Emphasizes applied econometric studies and the problems that arise when analyzing time series and cross section data by means of stochastic linear models. Covers the same topics as ECON 371 using differential and integral calculus. Credit is not given for both ECON 371 and ECON 381. Emphasizes solving problems through marginal analysis, decision making under uncertainty, determining and using the value of information, searching and bidding, bargaining and negotiation, and analysis of transaction costs. Required for Distinguished Majors but open to any advanced student who has been successful in economics.
Specific topics vary from year to year.
Readings from the leading economists of this period. 311 Microeconomic theory is used to examine the demand for health services and medical care, the market for medical insurance, the behavior of physicians and hospitals, issues pertaining to malpractice, and government policy. Examines electricity, natural gas, portation, and television. Considers regulation that involves many industries, such as product safety, occupational safety, and environmental protection. 301 or 311 Industrial organization is the study of market structure, firm strategy, and market performance.