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Winter Academic Term 2004 Course Guide

Note: You must establish a session for Winter Academic Term 2004 on wolverineaccess.umich.edu in order to use the link "Check Times, Location, and Availability". Once your session is established, the links will function.

Courses in Economics


This page was created at 7:37 PM on Wed, Jan 21, 2004.

Winter Academic Term, 2004 (January 6 - April 30)



ECON 101. Principles of Economics I.

Introductory Courses

Section 100.

Instructor(s): Janet Gerson (jgerson@umich.edu)

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/101/100.nsf

ECON 101 examines the microeconomics of capitalism — the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in ECON 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. ECON 101 is the first part of the two-term introduction to economics — the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics. Prerequisites for ECON 101: high school algebra and geometry and a willingness to use them.

The course format consists of 3 lectures and 1 discussion section per week.

Textbooks:
Prin of Micro 4th EdTaylor
Econ of Public Issues 13th EdMiller

Check Times, Location, and Availability Cost: 2 Waitlist Code: 3

ECON 101. Principles of Economics I.

Introductory Courses

Section 200.

Instructor(s): Paula A Malone (pmalone@umich.edu)

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/101/100.nsf

ECON 101 examines the microeconomics of capitalism — the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in ECON 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. ECON 101 is the first part of the two-term introduction to economics — the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics. Prerequisites for ECON 101: high school algebra and geometry and a willingness to use them.

The course format consists of 3 lectures and 1 discussion section per week.

Textbooks:
Prin of Micro 4th EdTaylor
Econ of Public Issues 13th EdMiller

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1, 3

ECON 101. Principles of Economics I.

Introductory Courses

Section 300.

Instructor(s): Douglas C Bice (dbice@umich.edu)

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/101/300.nsf

The economic approach to human behavior employs a set of behavioral assumptions to investigate the social institutions that have arisen in response to the scarcity of resources. ECON 101 focuses on markets and the importance of relative prices. Much of the material covered in this course is associated with the determination of relative prices and the influence of prices on the decisions of consumers and producers. Topics covered in the course include supply and demand, price elasticity of demand, consumer choice, profit-maximization, efficiency, and models of market structure. ECON 101 is the first part of a two-term introduction to economics. The second part of the introduction to econoimcs is ECON 102, which focuses on macroeconomics.

Prerequisites for ECON 101: high school algebra and geometry and a willingness to use them. The course format consists of large lectures taught by the professor and one small one-and-a-half-hour section meeting per week taught by a graduate student instructor.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 101. Principles of Economics I.

Introductory Courses

Section 400.

Instructor(s): Daniel Hamermesh

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No homepage submitted.

ECON 101 examines the behavior of households and businesses in response to incentives, and studies the generation of prices and outputs in markets. Specific topics in ECON 101 include: supply and demand; pricing and production under competition and monopoly; labor markets, discrimination and the distribution of income; taxes and government spending, environmental problems and international trade. Grade will be based on quizzes, two midterm exams, and a final exam.

Textbooks:
K. Case and R. Fair, Principles of Microeconomics, 6th edition, Prenctice-Hall
D. Hamermesh, Economics Is Everywhere, McGraw-Hill

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 102. Principles of Economics II.

Introductory Courses

Section 100.

Instructor(s): Alan V Deardorff (alandear@umich.edu)

Prerequisites & Distribution: ECON 101. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://www.econ.lsa.umich.edu/~alandear/courses/102/102.html

ECON 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics.

In ECON 102, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. Major topics include the determinants of aggregate output, employment and unemployment, inflation, the balance of international trade, and economic growth. The course format consists of three hours of lecture per week (Section 100) by the professor and a one and a half hour section meeting (Sections 101-109) led each week by a graduate student instructor. The section meetings are limited to 35 students. Contact Undergraduate Office, Dept. of Economics, 240 Lorch Hall.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 102. Principles of Economics II.

Introductory Courses

Section 200.

Instructor(s): Douglas C Bice (dbice@umich.edu)

Prerequisites & Distribution: ECON 101. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/102/200.nsf

ECON 102 considers the overall performance of national economies. The basic concerns of macroeconomics include economic growth, business fluctuations, inflation, and the influence of government policy on these occurrences. ECON 102 is the second part of the two term introduction to economics that starts with ECON 101, Principles of Microeconomics.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 108. Introductory Microeconomics Workshop.

