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Prof. Eric Budish

Paul G. McDermott Professor of Economics and Entrepreneurship Centel Foundation/Robert P. Reuss Faculty Scholar

University of Chicago Booth School of Business

tel: 773.702.8453 cell: 617.721.2654 Eric.Budish@ChicagoBooth.edu

Eric Budish short bio

Eric Budish is the Paul G. McDermott Professor of Economics and Entrepreneurship at the University of Chicago, Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research, Co-Director of the Kent A. Clark Center for Global Markets at Chicago Booth, Co-Director of the Chicago Booth Economics PhD Program, and the Krane Distinguished Visiting Professor at the University of Chicago Law School.

Budish’s main area of research is market design, with specific topics studied including financial markets, matching markets, market design theory, ticket markets, blockchains and cryptocurrencies, and incentives for innovation. His most recent research has concerned various aspects of the Covid-19 crisis, especially on how to use market design to accelerate global vaccination.

Budish’s best-known research has proposed a new market design for financial exchanges, frequent batch auctions, to address the arms race for trading speed and its effects on efficiency, liquidity and the market’s complexity. This research has received several awards, has been discussed in major policy addresses by financial market regulators, and has influenced exchange design proposals in stock markets and futures markets around the world. Budish’s research on patent design and cancer R&D shows how flawed innovation incentives led to underinvestment in long-term research for cancer prevention. This work received the Kauffman/iHEA Award for Health Care Entrepreneurship and Innovation Research, and the Arrow Award for the best paper in Health Economics. Budish’s research on matching theory developed a new market design, Approximate Competitive Equilibrium from Equal Incomes, that is now in use at many universities for matching students to schedules of courses. This research also developed new criteria of fairness and incentives that have been influential in the literature.

Budish received his PhD in Business Economics from Harvard University, his MPhil in Economics from Oxford (Nuffield College), and his BA in Economics and Philosophy from Amherst College. Prior to graduate school, Budish was an analyst at Goldman Sachs. Budish’s honors include giving the 2017 AEA-AFA joint luncheon address, the Sloan Research Fellowship, and the Marshall Scholarship.

Eric Budish

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• The College Catalog 2024-2025 >
• Programs of Study >

Contacts | Program of Study | BA in Economics: Standard Track | Program Requirements, Standard Track | Sample Programs for the Standard Track | BA in Economics with Specialization in Business Economics | BA in Economics with Specialization in Data Science | Summaries of Requirements | Grading | Honors | Preparation for PhD Programs in Economics | Application to BA/MA Programs | Economics Courses | Economics Master's (ECMA) Courses | Business Economics Courses | Courses

Department Website: http://economics.uchicago.edu

Program of Study

The program in economics is intended to equip students with the basic tools to understand the operation of a modern economy: the origin and role of prices and markets, the allocation of goods and services, and the factors that enter into the determination of income, employment, and the price level. Students can satisfy the requirements of the BA in economics in the standard track, the specialization in data science, or the specialization in business economics. The specialization in data science provides training in computation and data analysis beyond the basic methods discussed in the empirical methods sequence. The specialization in business economics is organized around the fundamental economic theory and empirical methods that students interested in pursuing careers in the private sector, the non-profit sector, and the public sector (among others) will find useful.

BA in Economics: Standard Track

The program in economics can be divided into five component parts:

• Fundamentals : provides students with the basic skills required to be successful in the major.
• Core Curriculum : consists of three courses designed to introduce students to the "economic approach.”
• Empirical Methods sequence : provides students with the fundamental techniques of data analysis.
• Economic Policy course : applies the tools developed in the core curriculum to issues of fiscal policy, monetary policy, and other policy discussions relevant to the current state of the economy.
• Electives : allows students to tailor the economics major to their interests.

Program Requirements, Standard Track

Fundamentals.

Students must begin the economics major by demonstrating competence in basic calculus and principles of economics. The fundamentals sequence consists of the following courses. The first two are required; the second two are strongly recommended:

Students who wish to complete the major with more rigorous mathematics may substitute MATH 20400 Analysis in Rn II for MATH 15250 Mathematical Methods for Economic Analysis .

Students who have an interest in the major should take calculus at the highest level for which they qualify.

1. MATH 13000s : Students must complete MATH 13300 Elementary Functions and Calculus III prior to enrolling in ECON 20000 The Elements of Economic Analysis I . Students who have completed MATH 13300 Elementary Functions and Calculus III may enroll in MATH 15250 Mathematical Methods for Economic Analysis concurrently with ECON 20000 The Elements of Economic Analysis I . Students may find it useful to complete  MATH 15250 Mathematical Methods for Economic Analysis prior to enrolling in the Elements of Economic Analysis sequence altogether.

2. MATH 15000s : Students enrolling in the MATH 15000s sequence must complete MATH 15250 Mathematical Methods for Economic Analysis prior to enrolling in ECON 20000 The Elements of Economic Analysis I . Students must complete MATH 15300 Calculus III prior to enrollment in ECON 20200 The Elements of Economic Analysis III .

3. MATH 16000s and 16010s : Students enrolling in the MATH 16000s sequences must complete MATH 16200 Honors Calculus II or MATH 16210 Honors Calculus II (IBL) before enrolling in ECON 20000 The Elements of Economic Analysis I . Enrollment in ECON 20000 The Elements of Economic Analysis I requires completion or concurrent enrollment in MATH 16300 Honors Calculus III / MATH 16310 Honors Calculus III (IBL) and demonstrated competency in Microeconomics (see Core Curriculum for details).

4. MATH 18000s: Students who are interested in double majoring with a physical sciences major (chemistry, biochemistry, physics, astrophysics, molecular engineering, and/or statistics) may use the Math 18000s to satisfy the calculus and linear algebra requirements of the economics major. They should take MATH 18300-18400-18500 Mathematical Methods in the Physical Sciences I-II-III . Students double majoring with a physical sciences major should not take MATH 15250 Mathematical Methods for Economic Analysis or MATH 15300 Calculus III . Students who do not complete the full sequence of MATH 18300-18400-18500 Mathematical Methods in the Physical Sciences I-II-III will need to complete  MATH 13300 Elementary Functions and Calculus III / MATH 15300 Calculus III / MATH 16300 Honors Calculus III , MATH 15250 Mathematical Methods for Economic Analysis , and MATH 19620 Linear Algebra / STAT 24300 Numerical Linear Algebra for the economics major requirements. For further questions regarding course substitutions in the MATH 18000s sequence, please consult the Department of Mathematics.

Students may satisfy the MATH 15300 Calculus III requirement by placement (based on the Higher-Level Math Test administered by the College prior to Orientation) and completion of a higher-level proof-based mathematics course ( MATH 15910 Introduction to Proofs in Analysis or MATH 20250 Abstract Linear Algebra or higher). In this case, students should continue their mathematics training with the highest mathematics level for which they qualify.

Principles of Economics

Students are expected to begin their study of economics with ECON 10000 Principles of Microeconomics and ECON 10200 Principles of Macroeconomics . These two introductory courses are designed for students with limited or no prior course work in economics. Students are strongly encouraged to complete ECON 10000 Principles of Microeconomics prior to  ECON 20000 The Elements of Economic Analysis I  (or  ECON 20010 The Elements of Economic Analysis I Honors ) and ECON 10200 Principles of Macroeconomics prior to  ECON 20200 The Elements of Economic Analysis III  (or  ECON 20210 The Elements of Economic Analysis III Honors ). While these two courses provide basic economics knowledge, they are not required in the standard track of the major. Students who matriculated at the University of Chicago in 2016–17 or later may use ECON 10200 Principles of Macroeconomics to fulfill one of the standard track economics elective requirements.

Core Curriculum

The core curriculum consists of three courses. Students may use the standard or honors sequence to satisfy this requirement. The honors sequence is designed for students interested in economics research and/or use of more sophisticated mathematical models.

Most students begin the core curriculum in their second year. Those who wish to begin it during their first year must demonstrate competence with the fundamental skills needed in that sequence in the following ways:

• Students must either pass the economics placement test or complete ECON 10000 Principles of Microeconomics prior to starting ECON 20000 The Elements of Economic Analysis I (or ECON 20010 The Elements of Economic Analysis I Honors ). No standardized external exams (IB, AP, nor A-Levels) will substitute, and they rarely serve as sufficient preparation for the economics placement test. Note that the placement test will only be offered in the evening of the first day of Autumn Quarter.
• Students must satisfy the calculus requirement as discussed in Calculus .

Empirical Methods

In the modern economy, quantitative methods are highly valued skills. In order to satisfy the empirical methods component of the standard economics major, students must complete the following sequence of courses in consecutive quarters, beginning with Linear Algebra and concluding with Econometrics:

Students may not use AP Statistics credit to satisfy the statistics requirement. Students with AP credit will need to expand on their training with STAT 23400 Statistical Models and Methods , STAT 24400 Statistical Theory and Methods I , or STAT 24410 Statistical Theory and Methods Ia . Students may not earn credit for both STAT 22000 Statistical Methods and Applications (via course enrollment or AP exam) and STAT 23400 Statistical Models and Methods .

Students who wish to pursue more advanced training in empirical methods may complete STAT 24300 Numerical Linear Algebra or MATH 20250 Abstract Linear Algebra or MATH 20700 Honors Analysis in Rn I ; either STAT 24400 Statistical Theory and Methods I or STAT 24410 Statistical Theory and Methods Ia ; and ECON 21030 Econometrics - Honors .

Economic Policy

The economic policy requirement provides students the opportunity to apply methods and tools taught in the economics core sequence to analyze current issues centered around monetary and fiscal policy. Most students will complete the economic policy requirement with ECON 23950 Economic Policy Analysis , but students interested in learning more formal approaches may use one of the other macroeconomics courses listed below to satisfy the requirement.

Students who complete more than one of the above courses may apply the additional courses to satisfy the economics elective requirements. ECON 23950 Economic Policy Analysis may not count as an economics elective.

All students in the economics major must complete a minimum of four additional economics courses to broaden their exposure to areas of applied economics or economic theory. These courses must have a higher course number than  ECON 20210 The Elements of Economic Analysis III Honors , with the following exceptions: ECON 21020 Econometrics , ECON 21030 Econometrics - Honors , and ECON 23950 Economic Policy Analysis may not be used to satisfy the economics elective requirements; students who matriculated in 2016–17 or later may use ECON 10200 Principles of Macroeconomics to satisfy one of the economics elective requirements. 

Advanced undergraduate students may use economics master's-level (ECMA) courses to satisfy the major elective requirements.

Students may use one course (from the pre-approved outside electives list or approved by petition) outside of the University of Chicago Department of Economics to satisfy their elective requirements. Students may apply only one of the following two exceptions to this rule:

Exception (A): Students may count an additional outside course to satisfy elective requirements of the major as long as it is drawn from the pre-approved outside electives listed below.

Exception (B): Students who participate in a Study Abroad program may petition to count an additional outside course completed at the host institution to satisfy elective requirements of the major. Students pursuing the standard economics track and data science specialization may petition to count up to two courses outside of the University of Chicago Department of Economics (whether through a different UChicago department or through a Study Abroad program) toward the economics electives requirement. Business courses will not be approved to satisfy the ECON elective requirement. The remaining electives must be completed with the University of Chicago Department of Economics. Petitions must be submitted prior to course enrollment to be considered.

These rules imply that at most two courses completed outside the University of Chicago Department of Economics may be used to satisfy the elective requirements of the major. For example, if a student completes two courses as part of a Study Abroad program, then the student has met the cap of the two outside electives and must complete the remaining elective requirements in the University of Chicago Department of Economics.  

The following are pre-approved outside electives for the standard economics track:

Courses in other degree programs may be considered for elective credit through petition. To be considered, these courses must require the equivalent prerequisite course work of ECON 20100 The Elements of Economic Analysis II . Petitions must be submitted prior to course enrollment to be considered. Graduate level economics courses will be counted for elective credit, but consultation with the Undergraduate Office in advance of course registration is required. Note: Provisional and early final grades are not given for economics graduate courses or BUSN 3XXXX-level (and higher) courses. Economics graduate courses and BUSN 3XXXX-level (and higher) courses should not be taken in the student's graduating quarter unless the student will have completed all forty-two credits required for graduation, not counting the graduate course, and all requirements for all majors.

Summary of Requirements

For a summary of requirements for the BA in economics, see below .

Sample Programs for the Standard Track

The following is a recommended sample plan of study (excluding four elective courses) for those students entering with the MATH 13000s sequence:

The following is a recommended plan of study (excluding four economics elective courses) for those students entering with the MATH 15000s or MATH 16000s sequence:

Students wanting to appropriately plan their economics major with the courses MATH 20400 Analysis in Rn II , STAT 24400 Statistical Theory and Methods I , or STAT 24410 Statistical Theory and Methods Ia should consult with the Undergraduate Program Office in the Department of Economics.

• BA in Economics with Specialization in Business Economics

The specialization in business economics is organized around the fundamental economic theory and empirical methods that students interested in pursuing careers in the private sector, the non-profit sector, and the public sector (among others) will find useful. Students who begin by following the standard economics major path have several decision points at which they can choose to specialize in business economics. Students should consult early in the first year with the Department of Economics Undergraduate Program to design a curriculum that satisfies their professional goals.

Students pursuing the standard track of the Economics major must complete a full calculus sequence. However, completion of the full calculus sequence is not required for the Specialization in Business Economics. Students are strongly urged to continue their training with the highest mathematics level for which they qualify to ensure the continued development of a strong quantitative toolkit that will be useful in the pursuit of their future endeavors.

Note that BUSN 2XXXX-level (undergraduate-only) versions of courses offered by the University of Chicago Booth School of Business (Chicago Booth) will follow some College policies regarding registration, scheduling, grading, etc. The BUSN 3XXXX-level (and higher) courses will be subject to Chicago Booth's academic and administrative policies. Consult the Chicago Booth website for details.

Early final grades will be given for graduating students in BUSN 2XXXX-level courses. The Booth Registrar's Office will coordinate with instructors to issue early final grades for graduating students in College-level Booth courses.

Note: Early final grades are not given for BUSN 3XXXX-level (and higher) courses. These courses should not be taken in the student's graduating quarter unless the student will have completed all graduation requirements, irrespective of the BUSN 2XXXX-level course.

As with the standard economics program, this specialization is divided into five component parts:

• Core : The core component is designed to introduce students to the tools of basic economic analysis. These courses include fundamental course work in microeconomics, macroeconomics, and business education.
• Methods : The methods component is designed to introduce students to the different toolkits on which economists rely to analyze problems in both microeconomics and macroeconomics.
• Empirical Analysis : The empirical analysis component provides students with the fundamental techniques of data analysis. These courses emphasize the application of empirical methods to relevant examples and develop the essential computer skills students need to lead successful careers.
• Perspectives : The perspectives requirement recognizes that successful careers require broad-based understanding of the markets and industries in which our potential majors are likely to participate. This requirement is intended to facilitate both the acquisition of sector-specific knowledge and/or job-specific skills that are likely to provide context for the student's economics and business training.
• Electives : Electives from the University of Chicago Booth School of Business and the Department of Economics allow students to tailor the program to their interests.

The core component is designed to introduce students to the tools of basic economic analysis. These courses include fundamental course work in microeconomics and macroeconomics. These courses introduce theory but emphasize the application of these tools to standard problems that students are likely to encounter as they carry out their professional activities. The core component consists of three courses:

The methods component of the major is designed to expose students to the different toolkits on which economists rely to analyze problems. These methods courses include offerings in basic price theory, game theory, and experimental methods. This component also includes course work that will be useful in macroeconomic and financial analysis. Students must complete one microeconomics methods course and one macroeconomics methods course from the lists below:

Empirical Analysis

The objective of the empirical analysis component is to ensure that students who complete the major are comfortable carrying out data analysis in various forms. This requires that students gain familiarity with basic statistics and basic econometric methods. These courses will emphasize the application of empirical methods to relevant examples and develop essential computer skills.

Perspectives

The perspectives requirement consists of one course that can come from any division in the University. This requirement recognizes that successful careers require broad-based understanding of the markets and industries in which our students are likely to participate. This requirement is intended to facilitate the acquisition of sector-specific knowledge and/or job-specific skills that are likely to provide context for the economics and business training to which students will receive exposure while completing the specialization business economics. It is expected that students use this perspectives component as a stepping-stone to design a meaningful set of courses that complement their training in business economics.

It is important to emphasize that there are many courses across the University that students can use to satisfy the perspectives requirement. A list of courses pre-approved for this requirement may be found on the departmental website , but students may petition the Department of Economics to use other suitable courses. ECON, ECMA, and Chicago Booth (BUSN) courses may not be used to satisfy the perspectives requirement.

Students must take five electives to complete the specialization in business economics: three from the University of Chicago Booth School of Business, as defined below, and two from the University of Chicago Department of Economics. In exceptional circumstances, a student may, by petition, use a course from outside Chicago Booth and the Department of Economics as, at most, one business economics elective. Petitions must be submitted prior to course enrollment to be considered. Chicago Booth (BUSN) courses may not be used to satisfy the two Department of Economics (ECON) elective requirements.

A note on professional school courses : The rules of the College allow students to use no more than four courses from professional schools (e.g., BUSN 3XXXX-level/4XXXX-level courses, Harris Public Policy, etc.) to satisfy degree requirements. The specialization in business economics requires four courses taken at Chicago Booth. If a student successfully petitions to use a course from a professional school other than Chicago Booth (e.g., the Law School or the Harris School of Public Policy) in the major, then College rules require that the approved course substitute for a Chicago Booth elective. Be aware that undergraduates may enroll in a total of six professional school courses, but the last two courses would be ineligible to satisfy any undergraduate degree requirement. BUSN 2XXXX-level courses are exempt from the professional school policy.

Courses in the University of Chicago Booth School of Business

The courses at Chicago Booth that students can use to meet the electives requirements are categorized in eight different “bundles.” Courses in the table below with an asterisk (*) are also eligible for the Foundations of Business Education requirement; however, a course used to satisfy the core requirement in the major cannot be also counted as an elective. Students must complete four distinct Booth courses: one Foundations in Business Education and three electives. In order to expose students to different subfields in business education, the four Booth courses used to fulfill the core and elective requirements must be drawn from at least three of the thematic bundles listed below.

Note: BUSN 2XXXX-level (undergraduate-level) versions of these courses will follow some College policies regarding registration, scheduling, grading, etc. The BUSN 3XXXX-level and above versions will be subject to Chicago Booth's academic and administrative policies. Consult the Chicago Booth website for details. Students who have taken a BUSN 2XXXX-level course cannot enroll in the 3XXXX-level (or higher) equivalent, and vice versa.

Courses in the Department of Economics

Students in the specialization in business economics must complete at least two electives in the Department of Economics. These may be ECON courses with numbers between 10200 and 19800, or numbers above 20210, assuming that the student has the appropriate prerequisites for the course. Note that ECON 11010, ECON 11020, ECON 19100, ECON 21020, ECON 21030, and ECON 23950 are exceptions to this and cannot be used to satisfy the elective requirement for the specialization in business economics. Students may not receive major credit for both ECON 10000 and ECON 20000/ECON 20010. Students may not receive major credit for both ECON 10200 and ECON 20200/ECON 20210.

Students are required to take two economics electives from the University of Chicago Department of Economics. These courses tend to build more directly on the tools and methods discussed in microeconomics, macroeconomics, and econometrics course work. In exceptional cases, students may petition for an outside course to count as an elective by submitting a general petition along with a syllabus of the course for the Co-Directors to review. For outside courses to be considered, the department requires that these courses use economic methods as a mode of analysis. Students must provide compelling reasoning as to why this course should count as a business economics elective and not as a general education credit. Only courses with substantive economics will be considered. Chicago Booth (BUSN) courses will not be considered. Petitions should be submitted prior to course enrollment.

Students pursuing the business economics specialization may petition to count up to two courses outside of the University of Chicago Department of Economics toward the major requirements. One study abroad course may be petitioned to count toward the Perspectives requirement, and one study abroad course may be petitioned to count toward the ECON elective requirement. Business courses will not be approved to satisfy the Perspectives requirement or the ECON elective requirement. The remaining ECON elective must be completed with the UChicago Department of Economics. Chicago Booth does not approve course substitutions from other departments or from other institutions. As such, study abroad courses may not be applied toward the BUSN course requirements of the business economics specialization. Petitions must be submitted to the department prior to course enrollment to be considered.

For a summary of requirements for the BA in Economics with Specialization in Business Economics,  see below .

• BA in Economics with Specialization in Data Science

The specialization in data science provides training in computation and data analysis beyond the basic methods discussed in the empirical methods sequence. The specialization in data science and the standard BA in economics share eight courses:

The specialization in data science is designed to begin after completion of the core sequence and the empirical methods sequence. Students pursuing the specialization in data science are not required to complete  ECON 23950 Economic Policy Analysis . Instead, they must complete basic training in computer science and at least two data science courses in the Department of Economics:

Students pursuing the specialization in data science must also complete two electives drawn from the following sets of courses:

Students who have entered the specialization in data science but no longer wish to pursue it must complete  ECON 23950 Economic Policy Analysis  and the necessary electives to satisfy the requirements of the standard track BA in economics. All economics courses (ECON and ECMA courses) completed in the pursuit of the specialization in data science will count toward the degree requirements of the standard track BA in economics.

For a summary of requirements for the BA in economics with specialization in data science, see below .

Summaries of Requirements

• BA in Economics, Standard Track

Summary of Requirements: BA in Economics, Standard Track

Summary of requirements: ba in economics with specialization in business economics, summary of requirements: ba in economics with specialization in data science.

Successful completion of the economics major requires both a major GPA of 2.0 or higher and a minimum grade of C– in all courses counted for the major program. In addition, students majoring in economics must receive quality grades in all courses required as part of the major. Non-majors may take economics courses on a P/F basis; only grades of C– or higher constitute passing work.

To be considered for honors in economics, students must meet the following requirements: (1) a GPA of 3.5 or higher in the major and a GPA of 3.2 or higher overall, (2) participation in the honors workshop and sole authorship of an independent research paper on a topic in economics, and (3) a faculty sponsor's letter evaluating this independent research paper. For award of honors, the project must receive a grade of A or A–. At the beginning of the student's fourth year, the economics honors committee must have a letter from an economics faculty sponsor expressing willingness to oversee the student's writing of an independent research paper and recommending the student be admitted into the honors workshop program. Honors papers should be outgrowths of economics electives or research assistant work for the faculty sponsor.

Participation in the ECON 29800 Undergraduate Honors Workshop is mandatory throughout the year. Upon completion of the paper in the Spring Quarter, the student will then be retroactively registered for the course in the fourth-year quarter of the student's choosing. Plan for this retroactive registration with your College adviser.

The research paper, a transcript, and a recommendation letter from the faculty sponsor evaluating the independent research paper must be submitted to the undergraduate economics program office for consideration by the economics honors committee no later than the end of fourth week of the quarter in which the student plans to graduate. Students wishing to qualify for honors should (1) engage in preparatory course work in the area of interest no later than Spring Quarter of their third year and (2) consult with the program advisers no later than Winter Quarter of their third year.

This program may accept a BA paper or project used to satisfy the same requirement in another major if certain conditions are met and with the consent of the other program chair. Approval from both program chairs is required. Students should consult with the chairs by the earliest BA proposal deadline (or by the end of third year, when neither program publishes a deadline). A consent form, to be signed by both chairs, is available from the College adviser. It must be completed and returned to the College adviser by the end of Autumn Quarter of the student's year of graduation.

Preparation for PhD Programs in Economics

Students preparing to pursue a PhD program in economics should complete advanced course work in economics, mathematics, statistics, and computer science. The real analysis sequence offered by the Mathematics Department, MATH 20300-20400-20500 Analysis in Rn I-II-III (or its honors variant MATH 20700-20800-20900 Honors Analysis in Rn I-II-III ) contains material that is particularly important for economics graduate school. Students who used MATH 13300 Elementary Functions and Calculus III or MATH 15300 Calculus III to fulfill the calculus requirement will need to take  MATH 15910 Introduction to Proofs in Analysis  to transition into the real analysis sequence. Completion of this course work allows students to participate in higher level electives that may also be helpful for their chosen path of study in graduate school.

Advanced economics undergraduates are encouraged to take advanced-level economics and economics master's-level (ECMA) courses according to their research interests. For more information, consult with [email protected] .

Completion of either STAT 24400 Statistical Theory and Methods I or STAT 24410 Statistical Theory and Methods Ia and either  MATH 20250 Abstract Linear Algebra or STAT 24300 Numerical Linear Algebra will allow students to continue their training in statistics and econometrics at an advanced level.

Increasingly, graduate programs expect students to have sophisticated programming skills. Completion of  CMSC 14100 Introduction to Computer Science I and CMSC 14200 Introduction to Computer Science II is strongly encouraged.

In addition, students who are interested in pursuing graduate study are encouraged to take appropriate courses from other departments in the social sciences to obtain a well-rounded perspective of their areas of interest.

Students are encouraged to seek research assistant jobs and may self-subscribe to the Research Assistant Jobs listhost to receive updates on job postings.

