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Economics and Business

Applicable for the 2016-2017 academic year.

Economics and Business Website

Professors FENN, KAPURIA-FOREMAN, PARCO (Associate Chair), REDMOUNT, SMITH, TIEFENTHALER; Associate Professors DE ARAUJO (Chair), JOHNSON, LYBECKER; Assistant Professors CRAIGHEAD, HOEL, MILLER-STEVENS, RADER; Professor Emeritus LAUX; Schlessman Visiting Executives-in-Residence ALLON, MANN, PRESS; Visiting Faculty COOLEY, FULLERTON, JETER, SAMELSON

The Major 

The Department of Economics and Business offers a major in economics and supports several interdisciplinary majors including mathematical economics, international political economy, and environmental science. The college’s location, resources, and unique Block Plan calendar allow the faculty to offer students truly extraordinary learning experiences. Many of the department’s courses incorporate experiential learning opportunities, including guest lecturers, executives-in-residence, and field trips. Field trips range from one-day visits to Denver-based executives to longer trips to Boston or Britain. A large percentage of students take advantage of opportunities to study at another college or university in the United States or to study abroad at institutions such as the London School of Economics. Students who excel in the major will find many opportunities to pursue independent research projects or to work collaboratively with department faculty, and the department and college have significant resources to support these research activities. Distinction at graduation and other prizes are awarded by the department faculty to majors on the basis of the senior thesis, overall performance in department courses, and performance in courses outside the department and social science division. The department aims to provide students with rigorous grounding in economic principles and business concepts so that they can communicate effectively, analyze data, work independently, and frame/resolve ill-defined problems, in order to provide excellent preparation for careers in business and public service. In addition, many of the department’s students attend the nation’s finest business and law schools, and pursue graduate study in economics, public policy, and environmental management at leading research universities.

Major Requirements

Economics Requirements

To declare a major in economics, students must complete an approved college-level course in calculus (MA 125 or MA 126) and Economic Theory I (EC 201). Other courses required for the major include Microeconomic Theory II (EC 301), Macroeconomic Theory II (EC 302), Statistics (MA 117 or MA 217), Econometrics (EC 303) and five electives chosen from three thematic tracks: business, microeconomics, and macroeconomics/international topics.  Students must complete at least two electives from each of two different tracks, including at least four at the upper (300 or 400) level of the curriculum. Finally, all economics majors work closely with a faculty advisor to complete an independent senior thesis research project growing out of one of their completed thematic tracks (EC 430 for business focus, EC 460 for micro focus, EC 490 for macro/international focus).

Students considering a major might elect to take 100-level courses in the department as a less mathematical introduction to the discipline, courses which do not count toward the majors.  The department recognizes the equivalency of AP scores of 4 or higher for calculus and statistics, and AP Economics as an equivalency for EC 100, but does not consider AP Economics as a substitute for Economic Theory I (EC 201), a course which is predicated upon calculus and other math skills. Transfer students, or students aiming to take courses at other schools for credit for the major within the department, should consult the department chair beforehand (or as soon as possible) to ensure equivalency of their coursework.

Students desiring to major in the department are required to pass the following prerequisites prior to admission into the major.  If a student has not taken both of these courses, that student may be admitted only if currently scheduled for a later section or by consent of the chair if mitigating circumstances exist.  

Mathematics 125 or 126 or above – Pre-Calc /Calculus 1, Calculus 1 or higher

1 or 2 units

Economics 201 – Economic Theory I                                          

1 unit

   

To graduate as an economics major, students must pass the all-college requirements, while completing a minimum of 11 units of credit in courses in economics and 2 units of credit in mathematics:

 

A.        Required Course in Mathematics

MA125 or 126 or higher

Pre-Calc/Calculus 1, Calculus I, or higher

1 or 2 units

MA117 or 217; BE220

Probability and Statistics OR Probability and Statistical Modeling Or Biostatistics and Experimental Design

1 unit

 

 

2 or 3 units

 

B.        Required Courses in Economics

Business, Micro, Macro /International, Track

EC201

Economic Theory I

1 unit

EC301

Microeconomic Theory II

1 unit

EC302

Macroeconomic Theory II

1 unit

EC303 or 403

Econometrics OR Econometric Theory

1 unit

Business Track

EC205

Financial Accounting

1 unit

 

