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University Catalog

Economics (ECON)

1000 Level | 2000 Level | 3000 Level | 4000 Level | 5000 Level

USP Codes are listed in brackets by the 2003 USP code followed by the 2015 USP code (i.e. [QB<>Q]).

JumpLink1000. Global Economic Issues. 3. [CS,G<>{none}] Economics: creating value through trade, enhancing society through ideas, and protecting the environment by design. This introductory course will help you understand better on how people use both free markets and government regulations to create value, enhance society, and protect nature. You will explore how economic ideas and tools address big global issues like poverty and prosperity, inequality of wealth, capital and labor, sustainable development, free trade vs fair trade, climate change, war and peace, migration, brain drains, and science and nature.

1010. Principles of Macroeconomics. 3. [CS<>H] An introductory course on why economics matters. We examine why countries like the US are rich, while others are poor. We explore economic booms & busts, and policies to avoid them. We address GDP growth, unemployment and inflation, government debt, deficits, tax policy, and whether robots will take our jobs. Cross listed with AGEC 1010.

1020. Principles of Microeconomics. 3. [CS<>H] You make tradeoffs — your time and money are limited. Microeconomics evaluates how people think about tradeoffs and how we create value through markets, institutions, and policy. Economic incentives influence choices to consume and produce goods and services. Market failure creates a role for government to protect health, culture, and nature. Cross listed with AGEC 1020.

1101. First-Year Seminar. 3. [{none}<>FYS]

1200. Economics, Law and Government. 3. [V<>V] Markets and free enterprise depend on supportive legal and political institutions. The course exposes students to the U.S. political economy. Important relationships between market development, the legal framework and the political system are presented. The U.S. and Wyoming constitutions are studied to show their importance to free enterprise. Topics deal with public choice, cost-benefit analysis in policy, the importance of property rights and regulation. (Offered fall and spring semesters)

1300. Oil: Business, Culture, and Power. 3. [CS,G<>{none}] A multi-disciplinary approach to understanding how oil affects the international relations and commerce. The relationships between oil technology, social and political institutions, the unique cultures in oil-producing regions will be investigated in case studies. Cross listed with ERS 1300.

1400. Sports Economics. 3. [CS<>H] Examines economic issues pertaining to professional and collegiate sports.  Topics include:  determinants of player salaries, owner profits and team values; effects of salary caps, revenue sharing, etc. on competitive balance; labor markets and discrimination; antitrust issues, and the impact of franchises on local economies. 

JumpLink2100. Introduction to Money and Banking. 3. An introduction to the entire area of money and public finance. Oriented towards students wishing to obtain a broad general understanding of importance of money and public finance upon economic activity. Covers money and private financial institutions, monetary theory and policy, as well as public finance and fiscal policy. Credit will not be allowed for more than one of: ECON 2100 or FIN 3520. Prerequisites: ECON 1010, 1020.

2400. Economics of the Environment. 3. [WB,G<>COM2] This introductory course examines the links between economics and the natural environment. We consider the efficient use of natural resources like minerals, forests, and fisheries. We also explore how to use economics to sharpen environmental policy for challenges like water and air pollution, climate change, and biodiversity protection. Prerequisites: ECON 1010 recommended, ECON 1020 required. (Offered based on sufficient demand and resources)

2500. The Impact of the Union Pacific on Wyoming History. 3. Students will experience and interpret the impact of the building of the Union Pacific Railroad on the history and culture of Wyoming through the lens of three disciplinary perspectives. Students will explore how the railroad impacted Wyoming geography, economic development and the people of the state through personal research projects. Cross listed with GEOG 2500 and HIST 2500.

2910. Topics in Economics. 3. A study of selected topics & problems in modern economics. Topics include but are not limited to sports economics, managerial economics, and behavioral economics.

JumpLink3010 [2010, 4010]. Intermediate Macroeconomics. 3. A presentation and study of national income aggregates and accounting; equilibrium analysis of output, employment and the price level; general equilibrium analysis; and an introduction to economic dynamics. Prerequisites: ECON 1010 and 1020, QA and MATH 2200/2350 and sophomore standing. (Offered fall and spring semesters)

3020 [2020, 4020]. Intermediate Microeconomics. 3. Key problems of environmental degradation and natural resource scarcity are identified. Main underlying causes of misuse and overuse are explained from an economics perspective. Policy options for improved managemend are presented. These economic concepts and tools are then applied to current real world environment and natural resource issues. Prerequisite: ECON 1000, ECON 1010, ECON 1020, ECON 1200, ECON 1300, or ECON 1400. (Offered fall and spring semesters)

3400. Energy Markets & Policy. 3. This course provides an economic analysis of recent developments in energy markets and policies. Cross listed with ERS 3400. Prerequisite: ECON 1000, ECON 1010, ECON 1020, ECON 1200, ECON 1300, or ECON 1400 and sophomore standing.

JumpLink4000. Conference. 1‑4 (Max. 4). A tutorial-conference course intended to give economics majors an opportunity to engage in extensive research in some aspect of economics. Specific topics vary with students' needs and interests. Prerequisites: ECON 3010, 3020. (Offered fall, spring and summer)

4030. Managerial Economics. 3. An advanced course on the theory of demand, production, cost, and supply; the theory of the firm, including market price under monopoly, monopolistic competition and oligopoly. Attention is given to the theory of factor prices and topics on welfare economics. Prerequisite: senior standing or above. Credit cannot be earned for this course and ECON 3020.