Provisional and early final grades are not given for economics PhD courses. Economics graduate courses should not be taken in the student’s graduating quarter unless the student will have completed all forty-two credits required for graduation, not counting the economics graduate course, and all requirements for all majors.

It is important that such students consult in spring of the second year with one of the directors of the undergraduate program to design a plan of course work and research. Contact [email protected] for appointments.

Application to BA/MA Programs

In order to receive approval to apply for a BA/MA program, students intending to complete the major in economics must submit the following to the program Co-Directors: the Approval to Apply for BA/MA Program form; a copy of their transcript; a full, tentative course plan for their third year and BA/MA year; a brief description of the field and topic of their MA thesis; and a brief description of their research experience.

Students who have not yet completed all the requirements of the economics major at the beginning of their fourth year must complete the remaining courses in compliance with the rules of the major as stipulated in the College Catalog published in the year of their matriculation. BA/MA students may use ECMA courses (ECMA 3xxxx or higher) or graduate-level courses in economics (ECON 3xxxx or higher) to satisfy requirements of the undergraduate degree. Graduate courses in other departments may also be used subject to the rules stipulated in the College Catalog. These courses require a petition that must be submitted prior to enrollment in the course.

Successful completion of the MA thesis may also be applied to the requirements for graduation with honors in the undergraduate major in economics as outlined in the College Catalog. The economics BA thesis is not a requirement for successful completion of the undergraduate economics major. If a student writes an MA thesis and wants to submit it for departmental honors, then the student must submit the full thesis by the deadline for the undergraduate honors thesis (typically Friday of week 5 of Spring Quarter). If, in addition, a BA/MA student wants to receive credit for ECON 29800 Undergraduate Honors Workshop , then the student must attend the workshop offered during Autumn Quarter and register for it per the rules set forth in the College Catalog. 

Economics Courses

ECON 10000. Principles of Microeconomics. 100 Units.

By way of economic theory, applications, and contemporary issues, this course treats (1) the behavior and decision making on the part of individuals, business firms, and governments; and (2) the function of costs, prices, incentives, and markets in the American economy. We discuss contemporary topics (e.g., distribution of income, the environment, education, sports, health care). This course is formerly known as Econ 19800: Introduction to Microeconomics. Students may substitute "Econ 20000: The Elements of Economic Analysis I" for this course in the business economics track.

Instructor(s): A. Sanderson; M. Lee     Terms Offered: Autumn Spring Winter

ECON 10200. Principles of Macroeconomics. 100 Units.

By way of theory and public policy applications, this course covers current major domestic and international macroeconomic issues in the U.S. economy, including the determination of income and output, inflation, unemployment, and economic growth; money, banking, and the Federal Reserve System; federal spending, taxation, and deficits; and international trade, exchange rates, and the balance of payments. This course is formerly known as Econ 19900: Introduction to Macroeconomics. Students may substitute "Econ 20200: The Elements of Economic Analysis III" for this course in the business economics track.

Instructor(s): A. Sanderson, G. Pieters     Terms Offered: Autumn Spring Winter

ECON 10700. Introductory Game Theory. 100 Units.

How should one bid at an auction in order to win at the lowest possible hammer price? How do firms behave when they possess market power but also face competition? Why do companies engage in R&D races in order to release their new products sooner than their competitors? Why do the Republicans and the Democrats almost always ended up choosing moderates as their party nominees in presidential races? To what extent can the veto power of presidents allow them to influence legislative outcomes? To answer these questions, we study Games of Strategies, and explore how lessons learned from such games can guide one's thinking in everyday strategic interactions.

Instructor(s): R. Fang     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770] toward the 42 credits required for graduation.

ECON 11010. Introduction to Statistical Methods in Economics. 100 Units.

This course provides a solid foundation in probability and statistics for economists. We emphasize topics needed for further study of econometrics in ECON 11020. Topics TBD.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210

ECON 11020. Introduction to Econometrics. 100 Units.

The objective of this course is to introduce students to the practice of econometrics. The course will focus on the use of multiple regression as a tool to establish causal relations. The course emphasizes all steps of the process of empirical research: data collection, analysis, and presentation (both written and oral). Multiple examples of this process will be discussed and students will be expected to read and evaluate existing research. Students will apply the techniques discussed in class to a topic of their choosing. They will write a paper and present results to the class.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210; ECON 11010 or ECON 21010 or STAT 22000 or STAT 23400 or STAT 24400

ECON 11310. Big Data and Better Decisions. 100 Units.

This course will introduce students to advanced methods for data driven decision making with an emphasis on business applications. Students will learn how to build and interpret models that address two fundamental categories of business questions: (i) causal analysis and (ii) forecasting and prediction. The first portion of the course will cover experimental design, as well as non-experimental causal inference (e.g. matching, fixed effects, differences-in-differences, synthetic control). The second portion of the course will focus on machine learning topics including linear regularization, cross validation, tree models, random forests and boosting. The course will also explore cutting edge methods at the intersection of causal inference and machine learning. Heavy emphasis will be placed on discussion of real examples and business applications of these methodologies. The course work will include writing code and analyzing data in R to learn how these techniques are implemented in practice.

Instructor(s): A. Root     Terms Offered: Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 11600. Experimental Design. 100 Units.

The course equips students with the necessary skills to design and execute experiments effectively. In the first part of the course, students will learn why experiments are conducted and explore different types of experiments along with their respective advantages and disadvantages. Students will gain insights into choosing appropriate incentive structures and appropriate sample sizes. The course addresses critical issues, including internal and external validity, scalability concerns, and the risks of P-hacking and multiple hypothesis testing. Students will also learn about Institutional Review Board procedures. In the second part of the course, students will learn how to measure time preferences, risk preferences, subjective expectations, other-regarding preferences, competitiveness, and discrimination.

Instructor(s): F. Ersoy, I. Kwok     Terms Offered: Spring Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 11700. Introduction to Behavioral and Experimental Economics. 100 Units.

This is an introductory course to experimental economics and on how to gather your own data using experimental methods to answer important economic questions. This methodology will be applied to learn the main topics in behavioral economics that leverages psychological insights to decision making and its effects on markets. Students may use this course to satisfy the microeconomics method requirement for the business economics specialization.

Instructor(s): M. Lee     Terms Offered: Autumn Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010 Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 12300. Character and Commerce: Practical Wisdom in Economic Life. 100 Units.

Most of us seek to be reasonably good people leading what we take to be successful and satisfying lives. There is a mountain of evidence suggesting that most of us fail to live up to our own standards. Worse, we often fail to mark our own failures in ways that could help us improve ourselves. The context in which we try to live good lives is shaped by the vicissitudes of the global economy. The global economy is obviously of interest to those of us studying economics or planning on careers in business. Aspiring entrepreneurs or corporate leaders have clear stakes in understanding practical wisdom in the economic sphere. But anyone who relies upon her pay - or someone else's - to cover her living expenses has some interest in economic life. In this course, we will bring work in neo-Aristotelian ethics and neo-classical economics into conversation with empirical work from behavioral economics and behavioral ethics, to read, write, talk, and think about cultivating wisdom in our economic dealings. While our focus will be on business, the kinds of problems we will consider, and the ways of addressing these, occur in ordinary life more generally - at home, in academic settings, and in our efforts to participate in the daily production and reproduction of sound modes of social interaction. (A)

Instructor(s): Candace Vogler     Terms Offered: Winter Equivalent Course(s): PHIL 24098

ECON 12410. Pathways in Economics. 100 Units.

This program introduces students to the approaches to economic research and experimentation that make UChicago a world leader in the field. Full-time lecturers in the Department of Economics teach classes on topics in macroeconomics, microeconomics, game theory, and field experiments, which are supplemented by guest lectures delivered by preeminent UChicago faculty in economics and other departments whose research applies the tools and insights of the field in new and exciting ways. Participants can apply what they hear about in lectures during small group discussion sections facilitated by a team of outstanding current UChicago students, as well as in labs and site visits to locations such as the Federal Reserve Bank of Chicago.

Terms Offered: Summer

ECON 12411. Pathways in Economics C. 100 Units.

ECON 12412. A Survey of Chicago Economics. 50 Units.

This two-week program will provide an introduction to UChicago-style, rigorous economics education; it is open only to approved visiting third-year students from Universidad Panamericana. Led by a team of full-time lecturers from the Department of Economics, this course will explore topics in four foundational areas: price theory, game theory, experimental economics, and macroeconomics. Participants will also develop skills that will prepare them for further graduate study or other professional pursuits, such as interviewing, networking, and academic and professional communications. Evening and weekend residential program activities will enable students to experience American life and culture and explore the vibrant city of Chicago. Throughout the program, students will have the opportunity to practice both academic and informal spoken English.

ECON 12413. A Survey of Chicago Economics and its Business Applications. 000 Units.

This two-week program will provide an introduction to UChicago-style, rigorous economics education, as well as its business applications. Fulltime lecturers in the Department of Economics will explore topics in four foundational areas: price theory, game theory, experimental economics, and macroeconomics. Evening and weekend residential program activities will enable students to experience American life and culture and explore the vibrant city of Chicago. Throughout the program, students will have the opportunity to practice both academic and informal spoken English.

ECON 13000. Introduction to Money and Banking. 100 Units.

The course focuses on monetary policy and central bank's attempts to stabilize prices and promote maximum sustainable economic growth. Topics include the structure of the Federal Reserve, the conduct of monetary policy, the term structure of interest rates, risk valuation, management of banking, and financial crises.

Instructor(s): K. Kuevibulvanich     Terms Offered: Autumn Winter Prerequisite(s): Econ 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 13000 and ECON 23950.

ECON 13110. Household Finance: Theory and Applications. 100 Units.

This course will examine the choices households make about important financial decisions and how these individual choices can impact the aggregate economy. Each week, basic predictions from economic theory will be discussed and compared with empirical findings. Topics will include: asset market participation and household portfolio choice; human capital and student loans; housing and mortgages; retirement planning; credit card debt; payday loans; and the gig/sharing economy. Focus will also be placed on government policies affecting these topics, including so-called household financial engineering, the creation of Government Sponsored Enterprises (GSEs) like "Fannie" and "Freddie," and regulatory agencies like the Consumer Financial Protection Bureau (CFPB). The course will provide an introduction to structural modeling for conducting policy counterfactuals. Assessment will be based on problem sets, a midterm and a final. These problem sets will require students to work in R, Stata or other statistical package of the student's choice (with permission of instructor).

Instructor(s): D. Koustas     Terms Offered: Spring Prerequisite(s): Prerequisite(s): PBPL 20000 (PBPL 22200 preferred) or ECON 20000 and one undergraduate course in quantitative research methods (Statistics or Econometrics) or the equivalent or consent of the instructor. Equivalent Course(s): PBPL 28528

ECON 13200. Introduction to Macroeconomic Crises. 100 Units.

This course studies macroeconomic crises within the standard macroeconomic framework. The course introduces students to long run growth and business cycle fluctuations and analyzes recent events such as the 2008 financial crisis, Euro-currency crisis and the 2020 pandemic as distinct macroeconomic phenomena. In particular, we will cover areas including systemic risk in the banking sector, monetary and fiscal policy, sovereign default, labor market consequences and theories of labor determination and models of infection risk. We will also study methodological innovation in macroeconomics, i.e., how macroeconomists have adapted their theory and models to explain these particular episodes.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): ECON 10200/20200/20210

ECON 13300. Introduction to the Macroeconomics of Monetary and Fiscal Policy. 100 Units.

This course examines monetary and fiscal issues in the macroeconomy. The first part of the course will focus on long-run topics in monetary economics, such as the nature of a monetary economy, inflation, the quantity theory of money, and the welfare cost of inflation. The second part of the course will focus on the macroeconomic implications of government expenditure, supply side economics, the Laffer curve, and the Ricardian equivalence theorem. An effort will be made to tackle these issues within unified and simple dynamic frameworks.

Instructor(s): S. Salas     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and Econ 10200/20200/20210

ECON 13310. Introduction to Macroeconomic Analysis: A Data Driven Approach. 100 Units.

This course offers a comprehensive exploration of neoclassical macroeconomic models, designed for students who have previously studied the principles of macroeconomics. The course is divided into five key modules: (i) economic growth and production, (ii) consumption and savings, (iii) government finances, (iv) money and the price level, and (v) unemployment. Throughout each module, we extensively utilize relevant data to enhance the understanding of theoretical concepts. By the end of the course, students will not only possess the ability to interpret macroeconomic news and articles but also analyze policies through a model-based framework.

Instructor(s): O. Galvez-Soriano     Terms Offered: Spring Winter Prerequisite(s): Econ 10200/20200/20210 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 14000. Introduction to Labor Economics. 100 Units.

This course is an introduction to labor economics with an emphasis on applied microeconomic theory and empirical analysis. Topics to be covered include: labor supply and demand, taxes and transfers, minimum wages, immigration, human capital, creativity over the lifecycle and unemployment. For each topic we will describe the basic economic framework used in the analysis, analyze associated cases of study and drawn conclusions about what we have learned. Most of the examples will be taken from U.S. labor data and special attention will be given to randomized trials and experimental methods to infer causality.

Terms Offered: Winter Prerequisite(s): ECON 10000/20000/20010

ECON 14020. Labor Markets: A Global Perspective. 100 Units.

In this course we will explore standard models that form the core of labor economics including labor supply, labor demand, job search models, wage setting, discrimination, and migration. For each topic we will then examine empirical applications of these models with a focus on middle and low-income countries. We will discuss how these traditional models are useful, or not, in understanding labor market outcomes in these settings and how they can be expanded to better capture relevant features of labor markets outside high-income countries.

Instructor(s): Lane, Gregory     Terms Offered: Winter Equivalent Course(s): PBPL 25640

ECON 14520. Economics of Gender in International Contexts. 100 Units.

In this class, students will engage basic issues, conflicts, and innovative field research in economics of gender in international contexts. In particular, we will review theoretical foundations, data and methods of research, and a review of recent work in international research related to economics of gender. At the end of the course, you will have a suite of research approaches, topics, and methods, to investigate gender differences in a variety of economic outcomes and contexts.

Instructor(s): A. Gonzalez     Terms Offered: Winter Prerequisite(s): ECON 10000 or ECON 20000 or ECON 20010 or PBPL 22200. STAT 22000 also recommended. Equivalent Course(s): GNSE 22520

ECON 14810. Evolution and Economics of Human Behavior. 100 Units.

This course explores how evolutionary biology and behavioral economics explain many different aspects of human behavior. Specific topics include evolutionary theory, natural and sexual selection, game theory, cost-benefit analyses of behavior from an evolutionary and a behavioral economics perspective, aggression, power and dominance, cooperation and competition, biological markets, parental investment, life history and risk-taking, love and mating, physical attractiveness and the market, emotion and motivation, sex and consumer behavior, cognitive biases in decision-making, and personality and psychopathology.

Instructor(s): D. Maestripieri     Terms Offered: Autumn Note(s): CHDV Distribution: Undergraduate subject area: A, Graduate distribution: 1 Equivalent Course(s): CHDV 27950, CHDV 37950, PSYC 27950, PSYC 37950

ECON 15010. Investments: From Economics to Finance. 100 Units.

This course studies finance and investments through the lens of economic equilibrium methods. We look at how the general equilibrium framework in economics gives rise to the factor pricing models in finance, the no-arbitrage framework in economics gives rise to the option pricing models in finance, and the Nash equilibrium framework in economics gives rise to the microstructure trading models in finance. Trillions of dollar worth of financial products ride on these financial models, and we trace the path from the basic models of equilibrium in economic theory to these applied models in finance that have found immense use in practice. The course combines a theoretical framework with applied analysis. Topics covered include: basics of general equilibrium with uncertainty, mean-variance utility, portfolio optimization, capital asset pricing model, no-arbitrage equilibrium, fundamental theorem of asset pricing, binomial option pricing, Black-Scholes-Merton options theory, Bayes Nash equilibrium, Kyle and Glosten-Milgrom models of trading.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and STAT 22000/STAT 23400/ECON 11010.

ECON 15020. Trading: From Game Theory to Finance. 100 Units.

This course studies trading in financial markets through the lens of game theory and asymmetric information. Trading models are at the heart of financial markets, and we trace the path from basic models in game theory and equilibrium economics to applied trading models in finance that have found immense use in practice. We look at how the asymmetric information framework gives rise to market microstructure trading, equilibrium tatonnement process gives rise to arbitrage trading, general equilibrium framework gives rise to beta-based trading, model uncertainty gives rise to alpha-based trading, and event uncertainty gives rise to option trading. The course combines a theoretical framework with applied analysis. Topics covered include: information structures, Bayesian probability, Blackwell's theorem, basics of rational expectations equilibrium, Bayes Nash equilibrium, limit order books, bid-ask spread formation, asymmetric information models of microstructure trading, PIN model, capital asset pricing model, beta and index fund trading, alpha and hedge fund trading, speculative trading with options, high-frequency trading, arbitrage and behavioral trading models.

Instructor(s): A. Bhattacharya     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 15500. Introduction to Development Economics. 100 Units.

Global poverty is one of the fundamental problems facing humanity. In this course we will try to understand the economic lives of the global poor, why they are stuck in poverty, and what evidence exists on what works and what doesn't in the fight against poverty. We will take a primarily micro-economic perspective on poverty which focuses on individuals, households, markets, and governments. We will structure our investigation using economic models and statistical methods, and consider questions related to consumption, health, education, risk, credit, and savings. We will also study the role of government provision of services and politics in developing countries. We will end with taking a historical and big-picture perspective of development.

Instructor(s): S. Vasudevan     Terms Offered: Autumn Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 16020. Introduction to Public Sector Economics. 100 Units.

The course studies public policy issues in the world from both micro- and macroeconomic perspectives. Covered topics include tax, antitrust, and trade policies (micro) as well as fiscal and monetary policies (macro). International case studies will be discussed in comparison to the US experiences (e.g., industrial policies and development in Asia, exchange rate policies in Latin America, the currency union in Europe, and ECB's monetary policy).

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 16020 and ECON 26010/ECON 26020.

ECON 16520. Economics and Environmental Policy. 100 Units.

This course combines basic microeconomic theory and tools with contemporary environmental and resources issues and controversies to examine and analyze public policy decisions. Theoretical points include externalities, public goods, common-property resources, valuing resources, benefit/cost analysis, and risk assessment. Topics include pollution, global climate change, energy use and conservation, recycling and waste management, endangered species and biodiversity, nonrenewable resources, congestion, economic growth and the environment, and equity impacts of public policies.

Instructor(s): S. Shaikh     Terms Offered: Autumn Prerequisite(s): ECON 10000 or higher, or PBPL 20000 Note(s): Not offered in Autumn of the 2020-21 academic year. Equivalent Course(s): PBPL 21800, ENST 21800, CEGU 21800

ECON 16700. Introduction to Economics of Education. 100 Units.

This course investigates economic issues related to education. We will first discuss the theory behind the decision to invest in education. We will talk about private and social returns to education as well as signaling value of education. Then, we will investigate which factors (class size, teachers, incentives, peers, beliefs, etc.) matter in determining the success of students. Throughout the course, we will learn how different methods (experiments, difference-in-differences, instrumental variables, and regression discontinuity) are used to answer the economics of education questions.

Instructor(s): F. Ersoy     Terms Offered: Spring. Introduction to Economics of Education Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 16710. Education and Economic Development. 100 Units.

This course covers policy issues related to education in developing contexts. We will analyze education policies and reforms, develop skills to be a critical consumer of relevant research on each topic, and examine implications of the findings to policy and practice. Topics include discrimination and inclusion in education, understanding factors that influence educational decisions, provision of basic needs in schools, teacher pay and incentives, education in emergency settings, and school choice.

Instructor(s): A. Adukia     Terms Offered: Winter Prerequisite(s): Recommended prerequisite courses: Microeconomics and econometrics. Students in their last years will be given priority. Equivalent Course(s): EDSO 28350, PBPL 28350

ECON 16950. Conflict: Root Causes, Consequences and Solutions for the Future. 100 Units.

The goals of this course are to introduce you to key concepts in the study of conflict, and to help you develop the analytical skills you need to understand and assess key arguments advanced in this arena. Drawing primarily on economics and political science, as well as psychology, we will seek to understand: Why do human beings engage in acts of violence? How can armed groups compel atrocities? How do we prevent cycles of violence, and aid countries recovering from war? Specifically: We will examine the role of economic shocks and ethnic divisions on civil war. We will also discern whether similar factors explain the rise of terrorism. In addition, we will study the consequences of conflict on socio-economic development, and examine the role of foreign aid and post-conflict reconciliation in helping countries recover from conflict. The class will examine these questions while focusing on analytical skills needed to understand cutting edge research in this area. Thus a major emphasis of the course is on learning how to think critically about empirical evidence, and learning the methods used in quantitative empirical analysis, such as fixed effects models, differences-in-differences research designs, and instrumental variables estimation. It is ideal for students who want to learn substantively about conflict while developing an understanding of the methodology used to produce key empirical findings.

Instructor(s): Oeindrila Dube     Terms Offered: Winter Note(s): Note: While the course sets out to teach these skills, you do not need previous coursework in statistics. Equivalent Course(s): PBPL 28750, PLSC 28750

ECON 17100. Introduction to International Trade. 100 Units.

This course covers international economics with an emphasis on international trade. The basic theories of international trade are introduced and used to analyze welfare and distributional effects of international trade, government policies, and technology diffusion. In addition, this course also discusses the main empirical patterns of international trade and international investment.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210

ECON 17110. International Monetary Systems. 100 Units.

This course studies the principles of monetary policy across international markets, global banking markets, and optimum currency areas and their impact on and from business cycles and economic development. Students will be introduced to simplified theoretical models with which to analyze data, relevant empirical findings, and policy decisions. Practice is provided in understanding recent international economic events and current policy topics.

Instructor(s): G. Pieters     Terms Offered: Autumn Winter Prerequisite(s): ECON 10200/ECON 19900/ECON 20200/ECON 20210

ECON 17700. Introduction to Health Economics. 100 Units.

This course will introduce students to the economics of health care provision and payment. We will use methods from microeconomics to investigate how different aspects of the health care system function and to assess the implications for different policies designed to improve that functioning. We will use economic tools and techniques from the sub-disciplines of information economics, industrial organization, labor economics, public economics, behavioral economics, and decision theory to think about these questions. The primary goals of the course will be to (i) master different economic techniques in the context of health care markets and (ii) learn about the specific institutional details and policies relevant to those markets.

Instructor(s): Root, A.     Terms Offered: Autumn Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 17710. Health Care Markets and Regulation. 100 Units.

This course analyzes the economics of health care markets and the way regulations impact those markets. We will study the unique institutional arrangements found in the health care sector (primarily, though not exclusively, in the United States) and examine how market forces manifest themselves in this setting. We will consider the behavior of health care providers, insurers' roles both as intermediaries and risk managers, patients' health care demand, and geographic differences in medicine. The study of government regulations, including their theoretical and empirical impacts on health care markets, will be integrated throughout these topics.

Instructor(s): Gottlieb, J     Terms Offered: Autumn Equivalent Course(s): PBPL 28335, PPHA 37820

ECON 18010. Introduction to Managerial Microeconomics. 100 Units.

This course presents several classic microeconomic models applicable in business contexts. The topics covered include self-selection, commitment, product differentiation, matching, and mechanism design, among others. The theoretical insights of each model are analyzed. Real-world applicability is discussed using practical examples. Students are required to write short papers applying the models presented in the course to real-world situations in the context of business.

Instructor(s): P. Pena     Terms Offered: TBD Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010

ECON 18020. Introduction to Applied Empirical Industrial Organization. 100 Units.

In this course, students will learn how to apply techniques and models developed in industrial organization and law and economics to important questions that arise in litigation and government regulation. We will be guided and informed by pure theory underlying industrial organization and implement it in a world of partial information, incomplete data, and even contradictory data, among other complexities. Students will learn how to develop inferences by applying the models to real world cases and data - ie, extracting the most information possible from partial, imperfect data, frequently with missing values or poorly-measured data points. These fact patterns will not always result in an incontrovertible answer. Thus, students will be expected to identify and express the "best argument for" and "best argument against" the questions posed to them. This means that students will be expected to (i) use theory as a guideline to assess the relevant facts, circumstances, and data, (ii) reach a view, (iii) succinctly express that view in writing and acknowledge and address contrary theory and empirical results. Students will also see actual expert reports and/or white papers that have been prepared in actual disputes and investigations. Part of the grade will be based on an "expert report" written by the students in small teams.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 10000/20000 and Econ 11020/21020 Note(s): Business Economics specialization students should register for Econ 18020.

ECON 19000. Economics for Everyone: Micro. 100 Units.

The field of economics has generated a powerful set of insights which have fundamentally shaped the modern world. Because modern economics puts such a heavy stress on mathematical rigor, the most interesting economic ideas often get pushed to the background. In this course, we will explore these big economic ideas, without the math. Our goal is to make the beauty and power of economic thinking available to everyone. We will discuss what it means to think like an economist, how you can use economic thinking to make the world a better place (or to take advantage of your friends and enemies, if you prefer), and also how sometimes thinking like an economist can get you into trouble.