Introductory Courses

Section 001 — [Honors].

Instructor(s): Janet Gerson (jgerson@umich.edu)

Prerequisites & Distribution: First-year standing and concurrent enrollment in ECON 101. (1). (SS). May not be repeated for credit. Offered mandatory credit/no credit.

Credits: (1).

Course Homepage: No homepage submitted.

Course meets weekly for discussion of current Wall Street Journal articles related to the week's ECON 101 topics, stressing the use and application of the microeconomic tools being learned in ECON 101.

Students will select a topic, open the discussion on their week's topic, keep a journal throughout the term and summarize their findings at the end of the term in a brief (2 page max) paper. This paper and journal will be turned in at the end of the term.

Workshop attendance is mandatory, and each student will be required to subscribe to the Wall Street Journal for the term. Evaluation of students will be entirely on the basis of their paper, journal, and attendance. Students not concurrently enrolled in ECON 101 will be dropped from the course.

Check Times, Location, and Availability Cost: 1 Waitlist Code: 1

ECON 299. Undergraduate Internship.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

Prerequisites & Distribution: Economics concentrators, with permission of concentration advisor. (1). (Excl). (EXPERIENTIAL). May be repeated for credit for a maximum of 2 credits. Internship credit is not retroactive and must be prearranged. May not be used to satisfy economics electives for an economics concentration. Offered mandatory credit/no credit.

Credits: (1).

Course Homepage: http://www.econ.lsa.umich.edu/Undergrad/internship.html

Credit is granted for a full-time internship of at least eight weeks that enriches a student's academic experience and/or allows a student to explore careers related to his/her academic studies. Verification of the internship (after completion) must be provided by the student on company letterhead. Internship applications can be downloaded from the Economics homepage or obtained from the Economics Office.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of Instructor/department

ECON 309. Experimental Economics.

Other Topics in Economics

Section 001.

Instructor(s): Patrick Joyce (paddyboy@umich.edu)

Prerequisites & Distribution: ECON 101. (3). (SS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 109. Laboratory fee ($30) required.

Full QR

Credits: (3).

Lab Fee: Laboratory fee ($30) required.

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/309/001.nsf

This course will introduce students to principles of economics through multiple experiences in a laboratory. Topics include competitive markets, bargaining, auctions, taxation, trade, etc. Students who took ECON 109 are not eligible.

Textbook: Experiments w/Economic Prin.: Micro 2nd 2000BergstromMCG0-07-229518-X

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 310. Money and Banking.

Monetary and Financial Economics

Section 001.

Instructor(s): King-Yuen Yik (kyik@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/310/001.nsf

This course studies the role of money, banking, and finance in the economy. At the microeconomic level, the course will introduce topics in portfolio theory, risk management, and banking regulation. At the macroeconomic level, we will study how monetary policy influences interest rates, prices, and overall economic activity. We also will examine in detail how the Federal Reserve operates monetary policy, and the problems it faces in pursuing objectives such as economic growth, low inflation, and the containment of financial crises.

Evaluation is based on five exercises and three in-class tests.

Check Times, Location, and Availability Cost: 3 Waitlist Code: 1

ECON 310. Money and Banking.

Monetary and Financial Economics

Section 002.

Instructor(s): Roohi Prem Baveja (rbaveja@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/310/002.nsf

This course is an introduction to the fundamentals of money, banking and financial markets, with particular focus on monetary policy. The successful student will complete the course equipped with knowledge of: basic models and analytical constructs, principal actors and their roles, key instruments and variables, and the critical regulatory and policy issues in the economy. Equipped with this general knowledge as well as tools of analysis, the student should be able to analyze current and future economic developments confidently and independently.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

ECON 323. Economics and Gender.

Other Topics in Economics

Section 001.

Instructor(s): Paula A Malone (pmalone@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/323/001.nsf

Using the tools of analysis introduced in the Principles classroom, this course examines various economic topics and discusses these topics in light of the traditional and recent roles of women and men. Subjects covered in the course include:

  • The household as an economic unit
  • Time allocation
  • Earnings and occupations
  • Labor market trends
  • Labor market discrimination
  • Gender and family related public policy
  • Family policy in other nations

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

ECON 370 / ENVIRON 375 / NRE 375. Natural Resource Economics.

