markets. Industrial organization of agricultural markets and imperfectly competitive models of the agricultural and food industry.
Econ 639. Consumption and Demand Analysis. (3-0) Cr. 3. S. Prereq: 601. Analysis of demand with emphasis on the theory of consumption decisions, the development and estimation of models, and the assessment and interpretation of empirical results. Demand systems, flexible functional forms, separability and aggregations, dynamic models. Household consumption models, demographics, equivalence scales, cost-of-living indices, standard of living measurement and quality of goods. Empirical and experimental applications with emphasis on food demand. Extensions and policy issues related to marketing regulations, food assistance programs, poverty, nutrition, food safety, and health.
Econ 640. Advanced Topics in Agricultural Economics. (3-0) Cr. 3 each time taken. Prereq: 603, 604. Selected topics in agricultural economics of current significance to the profession.
Econ 641. Production Economics with Agricultural Applications. (3-0) Cr. 3. F. Prereq: 601, concurrent or previous enrollment in 573. Advanced treatment of agricultural production and supply; estimation of production functions, functional forms and duality; alternative representations of technology including distance, cost, revenue and profit functions. Technological change and productivity; parametric and nonparametric estimation of technology and supply relationships; dynamic models; decisions under uncertainty; stochastic production relationships, strategic uncertainty, the role of information and insurance.
Econ 653. Financial Markets and Monetary Economics I. (3-0) Cr. 3. F. Prereq: 603, 604. Contemporary theoretical and applied work on the valuation of risky assets. Problems with standard models: the equity premium; return predictability; market frictions; crashes; trading volume. Causes of crashes: noise trading; hedging; bubbles. Asymmetric information and common knowledge.
Econ 654. Financial Markets and Monetary Economics II. (3-0) Cr. 3. S. Prereq: 603, 604. Savings, wealth, and intertemporal portfolio allocations. Asymmetric information and financial markets. Contemporary theoretical and applied work on financial intermediation and monetary economics. Money as a medium of exchange. The operation and regulation of banking institutions. Global financial markets.
Econ 655. International Trade. (3-0) Cr. 3. F. Prereq: 603. Modern theory of international trade; welfare and distributional aspects of trade and tariffs. The interdependence of international trade and economic growth. Optimal trade policies in the presence of such distortions as unemployment, monopolies and cartels, balance of payments problems, infant industries, and common market areas.
Econ 657. International Finance. (3-0) Cr. 3. S. Prereq: 604. The theory of exchange rate and balance of payments determination; open-economy macroeconomic issues; and current account adjustment. Emphasis on the current empirical literature concerning the efficient market theory of the foreign exchange market.
Econ 660. Welfare Theory. (3-0) Cr. 3. Prereq: Credit or enrollment in 603. Notions of economic efficiency, equivalent, and compensated variation measures, consumer and producer surplus, market failures, social choice, path independence, compensated demand curves, cost-benefit evaluation, and public choice.
Econ 675. Advanced Topics in Econometrics. (3-0) Cr. 3 each time taken. F.S. Prereq: 538 or 574, Stat 543 recommended. Advanced treatment of issues important in econometrics. Topics chosen from asymptotic theory, nonlinear estimation, Bayesian and robust econometrics, econometric time series, limited dependent variables and censored regression models, nonparametric and semiparametric methods, bootstrapping and Monte Carlo techniques, etc.
Econ 680. Advanced Resource Economics. (3-0) Cr. 3. Alt. F., offered 1997. Prereq: 603. Dynamic allocation of scarce, exhaustible and renewable natural resources, including minerals and energy, soil, water, forests, and fish. Social versus private decisions. Market and nonmarket considerations. Technological change. Regulation. Dynamics and uncertainty.
Econ 690. Advanced Topics. Cr. 1 to 5 each time taken. Offered on a satisfactory-fail grading basis only.
Econ 693. Workshops. Cr. 1 to 3 each time taken. Prereq: 6 graduate credits in chosen field. Offered on a satisfactory-fail grading basis only.
Econ 699. Research for Thesis or Dissertation. Offered on a satisfactory-fail grading basis only.