Economics

Professor Emeritus: Mario L. Belotti, Henry Demmert, Thomas Russell, Thaddeus John Whalen, Jr.

Professors: Alexander J. Field, Kris J. Mitchener, Helen Popper, William A. Sundstrom

Associate Professors: Christian Helmers, John Ifcher, Linda Kamas, Michael Kevane, Serguei Maliar, Dongsoo Shin (Chair)

Assistant Professors: Adrien Bouguen, Audrey Guo, Thuy Lan Nguyen, Victoria Xie

Michel and Mary Orradre Professor: Alexander J. Field

Robert and Susan Finocchio Professor: Kris J. Mitchener

Lecturers: James Airola, Shireen Al-Azzawi, Adina Ardelean, Patricia Cameron-Loyd, Rita Madarassy, Damian Park

Adjunct Lecturers: Hui Huang, Sofia Kotsiri, Hugh McAllister, Alain Schlapfer

ECON 2401. Economics for Business Decisions (Managerial Economics)

Introduces the use of microeconomics in making better business decisions. Includes topics on determinants of demand, role of demand elasticities in an optimizing firm, identification of costs which are relevant to business decisions, estimation and forecasting of demand and costs using regression analysis, differences between various market structures and consequences for business decisions, and optimal pricing in segmented and non-segmented markets. An integral part of the course is the use of current business articles to integrate and illustrate topics. Emphasizes applications of microeconomic theory. Open to MSF and MSE students only. Prerequisite: OMIS 2353. (2 units)

ECON 3000. Managerial Economics

This course will introduce economics foundation for managerial decisions. The course analyzes the economic behavior of individuals and firms and explores how their interactions in markets affect managerial decisions. Basic concept of market, price elasticity, theory of consumer and theory of firm will be studies to incorporate economic theories in managerial decision making. How key managerial decisions are made in different industrial structures will be discussed. Prerequisites: OMIS 3202 (4 units)

ECON 3402. Macroeconomics in the Global Economy, Theory, Empirics and Policy

The macroeconomic and global economic environment in which businesses operate can profoundly influence firm performance. This course helps managers understand the determinants of national output, income, and expenditure, employment and unemployment, inflation, interest rates, financial crises, international movements of capital, exchange rates, and many other macroeconomic variables. Economic models are utilized to explain how these variables are interrelated and to predict how they change over time, enabling managers to make well-informed decisions important to the success of their businesses. The course has a strong empirical component and utilizes economic data extensively to examine recent and historical economic events to illustrate how the models work. Emphasis is placed on the role of government policy (fiscal, monetary, and regulatory) in promoting economic growth, reducing the output loss and unemployment associated with recessions, controlling inflation, preventing or mitigating the consequences of financial crises, and reducing the international linkages among countries in goods and financial markets, including the determinants of exchange rates, the current and capital account balances, and international debt. Prerequisites: ECON 3000 (4 units)

ECON 3430. Game Theory and Strategic Behavior

Studies theoretical concepts and tools for analyzing issues in the business environment such as conflict, bargaining, pretending and shirking in organizations and markets, agenda construction, and strategic commitment. Teaches game theoretical topics such as Nash-equilibrium, Sub game perfection, Bayesian Nash-equilibrium, Harsanyi transformation, commitment, and Perfect Bayesian Equilibrium. Prerequisites: ECON 401 or ECON 2401 or ECON 3400 or ECON 3000 and working knowledge of calculus. (4 units)

ECON 3436. Applied Time Series Analysis

This course focuses on economic forecasting. Many decisions made in business, economics, finance and government depend on the forecasts that are constantly generated in these and other disciplines. This course will introduce the students to econometric time-series models and methods that can be used to generate forecasts. A wide range of topics will be covered, including basic concepts of time-series forecasting, trends and seasonality, ARIMA processes, and evaluation of forecasts. Illustrative examples applying these techniques to actual data will be presented in class, and students will perform a variety of data analyses on the computer. Upon completion of this course, students will have mastered basic properties of time-series forecasting models, and be able to skillfully select appropriate forecasting models to fit real world data sets and generate their own forecasts. Prerequisites: ECON 3400 and ECON 3402 or ECON 3000. (3 units)

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