Environmental Economics

Section 001.

Instructor(s): Gloria E Helfand (ghelfand@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 471 or 472.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/nre/375/001.nsf

See ENVIRON 375.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 001 — The Economics of Waste. MEETS JAN 6 TO JAN 29. [1 credit]. (Drop/Add deadline=January 26).

Instructor(s): Richard C Porter (rporter@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (1-3). (Excl). May be elected for a maximum of 6 credits. May be elected more than once in the same term.

Mini/Short course

Credits: (1-3).

Course Homepage: No homepage submitted.

During the last quarter century, America has woken up to the fact that we have waste problems. As a result, waste of all kinds has become heavily regulated. In this course, the entire waste-scape is viewed — mining waste, agricultural waste, packaging waste, household trash collection, landfills, incinerators, litter, mandatory deposits (on beverage containers and on hazardous wastes), interstate and international waste trade, recycling (lots on this), composting, toxic waste, Superfund, low-level radioactive waste, and spent nuclear fuel. This one-credit course will examine how federal, state, and local governments have undertaken the regulation of waste and what the effects of regulation have been on economic efficiency, health, and the environment. There are three prerequisites:

  1. ECON 101;
  2. an interest in learning how to analyze economic policy issues, especially those concerned with waste, its creators, and its handlers; and
  3. a willingness to recall and use algebra, graphs, and the other tools of analysis that you studied in the introductory microeconomics course.

Each class (except, of course, the first) will begin with a short quiz to ensure your attendance and careful prior reading of that day's assignment (265 pages total, some 38 pages per class). Following the quiz, since the textbook is the lecture, each class will be entirely discussion. The course grade will be: 2/3 the average of the quiz grades (and there will be no early, late, or make-up quizzes); and 1/3 the grade on a cumulative take-home exam, which requires an essay of four double-spaced typed pages, produced during the final week of the course. The textbook ("The Economics of Waste" published by Resources for the Future Press 2002) is in the UM libraries, so prospective enrollees can see what they are getting into. New copies cost $28, but used copies are available locally.

Note the course times carefully (Tuesdays and Thursdays, 4:10-5:30 PM, 6-29 January only). Priority will be given to sophomores and juniors.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

ECON 398. Strategy and Equity.

Other Topics in Economics

Section 001.

Instructor(s): Emre Ozdenoren (emreo@umich.edu)

Prerequisites & Distribution: ECON 101. (4). (SS). May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/398/001.nsf

This course is an introduction to the science of strategic thinking. Basics of non-cooperative game theory will be covered, and applied to a variety of topics. These topics may include collective action problems; situations involving adverse selection, signalling or moral hazard; strategic voting; auctions and bidding behavior; bargaining; and competitive markets. (The word equity in the title refers to fairness, not to equity as in financial stocks. Also, in its current format this is a course on strategic interaction, and, with the exception of collective action problems, does not emphasize issues of fairness.)

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 401. Intermediate Microeconomic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Janet Gerson (jgerson@umich.edu)

Prerequisites & Distribution: MATH 115 (or MATH 116, 156, 175, 185, 186, or 121) with a grade of C or better (Prerequisites enforced at registration). ECON 101 and 102 with a grade of C or better. (4). (Excl). (BS). (QR/1). May not be repeated for credit.

Full QR

Credits: (4).

Course Homepage: No homepage submitted.

This course deals with the theoretical analysis of consumers, firms, markets, and price determination. The analysis is rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models. Prerequisites include one term of calculus. ECON 401 is a prerequisite for many other courses offered in Economics. Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that ECON 401 and 402 be taken in the same term. Lecture and section both meet twice a week.

If the course closes, the waitlist for the course will be the waitlist for section 002. Overrides will be given after lecture the first day of class. If a section closes and a student drops that section, the section will reopen. If you are on the waitlist, you should watch Wolverine Access in case another student drops and a space becomes available.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

ECON 402. Intermediate Macroeconomic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Miles S Kimball (mkimball@umich.edu)

Prerequisites & Distribution: ECON 101 and 102, and MATH 115. It is strongly recommended that students take ECON 401 before 402. (4). (Excl). (BS). (QR/1). May not be repeated for credit.

