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University Catalog|Office of the Registrar

Department of Economics and Finance

Frederic P. Sterbenz, Department Chair
225E Business Building
Phone: (307) 766-2175, FAX: (307) 766-5090
Website: http:/www.uwyo.edu/EconFin/

John S. Bugas Professor of Economics

EDWARD B. BARBIER, B.A. Yale College, Yale University 1979; M.Sc. London School of Economics 1980; Ph.D. Birkbeck College, University of London 1986; Professor of Economics 2000.

H.A. (Dave) True, Jr. Chair in Petroleum and Natural Gas Economics

CHARLES F. MASON, A.B. University of California 1977; Ph.D. 1983; Professor of Economics 1994, 1982.

John A. Guthrie, Sr. Distinguished Professor of Banking and Financial Services

SHERRILL SHAFFER, B.A. Rice University 1974; Ph.D. Stanford University 1981; Professor of Finance 1997.

Stroock Professor of Natural Resource and Environmental Economics

JASON F. SHOGREN, B.A. University of Minnesota-Duluth 1980; Ph.D. University of Wyoming 1986; Professor of Economics 1995.

Professors

TIMOTHY J. CONSIDINE, B.A. Loyola University 1975; M.S. Purdue University 1977; Ph.D. Cornell University 1981; Professor of Economics 2008.
OWEN R. PHILLIPS, B.A. Stanford University 1974; Ph.D. 1980; Professor of Economics 1995, 1985.
FREDERIC P. STERBENZ, B.S. Massachusetts Institute of Technology 1975; M.A. University of Pennsylvania 1977; Ph.D. 1981; Professor of Economics and Finance 2003, 1987, 1981.

Associate Professors

DAVID M. AADLAND, B.A. Augustana College 1991; M.S. University of Oregon 1996; Ph.D. 1997; Associate Professor of Economics 2005, 2003.
DAVID C. FINNOFF, B.S. University of Wyoming 1994; Ph.D. 2001; Associate Professor of Economics 2010, 2004.
ROBERT GODBY, B.S. Trent University 1990; M.A. University of Guelph 1992; Ph.D. McMaster University 1997; Associate Professor of Economics 2003, 1997.
KLAAS T. VAN ‘T VELD, B.Sc. University of London 1992; M.S. University of California-Berkeley 1993; Ph.D. 1997; Associate Professor of Economics 2010, 2004.
THORSTEN M. JANUS, B.A. University of Copenhagen 2000; M.A. University of California at Santa Cruz 2003; Ph.D. 2006; Associate Professor of Economics 2012.

Assistant Professors

NICOLE CHOI, B.A. Chungbuk National University 2002; M.B.A. Washington State University 2004; Ph.D. 2009; Assistant Professor of Finance 2012, 2009.
BENJAMIN T. GILBERT, B.A. Whitman College 1999; Ph.D. University of California, San Diego 2011; Assistant Professor of Economics 2011.
SRIDHAR GOGINENI, Management Studies Birla Institute of Technology and Science 2002; M.A. Ohio University 2005; Ph.D. University of Oklahoma 2011; Assistant Professor of Finance 2011.
ALEXANDRE SKIBA, Specialist Diploma Rivne State Technical University 1999; M.S. Purdue University 2001; Ph.D. 2003; Assistant Professor of Economics 2012, 2008.
HILLA SKIBA, B.A. University of Kansas 2002; M.A. 2004; Ph.D. 2008; Assistant Professor of Finance 2012, 2008.
LINDA THUNSTROM, M.S. Umea University, Sweden 1999; Ph.D. Umea University, Sweden 2008; Assistant Professor of Economics 2013.

Professors Emeriti

John W. Birch, Curtis A. Cramer, Thomas D. Crocker, William E. Morgan, John T. Tschirhart

Business Economics Major

The science of efficient allocation, economics
has much to offer students in the way of general and specialized preparation for positions in business, as well as government and the academic profession.

In addition to university and college requirements cited previously, requirements for business economics majors include:          

  1. ECON 3010,3020, 4240 or 4250 (9 hours)
  2. Economics electives - At least 12 hours must be 4000-level courses (15 hours)
  3. Common business course work - MGT 1040, FIN 3250, MGT 3210, DSCI 3210, MKT 3210 and MGT 4520 (18 hours)
  4. IMGT 2400 (3 hours)
  5. Electives (26 hours)

All economics majors must comply with requirements of the advanced business prerequisites for enrollment in upper-division courses.