 

 

4 or 5 units

               

C.        Electives in Economics

A minimum of five elective courses within the department’s three tracks (Business, Micro and Macro/International) such that:

   a) at least two credits are completed within each of two different tracks, and

   b) at least four electives are at the 300-level or above

 

 5 units

 

D.        Thesis in Economics

A two-block thesis experience must be completed in one of the student’s completed tracks:

       EC 430 for Business theme

       EC 460 for Microeconomics theme

       EC 490 for Macroeconomics/ International theme

 

 

2 units

 

TOTAL MINIMUM REQUIRED CREDITS...................................................13 units

 

Themes are arranged to permit students to develop expertise in at least two sub-disciplines: 

  • Business courses are EC 211-230, 311-330 and 411-430
  • Microeconomics courses are EC 241-260, 341-360, 441-460
  • Macroeconomics/International courses are EC 271-290, 371-390, 471-489

Some courses may count toward more than one theme, as noted in individual course descriptions (e.g. 245, 347, 351, 405, 406, 407).

DISTINCTION IN ECONOMICS is awarded by action of the department to up to the top 20 percent of graduating majors based on their GPA within the major with the provision that they have also received an A in Senior Thesis.

Courses

Economics

EC100 Principles of Economics

An introduction to the principles of economics (both microeconomics and macroeconomics) with emphasis on decision-making by households and firms, the way in which individual markets work, the distribution of income, governmental impact on specific markets, the behavior of economic aggregates such as total output, total employment, the price level, the rate of economic growth; and government policies which affect them. (Not offered 2017-18).

2 units

EC101 Principles of Microeconomics

An introduction to the principles of microeconomics with emphasis on decision-making by households and firms, the way in which individual markets work, the distribution of income, and governmental impact on specific markets. Meets the Critical Perspectives: Quantitative Reasoning requirement.

1 unit — Kapuria-Foreman

EC102 Principles of Macroeconomics

An introduction to the principles of macroeconomics with emphasis on the behavior of economic aggregates such as total output, total employment, the price level, and the rate of economic growth; and government policies which affect them Meets the Critical Perspectives: Quantitative Reasoning requirement.

1 unit

EC110 Introductory Topics in Economics and Business

Selected introductory topics in economics and business. Specific content and emphasis to be determined by the instructor. Exposes students to problems and trends in society which can be illuminated through application of basic tools and concepts drawn from economics and business fields. May be taught with Emphasis on Writing and Speaking.

1 unit — Buxton, Mann, Miller-Stevens, Rader

EC111 Personal Financial Planning

The study of the development and implementation of a personal financial and investment program. Includes analysis of budgeting and tax planning, managing liquidity, financing large purchases, protecting assets and income, analyzing investment information, examining alternative investment types, and investing money for retirement. There is no enrollment limit to this course and it is graded Pass/Fail only.

.5 unit — Miller-Stevens, Parco

EC112 Business and Society

An examination of the social, political and natural environment in which business operates (Not offered 2017-18).

1 unit

EC113 Negotiation

Explores the processes of bargaining and negotiation, the dynamics of interpersonal and intergroup conflict, and theory and research related to processes of influence, negotiation, and conflict management. Skills will be developed through case analysis, role playing, and service learning. Includes local field trips for service learning.

Prerequisite: Field Trips for Service Learning.

1 unit — Rader

EC115 Legal Environment of Business

Survey of the U.S. system of laws and courts and the role of law in business and personal decision-making. A study of case law and judicial thinking ranging from traditional fields of contracts and torts to recent Supreme Court decisions on the environment, e-commerce, the Internet, licensing, and First Amendment freedoms

1 unit — Jeter

EC120 Entrepreneurial Idea Development

Introduction to how social and environmental challenges can create entrepreneurial opportunities. Course emphasis will be on social enterprises in both non-profit and for-profit sectors, leading into a project to be developed in EC 220. Credit granted only after completion of EC 220. Pass/fail grade only

Prerequisite: consent of instructor.