Full QR

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/402/001.nsf

This course in macroeconomics deals with the determination of broad economic aggregates such as national income, employment, the price level, and the balance of payments in both the short run and the long run. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies. It is predominantly a lecture course, with grades based on hour test(s), written exercises, and final exam. ECON 402 is a prerequisite for many other courses offered in Economics. Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program. It is strongly recommended that students take ECON 401 before 402.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 403. Advanced Economic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Yoram Halevy (yhalevy@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This is an introduction to modern economic thinking. We shall learn how economists model choices people make under uncertainty, how does game theory help us understand and analyze interaction between rational agents and what are the limitations of those theories. The concepts studied will be applied to various economic environments, such as: non-competitive markets, insurance markets, contract design and auctions.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 404. Statistics for Economists.

Economic Theory and Statistics

Instructor(s): Roohi Prem Baveja

Prerequisites & Distribution: ECON 101 and 102 and MATH 115. (4). (Excl). (BS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 405 or STATS 350, 265, 311, 350, 400, 405, or 412.

Full QR

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/404/001.nsf

ECON 404 is an introduction to statistics. Topics include descriptive statistics, probability, statistical inference, and an introduction to regression analysis. Grades are determined by problem sets and exams. The course is self-contained and does not serve as a prerequisite to ECON 406.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 405 / STATS 405. Introduction to Statistics.

Economic Theory and Statistics

Section 001.

Instructor(s): Elizaveta Levina (elevina@umich.edu)

Prerequisites & Distribution: MATH 116. Juniors and seniors may elect this course concurrently with ECON 101 or 102. (4). (Excl). (BS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in IOE 265, STATS 265, 400, or 412. Students with credit for ECON 404 can only elect ECON 405 for 2 credits and must have permission of instructor.

Full QR

Credits: (4).

Course Homepage: http://www.stat.lsa.umich.edu/~elevina/stat405/index.html

See STATS 405.001.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

ECON 406. Introduction to Econometrics.

Economic Theory and Statistics

Section 001.

Instructor(s): Daniel Hamermesh

Prerequisites & Distribution: ECON 405 or STATS 426. (4). (Excl). (BS). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

Econometrics consists of statistical methods commonly used in empirical economic research. With the basics of statistics and probability covered in ECON 405, ECON 406 proceeds to an in-depth treatment of the theory and practice of multiple regression analysis. The course begins with the multiple regression model under ideal conditions and then goes on to detailed consideration of departures from the ideal conditions as well as a brief introduction to nonlinear regression models. The ECON 405-406 sequence covers econometrics in greater depth and breadth than ECON 404. Students electing ECON 406 should have completed MATH 116, ECON 101-102, and either ECON 405 or STATS 426. Grade will be based on exams, a short term project, and homework exercises.

Textbook: Introductory Econometrics: A Modern Approach 2 ed, Wooldridge, Jeffrey M. S-Western College Publishing.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 409. Game Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Hector A Chade (hchade@umich.edu)

Prerequisites & Distribution: MATH 217. (4). (Excl). (BS). May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/409/001.nsf

Game Theory aims to help us understand situations in which decision-makers interact. It has become a standard methodology in Economics. This course provides a rigorous introduction to the main concepts of Game Theory and its applications. It covers the standard ways of representing games and the main concepts to analyze static and dynamic strategic settings, with complete or incomplete information. It also covers some of the most important economic applications of game-theoretic reasoning, including competition in oligopolistic markets, trade policy, bargaining, contracting situations, auctions, and signalling in labor markets.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 414. Growth Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Dmitriy L Stolyarov (stolyar@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: http://www.econ.lsa.umich.edu/~stolyar/Class/Econ412/econ414.htm

This is an advanced undergraduate course in macroeconomic theory with the focus on economic growth. The standard of living in a country is determined by its capacity to produce goods and services. Why are some nations richer than others? Why is there economic growth? Will it continue forever? What institutions and policies are most important for shaping the economic success of a nation? This array of questions will be addressed using the neoclassical and the new growth theory, as well as cutting-edge theories of talent allocation and economics of corruption.

Course requirements include three in-class exams and eight problem sets, some of which require students to perform computer simulation exercises. Textbook: Charles I. Jones, Introduction to Economic Growth, 2nd ed., W.W. Norton. Course pack.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 431. Industrial Organization and Performance.