Instructor(s): J. List, S. Levitt Note(s): This course will now count as an ECON elective for the business economics specialization.

ECON 19100. Economics for Everyone: Macro. 100 Units.

This course explores the big ideas in macroeconomics in a way that is enjoyable and accessible, with minimal reliance on mathematics. The goal is to provide an introduction to macroeconomic issues for people who have never before studied macroeconomics (and who might never study it again), so that they can understand and contribute to ongoing discussions in the news and on social media. We will demystify some of the major macroeconomic questions of our times: Why is there unemployment? Why are some countries poor? What's the big deal about government debt? How high should we set taxes? What gives money and stocks their value? What does the Fed do? And why did all those economists win Nobel Prizes? We will show the fun, interesting, and strange sides of macroeconomics.

Instructor(s): G. Kaplan     Terms Offered: TBD Note(s): *This course does not apply toward economics major requirements.

ECON 19200. Introduction to Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start by developing the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010. Note(s): Study Abroad

ECON 19300. Introduction to Issues and Methods in Macroeconomics. 100 Units.

We will develop basic tools and methods in economics and study issues in macroeconomics and international trade and finance. The topics we cover include both contemporary and classical issues such as tax incidence and distortions, optimal taxation, inflation, monetary policy, patterns and benefits of trade, and exchange rate determination. The objective of the course is to train students with analytical tools in macroeconomics so that they can understand, analyze, and evaluate various policies and policy proposals. To make the subject matters relevant and practical, students are strongly encouraged to read the Wall Street Journal and the Economist regularly to keep up with current events and controversies.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10200/20200/20210 Note(s): Study Abroad

ECON 20000-20100-20200-20300. The Elements of Economic Analysis I-II-III-IV.

ECON 20000. The Elements of Economic Analysis I. 100 Units.

This course develops the economic theory of consumer choice. This theory characterizes optimal choices for consumers given their incomes and preferences, as well as the relative prices of different goods. This course develops tools for analyzing how these optimal choices change when relative prices and consumer incomes change. Finally, this course presents several measures of consumer welfare. Students learn how to evaluate the impact of taxes and subsidies using these measures. Completion of ECON 10000 (or ECON 19800) is strongly recommended of students without a prior microeconomics course.

Terms Offered: Autumn Spring Prerequisite(s): MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250 or 16300. First-year students must also pass the economics placement exam or complete ECON 10000 (or ECON 19800). First year students may enroll in Econ 20000 concurrently with Math 16300/16310 if they have received an A/A- in both Math 16100/16110 and Math 16200/16210. Note(s): Students who matriculated prior to 2022-2023 and have completed MATH 15100-15200-15300 may replace the MATH 19520 requirement with MATH 15250. They may take MATH 15250 prior to or concurrently with ECON 20000/20010.

ECON 20100. The Elements of Economic Analysis II. 100 Units.

This course is a continuation of ECON 20000. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 20000 or 20010

ECON 20200. The Elements of Economic Analysis III. 100 Units.

As an introduction to macroeconomic theory and policy, this course covers the determination of aggregate demand (i.e., consumption, investment, the demand for money); aggregate supply; and the interaction between aggregate demand and supply. We also discuss economic growth, business cycle, inflation and money. Completion of ECON 19900 is strongly recommended of students without a prior macroeconomics course.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 20100 or 20110

ECON 20300. Elements of Economic Analysis IV. 100 Units.

This is a course in money and banking, monetary theories, the determinants of the supply and demand for money, the operation of the banking system, monetary policies, financial markets, and portfolio choice.

Instructor(s): Staff Prerequisite(s): ECON 20200 or 20210

ECON 20010-20110-20210. The Elements of Economic Analysis: Honors I-II-III.

The Elements of Economic Analysis: Honors I-II-III

ECON 20010. The Elements of Economic Analysis I Honors. 100 Units.

The scope of the honors section is the same as the standard section, but it covers material at greater depth and using more sophisticated mathematical methods. This course develops the economic theory of consumer choice. This theory characterizes optimal choices for consumers given their incomes and preferences, as well as the relative prices of different goods. This course develops tools for analyzing how these optimal choices change when relative prices and consumer incomes change. Finally, this course presents several measures of consumer welfare. Students learn how to evaluate the impact of taxes and subsidies using these measures. Completion of ECON 10000 (or ECON 19800) is strongly recommended of students without a prior microeconomics course.

Instructor(s): V. Lima     Terms Offered: Autumn Spring Prerequisite(s): MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250, or 16300. First-year students must also pass the economics placement exam or complete ECON 10000 (or ECON 19800). First year students may enroll in Econ 20000 concurrently with Math 16300/16310 if they have received an A/A- in both Math 16100/16110 and Math 16200/16210. Note(s): Students who matriculated prior to 2022-2023 and have completed MATH 15100-15200-15300 may replace the MATH 19520 requirement with MATH 15250. They may take MATH 15250 prior to or concurrently with ECON 20000/20010.

ECON 20110. The Elements of Economic Analysis II Honors. 100 Units.

The scope of the honors section is the same as the standard section, but it covers material at greater depth and using more sophisticated mathematical methods. This course is a continuation of ECON 20000/20010. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory of welfare economics.

Instructor(s): R. Fang     Terms Offered: Winter Prerequisite(s): ECON 20000 or 20010

ECON 20210. The Elements of Economic Analysis III Honors. 100 Units.

The scope of the honors section is the same as the standard section, but it covers material at greater depth and using more sophisticated mathematical methods. As an introduction to macroeconomic theory and policy, this course covers the determination of aggregate demand (i.e., consumption, investment, the demand for money); aggregate supply; and the interaction between aggregate demand and supply. We also discuss economic growth, business cycle, inflation and money. Completion of ECON 10200 (or ECON 19900) is strongly recommended of students without a prior macroeconomics course.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 20100 or 20110

ECON 20520. Formal Models of Political Economics. 100 Units.

Why do the Republicans and the Democrats almost always ended up choosing moderates as their party nominees in presidential races? How do "checks and balances" such as a legislative committee's power to set the agenda or a president's power to veto a bill affect policy outcomes? What leads to coalition building in a legislature and how does it affect the result of legislative bargaining? When can a legislature optimally delegate its power to a bureaucratic agency who has its own interests and agenda? To answer questions like these, we study formal models of political economics. Such models examine explicitly the incentives of participants in political processes and generate predictions of their behavior based on such incentives and any confounding strategic considerations. Our approach is largely game theoretical. Familiarity with fundamental game theoretical ideas like the strategic and extensive games, the Nash Equilibrium, and the Subgame Perfect Equilibrium is essential and assumed.

Instructor(s): R. Fang     Terms Offered: Autumn Prerequisite(s): ECON 10700 or ECON 20100 or ECON 20110 or ECON 20700 Note(s): Students may count either ECON 20510 or ECON 20520, but not both, toward the 42 credits required for graduation.

ECON 20700. Game Theory and Economic Applications. 100 Units.

This course introduces the basic ideas and applications of game theory. Topics include models of games in extensive and strategic form, equilibria with randomization, signaling and beliefs, reputation in repeated games, bargaining games, investment hold-up problems, and mediation and incentive constraints.

Instructor(s): J. Root     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation.

ECON 20770. Decision and Strategy. 100 Units.

This course provides a formal introduction to game theory with applications in economics. We will study models of how individuals make decisions, and how those decisions are shaped by strategic concerns and uncertainty about the world. The topics will include the theory of individual choice, games of complete and incomplete information, and equilibrium concepts such as Nash equilibrium. The applications will include oligopoly, auctions, and bargaining. The course is appropriate for advanced undergraduates who are interested in a rigorous mathematical approach to understanding human behavior.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): Prerequsites for Undergraduates: ECON 20100/ECON 20110 and MATH 20300/MATH 20310/MATH 20700, or consent of instructor Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation. Equivalent Course(s): ECMA 30770

ECON 20780. Decision and Strategy II. 100 Units.

We continue the formal introduction to decision theory and game theory begun in ECMA 30780, with a specific focus on models of incomplete information. Topics covered include subjective expected utility, Bayesian games, contract theory, and mechanism design. Among the applications we will consider are auctions, collusion, entry deterrence, and strategic communication. The course is appropriate for advanced undergraduates who are interested in a rigorous mathematical approach to decision making in strategic situations.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): ECON 20770/ECMA 30770 or consent of instructor Equivalent Course(s): ECMA 30780

ECON 21020. Econometrics. 100 Units.

Required of students who are majoring in economics; those students are encouraged to meet this requirement by the end of their third year. This course covers the single and multiple linear regression model, the associated distribution theory, and testing procedures; corrections for heteroskedasticity, autocorrelation, and simultaneous equations; and other extensions as time permits. Students also apply the techniques to a variety of data sets using PCs.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 20100/20110; ECON 21010, or STAT 23400/24400/24410 and MATH 19620 (or MATH 20000 or STAT 24300 or MATH 20250)

ECON 21030. Econometrics - Honors. 100 Units.

The topics are essentially the same as those covered in ECON 21020, but this foundations course in econometrics gives a more systematic introduction to the application of statistical theory to economic applications. This course is intended for students who are planning to study economics at the graduate level.

Instructor(s): A. Torgovitsky, E. Rose     Terms Offered: Spring Winter Prerequisite(s): ECON 20100/20110, and STAT 24400/24410/24500, and MATH 19620/20250/STAT 24300; or consent of instructor

ECON 21031. Econometrics II-Honors. 100 Units.

This course is a continuation of ECON 21030. The topics covered include additional applications of linear regression to descriptive and causal inference. Other topics may include nonlinear models, panel data, quantile regression, time series, the bootstrap, and nonparametric regression. This course is intended for students who are planning to study economics at the graduate level.

Instructor(s): A. Torgovitsky     Terms Offered: Spring Prerequisite(s): ECON 21020/21030

ECON 21110. Applied Microeconometrics. 100 Units.

This course will cover a broad set of applications in labor economics, public economics, industrial organization, economics of education, environmental economics, and development economics. There will be a strong focus on how economic theory, institutional details, and experiments can be used to draw causal inferences on economic relationships. There will be emphasis on applying a number of commonly used microeconometric methods to economic data; including the linear regression model, fixed and random effects models, instrumental variables, and discrete choice models. When interpreting the empirical results, we will also discuss the importance of omitted variables bias and measurement error.

Instructor(s): J. Joensen     Terms Offered: Winter Prerequisite(s): ECON 21020 or ECON 21030

ECON 21200. Time Series Econometrics. 100 Units.

This course focuses on theory, and covers a broad range of topics, both mathematical and statistical, on stationary time series models in time and frequency domains. The models include ARMA, VAR, ARCH/GARCH and their variants. It also covers nonstationary time series models with unit roots and cointegration, and the theories and methodologies to estimate and test them statistically.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020/21030

ECON 21300. Data Construction and Interpretation in Economic Applications. 100 Units.

In this course we will explore the process of extracting insights from real-world data. What can one learn from a particular data set? How do you know what sets of tools will be "right" for the job? How can you increase your degree of confidence that the inferences you are drawing are correct? How can you best communicate the insights you glean from the data? Unlike standard econometrics courses, this class emphasizes hands-on work with actual data sets rather than the development of sophisticated tools and techniques (which are also useful, you just won't learn them here!).

Instructor(s): S. Levitt     Terms Offered: Not offered in 2022-2023. Prerequisite(s): ECON 10000/19800/20000/20010 and STAT 22000/23400/24400 (or ECON 21010)

ECON 21410. Computational Methods in Economics. 100 Units.

This course introduces the empirical and computational techniques necessary for numerical estimation and simulation in economics. Through examples in economics, the course covers topics such as optimization, function approximation, and monte carlo techniques. Emphasis will be placed on developing effective programming and research practices. The course is structured through a series of applications in such topics as segregation, occupational choice, and repeated games. The course will be taught in R and STATA. Though helpful, no previous experience with R or STATA is required.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 21730. Applied Behavioral Economics. 100 Units.

This class covers recent work in behavioral economics. Topics include discrimination, social pressure, social norms, identity and gender. Applications will cover a wide range of fields, including labor economics, finance, and political economy.

Instructor(s): L. Bursztyn Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 21740. Behavioral Economics and Experiments. 100 Units.

This is a hands-on course in behavioral economics. Basic concepts of preferences, traits, and behavioral biases are reviewed that link economics and psychology. Methods for eliciting traits and preferences will be taught and implemented in actual lab experiments. Grade will be determined by reports and quality of lab work.

Instructor(s): J. Heckman     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 AND STAT 22000/23400/24300/24400/24410/ECON 21010 (Lab students require one economics course.)

ECON 21800. Experimental Economics. 100 Units.

This course provides the necessary tools to be an avid consumer of the experimental literature and instructs students on how to become a producer of that literature. Topics include a summary of recent experimental findings and details on how to gather and analyze data using experimental methods.

Instructor(s): J. List     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030; ECON 10000/20000 and ECON 11020 for declared business economics students. No first-year students. Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 21830. Social Neuroscience. 100 Units.

Humans are intensely social animals. Our lives are intertwined with other people, and our well-being depends on others. Social neuroscience examines how the brain mediates social cognition and behavior. It spans diverse species, disciplines (evolutionary biology, neuroscience, anthropology, psychology, behavioral economics, sociology, and political science), and levels of analysis across the biological organization. Social neuroscience provides an overarching paradigm to investigate social cognition and behavior and to determine where we as a species fit within a broader biological context. A wide range of topics will be examined, including social connections and friendship, sex, mating and aggression, cooperation and social preferences, social and environmental influences on decision-making and behavior, empathy, social contagion, and group coalitions. Interdisciplinary analyses, by integrating approaches from social sciences and biological sciences, significantly expand our knowledge and have the potential to improve our social and living conditions.

Instructor(s): J. Decety     Terms Offered: Autumn Equivalent Course(s): PSYC 22350, HLTH 22350, CHDV 22350, BIOS 24137

ECON 22030. The Chinese Economy. 100 Units.

This course provides an overview of the Chinese economy, with two main focuses. First, we will review the significant reforms that happened in China in the past four decades, which fundamentally reshaped the modern China as we see today. Second, we will discuss some of China's key political and economic institutions, and their implications on China and the rest of the world. Throughout the course, special emphasis will be given to the role of the state in China's growth experience, at both the central- and local-levels.

Instructor(s): Wang, S     Terms Offered: Spring Equivalent Course(s): PBPL 25585, PPHA 35585

ECON 22410. UChicago Economics: The People and the Seminal Ideas. 100 Units.

Econ 24720 or Econ 22410 may be used as an economics elective, but only one of the two may be used toward economics major requirements. This course will trace in general the history and evolution of economic thought as an intellectual discipline, from the Middle Ages through Adam Smith and the Classical dominance in the 18th and 19th centuries, to the neoclassical period and alternative schools, and then the rise of Keynesian economics and the emergence of the Chicago School of economics in the 20th century. With this background and context, the focus will turn to the theoretical and empirical contributions of important historical UChicago figures such as Veblen, Knight, Hayek, Friedman, Stigler, Coase and Becker as well as the seminal ideas of contemporary scholars, including several Nobel laureates, in the Department, other academic units on campus, and economists elsewhere with deep Chicago roots.

Instructor(s): A. Sanderson and Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210. Third- or fourth-year standing.

ECON 23000. Money and Banking. 100 Units.

This course covers economic theories and topical issues in money and banking. We discuss such "traditional" topics as the quantity theory, the Phillips curve, and the money creation process. We also investigate models of bank runs and financial crises, the tradeoff between rules and discretion, and the New Macroeconomic Synthesis of New Classical. Other topics include New Keynesian approaches to modeling money and monetary policy, practical and institutional issues in European and U.S. monetary policy, and the 2008 financial crisis.

Instructor(s): H. Uhlig     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210); ECON 21020 and ECON 23950 are strongly recommended.

ECON 23200. Topics in Macroeconomics. 100 Units.

This course focuses on the use of dynamic general equilibrium models to study questions in macroeconomics. Topics include long-run growth and dynamic fiscal policy (Ricardian equivalence, tax smoothing, capital taxation), labor market search, industry investment, and asset pricing. On the technical side, we cover basic optimal control (Hamiltonians) and dynamic programming (Bellman equations).

Instructor(s): N. Stokey     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210) and MATH 20300 (or MATH 20310 or MATH 20700)

ECON 23410. Economic Growth. 100 Units.

The process of economic growth and the sources of differences in economic performance across nations are some of the most interesting, important and challenging areas in modern social science. You cannot travel or read the news without wondering why differences in standards of living among countries are so large. The primary purpose of this course is to introduce undergraduate students to these major issues and to the theoretical tools necessary for studying them. The course therefore strives to provide students with a solid background in dynamic economic analysis, as well as empirical examples and data analysis. We will cover models at an abstract and advanced level. You must have the degree of mathematical maturity associated with the concepts of functions, derivatives, integrals, Taylor series, optimization, ordinary differential equations. Some basic knowledge on regression analysis is also required.

Instructor(s): U. Akcigit     Terms Offered: Winter Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECON 23950. Economic Policy Analysis. 100 Units.

Building on the tools and methods that are developed in the core courses, this course analyzes fiscal and monetary policy and other topical issues. We use both theoretical and empirical approaches to understand the real-world problems.

Instructor(s): Staff     Terms Offered: Autumn Spring Prerequisite(s): ECON 20200/20210; ECON 21020 or 21030 strongly recommended. Note(s): This course does not apply toward the economics major elective requirement. Students may not receive credit for both Econ 13000 and Econ 23950 toward the 42 degree credits.

ECON 24000. Labor Economics. 100 Units.

Topics include the theory of time allocation, the payoffs to education as an investment, detecting wage discrimination, unions, and wage patterns. Most of the examples are taken from U.S. labor data, although we discuss immigration patterns and their effects on U.S. labor markets. Some attention is also given to the changing characteristics of the workplace.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20100 and ECON 21020 (or ECON 21030)

ECON 24450. Inequality and the Social Safety Net: Theory, Empirics, and Policies. 100 Units.

This course will introduce students to key economic and conceptual issues surrounding inequality and the social safety net. We will study the theoretical underpinnings and empirical analysis of the social safety net, focusing on the effects of social insurance and public assistance programs on individual and societal outcomes. After studying models of the insurance-incentive tradeoff, we will apply these models and econometric strategies to the empirical analysis of social safety net programs. We will study how social safety net programs interact with labor markets, specifically human capital investment and work decisions, and how they affect long-term outcomes such as income, health, well-being, and inequality. Students will learn how to analyze the tradeoffs involved in social safety net programs and will learn the current state of evidence on these programs.

Instructor(s): M. Deshpande     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25000. Introduction To Finance. 100 Units.

This course develops the tools to quantify the risk and return of financial instruments. These are applied to standard financial problems faced by firms and investors. Topics include arbitrage pricing, the capital asset pricing model, and the theory of efficient markets and option pricing.

Instructor(s): Staff Prerequisite(s): ECON 20200/20210 and ECON 21020/21030

ECON 25100. Financial Economics; Speculative Markets. 100 Units.

This course focuses on the description, pricing, and hedging of basic derivative claims on financial assets. We study the characteristics, uses, and payoffs of a variety of contracts where the underlying claims include commodities, foreign currencies, bonds, stocks, or stock indices. We examine contracts such as options, swaps, and futures contracts. We use a unified approach (the technique of portfolio replication) to study pricing of these claims. Students also gain an understanding of strategies for hedging of the risks inherent in holding these derivative claims.

Instructor(s): F. Alvarez     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and STAT 23400/24400/24410/ECON 21010

ECON 25120. Options and Volatility Products. 100 Units.

Instructor(s): F. Alvarez     Terms Offered: Spring

ECON 25520. Development Economics and Data Analysis. 100 Units.

Why do some countries grow faster than others? Why do farmers not adopt new technologies that generate higher yields? What is the most effective way to improve health, education and women's empowerment in middle and low income countries? We will examine these questions by applying the tools of economics to the best available data. In addition to mastering the economic literature on development economics, students will learn applied econometric techniques and how to apply them in practice. They will learn how to critically evaluate data analysis and spot potential biases: is the outcome variable likely to be subject to social desirability bias? is there potential selection bias or attrition bias? What techniques are best adapted to addressing these potential biases in the data? In the final part of the course we will cover the role of the International Financial Institutions (the IMF and World Bank) in international development. The course is designed for undergraduates with a strong interest in economics and data and previous experience using statistical software (such as R or Stata).

Instructor(s): R. Glennerster     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25530. Behavioral Development Economics (Undergraduate) 100 Units.

This course will focus on the intersection of two rapidly growing and recently Nobel Prize-winning fields in economics - development, and behavioral economics. Behavioral development economics brings insights and tools from psychology and behavioral economics to the study of developing economies and poverty more generally. The class is aimed at students interested in either (or both) of the fields. A decent part of lectures will be focused on introducing and describing tools of behavioral economics, before moving to applications in low-and middle-income countries.

Instructor(s): A. Karing     Terms Offered: Winter Prerequisite(s): Econ 20100/20110 and Econ 21020/21030

ECON 26010. Public Finance. 100 Units.

This course addresses the measurement, explanation, and consequences of government activity including tax systems, expenditure programs, and regulatory arrangements. Topics include cross-country comparisons of government behavior, market analyses of public policy, the incidence of government activity, and effects of economic activity on politics and public policy.

Instructor(s): M. Golosov     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020 (or ECON 21030) Note(s): ECON 26010 or 26020 may be used as an economics elective, but only one may be used toward degree requirements.

ECON 26030. The Economics of Socialism. 100 Units.

The course examines the economic theories of socialism ranging from Karl Marx's to market socialism, as well as theories of market power, collective action, and price regulation. These theories are applied to the measurement of socialism, income distribution, surplus value, and the degree of exploitation of labor. These metrics are used to compare various mixed economies including the Nordic model and various sectors in the United States. We consider how the economics of socialism might evolve as the health sector grows in the near future and artificial intelligence transforms the workplace in the long run.

Instructor(s): C. Mulligan Prerequisite(s): Econ 20100/20110

ECON 26040. Human Capital and the Economy. 100 Units.

This course introduces the concept of human capital, its accumulation process, its role in family decisions, and its impact on the economy. Several models are presented and discussed, covering a wide range of topics, including parental altruism, education, bequests, health, fertility, support in old age, income inequality, intergenerational transmission of wealth, specialization, division of labor, and economic growth. The theory is complemented with historical evidence from different countries and periods.

Instructor(s): P. Pena     Terms Offered: Spring Prerequisite(s): Econ 20200/20210

ECON 26610. The Economics of Cities and Regions. 100 Units.

This course studies business and individual location decisions and how they determine the main economic forces that lead to the existence and performance of cities and regional agglomerations. The course starts by developing a simple theory of cities and its implications for city size, firm productivity, and housing prices. It then studies evidence of the impact of cities on firm and worker productivity, urban amenities, and congestion. We will discuss the problems in measuring these forces, the methodologies to do so, as well as the implications of this measurement for businesses, individuals, and urban policy. We will also study the internal structure of cities, and how to evaluate the effect of new infrastructure or policy on land and housing values as well as on overall welfare. Finally, the course will analyze the role cities and regions play in aggregate economic development.

Instructor(s): Rossi-Hansberg, E.     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 26920. Behavioral Economics and Policy. 100 Units.

The standard theory of rational choice exhibits explanatory power in a vast range of circumstances, including such disparate decision making environments as whether to commit a crime, have children, or seek to emigrate. Nonetheless, shortfalls from full rationality seem not to be uncommon, and are themselves, to some extent, systematic. Behavioral economics documents and tries to account for these departures from full rationality. This course looks at areas in which some modification of the traditional rational choice apparatus might most be warranted; these include decisions that unfold over time, involve low probability events, or implicate willpower. To what extent should public policy respond to shortfalls from rationality or concern itself with promoting happiness?

Instructor(s): J. Leitzel     Terms Offered: Autumn Equivalent Course(s): PBPL 28805

ECON 27000. International Economics. 100 Units.

Instructor(s): F. Tintelnot     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 Equivalent Course(s): PBPL 27000

ECON 27700. Health Economics and Public Policy. 100 Units.

This course analyzes the economics of health and medical care in the United States with particular attention to the role of government. The first part of the course examines the demand for health and medical and the structure and the consequences of public and private insurance. The second part of the course examines the supply of medical care, including professional training, specialization and compensation, hospital competition, and finance and the determinants and consequences of technological change in medicine. The course concludes with an examination of recent proposals and initiatives for health care reform. Must have completed PPHA 32300 Principles of Microeconomics and Public Policy I or equivalent to enroll.

Instructor(s): Meltzer, D     Terms Offered: Spring Prerequisite(s): PBPL 20000 or ECON 20000 and one undergraduate course in quantitative research methods (Statistics or Econometrics) or the equivalent or consent of the instructor Equivalent Course(s): PBPL 28300, CCTS 38300, PPHA 38300

ECON 28000. Industrial Organization. 100 Units.