.25 unit — Miller-Stevens

EC141 Sustainable Development

Investigates the concept of sustainable development by first introducing students to necessary economic terms and concepts. It next explores traditional economic models of production and distribution. Finally it introduces the concept of sustainable development (meeting the needs of the present without compromising the ability of future generations to meet their own needs). The course includes fieldwork to explore the behavior of traditional economic models and examples of sustainable development. May involve additional expense $$$. Students can choose to take this course for credit either in Economics (EC 141) or Environmental Science (EV 141) (Fulfills one unit of the divisional requirement in the Social Sciences, but not in the Natural Sciences.) (Also listed as EV 141.) (Not offered 2017-18).

1 unit

EC142 Water Resource Management

Examines current problems in water resource management on various scales — from local to international (transboundary) supply and quality issues. Aims to demonstrate on an introductory level the value of economic analysis in the context of other approaches for thinking about water resources issues. (Not offered 2017-18).

.5 unit

EC201 Economic Theory I

An introduction to the economics (both microeconomics and macroeconomics) using calculus. The three main themes include consumer theory, producer theory and macroeconomic aggregates and models

Prerequisite: Mathematics 125 or Mathematics 126 or equivalent.

1 unit — Craighead, Hoel, Lybecker, Smith

EC205 Principles of Financial Accounting

An introduction to the fundamentals of the financial statements of corporations, including statement interpretation and analysis. Exposes students to economic decisions and their consequences as they relate to business activities, including operating, investing, and financing activities Meets the Critical Perspectives: Quantitative Reasoning requirement.

1 unit — Miller-Stevens, Rader

EC220 Entrepreneurship

Examines the knowledge and skills needed for the identification, evaluation, and exploitation of opportunities in a variety of circumstances and environments. Attention is paid to the behaviors of entrepreneurs, networks, the venture creation process, financing, legal and tax considerations, and the development of a formal venture proposal. May include local field trips. Pass/fail grade only.

Prerequisite: Economics 120; Economics 201 or Economics 205.

1 unit — Miller-Stevens

EC221 Entrepreneurial Execution

For students who have fully-developed venture proposals and intend to launch them into viable business entities. This course may be taken repeatedly after the completion of EC 220. Pass/fail grade only.

Prerequisite: Economics 220.

.25 unit — Miller-Stevens

EC225 Intermediate Topics in Business

Selected topics, with content and emphasis developed by the instructor.

Prerequisite: Economics 201 or Economics 205.

1 unit — Edmonds

EC241 The Economics of Sports

The course will examine sports economics models. Students will apply theory to various aspects of both collegiate and professional sports. Topics include (but are not limited to) wage discrimination in sports, the economics of stadiums, alumni giving and collegiate athletics, academics and collegiate athletics, sports rights and broadcasting, and sports and gambling. (Day trips, additional expense $$$ for students.) Field trips may be included.

Prerequisite: Economics 201; Mathematics 117.

1 unit — Fenn

EC243 Environmental Economics

This course develops: 1.) the tools necessary for the economic analysis of environmental and natural resource problems; 2.) the ability to apply those tools in the investigation of a real world environmental resource problem and; 3.) the insight to form policy recommendations on the basis of such analysis and investigation. Particular emphasis on problems of market failure, such as externalities, public goods, non-market goods, uncertainty, income distribution, inter-temporal resource allocation and policies to correct for imperfect markets.

Prerequisite: Economics 201.

1 unit — Smith

EC245 Public Economics and Policy

The economic aspects of public revenues, expenditures and debt; the different types of taxes; the interrelationship between the activity of the private and public economy.

Prerequisite: Economics 201. May also count as a course within the Macroeconomics/International Theme.

1 unit — Johnson

EC255 Intermediate Topics in Microeconomics

Students will write and rewrite intensively on policy related topics in Economics. They will learn to pose a valid research question in the context of a comprehensive and cogent literature review.

Prerequisite: Economics 201.