Industrial Organization and Public Control

Section 001.

Instructor(s): Illoong Kwon (ilkwon@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/431/001.nsf

This course will analyze the strategic interactions among firms and their effects on the social welfare. The topics will include the price discrimination, price/quantity competition, collusion, merger, entry deterrence, and antitrust laws. Selected news articles and antitrust cases will be used to illustrate some of the key concepts. Students should be prepared to participate frequently in class discussions.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 432. Government Regulation of Industry.

Industrial Organization and Public Control

Section 001.

Instructor(s): William J Adams (jimadams@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). (3). (Excl). May not be repeated for credit.

Upper-Level Writing

Credits: (3).

Course Homepage: No homepage submitted.

This course describes and analyzes the efforts of governments to control the market power of business enterprises. Topics include monopolization, oligopolistic collusion, vertical restraint, and merger. Emphasis is placed on American policies, especially antitrust law and regulation by administrative commission. Readings include the decisions of courts and regulatory commissions. Assignments include a term paper. ECON 431 is not required. Students should be prepared to participate frequently in class discussions.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

ECON 435. Financial Economics.

Monetary and Financial Economics

Section 001.

Instructor(s): Peter Rousseau

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). ECON 404 or 405. (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

The financial economics course provides the student with an examination of a wide array of financial instruments and institutions in today's global marketplace. Students who take this course will develop an understanding of the numerous money-market and capital market instruments and rates, the determinants of equity and bond values, and the workings of various financial markets. Financial derivatives, specifically futures and options, are introduced, and their relationship to portfolio management and hedging strategy is analyzed.

The course introduces the Capital Asset Pricing Model, Markowitz diversification, duration and bond portfolio management, and the Black-Scholes option-pricing model. As part of the coursework, you will apply the concepts presented in class and investigate the fundamental components that determine the value of major U.S. corporations.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 438 / HMP 661. Economics of Health Services.

Industrial Organization and Public Control

Section 001.

Instructor(s): Michael Chernew (ggbz@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-, or HMP 660; or graduate standing (Prerequisites enforced at registration). (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/hmp/661/001.nsf

This course will introduce students to the fundamental concepts of the field of health economics. The basic framework of economics will be used to analyze the behavior of hospitals, physicians, insurers, and health care consumers. The tools of economics will be applied to managerial issues such as make-or-buy decisions or pricing decisions. Additionally, these economic tools will be used to analyze how various parties might respond to changes in the health care system. By the end of this course, students should be able to assess the potential impact of hypothetical changes in the health care system on costs and access as well as on the well-being of hospitals, physicians, and insurers.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 441. International Trade Theory.

International Economics

Section 001.

Instructor(s): Jean-Marie Viaene (jmviaene@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course deals with the theory of international trade. It explores the main theories that explain what countries trade and why they gain from trade. These theories include the theory of comparative advantage and the factor-proportions theory of trade, as well as more recent theoretical developments under imperfect competition. The course also deals with several other related topics, such as empirical tests and applications of trade theory, the theory of trade policy, preferential trading arrangements, international factor movements, and trade and economic development. The course makes intensive use of analytical tools, in particular using graphs and mathematical expressions. Required textbook: Applied International Trade Analysis by H.P.Bowen, A.Hollander and J-M. Viaene, published by University of Michigan Press(ISBN:0472066706)and Palgrave- Macmillan(ISBN:0333614593),1998.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 453. The European Economy.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): William J Adams (jimadams@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing (Prerequisites enforced at registration). (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

The structure, function, and performance of the European economy since World War II. Emphasis is placed on description and analysis of European economic integration. Topics include the origins and institutions of the European Community, creation of the customs union, unification of the internal market, implementation of common policies for agriculture and competition, monetary union, geographic enlargement, and progress toward social Europe. Students should be prepared to participate frequently in class discussions. Students who miss the first two days of class without permission will be dropped automatically from the course.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