This course extends the analysis from ECON 20100, with a focus on understanding the way firms make decisions and the effects of those decisions on market outcomes and welfare. The course examines the structure and behavior of firms within industries. Topics include oligopolistic behavior, the problems of regulating highly concentrated industries, and the implementation of U.S. antitrust policy.

Instructor(s): M. Dinerstein     Terms Offered: Spring Prerequisite(s): ECON 20100/20110

ECON 28010. Applied Empirical Industrial Organization. 100 Units.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 20100/20110 and Econ 21020/21030 Note(s): Standard Track Economics majors should register for Econ 28010

ECON 28030. Markets and Regulation. 100 Units.

This is an applied industrial organization course that examines economically regulated market structures. We will analyze: a) types of market structures that particularly generate economic regulation; b) common methods used by regulatory agencies given a particular market structure; and c) models of the supply of and the demand for regulation of markets, with emphasis on maximizing behavior on the part of both suppliers (regulators) and demanders (firms, consumers, political representatives). We will focus on non-financial markets, as financial markets are well-covered in other courses.

Instructor(s): Kathryn Ierulli     Terms Offered: Autumn Prerequisite(s): PQ: PBPL 20000 or equivalent Equivalent Course(s): PBPL 28670

ECON 28060. The Economics of Organizations: An Experimental Perspective. 100 Units.

This course offers an introduction to the experimental methodology while at the same time providing the students with up-to-date insights and findings on how to run an organization and how to manage a workforce. Students will learn the basics of the experimental methodology, learn about the most ground-breaking findings in experimental economics related to the functioning of firms, and know the relevant papers and findings in organizational and personnel economics with a particular emphasis on the question of how to set incentives for workers.

Instructor(s): S. Neckermann Prerequisite(s): ECON 10000/20000/20010 and STAT 22000/23400/24400/24410/ECON 21010

ECON 28100. The Economics of Sports. 100 Units.

This is a course in microeconomics that applies traditional product and factor market theory and quantitative analysis to contemporary economic issues in professional and college athletics. Topics include the sports business; market structures and outcomes; the market for franchises; barriers to entry, rival leagues, and expansion; cooperative, competitive, and collusive behavior among participants; labor markets, productivity, and compensation of players; racial discrimination; public policies and antitrust legislation; and financing of stadiums.

Instructor(s): A. Sanderson Prerequisite(s): ECON 20100/20110; ECON 21020 or ECON 21030 strongly recommended

ECON 28620. Crony Capitalism. 100 Units.

The economic system prevailing in most of the world today differs greatly from the idealist version of free markets generally taught in economic classes. This course analyzes the role played by corporate governance, wealth inequality, regulation, the media, and the political process in general in producing these deviations. It will explain why crony capitalism prevails in most of the world and why it is becoming more entrenched also in the United States of America. The course, which requires only basic knowledge of economics, welcomes undergraduates. This is a cross-listed course offered under BUSN 35225 for Booth students and ECON 28620 for non-Booth students. Booth students will bid on BUSN 35225. Non-Booth student can register under ECON 28620 or, if space is available, enroll via the non-Booth registration process for BUSN 35225. ECON 28620 is not eligible for pass/fail.

Instructor(s): L. Zingales     Terms Offered: Spring Equivalent Course(s): BUSN 35225

ECON 28700. The Economics of Crime. 100 Units.

This course uses theoretical and empirical economic tools to analyze a wide range of issues related to criminal behavior. Topics include the police, prisons, gang behavior, guns, drugs, capital punishment, labor markets and the macroeconomy, and income inequality. We emphasize the analysis of the optimal role for public policy.

Instructor(s): S. Levitt Prerequisite(s): ECON 20100/20110; STAT 23400, ECON 21010, or ECON 21020 strongly recommended Equivalent Course(s): PBPL 23200

ECON 29200. Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start with a quick refresher in the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20000/20010 Note(s): Study Abroad

ECON 29300. Issues and Methods in Macroeconomics. 100 Units.

Using tools and methods in economics, we will study issues in macroeconomics and international trade and finance. The topics we cover include both contemporary and classical issues such as tax incidence and distortions, optimal taxation, inflation, monetary policy, patterns and benefits of trade, and exchange rate determination. The objective of the course is to train students with analytical tools in macroeconomics so that they can understand, analyze, and evaluate various policies and policy proposals. To make the subject matters relevant and practical, students are strongly encouraged to read the Wall Street Journal and the Economist regularly to keep up with current events and controversies.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20200/20210 Note(s): Study Abroad

ECON 29700. Undergraduate Reading and Research. 100 Units.

Students are required to submit the College Reading and Research Course Form. Prerequisite(s): Consent of directors of the undergraduate program

Instructor(s): J. Wong     Terms Offered: Autumn Spring Winter Prerequisite(s): Consent of directors of the undergraduate program

ECON 29800. Undergraduate Honors Workshop. 100 Units.

For details, see the preceding Honors section.

Instructor(s): K. Yoshida, V. Lima     Terms Offered: Autumn Spring Winter Prerequisite(s): Faculty sponsorship and consent of honors workshop supervisors

Economics Master's (ECMA) Courses

ECMA 30750. The Theory of Market Design. 100 Units.

This course will provide an introduction to social choice, two-sided matching, house allocation, school choice, and the recent theoretical developments in kidney exchange. We will develop formal, mathematical language to evaluate and compare different mechanisms including deferred acceptance, top trading cycles, the probabilistic serial mechanism and others. Our approach will be axiomatic; we will explore the tradeoff between the efficiency, incentive compatibility and fairness in the design of mechanisms. This course will be proof-based, so is appropriate for advanced students acquainted with formal mathematical reasoning.

Instructor(s): J. Root     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 and MATH 20300/20310/20700

ECMA 30770. Decision and Strategy. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): Prerequsites for Undergraduates: ECON 20100/ECON 20110 and MATH 20300/MATH 20310/MATH 20700, or consent of instructor Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation. Equivalent Course(s): ECON 20770

ECMA 30780. Decision and Strategy II. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): ECON 20770/ECMA 30770 or consent of instructor Equivalent Course(s): ECON 20780

ECMA 30800. Theory of Auctions. 100 Units.

In part, this course covers the analysis of the standard auction formats (i.e., Dutch, English, sealed-bid) and describes conditions under which they are revenue maximizing. We introduce both independent private-value models and interdependent-value models with affiliated signals. Multi-unit auctions are also analyzed with an emphasis on Vickrey's auction and its extension to the interdependent-value setting.

Instructor(s): P. Reny     Terms Offered: Winter Prerequisite(s): PQ for Undergraduates: ECON 20100 (or Econ 20110), and MATH 20300 (or Math 20310 or Math 20700), and STAT 23400, 24400 or STAT 24410

ECMA 31000. Introduction to Empirical Analysis. 100 Units.

This course introduces students to the key tools of econometric analysis: Probability theory, including probability spaces, random variables, distributions and conditional expectation; Asymptotic theory, including convergence in probability, convergence in distribution, continuous mapping theorems, laws of large numbers, central limit theorems and the delta method; Estimation and inference, including finite sample and asymptotic statistical properties of estimators, confidence intervals and hypothesis testing; Applications to linear models, including properties of ordinary least squares, maximum likelihood and instrumental variables estimators; Non-linear models. Assignments will include both theoretical questions and problems involving data. Necessary tools from linear algebra and statistics will be reviewed as needed.

Instructor(s): J. Hardwick     Terms Offered: Autumn Prerequisite(s): PQs for Undergraduates: Econ 21030 or Econ 21110 or Econ 21130

ECMA 31100. Introduction to Empirical Analysis II. 100 Units.

This course is an introduction to applied econometrics and builds on tools studied in ECMA 31000. Topics include: Selection on observables, instrumental variables, time series, panel data, discrete choice models, regression discontinuity, nonparametric regression, quantile regression.

Instructor(s): J. Hardwick     Terms Offered: Winter Prerequisite(s): Prerequisite for Undergraduates: Econ 21030 or Econ 21110 or Econ 21130 or ECMA 31000 or ECMA 31130. Undergraduates who have taken Econ 21020 are encouraged to obtain instructor consent for enrollment.

ECMA 31130. Topics in Microeconometrics. 100 Units.

This course focuses on micro-econometric methods that have applications to a wide range of economic questions. We study identification, estimation, and inference in both parametric and non-parametric models and consider aspects such as consistency, bias and variance of estimators. We discuss how repeated measurements can help with problems related to unobserved heterogeneity and measurement error, and how they can be applied to panel and network data. Topics include duration models, regressions with a large number of covariates, non-parametric regressions, and dynamic discrete choice models. Applications include labor questions such as labor supply, wage inequality decompositions and matching between workers and firms. Students will be expected to solve programming assignment in R.

Instructor(s): T. Lamadon     Terms Offered: Winter Prerequisite(s): Prerequisites for Undergraduates: ECON 21020 OR ECON 21030

ECMA 31140. Perspectives on Computational Modeling for Economics. 100 Units.

In this course students will learn several computational methodologies and tools to solve, simulate, and analyze models that are the backbone of current macroeconomic analysis. While learning the relevant computational methods is the main objective, the theoretical economic aspects of the model will be stressed and the students will be required to apply their economic knowledge and skills to interpret and analyze the results. We will examine non-stochastic and stochastic general equilibrium models, both under local and global approximations. The main part of the course will deal with representative agent models, but a significant part will be devoted to introducing students to the solution of heterogeneous agent models as well.

Instructor(s): Salas, Sergio     Terms Offered: Winter Prerequisite(s): PQ for undergraduates: Econ 20200/20210 and MATH 19620/Stat 24300/Math 20250 and Stat 23400/Stat 24400/Stat 24410. Note(s): MACSS students have priority. Equivalent Course(s): MACS 30150, MACS 10150

ECMA 31210. Time Series Analysis for Macroeconomics and Finance. 100 Units.

This course will cover various methods and their applications in time series analysis and emphasize empirical exercises by students. The structure of the course starts with theoretical foundations drawing from standard textbooks of Hayashi (2000) and Hamilton (1994) and covers applications to answer important questions in macro and finance. The topics include time series OLS with applications in the Fama interest rate regression and Hansen's study of foreign exchange markets, GMM with the Fama-French model of equity returns, and state-space models with applications to GDP nowcasting. Familiarity with matrix algebra and elementary econometrics is required.

Instructor(s): F. Hayashi     Terms Offered: Spring Prerequisite(s): Prerequisites for Undergraduates: ECON 20200/20210 and ECON 21020/21030 Note(s): This course may count as a data science course for the data science specialization in the same set of options as ECON 21300, ECMA 31320, ECMA 31330, ECMA 31340, ECMA 31350 or ECMA 38010.

ECMA 31320. Applications of Econometric and Data Science Methods. 100 Units.

This course builds on the theoretical foundations set in Econ 21030 and explores further topics pertinent to modern economic applications. While the course content may change from year to year according to student and instructor interests, some potential topics are panel data methods, treatment effects/causal inference, discrete choice/limited dependent variable models, demand estimation, and topics in economic applications of supervised and unsupervised learning algorithms. The course will involve analytically and computationally intensive assignments and a significant empirical project component.

Instructor(s): A. Hortacsu     Terms Offered: Spring Prerequisite(s): CMSC 12300/14200/15200/16200 and ECON 21020 (ECON 21030 Honors Econometrics preferred) or consent of instructor

ECMA 31330. Econometrics and Machine Learning. 100 Units.

This course reviews a number of modern methods from econometrics, statistics and machine learning, and presents applications to economic problems. Examples of methods covered are simulation-based techniques, regularization via coefficient and matrix penalization, and regression and classification methods such as trees, forests and neural networks. Applications include economic models of network formation, and dimension reduction for structural economic models. The course involves programming and work with data. Beyond econometric background such as Econ 21030, students should have a solid background in computation.

Instructor(s): S. Bonhomme     Terms Offered: Not offered in 2022-2023 Prerequisite(s): CMSC 12300/14200/15200/16200 and ECON 21020 (ECON 21030 Honors Econometrics preferred)

ECMA 31340. Big Data Tools in Economics. 100 Units.

The goal of the class is to learn how to apply microeconomic concepts to large and complex datasets. We will first revisit notions such as identification, inference and latent heterogeneity in classical contexts. We will then study potential concerns in the presence of a large number of parameters in order to understand over-fitting. Throughout the class, emphasis will be put on project-driven computational exercises involving large datasets. We will learn how to efficiently process and visualize such data using state of the art tools in python. Topics will include fitting models using Tensor-Flow and neural nets, creating event studies using pandas, solving large-scale SVDs, etc.

Instructor(s): T. Lamadon     Terms Offered: Winter Prerequisite(s): PQs for Undergraduates:ECON 20100/20110 and ECON 21020/21030

ECMA 31350. Machine Learning for Economists. 100 Units.

This course reviews modern machine learning techniques and their applications in economics. The course covers some of the classical techniques, including lasso, regression trees, random forests, principal components analysis, and neural networks, as well as cutting-edge double machine learning methods. Applications include economic models of network formation, program evaluation, demand estimation, and asset pricing. The course involves programming and working with data. Students are expected to have a solid background in statistics, econometrics, and computation.

Instructor(s): K. Ponomarev     Terms Offered: Winter Prerequisite(s): For Undergraduates: CMSC 12300//14200/15200/16200 and ECON 21020 (ECON 21030 Honors Econometrics preferred)

ECMA 31360. Causal Inference. 100 Units.

This course reviews modern causal inference techniques and their applications in business and economics. The course covers the treatment-control comparison estimator, regression adjustment, matching (on covariates and propensity score), difference in differences (canonical and with staggered treatment), panel data methods, regression discontinuity design (sharp and fuzzy), instrumental variables and local average treatment effect (LATE) estimator. At different points during the course, we mention how machine learning (ML) techniques have recently been used to enrich the classical methods. The course involves programming (R language) and working with data. Students are expected to have a solid background in statistics (working knowledge of R and familiarity with RStudio) and econometrics.

Instructor(s): M. Tartari     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 21020/21030

ECMA 33220. Introduction to Advanced Macroeconomic Analysis. 100 Units.

This course introduces students to advanced methods for macroeconomic analysis. In the first part, we discuss time series methods such as impulse response analysis, vector autoregression, co-integration, shock identification, and business cycle detrending. In the second part, we examine and analyze a simple, yet powerful stochastic dynamic real business cycle model. In that context, the students will learn about dynamic programming, rational expectations, intertemporal optimization, asset pricing, the Frisch elasticity of labor supply, log-linearization, and computational tools to solve for the recursive law of motion of dynamic stochastic general equilibrium models. Finally, we touch upon some further models, such as the overlapping generations model and/or the continuous-time neoclassical growth model. The course is useful for students interested to deepen their knowledge in macroeconomics, in order to read, understand, and replicate some of the recent research in the field; as preparation for careers involving macroeconomic analysis, time series analysis, or asset pricing; or as preparation for graduate school. Decent knowledge of linear algebra and calculus is required. All advanced material will be taught in class.

Instructor(s): H. Uhlig     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECMA 33221. Introduction to Advanced Macroeconomic Analysis II. 100 Units.

This course introduces concepts and tools for advanced macroeconomics. It builds on ECMA 33220. We discuss the decision of consumption and investment over time, monetary economics, fiscal policy, asset pricing, and international economics. We introduce numerical methods to solve problems in economics and finance such as methods to solve nonlinear equations and to generate random numbers. These methods are useful when we solve economic models through value-function iterations, quadratic linearization, and other methods. Some topics discussed are the welfare cost of inflation, portfolio allocation, the yield curve and economic activity, optimal taxation, and financial markets and monetary policy. As ECMA 33220, this course is useful for students interested in increasing their knowledge in macroeconomics for careers involving macroeconomic analysis and as preparation for graduate school. Knowledge of calculus and linear algebra is expected.

Instructor(s): A. Silva     Terms Offered: Winter Prerequisite(s): For Undergraduates: ECON 20200/20210 and ECON 21020/21030

ECMA 33230. Macroeconomic Crises. 100 Units.

This course introduces students to economic theories of "crises" or particular periods of rapid (negative) changes in real and financial variables that are distinct from long-run growth and regular business cycles. In particular, we will cover the origin of various types of financial crises, i.e. speculative bubbles, bank runs, credit crunches, and sovereign debt crises and defaults. Time permitting, we will also study currency crises and speculative attacks. Throughout, our focus will be on the implications for fiscal and monetary policy.

Instructor(s): N. Balke     Terms Offered: Winter Prerequisite(s): ECON 23950 and ECON 21020 (or ECON 21030)

ECMA 33330. Introduction to Dynamic Economic Modeling. 100 Units.

This course provides an introduction to dynamic economic models, with applications to macroeconomics, labor economics, financial economics, and other subfields of economics. The core methodology will be consistent over time, but the applications will vary from year to year. The course will analyze decentralized equilibrium and social planner's problems in dynamic environments. It will focus on developing techniques for analyzing such models graphically, analytically, and computationally. Students should be familiar with constrained optimization (e.g. Lagrangians), linear algebra, and difference equations, as well as microeconomics, macroeconomics, and econometrics at an intermediate level.

Instructor(s): R. Shimer Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECMA 33603. Introduction to Macroeconomics and Financial Frictions. 100 Units.

This course studies the behavior of consumers, investors, and firms when they face frictions to take their decisions. These frictions can be in the form of costs to change portfolios, to change prices, or to find another investor to trade. Frictions also appear in the form of borrowing costs, the possibility of default, or the need to use money to carry on transactions. We show how taking into account these frictions change predictions about the economy. Borrowing constraints, for example, affect interest rates, and the need to rebalance portfolios changes predictions on optimal taxation. We discuss models, techniques and papers that show the relevance of frictions for economic analysis.

Instructor(s): A. Silva     Terms Offered: Spring Prerequisite(s): PQ for Undergraduates: ECON 20200/20210 and ECON 21020/21030

ECMA 33620. Introduction to Heterogeneous Agent Macroeconomics. 100 Units.

This class is an introduction to macroeconomics with heterogeneous households. We will study consumption-savings problems, income dynamics, wealth inequality in partial and general equilibrium, and the effects of fiscal and monetary policy in the presence of household inequality. The class will make use of theoretical analysis, empirical analysis and computational methods. Material will be presented in both discrete and continuous time. Students will analyze micro-level data on wealth, income and consumption, and will learn how to write code to solve heterogeneous agent models on a computer. Familiarity with a statisical package such as R or Stata, and a programming language such as Matlab, Python, Julia, Fortran or C is highly recommended.

Instructor(s): G. Kaplan Prerequisite(s): Undergraduates: PQ: ECON 20200/20210 and ECON 21020/21030

ECMA 35550. The Practicalities of Running Randomized Control Trials. 100 Units.

This course is designed for those who plan to run a randomized control trial. It provides practical advice about the trade-offs researchers face when selecting topics to study, the type of randomization technique to use, the content of a survey instruments, analytical techniques and much more. How do you choose the right minimum detectable effect size for estimating the sample size needed to run a high quality RCT? How do you quantify difficult to measure outcomes such as women's empowerment or ensure people are providing truthful answers when you are asking questions on sensitive topics like sexual health? When should you tie your hands by pre-committing to your analysis plan in advance, and when is a pre-analysis plan not a good idea? This course will draw on lots of examples from RCTs around the world, most (though not all) from a development context. Alongside field tips, it will also cover the concepts and theory behind the tradeoffs researchers face running RCTs. The course is designed for PhD students but given its practical nature is open to and accessible to masters students who plan to work on RCTs.

Instructor(s): Glennerster, Rachel     Terms Offered: Autumn Equivalent Course(s): PPHA 35561, ECON 35550

ECMA 36700. Economics of Education. 100 Units.

This course explores economic models of the demand for and supply of different forms of schooling. The course examines the markets for primary, secondary, and post-secondary schooling. The course examines numerous public policy questions, such as the role of government in funding or subsidizing education, the design of public accountability systems, the design of systems that deliver publicly funded (and possibly provided) education, and the relationship between education markets and housing markets.

Instructor(s): D. Neal Prerequisite(s): ECON 21020 or ECON 21030 Equivalent Course(s): PBPL 26705, EDSO 26700

ECMA 38010. Empirical Industrial Organization. 100 Units.

This course will provide an introduction to state-of-the-art methodologies in Empirical Industrial Organization. We will use real-life data to learn about consumers and firms. We will cover demand and preference estimation, production function estimation, empirical models of market entry, and auctions. We will also discuss applications including prediction, policy analysis, and price optimization. Students will learn about theory, estimation, optimization, and practical considerations. Students will apply what they learn using R.

Prerequisite(s): Prerequisites for Undergraduates: ECON 20100/20110 and ECON 21020/21030

Business Economics Courses

BUSN 20550. Application Development. 100 Units.

The new reality is that every company is a software company. Even in traditionally brick-and-mortar industries, software is performing more and more of the work. Many companies (especially "lean startups") are purely software-based. Lacking an understanding of how software works and how software is built puts you at a disadvantage. Our goal is to develop an understanding of both. We believe the best way to do that is to build something yourself, using modern languages and workflows. You will build a functional prototype of your own app idea, and will learn the Ruby on Rails web application framework. Higher-level goals are to: 1. Understand the general, platform-independent patterns of how apps work. 2. Communicate more effectively and credibly. 3. Develop a builder's eye for problems that can be solved with technology. 4. Prioritize features more intelligently by developing a better feel for their costs. 5. Implement a modern software development workflow, from task management to version control to quality assurance to deployment. 6. Be able to make and test small changes to an app yourself. This course is entirely project-driven. We will build a series of apps in class. Also, you will build your own app idea which will be your final project. This course is designed for a beginner who has never programmed before. Note: Due to the intensive support requirements and volume of requests, we can't allow auditors.

Instructor(s): R. Betina; Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20550 if BUSN 36110 Application Development taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. BUSN 20550 (and BUSN 36110) cannot count toward the standard economics major electives or the business economics specialization electives.

BUSN 20930. Social Sector Strategy and Structure. 100 Units.

The social sector, which encompasses nonprofit & for-profit firms that are primarily pursuing a solution to social or environmental issues, is an increasingly important sector. This course provides an overview of the structures, strategy frameworks, and management tools employed by social sector organizations to ensure that they deliver on the impact they seek. In particular, the course examines those approaches that differ from managing a non-impact seeking venture. The same fundamental approaches to marketing, competitive analysis, etc. can be translated across contexts. Where there are differences, however, they are important. We will review & analyze the distinctive challenges of managing for social or environmental impact, as opposed to profit maximization. We will use cases & exercises to examine and unpack social sector management and strategy. This includes how organizations are structured from a tax-status perspective; common business models; management tools such as the construct of theory of change/intended impact, impact measurement, marketing to donors & beneficiaries; managing paid & unpaid labor; funding sources such as philanthropy & impact investing; governance; and scale and growth. This is a "survey course" of the management tools, strategy frameworks, and structural approaches used in the social sector. It is not deep dive into any of these topics, and is designed to provide any student with a working knowledge of managing social sector organizations.

Prerequisite(s): This course is not open to MBA students. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Accounting Courses

BUSN 20100. Financial Accounting. 100 Units.

This course provides an introduction to financial statements and the financial reporting process from a user's perspective. The focus of the course is on fundamental accounting concepts and principles. Students learn how the economic transactions of a firm are reported in the financial statements and related disclosures. The objective of the course is to provide students with basic skills necessary to read and analyze financial statements as well as to prepare students for more advanced financial statement analysis courses.

Instructor(s): M. Muhn; L. Soffer; C. McClure; W. Heltzer; D. Samuels; J. Bonham     Terms Offered: Autumn Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20100 if BUSN 30000 Financial Accounting taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20101. Managerial Accounting. 100 Units.

This course focuses on internal operations, cost analysis, and performance evaluation, as opposed to the evaluation of external financial statements. Its targeted audience includes students intending become management consultants, entrepreneurs, managers (e.g., CEOs, CFOs, COOs, and product managers), and anyone with an interest in understanding how firms (1) make decisions about products and services and (2) evaluate performance and control risk. Topics covered include overhead allocation, activity based costing, opportunity cost of excess capacity, customer profitability, capital budgeting, transfer pricing, performance evaluation, risk management, internal controls, and fraud. Applications cover both the manufacturing and services sectors.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20101 if BUSN 30001 Cost Analysis and Internal Controls taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20140. Accounting and Financial Analysis. 100 Units.

Course is designed to improve students' understanding of financial information beyond an intro accounting class. It is designed to provide the knowledge of financial statements necessary to conduct a reasonably sophisticated financial statement analysis. Focus is on the use of financial statements, although this requires some understanding of the process by which financial statements are produced. It will benefit students who want to become investment bankers, economic consultants, analysts, or other jobs that requires more than a superficial understanding of financial reporting. Not limited to study of financial statements. Will also work with supplemental disclosures, which help the user to interpret the financial statements and to understand better the economic transactions that gave rise to them. Techniques employed will be useful for variety of purposes including (but not limited to) equity, credit, and complex deals (such as M&A) analysis. Although this course does not cover forecasting, valuation, or models of complex deals, a thorough understanding of financial reporting issues is critical to being able to use such techniques. This course especially useful as a prelude to Financial Statement Analysis (B20150/B30130), Advanced Financial Analysis and Valuation for Global Firms (B30131), and Deal Structuring and Financial Reporting Implications (B30122). Must submit answers to 5 cases based on actual financial statements. There are two in-person exams (Weeks 5 & 10).