1 unit — Smith

EC271 Ecological Economics and Sustainability

Provides an introduction to ecological economics (an interdisciplinary approach to understanding and managing the ecology and economics of our world) and introduces/extends students’ understanding of sustainability (meeting the needs of the present without compromising the ability of future generations to meet their own needs). It reviews options for economically efficient allocation of resources that also protect the stock of natural capital over spatial and temporal space; and investigates the application of tools of analysis and solutions to a regional management problem in the American West. It includes fieldwork and may involve additional expense $$$. Students may choose to take this course for credit either in Economics (EC 271) or Environmental Studies (EV 341) if they meet the necessary prerequisite. (Fulfills one unit of the divisional requirement in the Social Sciences but not in the Natural Sciences.) May also count as a course within the Macroeconomics/International Theme (Not offered 2017-18).

Prerequisite: Economics 141/EV 141 and Economics 201. (Also listed as Environmental Program 341).

1 unit

EC275 Introduction to International Political Economy

Examination of classic and modern conceptions of political economy. Emphasis on understanding theory and applying it to explain political and economic outcomes within states and among states in the international arena. Open to International Political Economy majors and to others with consent of instructor.

Prerequisite: Economics 201.

1 unit — Kapuria-Foreman, McKendry

EC285 Intermediate Topics in Microeconomics

What does it mean to “make a difference in a poor child’s life”? Many humanitarian organizations make strong claims about the impact of their programs, but less often define and quantify the 'difference' they actually make or consider the relative cost-effectiveness of their programs. This class takes a critical look at such claims, and teaches students how economists use the scientific method to evaluate the impact of aid programs in developing countries. Students will learn about four methods of impact evaluation (randomized controlled trials (RCTs), instrumental variables, regression discontinuity designs, and difference-in-differences), read academic journal articles about several topics of interest (e.g. microfinance, women’s empowerment, education, technology, violence, and institutions), and enjoy popular press books such as The Idealist and Poor Economics. We will place special emphasis on a discussion of how the scientific method generally and RCTs specifically have been applied to questions of economic development, and further examine how numerical data can be collected and analyzed to measure progress towards economic, social, and moral goals. By the report of one former student: “This course should be a pre-requisite for anyone interested in making (more or less of) a real positive impact in the world, be they future non-profit employees, social entrepreneurs, government officials, or private donors.”

Prerequisite: Economics 201 and Mathematics 117 or Consent of Instructor.

1 unit — Hoel

EC301 Microeconomic Theory II

An advanced theory of pricing for both the product and factor markets with an emphasis on the economic behavior of: 1.) the individual; 2.) the household; 3.) the firm; and 4.) the industry.

Prerequisite: Economics 201.

1 unit — Hoel, Johnson, Lybecker

EC302 Macroeconomic Theory II

An advanced study of business cycles and economic growth models.

Prerequisite: Economics 201.

1 unit — Craighead, Redmount

EC303 Econometrics

The use of statistical and mathematical techniques in the applied analysis of economic models. Macro- and micro-economic applications.

Prerequisite: Economics 201; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit — Johnson, Kapuria-Foreman, Rask

EC304 Topics in Research Methods

Examination of methods of analysis commonly used in economics and business. Emphasis on the use of models. Topics include coverage of a variety of quantitative and qualitative modeling techniques appropriate to undergraduate research leading to the development of a thesis. (Not offered 2017-18).

Prerequisite: Economics 303; May count as a course within the Business Theme, Microeconomics Theme or Macroeconomics/International Theme.

1 unit

EC312 Intermediate Accounting

Presentation and critical review of the elements of financial statements with concentration on accounting theory and interpretation by users. Addresses problems with income determination. (Not offered 2017-18).

Prerequisite: Economics 201; Economics 205; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit

EC313 Managerial Accounting

Principles and problems of assembling, recording, and interpreting cost data for manufacturing and service firms. Introduces various costing systems, including activity-based and standard costing systems, with emphasis on the economic decisions managers make using this accounting data and the potential impact on employee behavior. (Not offered 2017-18).

Prerequisite: Economics 201; Economics 205; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit

EC316 Theory of Business Finance

This course examines the role of the financial manager in determining the appropriate composition and level of assets and their financing within the context of stockholder wealth maximization. Key theoretical constructs include operating and financial leverage, the risk-return tradeoff, liquidity, and agency theory. Topics include financial analysis and planning, working capital management, cost of capital, capital budgeting, and mergers and acquisitions.