Economics majors must hold a 2.50 cumulative grade point average in all economics courses at graduation, as well as a minimum 2.50 cumulative UW grade point average and a minimum 2.50 grade point average in all College of Business courses.

With approval of the department chair, students may substitute work in certain areas of accounting, agricultural economics, business administration, history, political science, finance, mathematics, statistics or law for 6 hours of 4000-level economics courses.

Students who intend to continue on to graduate work are urged to give special attention to courses in economics theory, statistics and mathematics. Those planning a career in econometrics or mathematical economics should consult the department head as to mathematics and statistics requirements in these fields of study.

The Department of Economics offers programs leading to the Master of Science degree and Ph.D. degree.

Suggested Course Sequence

Freshman Year: Fall

Hours

ECON 1010

3

ENGL 1010

3

MATH 2350 or 2200

4

University Studies Global Awareness

3

University Studies Science course

3-4

Physical education

3

Total Hours

16-17

Freshman Year: Spring

Hours

ECON 1020

3

ECON 1200

3

MATH 2355 or 2205

4

University Studies Science course

3-4

Non-business electives

3

Total Hours

16-17

Sophomore Year: Fall

Hours

ACCT 1010

3

IMGT 2400

3

University Studies Writing II course

3

Economics Elective

3

Non-business electives

4-5

Total Hours

16-17

Sophomore Year: Spring

Hours

ACCT 1020

3

COJO 1010

3

STAT 2010

3

University Studies Cultural Context (Humanities)

3

Electives

3-4

Total Hours

15-16

Junior Year: Fall

Hours

BADM 1040

3

ECON 3010

3

ECON 4240

3

ENGL 4010

3

Elective

3

Total Hours

15

Junior Year: Spring

Hours

ECON 3020

3

FIN 3250

3

MKT 3210

3

Electives

3-4

Total Hours

12-13

Senior Year: Fall

Hours

DSCI 3210

3

MGT 3210

3

Economics electives

6

Electives

4

Total Hours

16

Senior Year: Spring

Hours

MGT 4520

3

Economics electives

6

Electives

4

Total Hours

12

Credits for Degree

120

Economics Undergraduate Major

The economics major in the College of Business must complete 30 semester hours in economics courses.

Basic requirements for the B.S. degree include: ECON 1010, 1020, 3010, 3020, 4240 or 4250, and 15 hours of upper level economics electives; STAT 2010 or 2070 and one year of calculus sequence, MATH 2200 and 2205, or 2350 and 2355. Upon securing the approval of the department head, a student may substitute work in certain areas of accounting, agricultural economics, business administration, history, political science, finance, mathematics, statistics or law for 6 hours of the 4000-level economics electives.

This program allows considerable flexibility for the student to specialize in interdisciplinary study. For example, the student can be advised on selecting upper level division courses for pre-law study, political economy, environmental and natural resources, women's studies, and international studies.

Students who intend to continue in graduate work are urged to give special attention to courses in economic theory, statistics and mathematics. Those planning a career in mathematical economics or econometrics should consult the department head regarding the mathematics and statistics requirements in these fields of study.

Graduate Work

The College of Business Department of Economics and Finance offers programs leading to the Master of Science degree, and to the Ph.D. degree.

Suggested B.S. Program in Economics

Suggested Course Sequence

Freshman Year: Fall

Hours

ECON 1010

3

ENGL 1010

3

MATH 1400 or 1450

3

University Studies Cultural Context (Humanities/Arts)

3

Physical Education

1

Total Hours

14

Freshman Year: Spring

Hours

ECON 1020

3

University Studies Cultural Context (Humanities/Arts)

3

MATH 2350 or 2200

4

ECON 1200

3

University Studies

3

Total Hours

16

Sophomore Year: Fall

Hours

Biological, physical, or earth sciences

4

STAT 2010, 2050, or 2070

3

ECON 3010

3

MATH 2205 or 2355

4

Total Hours

14

Sophomore Year: Spring

Hours

Biological, physical, or earth sciences

4

ECON 3020

3

University Studies Writing II course

3

University Studies Cultural Context (Humanities/Arts)