Instructor(s): H. Christensen     Terms Offered: Autumn Prerequisite(s): Strict PQ: BUSN 20100 (or 30000). To register for this class, students must have taken BUSN 20100 or 30000. NEGPQ BUSN 30116 - Students cannot enroll in this class if they have taken BUSN 30116. All first year college students are restricted from enrolling in this course; new transfer students ok.

BUSN 20150. Financial Statement Analysis. 100 Units.

This course teaches you how to analyze financial statements in order to develop financial statement models, assess credit risk, and, ultimately, value a company. The course provides both a framework and the tools necessary to analyze financial statements. Its primary objective is to advance your understanding of how financial reporting can be used in a variety of decisions (e.g., lending and investment decisions) and analyses (e.g., financial distress and bankruptcy prediction). It is applied in nature and stresses the use of actual financial statements. Throughout the course, I draw heavily on real business examples and use cases to illustrate the application of the techniques and tools. Topics include traditional ratio analysis techniques, accounting analysis (i.e., identifying earnings management and accounting quality issues), and financial risk assessment. The second part of the course focuses on equity valuation, e.g., the preparation of pro forma financial statements, and the use of various valuation models. While students with a multitude of interests will benefit from this course, students with an interest in investment banking, equity or credit analysis, consulting, strategy, corporate finance, or management will find this course particularly relevant.

Instructor(s): Faculty TBD     Terms Offered: Spring Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20150 if BUSN 30130 Financial Statement Analysis taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. Financial Accounting (BUSN 20100 or BUSN 30000) is a strict prerequisite.

BUSN 20170. Tax Strategies. 100 Units.

This course provides students with a framework for thinking about tax planning. This framework has two principal advantages. First, it is designed to have value long after the recent and next tax law change. Second, the framework is portable, in that it can be applied to any set of tax laws - those of the United States or any other country. Although the course generally focuses on U.S. based transactions and planning examples, the underlying ideas are applicable in other jurisdictions. Once developed, the framework is applied to a variety of business settings. The applications integrate concepts from finance, economics, and accounting to achieve a more complete understanding of the role of taxes in business strategy. The course also includes periodic focus on the financial accounting ramifications of tax planning. Moreover, the course content has valuation related implications. Topics include the following: tax planning for mergers, acquisitions, and divestitures; taxation of structures for new businesses (e.g., C Corps, and LLCs); tax planning for financing transactions, including cross-border financing, executive compensation (e.g., incentive stock options); and others.

Terms Offered: TBD Prerequisite(s): All first year college students are restricted from enrolling in this course; new transfer students ok.

BUSN 20180. Advanced Financial Analysis and Valuation for Global Firms. 100 Units.

The course covers advanced financial analysis and valuation for global firms. It is designed for students who already have a basic familiarity with corporate valuation and DCF analysis (from corporate finance class) as well as solid accounting knowledge. We cover financial analysis of different business models, specific situations (e.g., cyclicals, young growth companies, closely-held firms) as well as the analysis and valuation of foreign companies (e.g., emerging markets, reporting under IFRS). Capital markets have become increasingly global, providing more opportunities for corporate investments and M&A abroad. Evaluating these global investments, however, poses unique challenges for financial analysis (e.g., regarding information, accounting and governance) as well as valuation problems.

Prerequisite(s): Investments (BUSN 20400 or 35000), corporate finance (BUSN 20410 or 35200) and accounting (BUSN 20100 or 30000) all helpful background for success in this class. Cannot take BUSN 20180 if BUSN 30131 taken previously.

Entrepreneurship Courses

BUSN 20330. Building the New Venture. 100 Units.

This course is intended for students who are interested in starting new entrepreneurial businesses. It is tactical, hands-on, and covers the nuts and bolts of starting a company with a lesser emphasis on investing in entrepreneurial ventures. Students will learn how to raise seed funding, compensate for limited human and financial resources, establish brand values and positioning, secure a strong niche position, determine appropriate sourcing and sales channels, and develop execution plans in sales, marketing, product development and operations. The emphasis is managerial and entrepreneurial, essentially a working model for starting an enterprise. This class is executed through a combination of lectures, group assignments based on student's new venture ideas, case discussions, VC and entrepreneur guest lectures and panels, and ultimately ties together in a pitch at the end of the quarter to a panel of VC observers.

Instructor(s): C. Przybyl     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20330 if BUSN 34103 Building the New Venture taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20340. Developing a New Venture. 100 Units.

This course is designed to guide groups of students through the new venture creation process. Students will have passed through the first round of the College New Venture Challenge, and will be developing their own original new business ideas. Students may enter the course with ideas that are traditionally for-profit in nature or more socially oriented (either for- or not-for-profit ventures). Students in this course can expect to learn: • how to evaluate the potential and viability of their entrepreneurial ideas • how to conduct research on specific market opportunities • how to analyze the competitive landscape • have to evaluate the merits and drawbacks of unique business models • how to pitch their idea/venture to investors, experts, mentors, and fellow entrepreneurs Additional topics include financial projections, product /technology development, legal issues for startups, and entrepreneurial marketing tactics. Students must prepare and submit original feasibility summaries prior to the application deadline. During the course, students will expand these summaries into full business plans, and will be required to present their ventures multiple times to venture capital investors, entrepreneurs, and startup mentors. Students interested in careers in: startups, technology, business, consulting, and management are encouraged to take this course. Enrollment by permission based on the feasibility summary application. This course is not open to MBA students.

Instructor(s): S. Marcello     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. Consent only: Students will have passed through the first round of the College New Venture Challenge. Students may enroll in both BUSN 20340 and BUSN 34104 Special Topics in Entrepreneurship: Developing a New Venture (New Venture Challenge), but may receive credit for only one within the Entrepreneurship bundle of the business economics specialization.

BUSN 20920. Social Entrepreneurship and Innovation. 100 Units.

We will study social innovation with a focus on the role of social entrepreneurship for implementing innovative solutions to society's problems. A team of 4 students will be assigned with an innovative idea that addresses a social problem and could become a (for-profit or non-profit) social venture. Students will provide their preferences for assignment from a list of preselected ideas. Teams will essentially develop a business idea around this innovation. To achieve this, students will research the relevant literature, conduct customer discovery, analyze the competitive landscape, validate and refine the offering, propose a business model, articulate a theory of change, and identify an impact management strategy. Teams will present to the idea sponsor at the end of the quarter and in a mid-quarter check-in. The hope is that there will be sufficient validation and interest to move forward with some of these ventures with students involved in or leading the venture. One path is to participate in the John Edwardson, '72, Social New Venture Challenge. Much of class time will be devoted to group exercises to implement frameworks to answer these questions for the projects as well as a set of case study examples we will use throughout the course. In addition, there will be readings and discussions on a set of topics to provide a broader understanding of the economics of social innovation and its relationship to more traditional innovation. Grading will be based weekly project

Terms Offered: TBD Prerequisite(s): Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20920 if BUSN 34117 Social Entrepreneurship and Innovation taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https:// tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

Finance Courses

BUSN 20400. Investments. 100 Units.

This course offers the financial theory and quantitative tools necessary for understanding how stock, bond, and option prices are determined, and how financial assets are used for investment decisions. Topics covered include the following: the term structure of interest rates; portfolio selection based on mean-variance analysis; models of risk and return (including the CAPM and multifactor models); performance evaluation; market efficiency and the random walk hypothesis; asset pricing anomalies and behavioral finance; derivative security pricing (including options, futures, forwards, and swaps); and international investment. This course is not open to MBA students.

Instructor(s): A. Zhang; Q. Vandeweyer     Terms Offered: Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20400 if BUSN 35000 Investments taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20405. Financial Instruments. 100 Units.

This course develops, critically assesses, and applies theories of pricing derivatives. Topic discussed are: forward and futures contracts; interest rate and currency swaps; option trading strategies; binomial option pricing; the Black-Scholes-Merton option pricing model and extensions; risk management with options; empirical evidence and time-varying volatility; the pricing and hedging of corporate securities (common stock, senior and junior bonds, callable bonds, warrants, convertible bonds, and putable bonds); credit risk; and real options.

Instructor(s): J. Heaton     Terms Offered: Autumn Prerequisite(s): There are no enforced prerequisites but Investments (Business 20400/35000) is helpful. This course is not open to MBA students. Cannot enroll in BUSN 20405 if BUSN 35100 Financial Instruments taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20410. Corporation Finance. 100 Units.

This course provides you with an understanding of major decisions made by corporate financial managers and to familiarize you with the tools used to make these decisions. The first part of the course covers methods used to value investment opportunities. Particular attention is given to discounted cash flow valuation, including the methods of weighted average cost of capital (WACC) and adjusted present value (APV). The second part of the course focuses on issues of corporate financial structure. The focus will be on the choice of financing through equity, debt and other types of securities and on payout policies through dividends. Specialized topics, such as mergers and acquisitions and corporate hedging will be covered as time permits.

Instructor(s): E. Jiang; C. Yannelis     Terms Offered: Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20410 if BUSN 35200 Corporation Finance taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course. Financial Accounting (BUSN 20100 or 30000) required. Investments (BUSN 20400 or 35000) strongly recommended.

Management Courses

BUSN 20600. Marketing Management. 100 Units.

The objective of the course is to provide an intro to marketing strategy. The course develops a common framework (3Cs/4Ps) to analyze real world problems presented in business cases and synthesize recommendations addressing strategic marketing issues. Numerous tools used to support the framework are also introduced. GOALS: 1. Introduce marketing strategy and elements of marketing analysis or business situation analysis: Customer analysis, Company analysis and Competitor analysis (3Cs). 2. Develop familiarity with tactical use of elements of the marketing mix - product policy, pricing, promotion and placement/distribution (4 Ps)-in a manner consistent with marketing analysis and strategy. 3. Integrate elements of the framework prescriptively into real world business situations. 4. Provide exposure to business case analysis and critical thinking common in case-based business classes. FORMAT: This course uses lectures to introduce concepts, and uses cases and business examples to illustrate them. Grading criteria includes homework assignments/case write-ups, final exam, and class participation that may involve student presentations or in-class exercises.

Instructor(s): J. McKinney     Terms Offered: Spring Summer Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20600 if BUSN 37000 Marketing Strategy taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

BUSN 20701. Managing in Organizations. 100 Units.

Successfully managing other people - be they competitors or co-workers - requires an understanding of their thoughts, feelings, attitudes, motivations, and determinants of behavior. Developing an accurate understanding of these factors, however, can be difficult to achieve because intuitions are often misguided and unstructured experience can be a poor teacher. This course is intended to address this development by providing the scientific knowledge of human thought and behavior that is critical for successfully managing others, and also for successfully managing ourselves.

Instructor(s): A. Todorov     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20701 if BUSN 38001 Managing in Organizations taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20702. Managerial Decision Making. 100 Units.

This course is designed to make you a better decision maker. Good decision makers know how to recognize decision situations, then how to represent the essential structure of the situations, and how to analyze them with the formal tools from decision theory. But, perhaps more important, they need to be able to think effectively about the inputs into a decision analysis, whether to trust the analysis, and how to use the outputs to guide actions by themselves and their firms. And, maybe most important of all, they need to know how to make effective, unaided intuitive decisions, and to recognize the limits on their intuitive skills. This course will move back and forth between formal, optimal models and behavioral, descriptive models to help you understand and improve your native decision making abilities.

Instructor(s): R. White     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20702 if BUSN 38002 Managerial Decision Making taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20710. Behavioral Economics. 100 Units.

Behavioral economics applies psychological insights to economic markets and decision making. In this class, we will discuss the recent theoretical and empirical advances that have been made in this increasingly important field of economics. Being thoughtful about the role of psychology can lead to a greater understanding of how the economy works.

Instructor(s): D. Pope; A. Imas     Terms Offered: Spring Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20710 if BUSN 38120 The Study of Behavioral Economics taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20711. Choosing Leadership. 100 Units.

Get a head start on your personal leadership development journey by asking critical questions that most others wait to ask such as: What makes me a good leader? How can I improve my leadership skills? How can I add value by creating meaning? What is my definition of leadership? This course is about the practice of leadership. We take the approach that leadership development is an ongoing process of self-discovery. The content is based on insights from the core discipline of social psychology. Students use the data of their own experience as input together with a series of written assignments and in-class activities, including discussions, films, simulations, and peer coaching. The course enables students to engage in reflection, explore values and assess how they want to skillfully apply these lessons to their own leadership practice. No prerequisites.

Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

Marketing Courses

BUSN 20610. Pricing Strategy. 100 Units.

This course blends marketing analytic frameworks, marketing strategy & microeconomic theory, and data to formulate actionable pricing strategies. Students will learn how to coordinate pricing decisions with the rest of the marketing value proposition. Numerous pricing structures are developed in the course, along with their microeconomic foundations. Students will learn the underlying theory for each pricing structure, along with the practical considerations for implementation

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20610 if BUSN 37202 Pricing Strategies taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20620. Data Driven Marketing. 100 Units.

Marketing decisions in the era of big data are increasingly based on a statistical analysis of large amounts of transaction and customer data that provides the basis for profitability and ROI predictions. The goal of this class is to introduce modern data-driven marketing techniques and train the students as data scientists who can analyze data and make marketing decisions using some of the state-of-the-art tools that are employed in the industry. We will cover a wide range of topics, including demand modeling, the analysis of household-level data, customer relationship management (CRM) and database marketing, and elements of digital marketing. The focus throughout is on predicting the impact of marketing decisions, including pricing, advertising, and customer targeting, on customer profitability and the return on investment (ROI) from a customer interaction.

Instructor(s): G. Compiani     Terms Offered: Autumn Prerequisite(s): BUSN 20600 or BUSN 37000 required prereq. Previous stats background helpful. This course is not open to MBA students. Cannot enroll in BUSN 20620 if BUSN 37105 Data Science for Marketing Decision Making taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Operations Courses

BUSN 20500. Operations Management. 100 Units.

This core course focuses on understanding levers for structuring, managing, and improving a firm's recurring business processes to achieve competitive advantage in customer responsiveness, price, quality, and variety of products and services. These levers are broadly applicable to service firms, for example banks, hospitals, and airlines, as well as to traditional product-based firms. Processes within firms, as well as between firms, i.e. supply chains, are explored. The fundamental principles underlying state- of-the-art practices, such as Lean, Mass Customization, and Time-Based Competition, are explored so that students learn to critically evaluate these and other operational improvement programs. Students learn the basics of how to manage the operations of a firm, and how operations issues affect and are affected by the many business decisions they will be called upon to make or recommend in their careers. As such, this course is essential to students aspiring to become consultants, entrepreneurs, or general managers. A working knowledge of operations is also indispensable to those interested in marketing, finance, and accounting, where the interface between these functions and operations is critical. Finally, an understanding of how firms become market leaders through operations is important in investment careers. This course is not open to MBA students.

Instructor(s): J. Birge     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20500 if BUSN 40000 Operations Management: Business Process Fundamentals taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20510. Managerial Decision Modeling. 100 Units.

This course is designed to sharpen students' analytical skills and elucidate quantitative modeling as an aid in managerial decision-making. The course teaches various ways to frame, set up and solve managerial questions about resource allocation, revenue management, finance, marketing, operations and risk analysis using Microsoft Excel, as well as various tools and add-ins. The course will introduce various modeling frameworks and analytical tools in optimization and simulation. Students in this course will become proficient in formulating relevant managerial questions in the language of optimization and simulation modeling, as well as in solving the resulting problems using the frameworks covered in the course and interpreting the results. The course involves hands-on active learning through in-class cases and examples, homework and term project which applies the tools and modeling frameworks learned in the course to a business problem.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20510 if BUSN 36106 Managerial Decision Modeling taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20520. Supply Chain Management. 100 Units.

The supply chain of a firm is critical to its performance. Supply chains are networks of organizations that supply and transform materials and distribute final products to consumers. If designed and managed properly, these networks can be a crucial source of competitive advantage for both manufacturing and service enterprises. Students will learn how to examine and improve the flow of materials and information through this network of suppliers, manufacturers, distributors, and retailers in order to match supply with demand (i.e., to get the right products to the right customers in the right amount and at the right time). Key topics include inter- and intra-firm coordination, incentive design, the impact of uncertainty, and the role of information technology. Special emphasis is given to understanding how the business context shapes managerial decisions regarding the strategic design and management of the supply chain.

Instructor(s): L. DeValve     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20520 if BUSN 40101 Supply Chain Strategy and Practice taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Statistics Courses

BUSN 20800. Big Data. 100 Units.

Big Data is a course about data mining: the analysis, exploration, and simplification of large high-dimensional datasets. Students will learn how to model and interpret complicated `Big Data' and become adept at building powerful models for prediction and classification. Techniques covered include an advanced overview of linear and logistic regression, model choice and false discovery rates, multinomial and binary regression, classification, decision trees, factor models, clustering, the bootstrap and cross-validation. We learn both basic underlying concepts and practical computational skills, including techniques for analysis of distributed data. Heavy emphasis is placed on analysis of actual datasets, and on development of application specific methodology. Among other examples, we will consider consumer database mining, internet and social media tracking, network analysis, and text mining.

Instructor(s): D. Xiu     Terms Offered: Winter Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20800 if BUSN 41201 Big Data taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20810. Machine Learning. 100 Units.

Students will learn about state-of-the-art machine learning techniques and how to apply them in business related problems. Techniques will be introduced in the context of business applications and the emphasis will be put on how machine learning can be used to create value and provide insights from data. First, and the biggest, part of the class will focus on predictive analytics. Students will learn about decision trees, nearest neighbor classifiers, boosting, random forests, deep neural networks, naive Bayes and support vector machines. Among other examples, we will apply these techniques to detecting spam in email, click-through rate prediction in online advertisement, image classification, face recognition, sentiment analysis and churn prediction. Students will learn what techniques to apply and why. In the second part of the class, students will learn about unsupervised techniques for extracting actionable patterns from data. Examples include clustering, collaborative filtering, probabilistic graphical modelling and dimension reduction with applications to customer segmentation, recommender systems, graph and time series mining, and anomaly detection.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20810 if BUSN 41204 Machine Learning taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20820. Financial Econometrics. 100 Units.

This course covers a variety of topics in financial econometrics. The topics covered are of real- world, practical interest and are closely linked to material covered in other advance finance courses. Topics covered include ARMA models, volatility models (GARCH), factor models, models for time varying correlations, analysis of panel data, cointegration models for long-run co-movement between prices and models for transactions data and the analysis of transactions cost.

Instructor(s): J. Russell     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20820 if BUSN 41203 Financial Econometrics taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

Strategy and the Business Environment Courses

BUSN 20200. Macroeconomics and the Business Environment. 100 Units.

This course is designed to introduce students to classic macroeconomic issues such as economic growth, recessions, unemployment, inflation, interest rates, government deficit, international capital flows, and exchange rates. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of the economy. The analytical tools developed in class will be used to understand the recent experience of the United States and of the world economy and to discuss current policy debates.

Terms Offered: TBD Prerequisite(s): Cannot enroll in BUSN 20200 if BUSN 33050 (or 33040) taken previously.

BUSN 20230. International Financial Policy. 100 Units.

This course will help students develop an understanding of issues in international macroeconomics that are important for investors and managers operating in the global marketplace. It will cover theories of the determination of exchange rates and interest rates, the management of foreign exchange risk, international capital flows, debt and currency crises, international monetary and exchange rate regimes, the roles of the international financial institutions in developing countries, and other characteristics of international financial markets.

Instructor(s): Faculty TBD     Terms Offered: TBD Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20230 if BUSN 33502 International Financial Policy taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20231. Economics in a Globalized World. 100 Units.

International trade has always been economically controversial and politically contentious. This course demystifies some of the complex issues that surround discussions of globalization. It asks such questions as: Why do countries engage in trade? Are countries in competition with one another, making one a winner and another a loser, or is trade mutually beneficial? Who gains and who loses from international trade within a country? Should high-wage countries be worried about competition from low-wage countries? Is international trade the main cause of increasing U.S. wage inequality? How do global supply chains affect firms and workers? How is the burden of import tariffs divided in the economy? Do international trade agreements create jobs or destroy jobs? What is the impact of a trade war on the global economy? This course examines these questions and much more. There are no strict prerequisites, but I assume familiarity with concepts of microeconomics.

Instructor(s): R. Adao     Terms Offered: Spring Prerequisite(s): There are no strict prerequisites, but I assume familiarity with concepts of microeconomics. This course is not open to MBA students. Cannot enroll in BUSN 20231 if BUSN 33501 International Commercial Policy taken previously. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20900. Competitive Strategy. 100 Units.

The course applies microeconomics (including elements of price theory, game theory, and industrial organization) to analyze decisions firms face in business environments. There will be specific focus on strategic decisions and the factors that influence firms' competitive advantages. Class time will be devoted to lectures and case discussions. Topics covered include sources of competitive advantage, scope of the firm, efficient performance, pricing, entry and exit, vertical structure, and network externalities.

Instructor(s): J. McKinney     Terms Offered: Autumn Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20900 if BUSN 42001 Competitive Strategy taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year college students are restricted from enrolling into this course.

BUSN 20940. Business Ethics. 100 Units.

Students in this course will gain experience formulating coherent arguments about the ethics and role of business, by relating their own views to important ideas about business, democracy and markets. We will use this approach to consider a broad range of tradeoffs and controversies that business leaders often confront. The business environment creates ethical choices that can be hard to think through clearly. It can also subject companies to negative publicity or political pressure, which affects both how they are regulated and how well they attract employees, customers and partners. Business leaders are often called upon to make credible and persuasive arguments defending their products, their firms, their industries, or the capitalist or market system in which they operate. The quality and accuracy of arguments in this environment vary, but usually include assertions that a business or its leaders are behaving unethically or lack legitimacy. The ability to assess these claims, and to address them effectively when you think the facts and arguments are on your side, is a crucial skill, especially given the extensive influence of governments, pressure groups and the media. This course requires students to consider how their views on the role and conduct of business relate to the ideas of important thinkers, and to apply their views to business settings by discussing controversial topics or decisions.

Instructor(s): B. Barry     Terms Offered: Spring Prerequisite(s): Prerequisite(s): This course is not open to MBA students. Cannot enroll in BUSN 20940 if BUSN 33471Business, Politics, and Ethics taken previously, and vice versa. Booth Book Fee may be assessed. Refer to FAQ webpage for registration and schedule details: https://tinyurl.com/y8wz3oge. All first year College students are restricted from enrolling into this course.

ECON 10000. Principles of Microeconomics. 100 Units.

By way of economic theory, applications, and contemporary issues, this course treats (1) the behavior and decision making on the part of individuals, business firms, and governments; and (2) the function of costs, prices, incentives, and markets in the American economy. We discuss contemporary topics (e.g., distribution of income, the environment, education, sports, health care). This course is formerly known as Econ 19800: Introduction to Microeconomics. Students may substitute "Econ 20000: The Elements of Economic Analysis I" for this course in the business economics track.

Instructor(s): A. Sanderson; M. Lee     Terms Offered: Autumn Spring Winter

ECON 10200. Principles of Macroeconomics. 100 Units.

By way of theory and public policy applications, this course covers current major domestic and international macroeconomic issues in the U.S. economy, including the determination of income and output, inflation, unemployment, and economic growth; money, banking, and the Federal Reserve System; federal spending, taxation, and deficits; and international trade, exchange rates, and the balance of payments. This course is formerly known as Econ 19900: Introduction to Macroeconomics. Students may substitute "Econ 20200: The Elements of Economic Analysis III" for this course in the business economics track.

Instructor(s): A. Sanderson, G. Pieters     Terms Offered: Autumn Spring Winter

ECON 10700. Introductory Game Theory. 100 Units.

Instructor(s): R. Fang     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770] toward the 42 credits required for graduation.

ECON 11010. Introduction to Statistical Methods in Economics. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210

ECON 11020. Introduction to Econometrics. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 10000/20000/20010 and ECON 10200/20200/20210; ECON 11010 or ECON 21010 or STAT 22000 or STAT 23400 or STAT 24400

ECON 11310. Big Data and Better Decisions. 100 Units.

Instructor(s): A. Root     Terms Offered: Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 11600. Experimental Design. 100 Units.

Instructor(s): F. Ersoy, I. Kwok     Terms Offered: Spring Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 11700. Introduction to Behavioral and Experimental Economics. 100 Units.

Instructor(s): M. Lee     Terms Offered: Autumn Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010 Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 12300. Character and Commerce: Practical Wisdom in Economic Life. 100 Units.

Instructor(s): Candace Vogler     Terms Offered: Winter Equivalent Course(s): PHIL 24098

ECON 12410. Pathways in Economics. 100 Units.

ECON 12411. Pathways in Economics C. 100 Units.

ECON 12412. A Survey of Chicago Economics. 50 Units.