Prerequisite: Economics 201; Economics 205; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit

EC317 Investments

Introduction to the prevailing theories, models and philosophies of investment analysis and management for an environment where individuals make investment decisions under uncertainty. Exploration of both investment fundamentals with a brief introduction to portfolio management. Specific topics of interest include a comprehensive TVM review, fundamentals analysis, market behavior, asset allocation, portfolio theory, ethics, risk and return, and behavioral finance.

Prerequisite: Economics 201; Economics 205; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit — Parco

EC325 Topics in Business

Focus will be on the systems in place before and after the Financial Crisis of 2008 and how they both helped and inhibited the effective functioning of the capital markets. The overarching theme will be Wall Street’s role at the nexus of business and modern society.

Prerequisite: Economics 201 and Economics 205.

1 unit — Parco

EC325 Topics in Business

Focus will be on the systems in place before and after the Financial Crisis of 2008 and how they both helped and inhibited the effective functioning of the capital markets. The overarching theme will be Wall Street’s role at the nexus of business and modern society.

Prerequisite: Economics 201 and Economics 205.

1 unit — Miller-Stevens, Rader

EC326 Consumer Marketing

The analysis and segmentation of markets; the psychological, emotional, and social bases of consumer behavior; the analytical techniques employed by market research professionals; and the development, implementation, and evaluation of marketing strategies.

Prerequisite: Economics 205; Economics 301; Economics 302; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit — Mann

EC326 Consumer Marketing

The analysis and segmentation of markets; the psychological, emotional, and social bases of consumer behavior; the analytical techniques employed by market research professionals; and the development, implementation, and evaluation of marketing strategies.

Prerequisite: Economics 205; Economics 301; Economics 302; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit — Mann

EC329 Business Organization and Management

The motivation of individuals in organizations; effective goal setting practices; the sources of power in organizations and how leadership styles influence individual effort and job performance; the characteristics of effective teams, the key human resource management challenges facing organizations; and the importance of organizational culture and how organizational cultures are created.

Prerequisite: Economics 205; Economics 301; Economics 302; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit — Rader

EC335 Topics in Microeconomics

Selected topics, with content and emphasis developed by the instructor. (Not offered 2017-18).

Prerequisite: Economics 150 (or 151 & 152).

1 unit

EC343 Environmental Economics II

Application of economic concepts to analysis of environmental problems. Development of approaches to dealing with the special problems of non-market goods. Discussion of the role of economics in policy analysis. Particular emphasis on problems of market failure, i.e., externalities, public goods, non-market goods, uncertainty, income distribution, inter-temporal resource allocation and policies to correct for imperfect markets. (Not offered 2017-18).

Prerequisite: 301; 302.

1 unit

EC344 The Economics of Strategy: Industrial Organization, Structure & Public Policy

This course adds real-world complexity and analysis to the perfectly competitive model, including transaction costs, imperfect information, and barriers to entry. The course will focus on determinants of firm and market organization and behavior, and practices such as advertising, innovation, price discrimination, and strategic behavior.

Prerequisite: Economics 301; Economics 302.

1 unit — Lybecker

EC346 Economics of Labor

Problems of employment of labor from the standpoint of employees, employers and society including the following: economic analysis of trade unions; union types, theories, policies, methods and weapons; company and union public relations, junior standing. May also count as a course within the Macroeconomics/International Theme.

Prerequisite: Economics 301; Economics 302; Economics 303.

1 unit — Redmount

EC347 Economics of International Trade

Historical and economic analysis of foreign trade; theories of international trade; commercial policies and economic integration; changing patterns of trade; regional and world trade organizations. May also count as a course within the Macroeconomics/International Theme.

Prerequisite: Economics 301; Economics 302.

1 unit — Lybecker

EC348 Economics of Innovation

Exploration of the field of technological change: how technologies develop and evolve; and how technologies subsequently affect our economy and society. Using case studies and journal articles as a springboard for discussion, we will apply economic concepts to events ranging from the Industrial Revolution to the present. Topics may include patent law, copyright infringement, the Green Revolution, e-commerce, health and agricultural biotechnology, and energy-related innovation. Required field study during the block, Additional expense $$$ for students. May also count as a course within the Macroeconomics/International Theme. (Not offered 2017-18).