3

Electives

3

Total Hours

16

Junior Year: Fall

Hours

University Studies Writing III course

3

Economics electives - upper level

6

Electives - upper level

6

Total Hours

15

Junior Year: Spring

Hours

Economics Elective - upper level

6

Electives - upper level

9

Total Hours

15

Senior Year: Fall

Hours

ECON 4240 or 4250

3

Economics elective - upper level

3

Electives - upper level

9

Total Hours

15

Senior Year: Spring

Hours

Electives - upper level

3

Electives

12

Total Hours

15

Credits for Degree

120

Finance Major

Modern Business is characterized by its emphasis upon finance. The application of sound financial management principles often will be the difference between success and failure in business.

Courses prescribed for those who wish to major in finance are designed to provide a background for financial management of business concerns and, if students desire, to specialize in bank management, corporation finances, investment management and real estate. Since financial policies of business enterprises are subject to economic principles which make all businesses financially interdependent and sensitive to disturbances in the economic structure, students in this field should study the economic, as well as the technical, administrative aspects of finance and accounting. Prescribed work in this area attempts to emphasize all three phases of the subject.

All finance majors must comply with requirements of the advanced business prerequisite for enrollment in upper-division courses.

Finance majors must hold a 2.5 cumulative grade point average in all finance courses at graduation, as well as a minimum 2.50 cumulative grade point average and a minimum 2.50 grade point average in all College of Business courses.

In addition to university, college and departmental requirements cited previously, requirements for finance majors include:

  1. FIN 3520 (3 hours)
  2. Finance electives (12 hours)
  3. Accounting elective - junior/senior level - (3 hours)
  4. Economics electives - (6 hours)
  5. Restricted electives - Must be junior/senior level FIN, ACCT or ECON courses (3 hours)

Suggested Course Sequence

Freshman Year: Fall

Hours

ACCT 1010

3

ECON 1010

3

ENGL 1010

3

MATH 1400/1405/2200/2350

3-4

University Studies Global Awareness

3

Physical Education

1

Total Hours

16-17

Freshman Year: Spring

Hours

ACCT 1020

3

MATH 2205/2350

3-4

ECON 1200

3

University Studies Science course

3

Total Hours

16-17

Sophomore Year: Fall

Hours

IMGT 2400

3

University Studies Writing II course

3

University Studies Diversity course

3

University Studies Science course

3-4

University Studies Cultural Context (Humanities)

3

Total Hours

15-16

Sophomore Year: Spring

Hours

COJO 1010

3

STAT 2010/2050/2070

4

BADM 1040

3

ACCT 2000

3

University Studies Cultural Context (Arts)

3

Total Hours

16

Junior Year: Fall

Hours

Economics Elective

3

FIN 3250

3

MGT 3210

3

Electives

6

Total Hours

15

Junior Year: Spring

Hours

MKT 3210

3

DSCI 3210

3

Economics elective

3

FIN 3520

3

FIN 3310

3

Total Hours

15

Senior Year: Fall

Hours

Finance electives

3

ENGL 4010

3

Restricted elective

3

Electives

3

ACCT 3100

3

Total Hours

15

Senior Year: Spring

Hours

MGT 4520

3

Finance electives

6

Electives

6

Total Hours

15

Credits for degree

122

Graduate Study

The Department of Economics and Finance offers programs leading to a master of science degree in economics, a master of science degree in finance, a dual master of science, and the doctor of philosophy degree in economics.

Program Specific Admission Requirements

Economics Program

Admission to the economics program is granted to students who show high promise of success. Candidates of high promise generally have a cumulative grade point average of 3.0 or better (A=4) and score at or about the 65th percentile or better on both the verbal and quantitative sections of the GRE. It should be noted that attainment of the minimal GPA and GRE does not necessarily constitute automatic admission.

The TOEFL is required for international students. See the department web site for minimum scores required.

In addition to the minimum requirements, the Department of Economics and Finance requires that students have completed courses in intermediate micro and macro theory (ECON 3010, 3020 or equivalent) and 6 hours of introductory calculus (MATH 2200, 2205 or equivalent). A course in linear algebra (MATH 2050) is recommended but not required. No graduate credit is given for making up these deficiencies. In addition, an entering student may be required to take an examination to aid in planning his or her course of study.