ECON 12413. A Survey of Chicago Economics and its Business Applications. 000 Units.

ECON 13000. Introduction to Money and Banking. 100 Units.

Instructor(s): K. Kuevibulvanich     Terms Offered: Autumn Winter Prerequisite(s): Econ 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 13000 and ECON 23950.

ECON 13110. Household Finance: Theory and Applications. 100 Units.

This course will examine the choices households make about important financial decisions and how these individual choices can impact the aggregate economy. Each week, basic predictions from economic theory will be discussed and compared with empirical findings. Topics will include: asset market participation and household portfolio choice; human capital and student loans; housing and mortgages; retirement planning; credit card debt; payday loans; and the gig/sharing economy. Focus will also be placed on government policies affecting these topics, including so-called household financial engineering, the creation of Government Sponsored Enterprises (GSEs) like "Fannie" and "Freddie," and regulatory agencies like the Consumer Financial Protection Bureau (CFPB). The course will provide an introduction to structural modeling for conducting policy counterfactuals. Assessment will be based on problem sets, a midterm and a final. These problem sets will require students to work in R, Stata or other statistical package of the student's choice (with permission of instructor).

Instructor(s): D. Koustas     Terms Offered: Spring Prerequisite(s): Prerequisite(s): PBPL 20000 (PBPL 22200 preferred) or ECON 20000 and one undergraduate course in quantitative research methods (Statistics or Econometrics) or the equivalent or consent of the instructor. Equivalent Course(s): PBPL 28528

ECON 13200. Introduction to Macroeconomic Crises. 100 Units.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): ECON 10200/20200/20210

ECON 13300. Introduction to the Macroeconomics of Monetary and Fiscal Policy. 100 Units.

Instructor(s): S. Salas     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and Econ 10200/20200/20210

ECON 13310. Introduction to Macroeconomic Analysis: A Data Driven Approach. 100 Units.

Instructor(s): O. Galvez-Soriano     Terms Offered: Spring Winter Prerequisite(s): Econ 10200/20200/20210 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 14000. Introduction to Labor Economics. 100 Units.

ECON 14020. Labor Markets: A Global Perspective. 100 Units.

Instructor(s): Lane, Gregory     Terms Offered: Winter Equivalent Course(s): PBPL 25640

ECON 14520. Economics of Gender in International Contexts. 100 Units.

Instructor(s): A. Gonzalez     Terms Offered: Winter Prerequisite(s): ECON 10000 or ECON 20000 or ECON 20010 or PBPL 22200. STAT 22000 also recommended. Equivalent Course(s): GNSE 22520

ECON 14810. Evolution and Economics of Human Behavior. 100 Units.

Instructor(s): D. Maestripieri     Terms Offered: Autumn Note(s): CHDV Distribution: Undergraduate subject area: A, Graduate distribution: 1 Equivalent Course(s): CHDV 27950, CHDV 37950, PSYC 27950, PSYC 37950

ECON 15010. Investments: From Economics to Finance. 100 Units.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 10000/20000/20010 and STAT 22000/STAT 23400/ECON 11010.

ECON 15020. Trading: From Game Theory to Finance. 100 Units.

Instructor(s): A. Bhattacharya     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010 and STAT 22000/STAT 23400/STAT 24400/ECON 11010

ECON 15500. Introduction to Development Economics. 100 Units.

Instructor(s): S. Vasudevan     Terms Offered: Autumn Spring Prerequisite(s): ECON 10000/20000/20010 and ECON 11020/21020/21030

ECON 16020. Introduction to Public Sector Economics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210 Note(s): Students may not receive credit for both ECON 16020 and ECON 26010/ECON 26020.

ECON 16520. Economics and Environmental Policy. 100 Units.

Instructor(s): S. Shaikh     Terms Offered: Autumn Prerequisite(s): ECON 10000 or higher, or PBPL 20000 Note(s): Not offered in Autumn of the 2020-21 academic year. Equivalent Course(s): PBPL 21800, ENST 21800, CEGU 21800

ECON 16700. Introduction to Economics of Education. 100 Units.

Instructor(s): F. Ersoy     Terms Offered: Spring. Introduction to Economics of Education Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 16710. Education and Economic Development. 100 Units.

Instructor(s): A. Adukia     Terms Offered: Winter Prerequisite(s): Recommended prerequisite courses: Microeconomics and econometrics. Students in their last years will be given priority. Equivalent Course(s): EDSO 28350, PBPL 28350

ECON 16950. Conflict: Root Causes, Consequences and Solutions for the Future. 100 Units.

Instructor(s): Oeindrila Dube     Terms Offered: Winter Note(s): Note: While the course sets out to teach these skills, you do not need previous coursework in statistics. Equivalent Course(s): PBPL 28750, PLSC 28750

ECON 17100. Introduction to International Trade. 100 Units.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 10000/19800/20000/20010 and ECON 10200/19900/20200/20210

ECON 17110. International Monetary Systems. 100 Units.

Instructor(s): G. Pieters     Terms Offered: Autumn Winter Prerequisite(s): ECON 10200/ECON 19900/ECON 20200/ECON 20210

ECON 17700. Introduction to Health Economics. 100 Units.

Instructor(s): Root, A.     Terms Offered: Autumn Prerequisite(s): ECON 10000/20000/20010 and ECON 11010/STAT 22000/STAT 23400/STAT 24400

ECON 17710. Health Care Markets and Regulation. 100 Units.

Instructor(s): Gottlieb, J     Terms Offered: Autumn Equivalent Course(s): PBPL 28335, PPHA 37820

ECON 18010. Introduction to Managerial Microeconomics. 100 Units.

Instructor(s): P. Pena     Terms Offered: TBD Prerequisite(s): ECON 10000 or ECON 19800 or ECON 20000 or ECON 20010

ECON 18020. Introduction to Applied Empirical Industrial Organization. 100 Units.

In this course, students will learn how to apply techniques and models developed in industrial organization and law and economics to important questions that arise in litigation and government regulation. We will be guided and informed by pure theory underlying industrial organization and implement it in a world of partial information, incomplete data, and even contradictory data, among other complexities. Students will learn how to develop inferences by applying the models to real world cases and data - ie, extracting the most information possible from partial, imperfect data, frequently with missing values or poorly-measured data points. These fact patterns will not always result in an incontrovertible answer. Thus, students will be expected to identify and express the "best argument for" and "best argument against" the questions posed to them. This means that students will be expected to (i) use theory as a guideline to assess the relevant facts, circumstances, and data, (ii) reach a view, (iii) succinctly express that view in writing and acknowledge and address contrary theory and empirical results. Students will also see actual expert reports and/or white papers that have been prepared in actual disputes and investigations. Part of the grade will be based on an "expert report" written by the students in small teams.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 10000/20000 and Econ 11020/21020 Note(s): Business Economics specialization students should register for Econ 18020.

ECON 19000. Economics for Everyone: Micro. 100 Units.

ECON 19100. Economics for Everyone: Macro. 100 Units.

Instructor(s): G. Kaplan     Terms Offered: TBD Note(s): *This course does not apply toward economics major requirements.

ECON 19200. Introduction to Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start by developing the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10000/20000/20010. Note(s): Study Abroad

ECON 19300. Introduction to Issues and Methods in Macroeconomics. 100 Units.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 10200/20200/20210 Note(s): Study Abroad

ECON 20000-20100-20200-20300. The Elements of Economic Analysis I-II-III-IV.

ECON 20000. The Elements of Economic Analysis I. 100 Units.

ECON 20100. The Elements of Economic Analysis II. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Winter Prerequisite(s): ECON 20000 or 20010

ECON 20200. The Elements of Economic Analysis III. 100 Units.

Instructor(s): Staff     Terms Offered: Spring Winter Prerequisite(s): ECON 20100 or 20110

ECON 20300. Elements of Economic Analysis IV. 100 Units.

ECON 20010-20110-20210. The Elements of Economic Analysis: Honors I-II-III.

ECON 20010. The Elements of Economic Analysis I Honors. 100 Units.

Instructor(s): V. Lima     Terms Offered: Autumn Spring Prerequisite(s): MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250, or 16300. First-year students must also pass the economics placement exam or complete ECON 10000 (or ECON 19800). First year students may enroll in Econ 20000 concurrently with Math 16300/16310 if they have received an A/A- in both Math 16100/16110 and Math 16200/16210. Note(s): Students who matriculated prior to 2022-2023 and have completed MATH 15100-15200-15300 may replace the MATH 19520 requirement with MATH 15250. They may take MATH 15250 prior to or concurrently with ECON 20000/20010.

ECON 20110. The Elements of Economic Analysis II Honors. 100 Units.

Instructor(s): R. Fang     Terms Offered: Winter Prerequisite(s): ECON 20000 or 20010

ECON 20210. The Elements of Economic Analysis III Honors. 100 Units.

Instructor(s): K. Yoshida     Terms Offered: Spring Prerequisite(s): ECON 20100 or 20110

ECON 20520. Formal Models of Political Economics. 100 Units.

Why do the Republicans and the Democrats almost always ended up choosing moderates as their party nominees in presidential races? How do "checks and balances" such as a legislative committee's power to set the agenda or a president's power to veto a bill affect policy outcomes? What leads to coalition building in a legislature and how does it affect the result of legislative bargaining? When can a legislature optimally delegate its power to a bureaucratic agency who has its own interests and agenda? To answer questions like these, we study formal models of political economics. Such models examine explicitly the incentives of participants in political processes and generate predictions of their behavior based on such incentives and any confounding strategic considerations. Our approach is largely game theoretical. Familiarity with fundamental game theoretical ideas like the strategic and extensive games, the Nash Equilibrium, and the Subgame Perfect Equilibrium is essential and assumed.

Instructor(s): R. Fang     Terms Offered: Autumn Prerequisite(s): ECON 10700 or ECON 20100 or ECON 20110 or ECON 20700 Note(s): Students may count either ECON 20510 or ECON 20520, but not both, toward the 42 credits required for graduation.

ECON 20700. Game Theory and Economic Applications. 100 Units.

Instructor(s): J. Root     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation.

ECON 20770. Decision and Strategy. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): Prerequsites for Undergraduates: ECON 20100/ECON 20110 and MATH 20300/MATH 20310/MATH 20700, or consent of instructor Note(s): Student may count only one of [ECON 10700 or ECON 20700 or ECON 20770/ECMA 30770] toward the 42 credits required for graduation. Equivalent Course(s): ECMA 30770

ECON 20780. Decision and Strategy II. 100 Units.

Instructor(s): B. Brooks     Terms Offered: TBD Prerequisite(s): ECON 20770/ECMA 30770 or consent of instructor Equivalent Course(s): ECMA 30780

ECON 21020. Econometrics. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter Prerequisite(s): ECON 20100/20110; ECON 21010, or STAT 23400/24400/24410 and MATH 19620 (or MATH 20000 or STAT 24300 or MATH 20250)

ECON 21030. Econometrics - Honors. 100 Units.

Instructor(s): A. Torgovitsky, E. Rose     Terms Offered: Spring Winter Prerequisite(s): ECON 20100/20110, and STAT 24400/24410/24500, and MATH 19620/20250/STAT 24300; or consent of instructor

ECON 21031. Econometrics II-Honors. 100 Units.

Instructor(s): A. Torgovitsky     Terms Offered: Spring Prerequisite(s): ECON 21020/21030

ECON 21110. Applied Microeconometrics. 100 Units.

Instructor(s): J. Joensen     Terms Offered: Winter Prerequisite(s): ECON 21020 or ECON 21030

ECON 21200. Time Series Econometrics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020/21030

ECON 21300. Data Construction and Interpretation in Economic Applications. 100 Units.

In this course we will explore the process of extracting insights from real-world data. What can one learn from a particular data set? How do you know what sets of tools will be "right" for the job? How can you increase your degree of confidence that the inferences you are drawing are correct? How can you best communicate the insights you glean from the data? Unlike standard econometrics courses, this class emphasizes hands-on work with actual data sets rather than the development of sophisticated tools and techniques (which are also useful, you just won't learn them here!).

Instructor(s): S. Levitt     Terms Offered: Not offered in 2022-2023. Prerequisite(s): ECON 10000/19800/20000/20010 and STAT 22000/23400/24400 (or ECON 21010)

ECON 21410. Computational Methods in Economics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 21730. Applied Behavioral Economics. 100 Units.

ECON 21740. Behavioral Economics and Experiments. 100 Units.

Instructor(s): J. Heckman     Terms Offered: TBD Prerequisite(s): ECON 10000/19800/20000/20010 AND STAT 22000/23400/24300/24400/24410/ECON 21010 (Lab students require one economics course.)

ECON 21800. Experimental Economics. 100 Units.

Instructor(s): J. List     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030; ECON 10000/20000 and ECON 11020 for declared business economics students. No first-year students. Note(s): Students may count either ECON 11700 or ECON 21800, but not both, toward the 42 credits required for graduation.

ECON 21830. Social Neuroscience. 100 Units.

Instructor(s): J. Decety     Terms Offered: Autumn Equivalent Course(s): PSYC 22350, HLTH 22350, CHDV 22350, BIOS 24137

ECON 22030. The Chinese Economy. 100 Units.

Instructor(s): Wang, S     Terms Offered: Spring Equivalent Course(s): PBPL 25585, PPHA 35585

ECON 22410. UChicago Economics: The People and the Seminal Ideas. 100 Units.

Instructor(s): A. Sanderson and Staff     Terms Offered: TBD Prerequisite(s): ECON 20200/20210. Third- or fourth-year standing.

ECON 23000. Money and Banking. 100 Units.

This course covers economic theories and topical issues in money and banking. We discuss such "traditional" topics as the quantity theory, the Phillips curve, and the money creation process. We also investigate models of bank runs and financial crises, the tradeoff between rules and discretion, and the New Macroeconomic Synthesis of New Classical. Other topics include New Keynesian approaches to modeling money and monetary policy, practical and institutional issues in European and U.S. monetary policy, and the 2008 financial crisis.

Instructor(s): H. Uhlig     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210); ECON 21020 and ECON 23950 are strongly recommended.

ECON 23200. Topics in Macroeconomics. 100 Units.

Instructor(s): N. Stokey     Terms Offered: Autumn Prerequisite(s): ECON 20200 (or ECON 20210) and MATH 20300 (or MATH 20310 or MATH 20700)

ECON 23410. Economic Growth. 100 Units.

Instructor(s): U. Akcigit     Terms Offered: Winter Prerequisite(s): ECON 20200 (or ECON 20210) and ECON 21020 (or ECON 21030)

ECON 23950. Economic Policy Analysis. 100 Units.

Instructor(s): Staff     Terms Offered: Autumn Spring Prerequisite(s): ECON 20200/20210; ECON 21020 or 21030 strongly recommended. Note(s): This course does not apply toward the economics major elective requirement. Students may not receive credit for both Econ 13000 and Econ 23950 toward the 42 degree credits.

ECON 24000. Labor Economics. 100 Units.

Instructor(s): Staff     Terms Offered: TBD Prerequisite(s): ECON 20100 and ECON 21020 (or ECON 21030)

ECON 24450. Inequality and the Social Safety Net: Theory, Empirics, and Policies. 100 Units.

Instructor(s): M. Deshpande     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25000. Introduction To Finance. 100 Units.

ECON 25100. Financial Economics; Speculative Markets. 100 Units.

Instructor(s): F. Alvarez     Terms Offered: Spring Prerequisite(s): ECON 20100/20110 and STAT 23400/24400/24410/ECON 21010

ECON 25120. Options and Volatility Products. 100 Units.

Instructor(s): F. Alvarez     Terms Offered: Spring

ECON 25520. Development Economics and Data Analysis. 100 Units.

Instructor(s): R. Glennerster     Terms Offered: Autumn Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 25530. Behavioral Development Economics (Undergraduate) 100 Units.

Instructor(s): A. Karing     Terms Offered: Winter Prerequisite(s): Econ 20100/20110 and Econ 21020/21030

ECON 26010. Public Finance. 100 Units.

Instructor(s): M. Golosov     Terms Offered: TBD Prerequisite(s): ECON 20200/20210 and ECON 21020 (or ECON 21030) Note(s): ECON 26010 or 26020 may be used as an economics elective, but only one may be used toward degree requirements.

ECON 26030. The Economics of Socialism. 100 Units.

ECON 26040. Human Capital and the Economy. 100 Units.

Instructor(s): P. Pena     Terms Offered: Spring Prerequisite(s): Econ 20200/20210

ECON 26610. The Economics of Cities and Regions. 100 Units.

Instructor(s): Rossi-Hansberg, E.     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 and ECON 21020/21030

ECON 26920. Behavioral Economics and Policy. 100 Units.

Instructor(s): J. Leitzel     Terms Offered: Autumn Equivalent Course(s): PBPL 28805

ECON 27000. International Economics. 100 Units.

Instructor(s): F. Tintelnot     Terms Offered: Winter Prerequisite(s): ECON 20100/20110 Equivalent Course(s): PBPL 27000

ECON 27700. Health Economics and Public Policy. 100 Units.

Instructor(s): Meltzer, D     Terms Offered: Spring Prerequisite(s): PBPL 20000 or ECON 20000 and one undergraduate course in quantitative research methods (Statistics or Econometrics) or the equivalent or consent of the instructor Equivalent Course(s): PBPL 28300, CCTS 38300, PPHA 38300

ECON 28000. Industrial Organization. 100 Units.

Instructor(s): M. Dinerstein     Terms Offered: Spring Prerequisite(s): ECON 20100/20110

ECON 28010. Applied Empirical Industrial Organization. 100 Units.

Instructor(s): J. Arnold     Terms Offered: Spring Prerequisite(s): Econ 20100/20110 and Econ 21020/21030 Note(s): Standard Track Economics majors should register for Econ 28010

ECON 28030. Markets and Regulation. 100 Units.

Instructor(s): Kathryn Ierulli     Terms Offered: Autumn Prerequisite(s): PQ: PBPL 20000 or equivalent Equivalent Course(s): PBPL 28670

ECON 28060. The Economics of Organizations: An Experimental Perspective. 100 Units.

ECON 28100. The Economics of Sports. 100 Units.

ECON 28620. Crony Capitalism. 100 Units.

Instructor(s): L. Zingales     Terms Offered: Spring Equivalent Course(s): BUSN 35225

ECON 28700. The Economics of Crime. 100 Units.

ECON 29200. Issues and Methods in Microeconomics. 100 Units.

Microeconomics is the study of how agents make optimal choices when facing constraints. The course will start with a quick refresher in the "Economic Approach" as the basic tool for analysis in economics. We will continue with a model of causal inference, and link it with concepts students have learned in the econometrics course. Then, we introduce the use of experiments as an alternative methodology for the researchers to gather their own data. Finally, we cover some major topics in behavioral economics.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20000/20010 Note(s): Study Abroad

ECON 29300. Issues and Methods in Macroeconomics. 100 Units.

Instructor(s): Staff     Terms Offered: Winter Prerequisite(s): Econ 20200/20210 Note(s): Study Abroad

ECON 29700. Undergraduate Reading and Research. 100 Units.

Instructor(s): J. Wong     Terms Offered: Autumn Spring Winter Prerequisite(s): Consent of directors of the undergraduate program

ECON 29800. Undergraduate Honors Workshop. 100 Units.

Instructor(s): K. Yoshida, V. Lima     Terms Offered: Autumn Spring Winter Prerequisite(s): Faculty sponsorship and consent of honors workshop supervisors

Undergraduate Primary Contact

Co-Director Undergraduate Program Victor Lima SHFE 105 773.834.6672 Email

Undergraduate Secondary Contact

Co-Director Undergraduate Program Kotaro Yoshida SHFE 013 773.834.7839 Email

Administrative Contact

Student Affairs Administrator Julie Wong SHFE 106 773.834.6672 Email

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• Dissertation Areas and Joint PhD Programs
• PhD Career Outcomes
• PhD Proposals and Defenses
• PhD Job Market Candidates
• PhD Research Community
• 100 Years of Pioneering Research
• Rising Scholars Conference
• Yiran Fan Memorial Conference
• Frequently Asked Questions
• PhD in Accounting
• PhD in Behavioral Science
• PhD in Econometrics and Statistics
• PhD in Economics
• PhD in Finance
• PhD in Management Science and Operations Management
• PhD in Marketing
• Joint Program in Financial Economics
• Joint Program in Psychology and Business
• Joint PhD/JD Program

PhD Joint Program in Financial Economics

The financial economics phd program leverages the strengths of two renowned programs: the phd program in finance and the university of chicago’s kenneth c. griffin department of economics..

Core economics training is critical for students doing research in financial economics, and advances in financial economics have important implications for other areas of economics.

As a student in our Joint Program in Financial Economics , you’ll work with thought leaders in both economics and finance and follow your research interests wherever they lead. Leveraging courses and resources in the Finance dissertation area at Chicago Booth and the university’s Kenneth C. Griffin Department of Economics , you’ll build a foundation for research at the intersection of finance and economics.

Our Distinguished Finance and Economics Faculty

As a student in the joint program, you’ll work with professors and classmates in both the Department of Economics and the Stevens Doctoral Program in Finance at Chicago Booth. Faculty bring research expertise in a wide range of fields and serve as mentors to PhD students.

Finance Faculty

Francesca Bastianello

Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

Neubauer Family Associate Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance

Robert W. Vishny

Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Department of Economics Faculty

Fernando Alvarez

Ali Hortacsu

Harald Uhlig

Kenneth C. Griffin Department of Economics

Alumni success.

Our PhD graduates lead successful careers  in prestigious academic settings, such as the Stanford Graduate School of Business and London Business School, as well as in leading financial institutions, including the International Monetary Fund.

Jane (Jian) Li, PhD '21

Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.

A Network of Support

Doctoral students at Booth have access to the resources of several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.

Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.

Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.

Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.

The Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center for Global Markets positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

Macro Finance Research Program The Macro Finance Research Program (MFR) expands our understanding of how financial markets affect the economy as a whole and, conversely, how the macroeconomy influences financial markets. It does so by bringing together a community of elite and emerging scholars and with common ambitions to tackle these important challenges. One of the important ambitions of this program is to provide intellectual and research support for advanced students in the joint PhD program in financial economics.

Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.

Spotlight on Research

Chicago Booth Review regularly highlights the research findings of Booth faculty and PhD students in financial economics.

Line of Inquiry: Amir Sufi on Household Debt and Business Cycles

Chicago Booth’s Amir Sufi explains how the financial sector's willingness to extend credit to households helps fuel booms and busts.

How is IT Spending Changing Banking?

According to researchers Zhiguo He (previous Booth prof.), Sheila Jiang and Douglas Xu (both Booth PhD graduates), and Xiao Yin, IT investment figures prominently in banking activities.

How Can We Calculate the US's Greatest Fortunes?

Chicago Booth’s Eric Zwick and his coauthors have devised a new way to gauge how much wealth the ultrawealthy have and what it’s composed of. Their results can help update and sharpen the picture of inequality in the US.

The PhD Experience at Booth

Maryam Farboodi, PhD ’14, talks about how the Booth faculty challenged her to focus her research on issues that are applicable to the current financial sector.

Video Transcript

Maryam Farboodi, ’14: 00:02 My work lies in the intersection of finance and economics, trying to apply theoretical models to think about broader questions in big data technology. I was doing extremely theoretical research and I was always interested in doing stuff which are more related to the real world, which led me to join Chicago econ and then the Joint Financial Economics Program at Chicago Booth.

Maryam Farboodi, ’14: 00:29 The faculty really helped me focus my research on issues that are relevant to the current financial climate. A lot of current policy focuses on how financial institutions intermediate for each other and that has been the focus of my research. The faculty at Chicago Booth challenged me in making sure that the insight is applicable to the current financial sector.

Maryam Farboodi, ’14: 00:52 What is really, really special about Booth is the really close interaction between the faculty here and the econ department. Chicago Booth, in particular the joint program, is the best place you can be in. It provides an environment where you can interact with people who are extremely deep in both finance and economics and not lose track of important issues. Chicago Booth and Econ has really being like home to me. That's the feeling that any student can get if they really engage themselves with faculty. 

Current Financial Economics Students

Students in Chicago Booth’s Joint Program in Financial Economics focus their PhD research on a vast array of issues, from state-government borrowing costs to wealth inequality to climate policy. They go on to positions at leading academic institutions and global financial organizations.

Current Students

Monica Barbosa

Filippo Cavaleri

Sixun Chang

Manav Chaudhary

Shirui (Suri) Chen Leo Aparisi De Lannoy

Laurenz De Rosa

Joanna Harris Jacob Hartwig

Lewei He Tanvi Jindal

Jingoo Kwon

Federico Mainardi

Benjamin Marrow

Sangmin (Simon) Oh

Michael Varley

Jingtao Zheng

See a list of the current students in our Finance PhD Program .

How to Apply

To join the Joint Program in Financial Economics, you will need to be admitted to both the doctoral program in the Department of Economics and the PhD Program in Finance at Chicago Booth. However, you need only apply to one or the other program. Learn more about applying to Chicago Booth or to the Department of Economics .