Prerequisite: Economics 301; Economics 302.

1 unit

EC350 Economics of Higher Education

This course applies economic theory and data analysis in an investigation of important issues in higher education. Issues of prestige, admissions, financial aid, access, student and faculty quality, alumni giving and endowments, and externalities will be addressed

Prerequisite: Economics 301, Economics 303.

1 unit — Rask

EC351 The Economics of Immigration

An examination of consequences for home and host countries of the individual/family decision to migrate.

Prerequisite: consent of instructor or Economics 301, Economics 302, Economics 303.May also count as a course within the Macroeconomics/International Theme.

1 unit — Redmount

EC352 The Economics of Organization

Internal organization of the firm, how incentive structures and problems in contracting and coordination affect patterns of ownership, financial structure, vertical and horizontal integration and internal labor markets (Not offered 2017-18).

Prerequisite: Economics 301.

1 unit

EC355 Topics in Microeconomics

Selected topics, with content and emphasis developed by the instructor.

Prerequisite: Economics 301 and/or Economics 302 and/or Economics 303.

1 unit — Fenn

EC371 Money, Banking and Financial Markets

Examines the economic theory and institutions of banking and other forms of financial intermediation and markets that channel savings into investment as well as the economics of financial crises, monetary policy and the government’s interaction with the financial system. Limit to be 15 when taught off campus.

Prerequisite: Economics 301, Economics 302.

1 unit — Craighead

EC372 Economic Development

Examines various attempts by Third World countries to achieve higher standards of living; emphasizes the theoretical and policy approaches adopted in both the domestic and international spheres. Meets the Critical Perspectives: Global Cultures requirement.

Prerequisite: Economics 302.

1 unit — Kapuria-Foreman

EC373 The East Asian Tigers

This course focuses on the common characteristics and diversity of East Asian growth experiences and the rise and fall of belief in a uniquely East Asian model of economic development (Not offered 2017-18).

Prerequisite: Economics 301; Economics 302.

1 unit

EC374 Economic Development of Latin America

This course utilizes economic theory to enable students to both understand and analyze the role of economic policy in the national arenas of Latin America. The course begins with an introduction to the global economic environment, the historical background of Latin America and the economic emergence of the region. The course focuses on several aspects of trade policy and regional agreements, monetary policy, fiscal policy, and their impact on the international policy environment, framing the analysis of these microeconomic and macroeconomic issues in the context of Latin America. The course will also address current events, both domestic and international, which are particularly relevant for the economic viability of the region. The purpose of the course is to understand the economic context and environment of policymaking in Latin America, as well as the impact on the different actors: workers, firms, the environment, political institutions. (Not offered 2017-18).

Prerequisite: Economics 301, Economics 302.

1 unit

EC377 Economics of International Finance

Historical and economic analysis of international financial arrangements; theories of foreign exchange, balance of payments and adjustment mechanisms; alternative world monetary systems in theory and practice; proposals for monetary reform; regional and world financial organization.

Prerequisite: Economics 301; Economics 302.

1 unit — Craighead

EC385 Topics in Macroeconomics

Selected topics, with content and emphasis developed by the instructor

Prerequisite: consent of instructor & Economics 301.

1 unit — Smith

EC403 Econometric Theory

The use of advanced statistical and mathematical techniques in the analysis of economic models

Prerequisite: Mathematics 217, Mathematics 220, Economics 301 or Economics 302.

1 unit — Fenn

EC404 Advanced Topics in Mathematical Economics

Selected topics in the study of Mathematical Economics. Specific content and emphasis are developed by the instructor(s). Topics will meet the ME elective requirement for the Mathematical Economics major.

Prerequisite: consent of instructor.

1 unit — de Araujo

EC405 Mathematical Economics of Addiction

This course provides the student with the mathematical tools to explore the economic models of addiction. The course begins by exploring static demand-side models of addiction before proceeding to their dynamic counterparts. The course will rely on journal articles that explore the demand for addictive substances such as alcohol, tobacco, marijuana, and cocaine. Also explored are models that treat gambling and sports spectatorship as addictive behaviors. A limited discussion of supply-side models is also included.