Finance Program

All candidates for the master of science in finance must complete or have previously completed, for a letter grade (no S/U grades), courses which satisfy the master of science in finance prerequisite course requirements. Students admitted to the M.S. finance program may take graduate courses in conjunction with their prerequisite courses once the prerequisites for those graduate courses have been met. A minimum 3.0 GPA (on a 4.0 scale) must be maintained in a student's finance prerequisite courses. The prerequisite courses include:

Accounting (6 hours): ACCT 1010 and 1020 Principles of Accounting I and II.

Economics (6 hours): ECON 3010 (2010, 4010) Intermediate Macroeconomics and ECON 3020 (2020, 4020) Intermediate Microeconomics, or ECON 4030 Managerial Economics.

Finance (3 hours): FIN 4520 Financial Markets. 

Mathematics (4 hours): MATH 2350 Business Calculus I or MATH 2200 Calculus I.

Statistics (4 hours): STAT 2010 Statistical Concepts for Business and Management Science or STAT 2070 Introductory Statistics for the Social Sciences meets this requirement.

Program Specific Degree Requirements

Master of Science in Economics

A minimum of 18 hours in economics is required; at least 15 of these must be at the 5000 level. A basic core sequence of ECON 5010, 5020, and 5330 (math econ) must be taken and is credited toward the 15 hours of 5000-level courses required. Also, ECON 5340 is required.

The student must complete 26 hours of coursework and 4 hours of ECON 5960 Thesis Research for the Plan A option. The student must complete 30 hours of coursework and a shorter paper for the Plan B option.

Students may take 4000-level courses for graduate credit up to 12 hours.

A maximum of 6 semester hours of graduate coursework not used toward any other degree from another institution may be applied to the M.S. economics program subject to regulations regarding transfer of credit listed in this bulletin and with the approval of the director of graduate studies.

At the beginning of the second semester, the student selects a major professor who directs the Plan A or Plan B research. A graduate committee, nominated by the major professor, the student, and the department chair, conducts an oral examination of the student on the paper or thesis and area he/she has studied in the program. A favorable report by the committee and approval by the Office of the Registrar complete the degree requirements.

The majority of students complete the M.S. degree within two years.

Master of Science in Finance

A minimum of 21 hours in economics and finance is required. At least 21 hours must be at the 5000 level beyond the prerequisite course requirements. A basic core sequence of ECON 5010, FIN 5310, FIN 5320, FIN 5510 and FIN 5520 must be taken and is credited toward the 21 hours of 5000-level courses required. For the Master of Finance program only, Banking Management (FIN 4510) or Monetary Theory (ECON 4450) may be taken in lieu of Advanced Macroeconomics Analysis (ECON 5010). Also, ECON 5340 is required to complete the econometrics requirement. Remaining courses necessary to fulfill the requirement of 21 credit hours in finance and economics can be chosen in consultation with the Director of Graduate Studies. 

The student must complete 26 hours of coursework and 4 hours of FIN 5960 Thesis Research for the Plan A option. The student must complete 30 hours of coursework and a shorter paper for the Plan B option.

Students may take 4000-level courses for graduate credit up to 12 hours.

A maximum of 6 semester hours of graduate coursework not used toward any other degree from another institution may be applied to the M.S. finance program subject to regulations regarding transfer of credit listed in this bulletin and with the approval of the director of graduate studies.

At the beginning of the second semester, the student selects a major professor who directs the Plan A or Plan B research. A graduate committee, nominated by the major professor, the student, and the department chair, conducts an oral examination of the student on the paper or thesis and area he/she has studied in the program. A favorable report by the committee and approval by the Office of the Registrar complete the degree requirements.

The majority of students complete the M.S. degree within two years.

Master of Science with a Dual Major in Economics and Finance

This program is designed for students who wish to have a more quantitative background suitable for research, including study at the Ph.D. level or analysis as a financial market researcher. The program includes heavy emphasis in the areas of research and quantitative methodologies not usually emphasized at the master's level. The dual major will prepare a student for research or future graduate studies at the Ph.D. level in both finance and economics.

A program like this is offered at few other schools. We are able to offer this dual major at the University of Wyoming because our economics and finance programs reside in the same department. Several of our faculty members have expertise in financial economics, allowing students to study topics in finance from an economics perspective.