Program Requirements

Learn more about the Joint Program in Financial Economics at Chicago Booth on the website or by referencing the joint program-specific guidebook below. See Joint Program-Specific Guidebook

General Program Expectations and Requirements

The Stevens Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

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• Neele Balke
• Alessandra Gonzalez

Chicago is a particularly innovative department of economics. The proportion of new ideas in economics that have emanated from or become associated with Chicago over the last forty years is astonishing. Any definition of the Chicago School would have to find room for the following ideas (in chronological order from the 1940s to the present): the economic theory of socialism, general equilibrium theory, general equilibrium models of foreign trade, simultaneous equation methods in econometrics, consumption as a function of permanent income, the economics of the household, the rationality of peasants in poor countries, the economics of education and other acquired skills (human capital), applied welfare economics, monetarism, sociological economics (entrepreneurship, racial discrimination, crime), the economics of invention and innovation, quantitative economic history, the economics of information, political economy (externalities, property rights, liability, contracts), the monetary approach to international finance, rational expectations in macroeconomics, and mechanism design. The unifying thread in all this is not political or ideological but methodological, the methodological conviction that economics is an incomparably powerful tool for understanding society.

The Kenneth C. Griffin Department of Economics offers a program of study leading to the Ph.D. degree. A general description of the program is given below. For a more detailed explanation of the program requirements, as well as complete course descriptions and faculty bios, see the information for current students on our website at: https://economics.uchicago.edu/content/graduate-economics-chicago .

Prerequisites and Preparation for Graduate Study

Each autumn, the Department of Economics enrolls an entering class of 20-25 graduate students who come from many countries around the world, and have been selected from a large and diverse group of applicants. Admission to graduate study requires a bachelor's degree (or equivalent). This degree need not be in economics, although some background in economics is certainly desirable. There are no formal course requirements for admission, but a strong background in mathematics is important. At the Ph.D. level, the study of economics requires an absolute minimum of one year of college calculus and a quarter (or semester) each of both matrix algebra and mathematical statistics (that is, statistics using calculus, as distinct from introductory statistics for social science). Prospective students who lack this preparation and have remaining free time in their undergraduate schedules are urged to take these courses before the beginning graduate study.

Beyond these basic prerequisites, many of our applicants have taken other advanced mathematics courses, such as real analysis, have completed some graduate-level classes in economics or related fields, or have had some other significant exposure to research in economics. Many strong applicants have ranked at or near the top of their graduating class.

Admissions Process

Given the year-long sequence of courses, all new students must begin their study in the Autumn Quarter. The application process for admission and financial aid for Economics and all Social Sciences graduate programs is administered through the Divisional Office of the Dean of Students. The Application for Admission and Financial Aid, with instructions, deadlines, and department specific information is available online at https://apply-ssd.uchicago.edu/apply/ .  Most required supplemental material can be uploaded into the application.

Questions pertaining to admissions and aid should be directed to  [email protected] .

All applicants are required to submit scores from the Graduate Record Examination (GRE), General Test. Foreign applicants whose native language is not English must provide evidence of English proficiency by submitting scores from either the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS). The current University minimum score requirements are provided with the application.

Criteria for Admissions

The Committee on Admissions takes account of a wide range of factors to evaluate each applicant: the previous educational record, letters of recommendation, writing sample, previous research experience, the applicant’s scores on the GRE (General Test) and the TOEFL or IELTS, the compatibility of the applicant’s research interests with the program strengths in the department, and any special factors that the applicant may bring to the committee’s attention. The committee evaluates each applicant on the basis of all material available; no arbitrary cut-offs in terms of a student’s grade point average or test scores are used. Applications must be complete for the January review, including scores from the GRE and TOEFL or IELTS if appropriate. These exams should be taken no later than November 1. In deciding when to register for the exams, applicants should particularly note our yearly cycle in order to assure that their applications receive full consideration.

Program of Study

The program of study for the Ph.D. degree in Economics includes courses and comprehensive examinations in the three “Core” subjects of Price Theory; the Theory of Income, Employment, and the Price Level; and Quantitative Methods. In addition to the Core, Ph.D. requirements include the demonstration of competence in two Specialized Fields of concentration, courses in three elective Fields for the General Distribution requirement, a Research Paper, the approval of a Thesis Proposal, and the completion of the Doctoral Thesis.

The usual load is three courses per quarter for two years; this permits the completion of nine courses during the regular academic year of three quarters. The comprehensive examination for the Core subjects is given in the Summer Quarter. An examination in each Specialized Field of concentration is given once a year.

Ph.D. students may request permission to choose electives outside the Department of Economics for Field or General Distribution requirements. Satisfactory grades on course work done at the graduate level at another institution may also be used to satisfy part of the course requirements for General Distribution by petition to the Director of Graduate Studies.

Students normally take six years to complete the Ph.D. Students who begin with the intention of obtaining the Ph.D. but who change their plans or fail to satisfy the Ph.D. requirements will in most cases be eligible for an M.A. degree.

The program of a typical Ph.D. student consists of the following sequence: In the first year, courses in price theory, the theory of income, and quantitative methods prepare the student for the Core examinations which are taken in the following summer. In the second and third years, the student takes courses and participates in workshops to prepare for certification in two Specialized Fields; they also complete their General Distribution requirements and identify a Research Paper topic.  In the third year, the student develops writing and research skills through the Required Research Paper Seminar. In the fourth year, the student participates in workshops, formulates a thesis topic, and presents a Thesis Proposal Seminar at which the faculty formally approves the topic and admits the student to candidacy. In the fifth and sixth years, the student completes their Doctoral Thesis and gives a Public Lecture.

Joint Ph.D. Program In Financial Economics

The joint Ph.D. program in Financial Economics was established in the 2006-07 academic year and is run jointly by the Kenneth C. Griffin Department of Economics in the Division of the Social Sciences and by the University of Chicago Booth School of Business (formerly the GSB). The aim of this program is to exploit the strengths of both sponsors in training Ph.D. students interested in financial economics. Core economics training is valuable for students seeking to do research in financial economics, and advances in financial economics have important spillovers to other areas of economics. It has long been a tradition in the Department of Economics to feature core economics training for their Ph.D. students, and the Booth School has well-recognized excellence in finance. Students in the joint program benefit from broad sets of instructors and classmates in both the Economics Department and the Booth School. They also hold an official status and can utilize resources in both Economics and the Booth School.

Upon completion of this program, students will be awarded a Doctor of Philosophy degree in Economics and Finance jointly from the Division of the Social Sciences and the Booth School.

Program Elements

Students must satisfy the requirements for the Ph.D. degree in both programs. This is viable because of the considerable overlap in what the two programs expect of their students.

Admission to the joint program requires admission to both the doctoral program in the Department of Economics and to the doctoral program in the Booth School, but interested parties need only apply to one or the other program. Students may enter the joint program at the beginning of their doctoral studies. Those seeking admission to the joint program should apply online to either the Ph.D. program in the Department of Economics or the Booth School.

Students enrolled in doctoral studies in either the Economics Department or the Booth School may apply to the joint program at any time within their first two years in residence. Such students will still have to meet all the requirements of both programs.

Enrollment and financial aid throughout a student’s matriculation in the joint program will be administered by either the Division of the Social Sciences or the Booth School, as arranged by the two units. This designation will be for administrative purposes only and will not have programmatic implications. If a student’s interests change, the Director of the Ph.D. program in the Booth School and the Dean of Students for the Social Sciences will facilitate transfers out of the joint program and into the doctoral program in Economics or Business.

Economics Courses

ECON 30100. Price Theory I. 100 Units.

Theory of consumer choice, including household production, indirect utility, and hedonic indices. Models of the firm. Analysis of factor demand and product supply under competitive and monopolistic conditions. Static and dynamic cost curves, including learning by doing and temporary changes. Uncertainty applied to consumer and producer choices. Property rights and the effects of laws. Investment in human and physical capital.

Instructor(s): Murphy, Kevin     Terms Offered: Autumn

ECON 30200. Price Theory II. 100 Units.

The first five weeks of this course are a continuation of ECON 30100, Price Theory I. The second half of the course will be devoted to the Walrasian model of general competitive equilibrium as developed by Arrow and Debreu. This will begin with a brief development of the consumer and producer theories, followed by the welfare theorems connecting equilibria and optima and a treatment of the classical existence of equilibrium theorem. The core of an economy, a limit theorem relating the core to the set of competitive equilibria, and models in which agents are small relative to the market will also be considered. Finally we will study general equilibrium under some alternative assumptions; such as, informational asymmetries and rational expectations equilibrium, public goods and Lindahl equilibrium, financial general equilibrium and asset pricing.

Instructor(s): Brooks, Benjamin     Terms Offered: Winter

ECON 30300. Price Theory III. 100 Units.

This course focuses on information economics, incentives and strategic settings with incomplete information. Topics include competitive markets with adverse selection, signaling, moral hazard, nonlinear pricing, strategic and informational incentive constraints, auctions, public goods, bilateral trade and optimal mechanism design.

Instructor(s): Stole, Lars     Terms Offered: Spring

ECON 30400. Introduction to Mathematical Methods In Economics. 000 Units.

This optional three-week course for incoming graduate students meets in early September and introduces some basic mathematical concepts used in economic theory: a "briefing" of the math students will encounter in the Core classes. Emphasis is placed on problem-solving, but also on some fairly abstract math you might not see otherwise. Cooperative work is strongly encouraged.

Instructor(s): Staff     Terms Offered: Summer Prerequisite(s): Econ PhD students only

ECON 30590. Asset Pricing III. 100 Units.

Equivalent Course(s): BUSN 34905

ECON 30600. The Economics of Information. 100 Units.

Course Search

Equivalent Course(s): BUSN 33911

ECON 30610. Advanced Topics in Mechanism and Information Design. 100 Units.

This course will cover advanced material in the theory of mechanism and information design. We will begin by covering classical topics in Bayesian mechanism design, including screening, bilateral trade, and auctions, after which we will discuss recent applications of these ideas for analyzing redistributive markets. We will then pivot to recent advances in the theory of information design, focusing on tools and approaches that interact with the design of incentives.

Instructor(s): Ravid, D     Terms Offered: Spring

ECON 30680. Topics Information Economics. 100 Units.

The course will provide an overview of formal models of information and explore ways these models have been used to analyze topics in economics. Emphasis will be placed on recent developments in the field.

Instructor(s): Kamenica, Emir     Terms Offered: Autumn Equivalent Course(s): BUSN 33914

ECON 31000. Empirical Analysis I. 100 Units.

This course provides a rigorous introduction to some basic methods in econometrics, including the ordinary least squares estimator, (linear) instrumental variable methods, and maximum likelihood methods. We begin in the first part of the course by developing the requisite large-sample (asymptotic) theory. Along the way, we will illustrate the use of the asymptotic theory for estimation and inference. In the second part of the course, we will introduce the linear regression model and study the OLS estimator and IV methods for this model. A distinguishing feature of this part of course is an emphasis on different interpretations of the linear regression model, i.e., descriptive versus structural (causal) uses of linear regression. In the final part of the course, we will study ML estimators. We will apply the theory to some limited dependent variable models.

Instructor(s): Shaikh, Azeem     Terms Offered: Autumn

ECON 31100. Empirical Analysis II. 100 Units.

The course will review some of the classical methods you were introduced to in the previous quarter and give examples of their use in applied microeconomic research. Our focus will be on using statistical methods to understand economic questions and data, and on identifying and estimating the parameters of economic models. The methods we will build on include regression techniques, maximum likelihood, method of moments estimators, as well as some non-parametric methods. Lectures and homework assignments will seek to build proficiency in the correct application of these methods to economic research questions.

Instructor(s): Bonhomme, Stephane     Terms Offered: Winter

ECON 31200. Empirical Analysis III. 100 Units.

This course studies methods pertinent to economic dynamics and time series, developing stochastic process tools to represent dynamic equilibrium models.  We will discuss the Generalized Method of Moments from a time series perspective and introduces Bayesian inference and robust counterparts from a decision theoretic perspective, then provides practical approaches such as exponential tilting and Markov Chain Monte Carlo methods. The course explores some hidden state Markov models including the Kalman Filter and discrete state counterparts. Univariate as well as multivariate linear time series models will be developed, emphasizing core concepts such as impulse responses, (co-)integration and spectral analysis.

Instructor(s): Hansen, Lars Peter; Uhlig, Harald     Terms Offered: Spring

ECON 31715. Econometrics with Partial Identification. 100 Units.

One of the main new ideas in econometrics over the last three decades was that point identification is unnecessary to draw informative conclusions from the available data. Indeed, in many settings, reasonable modeling assumptions naturally deliver a set of parameter values consistent with the data. Then, one is tasked with (1) obtaining a tractable characterization of the identified set; (2) providing methods to estimate it; and (3) making confidence statements about partially identified parameters. This course covers modern approaches to solving the above problems, focusing on tractability and implementation. It provides some theoretical background, develops the necessary statistical toolkit, and reviews a number of empirical papers that apply the partial identification approach in practice. The course will be of interest to students in econometrics, applied microeconomics, and industrial organization.

Instructor(s): Ponomarev, K     Terms Offered: Autumn

ECON 31720. Applied Microeconometrics. 100 Units.

This course is about empirical strategies that are commonly used in applied microeconomics. The topics will include: control variables (matching), instrumental variables, regression discontinuity and kink designs, panel data, difference-in-differences, and quantile regression. The emphasis of the course is on identification and practical implementation. The course also covers the shortcomings of commonly used tools, and discusses recent theoretical research aimed at addressing these deficiencies.

Instructor(s): Torgovitsky, Alex     Terms Offered: Spring

ECON 31740. Optimization-Conscious Econometrics. 100 Units.

This course studies the core optimization concepts underlying econometric estimation and inference. The objective is to both develop a deep understanding of how estimators are computed, and to get a better theoretical and geometrical understanding of classical econometric estimators through the prism of optimization theory. Each optimization concept or method is studied using a well established econometric estimator as the working example: linear programming is taught through the example of quantile regression, duality is taught via nonparametric inference, numerical linear algebra is taught via partial identification questions in OLS, integer programming is taught as a solution method for instrumental variables quantile regression, and so on.

Instructor(s): Pouliot, Guillaume     Terms Offered: Winter Equivalent Course(s): PPHA 48403

ECON 31800. Advanced Econometrics. 100 Units.

Equivalent Course(s): BUSN 41911

ECON 32000. Topics in American Economic History. 100 Units.

Economic analysis of the role of labor markets in American economic growth. Specific topics include the economics of colonization, the transatlantic slave trade, the transition from indentured to slave labor in colonial America, the record of nineteenth-century economic growth, nineteenth-century immigration, nativity and the expansion of education, the economics of westward migration, the quantitative analysis of economic and social mobility, and the economics of racial discrimination in the twentieth century.

Instructor(s): D. Galenson     Terms Offered: Autumn

ECON 33000. Theory of Income I. 100 Units.

This course will use dynamic general equilibrium models to study macroeconomic questions. The first half of the quarter will focus on applications of the neoclassical growth model, including variants useful for studying the effects of capital, labor, and consumption taxes; the effects of general and investment specific technical change; the role of human capital accumulation, and the q-model of investment. On the technical side, this part of the course will rely heavily on the tools of optimal control theory (Hamiltonians) and on the First and Second welfare theorems. The second part of the course will focus on applications of stochastic dynamic programming. On the substantive side, particular topics include models of job search and asset pricing; models with idiosyncratic (insurable) and aggregate (uninsurable) risk; and dynamic tax smoothing. On the technical side, this part of the course will rely heavily on Bellman equations and other recursive modeling techniques.

Instructor(s): Stokey, Nancy     Terms Offered: Autumn

ECON 33100. The Theory of Income II. 100 Units.

This course will explore a variety of macroeconomic models in which the welfare theorems do not necessarily hold, including overlapping generations models, equilibrium models with labor market search and matching frictions, economies with sticky prices and sticky wages, and environments in which money facilitates exchange.We will also explore the role of government policy within these models, including optimal taxation, optimal monetary policy, and the time consistency of these policies. If time permits, we will look at environments with non-convex adjustment costs, such as irreversible investment and fixed costs of changing prices.

Instructor(s): Golosov, Mikhail     Terms Offered: Winter

ECON 33200. The Theory of Income III. 100 Units.

The course shares with the other two Theory of Income courses the objectives of (1) explaining human behavior as evidenced by aggregate variables and (2) predicting the aggregate effects of certain government policies. Economics 33200 considers some of the prevailing business cycle theories, and their application to the recession of 2008-9. Some hypotheses to be considered are the q-theory of housing investment, the neoclassical approach to fiscal policy, and whether government spending has a "multiplier." The course confronts several empirical issues that are also encountered outside the field of macroeconomics such as the construction of aggregate data, choice of data set, and the measurement of expectations.

Instructor(s): Alvarez, Fernando     Terms Offered: Spring

ECON 33410. Demand and Supply in Labor Markets. 100 Units.

Instructor(s): Mogstad, Magne     Terms Offered: Winter

ECON 33502. Monetary Economics I. 100 Units.

This course discusses traditional and recent topics in monetary economics. Various classes of models of money will be introduced and discussed, including the standard New Keynesian model. We will discuss banking and financial intermediation. Recent topics will include the discussion of digital currencies, their pricing and competition to traditional currencies as well as the recent literature concerning central bank digital currencies. The course will then examine the time series literature on identifying monetary policy shocks. In the second half of the course, the course will discuss asset pricing implications of the standard New Keynesian model and how these can be used to infer the public's perceptions of monetary policy. It will overview the recent empirical literature linking monetary policy to stocks and bonds, as well as theoretical frameworks.

Instructor(s): Uhlig, Harald, and Pflueger, Carolin     Terms Offered: Autumn

ECON 33530. Firm Dynamics and Economic Growth. 100 Units.

This class focuses on the theory and empirics of economic growth. The class will follow a micro-to-macro approach and hence special emphasis will be given to firms and inventors to uncover the determinants of aggregate productivity growth. In addition to some classic papers, the class will mainly focus on recent research. Students will be encouraged to discuss the frontier topics in class and produce new and exciting research ideas.

Instructor(s): Akcigit, Ufuk     Terms Offered: Winter

ECON 33540. Macroeconomics with Heterogeneous Households. 100 Units.

This is an advanced course in macroeconomics with heterogeneous households. We will cover techniques in both discrete and continuous time. We will study applications to income and consumption dynamics, and then explore implications for fiscal and monetary policy.

Instructor(s): Kaplan, Greg     Terms Offered: Winter

ECON 33550. Spatial Economics. 100 Units.

The course will discuss recent advances in spatial modelling and quantification that allow us to study trade, migration, as well as urban, regional, national, and global growth in a unified spatial general equilibrium framework. These frameworks can be quantified using a variety of data to perform detailed policy counter-factual exercises. These exercises can help us understand the impact of trade and migration policy as well as local and national fiscal policy, transportation policy and the effect of regional shocks including the ones associated with climate change.

Instructor(s): Rossi-Hansberg, Esteban     Terms Offered: Winter

ECON 33703. Financial Markets in the Macroeconomy. 100 Units.

Equivalent Course(s): BUSN 33948

ECON 33950. Topics in Macro Fluctuations and Policy. 100 Units.

Equivalent Course(s): BUSN 33950

ECON 34400. Job Mobility/Wage Determinants. 100 Units.

This course is divided into four parts: Part I reviews segments of the literature on wage growth and labor mobility. The course begins by reviewing a standard model of life-cycle human capital accumulation. We then introduce models of learning and sorting. The goal is to understand how investments in both information and human capital generate observed patterns of wage growth and mobility decisions over the life-cycle. Part II examines the literature on investment in schooling. We will review work on measuring the returns to schooling and assessing the evidence that credit constraints affect human capital investment decisions. We will discuss the role of human capital investment in determining earnings inequality. Part III examines the design of incentive systems within organizations. We will give particular attention to trade-offs between insurance and incentives, tournament theory, moral hazard in teams, and models of multi-tasking. These models also provide insight concerning sources of wage growth within firms and the distribution of wages within firms. Part IV examines the theoretical and empirical literature on income inequality by race and gender. We will also examine how the increase in female labor supply during the past four decades has influenced the wage structure. We devote considerable attention to the effects of public policy on observed racial income gaps.

Instructor(s): Neal, Derek     Terms Offered: Autumn

ECON 34410. Demand and Supply in Labor Markets. 100 Units.

ECON 34430. Topics in Labor Markets: Earnings and Employment. 100 Units.

The class will cover recent developments in the understanding of the determinants of employment and earnings in the labor market. We will start by studying extensive and intensive labor supply decisions in the short and long run and their implications for macro and micro elasticities. We will then look at the effect of uncertainty in earnings by studying the joint dynamics of earnings and consumption. The next section is concerned with labor demand and in particular how skills demand has impacted inequality. Finally, the course will cover models with two-sided heterogeneity with complementarities, sorting and mobility frictions. The methods presented in the course will range from nonparametric econometrics methods to solving equilibrium and dynamic contracting problems. Students should expect to learn how to work with data and how to develop, solve and evaluate structural models of the labor market.

Instructor(s): Lamadon, Thibault     Terms Offered: Spring

ECON 34460. Topics in Public and Labor Economics. 100 Units.

This graduate course will cover select topics at the intersection of public and labor economics, including labor supply and demand, responses to and incidence of labor income taxation, labor market competition, skills and training, search and information frictions, minimum wages, and discrimination.

Instructor(s): Rose, Evan     Terms Offered: Autumn

ECON 34901. Social Interactions and Inequality. 100 Units.

This course will focus on the theory, econometrics, and empirical analysis of social influences on economic behavior, termed social interactions. As such, the course will include topics ranging from social networks to social capital to discrimination. We will examine the effects of social interactions on individual and aggregate behaviors as well as the implications of social interactions for the formation of social structure. Particular attention will be given to the translation of theoretical models into econometric analogs and to the identification questions that arise when attempting to construct empirical evidence on social interactions. Applications of social interactions will focus on contexts in which their presence can help explain observed levels of socioeconomic inequality.

Instructor(s): Staff     Terms Offered: Spring

ECON 34930. Inequality: Theory, Methods and Evidence. 100 Units.

This course will explore the theory, methodology and evidence of economic inequality.

Instructor(s): Steve Durlauf     Terms Offered: Spring Equivalent Course(s): PPHA 33230

ECON 35050. Asset Pricing I. 100 Units.

Equivalent Course(s): BUSN 34901

ECON 35060. Asset Pricing II. 100 Units.

Equivalent Course(s): BUSN 34902

ECON 35070. Corporate Finance I. 100 Units.

Equivalent Course(s): BUSN 34903

ECON 35080. Corporate Finance II. 100 Units.

Equivalent Course(s): BUSN 34904

ECON 35101. International Macroeconomics and Trade. 100 Units.

Instructor(s): Adao, Rodrigo     Terms Offered: Autumn Equivalent Course(s): BUSN 33946

ECON 35310. Topics in International Trade and Growth. 100 Units.

Instructor(s): F. Tintelnot     Terms Offered: Spring

ECON 35360. Labor Search and Frictions in Macro. 100 Units.

This course focuses on understanding the macroeconomic implications of labor market frictions. We will develop and explore equilibrium models of unemployment arising from search frictions, geographic and skill heterogeneity, and information frictions arising from adverse selection and moral hazard issues. We will discipline the models with microeconomic and aggregate data, and then examine both the positive and normative implications of these quantitative models for outcomes such as unemployment and vacancy rates, and their behavior both over the business cycle and across geographic space.

Instructor(s): Shimer, Robert     Terms Offered: Winter

ECON 35530. Microeconomics of Development. 100 Units.

This course will cover the key micro-economic issues in economic development, covering theoretical contributions and empirical applications to understand why some countries are poor and how markets function differently in poor economies. Topics include human capital (education and health), labor markets, credit markets, land markets, firms, and the role of the public sector.

Instructor(s): Brown, C     Terms Offered: Winter Equivalent Course(s): ECMA 35530

ECON 35550. The Practicalities of Running Randomized Control Trials. 100 Units.

This course is designed for those who plan to run a randomized control trial. It provides practical advice about the trade-offs researchers face when selecting topics to study, the type of randomization technique to use, the content of a survey instruments, analytical techniques and much more. How do you choose the right minimum detectable effect size for estimating the sample size needed to run a high quality RCT? How do you quantify difficult to measure outcomes such as women's empowerment or ensure people are providing truthful answers when you are asking questions on sensitive topics like sexual health? When should you tie your hands by pre-committing to your analysis plan in advance, and when is a pre-analysis plan not a good idea? This course will draw on lots of examples from RCTs around the world, most (though not all) from a development context. Alongside field tips, it will also cover the concepts and theory behind the tradeoffs researchers face running RCTs. The course is designed for PhD students but given its practical nature is open to and accessible to masters students who plan to work on RCTs.

Instructor(s): Glennerster, Rachel     Terms Offered: Autumn Equivalent Course(s): PPHA 35561, ECMA 35550

ECON 35570. Political Economy of Development. 100 Units.