Prerequisite: consent of instructor. May also count as a course within the Microeconomic Theme.

1 unit — Fenn

EC406 Mathematical Economics of Game Theory

Game Theory offers a framework for studying strategic interactions in a wide variety of circumstances. Most economics and business courses explore the nature of choice by individuals -- be those consumers or firms or even countries. The interdependence among decision-makers is usually captured as a constraint on the activities of the individual. Game theory broadens that perspective by allowing the agent to be aware of and to interact with other agents in dynamic and complex ways. We will set up and solve strategic and sequential form games and evaluate the quality of those outcomes. We will also consider multi-player interactions under conditions of uncertainty.

Prerequisite: Economics 301, Mathematics 117 or Mathematics 217, Mathematics 129, Mathematics 220. May also count as a course within the Microeconomic Theme.

1 unit — Redmount

EC407 Mathematical Economics of Growth

Exogenous and endogenous growth models and the effect of policy variables (functions) such as education, technical progress, and taxes on economic growth. Analysis of steady state equilibrium and convergence in levels and growth rates. Cross-sectional and panel data models of economic growth. (Not offered 2017-18).

Prerequisite: Economics 301, Economics 302, Mathematics 117 or Mathematics 217 or consent of instructor. May also count as a course within the Macroeconomics/International Theme.

1 unit

EC415 Business Policy and Strategy

The role of general managers in creating and sustaining competitive advantage. Applies microeconomic principles and organization theory to study how managers position their firms in ever-changing competitive arenas, marshal scarce resources to develop competencies, and design structures that promote learning and efficient flows of knowledge and information.

Prerequisite: Economics 301; at least one of Economics 312, Economics 313, Economics 316, Economics 326 or Economics 329; Mathematics 117 or Mathematics 217 or Biology 220.

1 unit — Parco

EC425 Topics in Business - Marketing Practicum: 'The Coffee Marketing Challenge'

The “Coffee Marketing Challenge” is a farm-to-market marketing project connecting local artisanal coffee growers in the mountains of Nicaragua to craft coffee consumers in Colorado Springs. Students will work in teams to apply core marketing principles to define a target market, create and refine marketing concepts, and then produce and sell packaged coffee sourced from growers in Nicaragua. Teams will work with a craft coffee roaster in the Colorado Springs area for production and packaging. Course topics will include marketing principles such as positioning, differentiation, advertising, pricing, distribution channels, sales, accounting and finance. The class will include a one-week trip to Nicaragua to live among the coffee growers and acquire insights into their lives and operations that will inform the subsequent marketing concept development. In addition to providing a real-world laboratory to apply and grow marketing skills, the course will provide an opportunity for students to develop appreciation for Nicaraguan history and culture, developing world economic systems, and entrepreneurial challenges.

Prerequisite: consent of instructor and Economics 326 Consumer Marketing.

1 unit — Mann

EC426 Directed Readings in Business

Student readings of works selected by a faculty member on a common problem not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative. May be taught as an extended year long course.

Prerequisite: consent of instructor; 301; 302; at least one 300-level course in Business Theme; junior standing in Economics, International Political Economy or Mathematical Economics major.

1 unit

EC428 Independent Study in Business

A project normally organized around preparation of a substantial paper or project. Proposed and carried out at student initiative, under supervision of a department faculty member, in an area in which the student has already completed basic coursework and an elective and that extends the student’s knowledge beyond regularly offered courses.

Prerequisite: consent of department by application; at least one 300-level elective in the Business Theme.

1 unit

EC430 Senior Thesis in Economics: Business Focus

Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.

Prerequisite: Economics 301, Economics 302, Economics 303; two electives in the Business Theme.

1 unit

EC455 Advanced Topics in Microeconomics

Selected topics, with content and emphasis developed by the instructor. (Not offered 2017-18).

Prerequisite: consent of instructor and at least one 300-level elective in the Microeconomics Theme.

1 unit

EC456 Directed Readings in Microeconomics

Student readings of works selected by a faculty member on a common problem not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative. May be taught as an extended year long course.