ECON 454. Economics of Japan.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Gary R Saxonhouse (grsaxon@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Analysis of Japan's economic organization, structure, and performance. Special emphasis is placed on the character of Japanese economic policy making and the behavior of Japanese enterprises and financial institutions, the Japanese labor force, and the Japanese household. There also will be ample discussion of Japan's international economic relations and its current macroeconomic and structural problems. The course will have a lecture format, but questions are welcome. The course grade will be determined by two one-and-one-half hour examinations and a final. Please note that in Winter Term 2004 the traditional version of ECON 454 will be offered. All items on the reading list will be in English. The lectures, classroom discussion, and examinations will also be exclusively in English.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 455. The Economy of the People's Republic of China.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Albert Francis Park (alpark@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/455/001.nsf

This course will examine the process of institutional change and economic development through the experiences of mainland China and Taiwan. Emphasis is on economic reforms in mainland China since 1978, including agricultural reforms, rural industrialization, reform of state-owned enterprises, international trade and foreign investment, fiscal and financial reforms, and regional inequality and poverty. Other topics: record of socialist planning in China; pace and sequence of reform in socialist economies; Taiwan's structural transformation; and China's entry into the World Trade Organization.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 457. Post-Socialist Transition in Central/Eastern Europe and the Former Soviet Union.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Klara Z Sabirianova

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/457/001.nsf

No Description Provided. Contact the Department.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 490. Current Topics in Economics.

Other Topics in Economics

Section 001 — Philosophy and Economics.

Instructor(s): Frank W Thompson (fthom@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C- (Prerequisites enforced at registration). ECON 404 or 405. (3). (Excl). May not be repeated for credit.

Upper-Level Writing

Credits: (3).

Course Homepage: No homepage submitted.

Questions in and about economics that are of philosophical interest arise in at least three areas. First, there are questions about the scientific status of economics. E.g., if economic models are literally false representations of reality, how can they aid understanding? (Gibbard and Varian, et al. ) Second, there are puzzles arising within economic theory, especially concerning the notion of rationality. E.g., why model economic agents as homo economicus if such a being would be a "rational fool"? (Sen, et al. ) And third, there are matters concerning the relation between economics and normative questions of economic policy. E.g., what would be an optimal savings rate in very long run? (Samuelson, Rawls, Solow, et al. ) Such questions are conceptually challenging and there is no consensus on answers. This course explores a selection of such questions.

Texts for the course are Economic Analysis and Moral Philosophy, by Daniel M. Hausman and Michael S. McPherson (Cambridge University Press, 1996), Choice Theory: A Very Short Introduction, by Michael Allingham (Oxford University Press, 2002), and a selection of excerpts and journal articles. Written work for the course consists of a midterm exam and short paper and a final exam and term paper. Participation in discussion in class and in the course email group is strongly recommended.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

ECON 490. Current Topics in Economics.

Other Topics in Economics

Section 002 — Economics of Uncertainty & Insurance.

Instructor(s): Itzhak Zilcha

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C- (Prerequisites enforced at registration). ECON 404 or 405. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

The following topics will be covered in this course:

  1. Criteria for decision making under uncertainty.
  2. Measures of risk aversion.
  3. Comparison of random variables.
  4. Portfolio selection.
  5. Saving under uncertainty.
  6. Optimal risk sharing and the role of financial assets (two assets at most).
  7. The behavior of competitive firms under price risk.
  8. The economic role of forward/futures markets: the case of competitive firms.
  9. Optimal insurance contracts.
  10. Insurance contracts in the presence of uninsurable risk.
  11. Insurance in the presence of adverse selection and moral hazard.
  12. Life insurance.
  13. The economic roles of Social Security.
  14. The value of information: The case of insurance markets.

There will be two midterm exams and a final exam. The final grade will be based on these exams only: Each midterm exam 25% and the final exam 50%. There are 12 problem sets.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 491 / HISTORY 491. The History of the American Economy.

Economic History

Section 001.

Instructor(s): Peter Rousseau

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course is designed to introduce students to major issues and topics in the history of the American Economy from colonization to the late 20th century. A course goal is to uncover the determinants of the evolution of the U.S. economy from one of scattered settlement communities to the largest economy in the world. The class format includes lectures, discussions and films. Major topics include Economics and History, American Economic Growth, The Colonial Economy and the American Revolution, Regional Economic Development, The Civil War and Aftermath, Industrial Capitalism, and the Great Depression and New Deal.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 001 — Economic Analysis: Panel Study of Income Dynamics.