This course is intended as an introduction for Ph.D. students to the research literature in the political economy of development. Its purpose is to give students both a sense of the frontier research topics and a good command of how social science methodological tools are used in the area. This class is for PhD and Harris MACRM students only, with no exceptions. Must have completed a PhD level Microeconomics course to enroll.

Instructor(s): Blattman, C     Terms Offered: Spring Equivalent Course(s): PLSC 46600, PPHA 41120

ECON 35600. Development Economics. 100 Units.

This course covers theoretical models and empirical methods in development economics. Topics include health, education, household economics, small and medium enterprise finance, technology adoption, corruption, and the intersection of behavioral economics and development. The course will also review a range of research designs including experiments, natural experiments, and structural approaches.

Instructor(s): Kremer, Michael      Terms Offered: Autumn Equivalent Course(s): PPHA 44401

ECON 35650. Behavioral Development Economics. 100 Units.

This course will focus on the intersection of two rapidly growing fields in economics - development economics, and behavioral economics. Behavioral development economics brings insights and tools from psychology and behavioral economics to the study of developing economies and poverty more generally. We will apply existing ideas in behavioral economics to important development questions and ask whether there is a need for a special behavioral science of poverty and development. Methods covered will include field experiments, testing behavioral theory, and combining experiments with structural estimation.

Instructor(s): Karing, Anne     Terms Offered: Spring

ECON 36000. Public Finance I. 100 Units.

This Ph.D.-level course provides the conceptual and theoretical foundations of public finance by dealing with a large number of concepts, models, and techniques that are used in the research on public finance. A command of the positive analysis of the incidence of government policies is fundamental to the study of most problems of public finance; positive analysis is emphasized throughout the course. Among the topics are: measurements of changes in welfare; economy-wide incidence of taxes; effects of taxation on risk-taking, investments, and financial markets; corporate taxation; taxation of goods and services; taxation of income; taxation and savings; positive problems of redistribution; and tax arbitrage, tax avoidance, tax evasion, and the underground economy.

Instructor(s): Golosov, Mikhail     Terms Offered: Winter Prerequisite(s): Open to Ph.D. students; other students may enroll with consent of the instructor.

ECON 36200. Public Sector Economics. 100 Units.

The concept of "market distortion" is used to formulate measurements, explanations, and consequences of government activities including tax systems, expenditure programs, and regulatory arrangements. Topics include cross-country comparisons of government behavior, predicting microlevel responses to policy, measuring and evaluating the incidence of government activity, alternative models of government decision-making, and the application of public finance to other economics fields.

Instructor(s): Mulligan, Casey      Terms Offered: Autumn

ECON 36330. New Developments in Public Finance. 100 Units.

Course Search This course provides graduate-level discussion of topics and methods in public finance. This course has two objectives. The first is to teach current topics and methods in public finance. The second is to advance students' development as economists by providing training in the production of high-quality research. This training may help students read, contribute to, and draw from recent progress in this literature. The course covers a wide variety of applied econometric and theoretical approaches. It also discusses applications of a wide variety of datasets and methods that are useful in many settings for public finance and applied economics research.

Instructor(s): Ganong, Noel, and Zwick Equivalent Course(s): BUSN 35916

ECON 36750. Energy and Environmental Economics III. 100 Units.

Optimal environmental regulation requires an analysis of the trade between market and regulatory imperfections. Market allocations are inefficient in the presence of imperfections such as externalities, market power, and informational asymmetries. On the other hand, government intervention to mitigate these imperfections is not costless, and can even make market performance worse. This course focuses on recent empirical analysis of the costs and benefits of environmental and energy policies, including an introduction to the relevant econometric methodologies such as randomized controlled trials, regression discontinuity designs, bunching analysis, and structural estimation. Topics will include: energy demand and the energy efficiency gap, fuel economy and appliance efficiency standards, non-linear and real-time electricity pricing, wholesale electricity markets, renewable electricity policies, natural gas markets, retail gasoline markets, and technology innovations. Must have completed PPHA 44330 Energy and Environmental Economics II to enroll.

Instructor(s): Ito, K     Terms Offered: Spring Equivalent Course(s): PPHA 44340

ECON 36820. Empirical Topics in Social Insurance. 100 Units.

Graduate course focusing on recent empirical economic literature in social insurance.

Instructor(s): Deshpande, Manasi     Terms Offered: Spring

ECON 37710. Economics of Healthcare. 100 Units.

This is a PhD-level course in the economics of healthcare open to PhD students in Economics, Booth, Harris, and MACRM and other students with instructor's consent. The goal is to prepare students to conduct independent research in the field, and to use tools from a variety of fields to study healthcare markets. Topics will include health insurance, the production and supply of healthcare, the economic geography of healthcare, regulations, and labor market connections. We will emphasize bridges to fields including public finance, labor economics, and industrial organization. We will cover econometric techniques, datasets, and institutional knowledge required to develop research ideas in the field, and help students develop such ideas. The course will cover the latest research and benefit from workshops in the field.

Instructor(s): Gottlieb, J     Terms Offered: Spring Equivalent Course(s): PPHA 48050

ECON 37720. Health Economics Literature Seminar. 100 Units.

Equivalent Course(s): BUSN 33919

ECON 38102. Applied Macroeconomics: Heterogeneity and Macro. 100 Units.

Instructor(s): Kekre & Vavra Equivalent Course(s): BUSN 33949

ECON 39600. Topics in Asset Pricing. 100 Units.

Equivalent Course(s): BUSN 35907

ECON 40201. Advanced Industrial Organization II. 100 Units.

Instructor(s): Hortacsu, Ali      Terms Offered: Winter Equivalent Course(s): BUSN 33922

ECON 40603. Market Design. 100 Units.

Instructor(s): Leshno, Jacob; Budish, Eric     Terms Offered: Spring Equivalent Course(s): BUSN 33915

ECON 41150. Behavioral Finance. 100 Units.

Equivalent Course(s): BUSN 35906

ECON 41175. Behavioral Economics - Development & Observational Data. 100 Units.

Behavioral economics applies psychological insights to economic markets and decision making. In this class, we will discuss the recent theoretical and empirical advances made in this increasingly important field of economics with a focus on behavioral development economics and observational data analysis. Being thoughtful about the role of psychology can lead to a greater understanding of how economic agents make decisions and how the economy works. This course will utilize lectures, discussion, and problem sets to provide an introduction to the topic of behavioral economics. The primary goal of the class is to provide a basic understanding of the field and think about how one can do original research as a PhD student in this field.

Instructor(s): Dean, Joshua; Pope, Devin     Terms Offered: Autumn Equivalent Course(s): BUSN 38916

ECON 41185. Behavioral Economics - Theory & the Lab. 100 Units.

Instructor(s): Imas, Alex     Terms Offered: Spring Equivalent Course(s): BUSN 38918

ECON 41300. A Course In Experimental Economics. 100 Units.

This course provides the necessary tools to be an avid consumer of the experimental literature and instructs students on how to become a producer of that literature. Topics include a summary of recent experimental findings and details on how to gather and analyze data using experimental methods.

Instructor(s): List, John     Terms Offered: Winter Equivalent Course(s): BUSN 38922

ECON 42200. Advanced Topics in Political Economy: Comparing Societies. 100 Units.

The course will study the cultural, social, and institutional foundations of contemporary and historical societies around the world. Particular attention will be paid to factors that are typically taken for granted and presumed universal within the economics discipline. These include perceptions of reality (including birth, death, the afterlife, the spiritual world, nature,and the environment), and moral frameworks (including views about right/wrong, fairness,equality, and community membership). We will consider how these differences then affect and are affected by resulting cultural values, social structures, and formal political and legal institutions. The course is targeted to advanced (second-year or later) Ph.D. students with an interest in economic development, political economy, cultural economics, and/or economic history. Must be a PhD student to enroll.

Instructor(s): Robinson, J     Terms Offered: Winter Equivalent Course(s): PLSC 41150, PPHA 41150

ECON 42400. Applied Microeconomics in Economic History. 100 Units.

Terms Offered: TBD Equivalent Course(s): PPHA 45710, BUSN 33917

ECON 42800. Creativity. 100 Units.

This seminar examines recent research on how creative people innovate in a wide range of intellectual activities. The main project for the course is a term paper that analyzes the creative life cycle of one or more innovators of the student's choice, using both quantitative and qualitative evidence. Students present their research in progress for discussion. The seminar is designed to give students all the tools needed to do this research, including choosing a subject, finding and using an appropriate data set, and negotiating the relevant scholarship.

Instructor(s): D. Galenson     Terms Offered: Winter Prerequisite(s): ECON 20100

ECON 42900. Innovators. 100 Units.

Economists broadly agree that technological change is the principal source of long-run productivity growth. Yet although most advances are made by individuals or small groups, until recently economists have not studied how innovations are made. This course looks inside the black box, surveying recent research on the methods and life cycles of innovators in a wide range of activities, including economists, scientists, entrepreneurs, and artists. This research adds a new dimension to our understanding of creativity and technological change.

ECON 49700. Research Seminar. 100 Units.

The Required Research Seminar/Paper is designed to introduce the Ph.D. student to the demands and excitement of research, promote early contact with the faculty, and introduce the process of selecting a research topic and writing about it. (The thesis itself comes later and may be on a different topic.) Every student is required to write a research paper under faculty supervision by taking the Required Research Seminar.

Equivalent Course(s): BUSN 35930

ECON 49800. Research Seminar. 100 Units.

Equivalent Course(s): BUSN 35931

ECON 49900. Required Research Paper. 100 Units.

Equivalent Course(s): BUSN 35932

ECON 50000. Workshop in Economic Theory. 000 Units.

Faculty led workshop presenting current research in economic theory.

Instructor(s): Reny, Philip Myerson, Roger Sonnenschein, Hugo     Terms Offered: Autumn Spring Winter

ECON 50100. Student Economic Theory Working Group. 100 Units.

Student organized Economic Theory working group

Terms Offered: Spring

ECON 50200. Economic Theory Discussion Group. 000 Units.

Informal discussion and advising session for PhD students interested in and working on Economic Theory

Instructor(s): Brooks, Benjamin; Ravid, Doron     Terms Offered: Autumn Spring Winter

ECON 50300. Becker Applied Economics Workshop. 000 Units.

Faculty led workshop presenting current research in applied economics.

Instructor(s): List, John Greenstone, Michael Mogtsad, Magne     Terms Offered: Autumn Spring Winter

ECON 51200. Workshop: Econometrics. 000 Units.

Faculty led workshop presenting current research in econometrics.

Instructor(s): Heckman, James Hansen, Lars Peter Hickman, Brent Shaikh, Azeem     Terms Offered: Autumn Spring Winter

ECON 51400. Econometrics and Statistics Colloquium. 100 Units.

Equivalent Course(s): BUSN 41600

ECON 51800. Applied Econometrics Reading Group. 000 Units.

Weekly research meeting for faculty and PhD students interested in Applied Econometrics

Instructor(s): Mogstad, Magne     Terms Offered: Autumn Spring Winter

ECON 53000. Workshop: Money and Banking. 000 Units.

Faculty led workshop presenting current research in Money and Banking.

Instructor(s): Alvarez, Fernando Shimer, Robert Hansen, Lars Peter Stokey, Nancy     Terms Offered: Autumn Spring Winter Equivalent Course(s): BUSN 33630

ECON 54300. Applied Economics Workshop. 100 Units.

Equivalent Course(s): BUSN 33610

ECON 55600. Seminar: Finance. 100 Units.

Equivalent Course(s): BUSN 35600

ECON 56300. Public Policy and Economics Workshop. 000 Units.

This is a workshop; only open to PhD students and is an audit only course.

Equivalent Course(s): PPHA 51500

ECON 57000. Workshop in Macro and International Economics. 100 Units.

Equivalent Course(s): BUSN 33650

ECON 58700. Workshop in Family Economics. 100 Units.

Faculty led workshop presenting current research in family economics.

Instructor(s): Voena, Alessandra Heckman, James Mogstad, Magne Lamadon, Thibaut     Terms Offered: Autumn Spring Winter

ECON 58900. Workshop: Demography. 100 Units.

This workshop is sponsored by the Committee on Demographic Training in collaboration with the Population Research Center of NORC and the University. Visitors from other campuses as well as Chicago faculty discuss current research activities in population studies. PQ: Must Register for an R

Terms Offered: Spring Winter Equivalent Course(s): SOCI 60001

ECON 59000. Workshop: Applications of Economics. 000 Units.

Faculty led workshop presenting current research in economics applications.

Instructor(s): Hortacsu, Ali Voena, Allesandra Hickman, Brent Philipson, Tomas Akcigit, Ufuk     Terms Offered: Autumn Spring Winter

ECON 59200. Workshop: Economic Policy/Public Finance. 100 Units.

ECON 59900. Thesis Preparation: Economics. 100 Units.

This course is designed for advanced thesis preparation work sponsored by a faculty member.

Instructor(s): Ufuk Akcigit Fernando Alvarez Stéphane Bonhomme Benjamin Brooks Leo Bursztyn Manasi Deshpande Michael Dinerstein David Galenson Michael Greenstone Lars Hansen Jim Heckman Ali Hortaçsu Greg Kaplan Thibaut Lamadon Steve Levitt John List Magne Mogstad Casey Mulligan Kevin Murphy Roger Myerson Derek Neal Doron Ravid Phil Reny Azeem Shaikh Rob Shimer Nancy Stokey Felix Tintelnot Harad Uhlig      Terms Offered: Autumn Spring Summer Winter

ECON 60200. Working Group: Applied Micro. 000 Units.

Faculty and graduate student led working group presenting graduate student research in applied microeconomics.

Instructor(s): Mogstad, Magne Dinerstein, Michael Levitt, Steve Greenstone, Michael     Terms Offered: Autumn Spring Winter

ECON 60250. Student Applied Micro Working Group. 000 Units.

Graduate student led working group presenting graduate student research in applied microeconomics.

Instructor(s): Staff     Terms Offered: Autumn Spring Winter

ECON 60300. Working Group: Economic Dynamics. 100 Units.

ECON 60310. Economics Dynamics. 000 Units.

Faculty and graduate student led working group presenting current research in economic dynamics.

Instructor(s): Hansen, Lars Peter Alvarez, Fernando     Terms Offered: Autumn Spring Winter

ECON 60400. Working Group: Economic Theory. 000 Units.

Faculty and graduate student led working group presenting graduate student research in economic theory.

Instructor(s): Myerson, Roger Reny, Phil     Terms Offered: Autumn Spring Winter

ECON 60600. Working Group: Capital Theory. 000 Units.

Faculty and graduate student led working group presenting graduate student research in capital theory economics.

Instructor(s): Stokey, Nancy Alvarez, Fernando Shimer, Robert     Terms Offered: Autumn Spring Winter

ECON 60700. Working Group: International Development. 100 Units.

ECON 60900. Working Group: Applied Macroeconomic Theory. 000 Units.

Faculty and graduate student led working group presenting graduate student research in macroeconomic theory.

Instructor(s): Alvarez, Fernando     Terms Offered: Autumn Spring Winter

ECON 61000. Working Group: Demography Workshop Post-Mortem. 100 Units.

The Post-Mortem Seminar meets immediately following the Demography Workshop each week. The 30 minute discussion occurs immediately after the workshop, offering attendees opportunities to explore the theoretical claims, methods, and findings presented at the Demography Workshop, as well as to consider ethical issues embodied in the presented research and how we can engage in the responsible conduct of research. The PM seminar is led by faculty members and postdoctoral fellows with expertise in the demography and economics of aging, providing attendees with opportunities for intellectual engagement with area experts in a casual discussion-based setting.

Equivalent Course(s): SOCI 60015

ECON 61100. Industrial Organization Working Group. 000 Units.

Faculty and graduate student led working group presenting graduate student research in industrial organization.

Terms Offered: Autumn Spring Winter

ECON 61300. EPIC Working Group. 000 Units.

Faculty and graduate student led working group presenting current research in energy and environmental economics.

Instructor(s): Greenstone, Michael     Terms Offered: Autumn Spring Winter

ECON 61400. Working Group in Econometrics. 000 Units.

Faculty and graduate student led working group presenting graduate student research in econometrics.

Instructor(s): Shaikh, Azeem     Terms Offered: Autumn Spring Winter

ECON 61500. Trade Working Group. 000 Units.

Faculty and graduate student led working group presenting graduate student research in trade economics.

Instructor(s): Tintelnot, Felix Dingel, Jonathan     Terms Offered: Autumn Spring Winter

ECON 61600. Computational Methods in Economics Working Group. 000 Units.

Faculty and graduate student led working group presenting graduate student research on computational methods in economics

Instructor(s): Lamadon, Thibault; Pouliot, Guillaume     Terms Offered: Autumn Spring Winter

ECON 61700. Political Economy Working Group. 100 Units.

Political Economy Working Group

ECON 61810. Macrofinance, Financial Intermediation and Banking Working Group. 100 Units.

Instructor(s): H. Uhlig     Terms Offered: Autumn Spring Winter Prerequisite(s): Consent of instructor

ECON 61900. Development Working Group. 000 Units.

Development Working Group

ECON 63100. Macro Reading Group. 000 Units.

This is a "Sargent-style" reading group for PhD students in their third year or above with an interest in macroeconomics, very broadly defined. Students are required to read a paper of their choice every week, attend a 1.5 hr meeting each week and give regular presentations of various forms and lengths. Active and regular participation is compulsory.

Instructor(s): Greg Kaplan     Terms Offered: Autumn Spring Winter

ECON 63500. Job Placement Working Group. 000 Units.

ECON 70000. Advanced Study: Economics. 300.00 Units.

Advanced Study: Economics

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Professor Kilian Huber Awarded 2024 Sloan Fellowship

The competitive award honors inventive and impactful early-career researchers across the united states and canada..

• By Robert Sharoff
• March 25, 2024
• Share This Page

Kilian Huber, associate professor of economics, has been awarded a 2024 Sloan Research Fellowship.

The two-year fellowships—given annually by the New York­–based Alfred P. Sloan Foundation—include a $75,000 cash award and honor early-career researchers in chemistry, computer science, Earth system science, economics, mathematics, neuroscience, physics, and related fields. In order to qualify, researchers must have a PhD in one of the designated fields and be an untenured faculty member with a regular teaching obligation at a college, university, or other degree-granting institution.

“Sloan Research Fellowships are extraordinarily competitive awards involving nominations of the most inventive and impactful early-career scientists across the US and Canada,” said Adam F. Falk, president of the foundation, in a press release . “We look forward to seeing how Fellows take leading roles shaping the research agenda within their respective fields.”

Since joining Booth in 2019, Professor Huber has focused his research on how the financial sector interacts with what economists refer to as the real economy—that is, the production, distribution, and sale of goods and services in the marketplace.

His ultimate goal, he says, “is to provide a better understanding of how the economy works and to help shape government policy for dealing with shocks and recessions.”

In a recent paper, Huber and Niels Gormsen, the Neubauer Family Associate Professor of Finance and a Fama Faculty Fellow, explore how unconventional cost-of-capital calculations have slowed down total investment but led to a boost in green projects. (Read more about it in coverage from Chicago Booth Review .)

Huber currently has two other coauthored projects underway, one of which analyzes how connections between different industries and regions can be measured in nationally comprehensive statistics and then be used to shape economic policy. The other examines how financial shocks, such as the recent rise in interest rates, affect the behavior of companies. One of Huber’s research assistants on the latter project is Rohan Mathur, a fourth-year UChicago student who’s the first admit to Booth’s new Master in Finance Program .

“I’ve benefited tremendously from the culture at Booth. People are always asking ... whether you’re doing the right thing and whether you’re thinking about questions the right way. It’s a terrific environment and one that’s very supportive of junior researchers.”

Huber collaborates with researchers around the globe and expects both projects to take up to five years to complete.

“I typically spend three years just collecting data,” he says, noting that the $75,000 prize money will help advance his research. “It takes a lot of time and effort to collect good data, and the fellowship will give me and my colleagues the resources to do the very best job possible.”

Teaching also plays an important role for Huber, who says it “forces you to focus on the big questions and also to phrase things in a way that’s intuitively understandable to a nonspecialist audience. It grounds you in a good way.”

Huber was nominated for the fellowship by Anil K Kashyap, the Stevens Distinguished Service Professor of Economics and Finance.

“Kilian is an extremely creative researcher,” Professor Kashyap says. “His work is wide-ranging and covers topics as diverse as helping rethink the way we measure national income, improving our understanding of how firms determine their cost of capital, and exploring how disruptions to banks spill over to the economy.”

Prior to joining Booth, Huber was the Saieh Family Fellow in Macroeconomics at the University of Chicago’s Becker Friedman Institute for Economics . He has a PhD from the London School of Economics.

“I’ve benefited tremendously from the culture at Booth,” he says. “It’s intense. People are always asking you questions about whether you’re doing the right thing and whether you’re thinking about questions the right way. It’s a terrific environment and one that’s very supportive of junior researchers.”

The Sloan Fellowships began in 1955 and have included 57 Nobel Prize winners. This year’s cohort, selected from more than 1,000 entrants, consists of 126 researchers from 53 public and private institutions.

Candidates are nominated by fellow scientists and winners are selected by independent panels of senior scholars. This year’s economics nominating committee included Veronica Guerrieri, the Ronald E. Tarrson Distinguished Service Professor of Economics and a Willard Graham Faculty Scholar, as well as Princeton’s Leah Platt Boustan and MIT’s Parag Pathak.

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Joint PhD Program in Financial Economics

Yiran fan memorial conference.

Sc holars in financial economics meet on an annual basis to share ongoing research in a series of alumni and student presentations as part of a commemorative event dedicated to our late colleague, Yiran Fan. Faculty announced the Yiran Fan Memorial Fellowship during the 2023 conference and will continue to present the Yiran Fan Memorial Prize to student awardees in 2024. Conference participants hope to continue to carry the promise of Yiran’s contributions forward.

During his time at Booth, Yiran was completing a doctoral degree in Financial Economics and working as a Professional Development Fellow at the Fama-Miller Center for Research in Finance. You can find more details on the life and legacy of Yiran Fan by visiting the Chicago Booth memoriam page.

2024 Yiran Fan Memorial Conference

Thursday, April 11, 2024 ( details below )

2023 Yiran Fan Memorial Conference

Thursday, April 11, 2024 Gleacher Center

8:30-9:00 a.m.:   Registration (continental breakfast) *registration is restricted to invitees* 9:00-9:05 a.m.: Welcome

9:05-10:05 a.m.: Presentation 1 Filippo Cavaleri : A Preferred-Habitat Model with a Corporate Sector Discussant: Aaron Pancost, PhD ’16 10:05-10:15: Break (10 mins)

10:15-11:15 a.m. : Presentation 2 Thomas Bourany : Optimal Energy Policy and the Inequality of Climate Change Discussant:  Michael Barnett, PhD ’19 11:15-11:30: Break ( 10 mins) 11:30-1:00 p.m..: Lunch and announcement of 2023 Yiran Fan Memorial Fellowship and 2024 Yiran Fan Memorial Prize Featured Speaker:  Alan Moreira, PhD ’11 1:00-1:15: Break ( 15 mins )

1:15-2:15 p.m.: Presentation 3 Joanna Harris: The Effect of Environmental Preferences on Investor Responses to ESG Disclosure Discussant:  Marina Niessner, PhD ’13 No Break

2:15-3:15 p.m.: Presentation 4 Manav Chaudhary : Corporate Bond Multipliers: Substitutes Matter Discussant:  Yoshio Nozawa, PhD ’13 3:15-3:30: Break ( 15 mins ) 3:30-4:30 p.m.: Presentation 5 Federico Mainardi : A Demand-Based Approach to Short-Selling Discussant:  Stefano Pegoraro, PhD ’20 4:30-4:45: Break  (15 mins)

4:45-6:00 p.m.: Student Poster Presentations and Catered Reception (Gleacher)

• Bianca He: Financing Intangibles
• Xiaoyang Li: Industry Shakeouts after an Innovation Breakthrough
• Edward Jee: Poverty Traps and Transfers
• Doga Akar Bilgin: VAR-ifying Predictions: Inferring Implicit Models from Published Forecasts
• Jingoo Kwon: Risk, Disagreement, and Forecast Dispersion

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Chicago Booth Happy Hour in Paris

Thursday, April 11, 2024 at 7:00 PM until 9:00 PM GMT Daylight Time UTC +01:00

Maison Bréguet 8 Rue Bréguet Paris 75011 France

Join Chicago Booth in Paris on 11 April  for an evening of socializing and networking with Chicago Booth alumni, current and prospective students.

This informal event will be an excellent opportunity to learn more about Chicago Booth and find out more about our MBA and Masters programs, as well as ask any questions you may have about: 

• Chicago Booth networking opportunities
• How Booth has helped alumni and students develop their careers 
• The value of business school in France and beyond

This free of charge event is an excellent opportunity to connect with the Chicago Booth community in Paris in relaxed surroundings. This is a small and exclusive event. Please ensure you register your interest below to secure your place.

Thursday, April 11 at 7:00 PM CET

Maison Breguet 8 rue Bréguet, 75011 Paris

Prof. John List named speaker for UChicago’s 2024 Convocation ceremony

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