Prerequisite: consent of instructor; 301; 302; at least one 300-level course in Microeconomics Theme; junior standing in Economics, International Political Economy or Mathematical Economics major.

1 unit

EC458 Independent Study in Microeconomics

A project normally organized around preparation of a substantial paper or project. Proposed and carried out at student initiative, under supervision of a department faculty member, in an area in which the student has already completed basic coursework and an elective and that extends the student’s knowledge beyond regularly offered courses.

Prerequisite: consent of department by application; at least one 300-level elective in the Microeconomics Theme.

1 unit

EC460 Senior Thesis in Economics: Microeconomics Focus

Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.

Prerequisite: 301; 302; 303; two electives in the Microeconomics Theme.

1 unit

EC470 Seminar in International Political Economy

Students produce original research under the personal supervision of an assigned faculty member. (Not offered 2017-18).

Prerequisite: Economics 275 or consent of instructor; International Political Economy major, senior standing.

1 unit

EC485 Advanced Topics in Macroeconomics

Selected topics, with content and emphasis developed by the instructor. (Not offered 2017-18).

Prerequisite: consent of instructor and at least one 300-level elective in the Macroeconomics Theme.

1 unit

EC486 Directed Readings in Macroeconomics/International Economics

Student readings of works selected by a faculty member on a common problem not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative. May be taught as an extended year long course.

Prerequisite: consent of instructor; 301; 302; at least one 300-level course in Macroeconomics/International Theme; junior standing in Economics, International Political Economy or Mathematical Economics major.

1 unit

EC486 Directed Readings in Macroeconomics/International Economics

Student readings of works selected by a faculty member on a common problem not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative. May be taught as an extended year long course.

Prerequisite: consent of instructor; 301; 302; at least one 300-level course in Macroeconomics/International Theme; junior standing in Economics, International Political Economy or Mathematical Economics major.

1 unit

EC488 Independent Study in Macroeconomics/International Economics

A project normally organized around preparation of a substantial paper or project. Proposed and carried out at student initiative, under supervision of a department faculty member, in an area in which the student has already completed basic coursework and an elective and that extends the student’s knowledge beyond regularly offered courses.

Prerequisite: consent of department by application; at least one 300-level elective in the Macroeconomics/International Theme.

1 unit

EC490 Senior Thesis in Economics: Macroeconomics/International Focus

Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.

Prerequisite: 301; 302; 303; two electives in the Macroeconomics/International Theme.

1 unit

EC492 Joint Faculty/Student Research in Economics and Business

Cooperation between advanced students and faculty on an individual basis to jointly pursue research on a selected topic. The student will be responsible for a share of the research, discussion of the findings and significance, and preparation of a paper reflecting the procedures and findings of the investigation. May be taught as an extended year-long course.

Prerequisite: consent of instructor and at least one 300-level elective in the department.

1 unit

EC493 Tutorial in International Political Economy

Focuses on the economic interactions among countries as nation states to pursue their interests as well as the role of international institutions and multilateral treaties in establishing an international economic regime. Students write a substantial paper exploring some aspect of this interaction, and have considerable freedom in defining their research agenda. (Also listed as PS 470.) (Not offered 2017-18).

Prerequisite: IPE major or consent of instructor.

1 unit

EC494 Field Seminar

A travel and research opportunity on selected economics, business or political economy topics intended to provide a learning experience in an off-campus setting. Additional prerequisites determined by the instructor relevant to the selected topic. May involve additional expense $$$. Enrollment limit based on resources available for the selected topic. (Not offered 2017-18).

Prerequisite: Economics 301 or Economics 302; Mathematics 117 or Mathematics 217; consent of instructor.

.5 unit

EC496 Senior Thesis in Mathematical Economics

Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.

Prerequisite: Economics 301; Economics 302; Economics 403; Mathematics 217; 1 elective at 300 or 400 level; Mathematical Economics major; senior standing. .

1 unit

EC498 Senior Thesis in International Political Economy

Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.

Prerequisite: consent of department & Economics 301 and Economics 302; Economics 275 or Political Science 375; International Political Economy major; senior.

2 units