Instructor(s): Frank P Stafford

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C- (Prerequisites enforced at registration). ECON 404 or 405; and permission of instructor. (3). (Excl). May be repeated for credit for a maximum of 6 credits.

Upper-Level Writing

Credits: (3).

Course Homepage: http://psid.isr.umich.edu/econ495_01/index.html

This course will allow students to work with the Panel Study Of Income Dynamics files. This U of M study is the most complex archive of information ever collected on a human population and is funded by the National Science Foundation and other sponsors. The home page is http://psidonline.isr.umich.edu/. To login use "students495" and the password is "coursefiles".

The course will use tutorials indicated there (under 'instructional resources') and students will design research projects on economic and social behavior using the underlying Oracle-based subsetting system in the 'Data Center'. This allows students (and faculty!) to learn about both quantitative economic behavior of American families and to understand relational data strucures. A good opportunity to think, write, and develop research ideas in economics!

Students have written on such topics as the effect of family poverty on child development, stress and excessive housework by divorced women, adverse selection and health insurance coverage, who gives the most to charity, the effects of smoking and drinking on labor market earnings, child deveolpment in single parent families, the dynamics of wealth and health, and other life course topics.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3, 5, Permission of Instructor. STUDENTS MUST APPLY FOR ENROLLMENT. APPLICATION AVAILABLE AT ECON WEB SITE.

ECON 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 002 — Pricing People.

Instructor(s): Sherrie A Kossoudji (kossoudj@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C- (Prerequisites enforced at registration). ECON 404 or 405; and permission of instructor. (3). (Excl). May be repeated for credit for a maximum of 6 credits.

Upper-Level Writing

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/495/002.nsf

Are you worth more dead than alive? How much do various pieces of humans cost in the market? These questions, while gruesome and perhaps unsettling to consider, address possibilities that exist today. In this course, we will work through the economics of pricing human beings. How do markets asscociated with people arise? How do such markets function? What are the ethical questions associated with markets in humans? Where does the law prevent such markets? Where not? In our discussions, we will discuss the actual pricing of human beings (as in slavery) and attempts to assign a value to a human life (wrongful death). We will ask ourselves questions about the nature of the markets that exist for specifying the price or value of people or parts of people. Among the numerous markets we will consider, the historical market for slaves, the international market for babies, the current market for human organs, sperm and ova, and the economics of wrongful death calculations. This is a research class and a lengthy research paper is required.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3, 5, Permission of Instructor. STUDENTS MUST APPLY FOR ENROLLMENT. APPLICATION AVAILABLE AT ECON WEB SITE.

ECON 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 003 — Applied Microeconomic Modeling.

Instructor(s): Stephen W Salant (ssalant@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C- (Prerequisites enforced at registration). ECON 404 or 405; and permission of instructor. (3). (Excl). May be repeated for credit for a maximum of 6 credits.

Upper-Level Writing

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2004/winter/econ/495/003.nsf

No Description Provided. Contact the Department.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3, 5, Permission of Instructor. STUDENT MUST APPLY FOR ENROLLMENT. APPLICATION AVAILABLE AT ECON WEB SITE.

ECON 498. Honors Independent Research.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

Prerequisites & Distribution: Open only to students admitted to Honors concentration in economics. Permission of instructor required. (1-4). (Excl). (INDEPENDENT). May be repeated for credit for a maximum of 8 credits. Continuing Course. Y grade can be reported at end of the first-term to indicate work in progress. At the end of the second term of ECON 498, the final grade is posted for both term's elections.

Credits: (1-4).

Course Homepage: No homepage submitted.

This course is for undergraduates writing senior Honors theses. Each student's grade for the course and levels of honors achieved will depend entirely on the quality of the thesis, as evaluated by the thesis advisor with whom the student has arranged to work.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of instructor/department

ECON 499. Independent Research.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

Prerequisites & Distribution: Written permission of staff member supervising research, and permission of the economics concentration advisor. (1-4). (Excl). (INDEPENDENT). May be repeated for credit for a maximum of 8 credits. No more than four credits may be used in an economics concentration program.

Credits: (1-4).

Course Homepage: No homepage submitted.

Student and instructor agree on a substantial piece of work involving reading or research. Evaluation is based on the written work, either papers or examinations.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of department


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