The master's with a dual major in economics and finance offers two different plans to the students, both of which require 39 credits to be completed. Plan A consists of 33 credits of coursework and a master's thesis, which completes the final 6 credits for the degree. Plan B consists of completing 36 credits of coursework and writing a Plan B paper, worth 3 credits.

Students will start their course of study with three courses in economics theory (ECON 5010, 5020, and 5330). The students will then complete courses in econometrics (ECON 5340 or 5350), investment management (FIN 5310), and finance theory (FIN 5520). Students will also take a two semester series of financial economics (ECON 5640 and ECON 5650) and a course in corporate governance (FIN 5320). The students are also offered a variety of electives to fulfill their 39 credits.

A maximum of 6 semester hours of graduate coursework not used toward any other degree from another institution may be applied to the M.S. degree subject to regulations regarding transfer of credit listed in this bulletin and with the approval of the director of graduate studies.

At the beginning of the second semester, the student selects a major professor who directs the Plan A or Plan B research. A graduate committee, nominated by the major professor, the student, and the department chair, conducts an oral examination of the student on the paper or thesis and area he/she has studied in the program. A favorable report by the committee and approval by the Office of the Registrar complete the degree requirements.

The majority of students complete the M.S. degree within two years.

Doctoral Program

Doctor of Philosophy in Economics

To earn a doctor of philosophy degree in the field of economics, students are required to specialize in two of four complementary areas: resource and environmental economics, financial economics, international trade and development, and industrial organization.  A third optional field in applied econometrics may be available. These four areas compose a unified field of study adapted to faculty research and to the unique opportunities for study of Wyoming's resource and environmental problems.

Student participation in faculty research programs to gain experience in applying concepts and techniques is considered an integral part of one's education. A minimum of 42 hours of coursework is required; at least 21 of these must be at the graduate (5000) level. A minimum of 28 hours must be in economics. Graduate credits may be transferred from other institutions subject to the approval of the Office of the Registrar. A minimum of 24 hours must be taken at the University of Wyoming and at least two semesters in residence are required.

The first-year program is designed to give the student a strong foundation in economic theory and the basic quantitative and mathematical tools necessary for professional research. Doctoral students are required to take the basic theory sequence consisting of six courses (ECON 5010, 5020, 5130, 5330, 5110, 5120) and to pass a written qualifying examination in economic theory. The qualifying examination is taken following completion of the first year theory sequence. The examination is given in May and in August. Students who enter the program with advanced standing and have taken courses equivalent to ECON 5010, 5020 and 5110, 5120 are not required to take the theory sequence but are required to pass the qualifying examination.  Doctoral students must also demonstrate an ability to use mathematical and statistical tools of research. This requirement may be satisfied by taking courses in Mathematical Economics (ECON 4320 or ECON 5330) and Econometrics (ECON 5350 and 5360) and earning a grade of B or better. Students who have taken equivalent courses elsewhere may demonstrate proficiency by passing the final examinations in ECON 4320, 5350 and 5360 with a grade of B or better.

During the second year, the student chooses two areas of concentration. Two graduate courses (6 hours) must be taken in each area. Additional courses in related fields in economics or other disciplines may be required at the discretion of the faculty in the areas chosen. The optional field in econometrics consists of three advanced econometrics courses. By the beginning of the fifth semester, the student selects the area of concentration in which he/she intends to write his/her dissertation.

After completing the coursework in the two areas of concentration, written examinations in both areas are required. These field examinations may not be taken until the qualifying examination in theory has been passed and proficiency requirements in mathematics and econometrics met.

During the third year, or no later than the fall semester of the fourth year, a graduate committee nominated by the major professor and the director of graduate studies, will conduct an oral examination of the student following successful completion of the field examinations. The purpose of the oral examination is to determine whether the student has formulated a workable dissertation project and has the necessary skills to complete it.

Following successful completion of the dissertation, and completion of 30 hours of dissertation research, the student presents an oral defense to the graduate committee. The doctor of philosophy degree is granted on recommendation of the committee and approval by the Office of the Registrar, providing all other requirements have been satisfactorily fulfilled.

Economics (ECON) Courses

Finance (FIN) Courses

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