4115 [4110, 611]. Time Series Analysis and Forecasting. 3. Designed to have an applied orientation in a number of estimation procedures, such as exponential smoothing and forecasting with and without the presence of trends and seasonal repetitive patterns. The Box-Jenkins procedure will be covered in detail. Students become proficient in the application of statistical tools used in time series analysis of economic data. Cross listed with STAT 4115. Prerequisite: STAT 3050 or equivalent; STAT 4015/5015 recommended. (Offered based on sufficient demand and resources)

4230 [4340]. Intermediate Econometric Theory. 3. Covers simple and multiple regression models, problems of estimation, hypothesis and diagnostic testing, dummy variable, autoregressive and distributed lag models, and time-series analysis. The objective is to understand the underlying theory of econometric modeling and obtain operational ability to construct, estimate, and test econometric models. Cross listed with AGEC 4230. Prerequisites: ECON 3020, STAT 2050 or STAT 2070, and MATH 2350. (Normally offered spring semester)

4240. History of Economic Thought. 3. [WC<>COM3] Focuses on the most influential economists who have shaped the evolution of economic thinking throughout history. Emphasis is on tracing the evolution of economic thought into the modern intellectual foundation of economics. Traces changing economic thought from mercantilism through modern paradigms. Prerequisites: ECON 3010 and 3020.

4320. Mathematical Economics. 3. A study of the principal mathematical techniques as used in economic theory and modeling. Topics include fundamental concepts underlying marginal analysis, linear programming and comparative statics. Prerequisites: ECON 3010, 3020, MATH 2205 or 2355. (Normally offered fall semester)

4350. Game Theory. 3. Discusses a variety of important concepts from game theory - the study of how individuals interact strategically. The course focuses on the development of students' ability to think strategically. To that end the course covers basic concepts in game theory; notions related to credibility; and notions related to forming and evaluating strategies. Prerequisites: ECON 3010 and 3020.

4360. Seminar in Economics. 1-3 (Max. 6). An analysis of selected problems of economics theory. Topics vary with student interest and with current stress in economics theory. Prerequisite: ECON 3010, 3020. (Offered based on sufficient demand and resources)

4400. Environmental Economics. 3. The class explores how economics can help guide cost-effective environmental policy. We consider economic growth, the social costs of pollution (water and air), health risks, climate change, loss of biodiversity, and land development/conservation. We consider economic policies such as green taxes, cap-and-trade permit systems, and liability rules. We examine how to value environmental and ecosystem services in a market economy. Prerequisites: ECON 3020 and junior standing. (Offered based on sufficient demand and resources)

4410. Natural Resource Economics. 3. A study of the economics of the use and protection of renewable and nonrenewable resources. We focus on minerals, fossil fuels, fisheries, water, forestry resources, and ecosystem services. We explore optimal extraction and depletion, conservation, market structure, institutional design, and the role of time, space, and uncertainty. Prerequisites: ECON 3020 and junior standing. (Offered based on sufficient demand and resources)

4420. Seminar: Economics for ENR. 2-4. For students with little or no background in economics interested in economic perspectives on ENR. Emphasis is on integrated ecology-economics approach to investigate the economics environmental services, biological resources, and the ecosystems that contain them. CBEC and ECON majors cannot earn upper-division economics credit for this course. Prerequisites: successful completion of QB and senior standing.

4430. Energy Economics. 3. Economics of energy, particularly oil and gas. Includes a discussion of the history of the oil industry, as well as aspects of contemporary markets. Apply a variety of concepts from microeconomics, particularly related to industrial economics. Prerequisite: ECON 3020, MATH 2200 or 2350.

4450. Monetary Theory. 3. Topics in this course center on theories of the value of money and price levels; central banking theory and policy; international exchange; world monetary institutions. Prerequisite: ECON 3010, MATH 2200 or 2350. (Offered based on sufficient demand and resources)

4520. Public Economics. 3. Studies the role of government within a market economy. The focus is on how governments fund and provide non-market goods demanded by society, e.g., health care, military, education. Examines public goods, taxation, environmental challenges, affects on economic growth and stability, benefit-cost analysis, and state/local finance. Prerequisites: ECON 3010, 3020.

4530. Computational Economics. 3. An introduction of computational tools used in economic data and policy analysis as instruments of economic research. Provides an operational knowledge of how to formulate numerical economic models to conduct policy analyzes of industrial structure, state and local revenues, expenditures, fiscal administration and policies. Special emphasis on applications to Wyoming problems. Prerequisites: ECON 3020.

4700. Economic Development. 3. Encompasses the study of institutional and social, as well as economic, mechanisms for modernizing an economy while eliminating absolute poverty. Covers the economic concepts that help us explain why some countries are poor and how economic policies can assist those countries in becoming more developed. Case studies of specific country experiences are presented along with the economic theories in an integrated manner. Prerequisite: ECON 3010.

4710. Comparative Systems. 3. The study of the origins and characteristics of modern economic systems; similarities and differences in the systems of the U.S., Great Britain, Soviet Union, Germany, India and China. Cross listed with INST 4710. Prerequisites: ECON 3010; QA. (Offered based on sufficient demand and resources)

4720. International Trade. 3. The gains from specialization and trade are studied, as are explanations of trade patterns among countries, policies affecting trade such as tariffs, quotas, tax breaks, subsidies, cartels and price stabilization plans. Topics on labor migration and multinational corporations are covered. Prerequisites: ECON 3020 and junior standing. (Normally offered fall semester)

4740. International Finance. 3. The focus is on foreign exchange markets, balance of payments analysis and effects of international trade and capital flows on the domestic economy. Policies to correct payment deficits, gold, international liquidity and international financial institutions are studied. Prerequisites: ECON 3010 and 3020; QA.

4800. Labor Economics. 3. The study of labor supply, labor demand, wage determination, resource allocation and income distribution. Emphasis is on public policy. Prerequisites: ECON 3010 and 3020; QA. (Offered based on sufficient demand and resources)

4820. Industrial Organization and Public Policy. 3. The conduct and performance of market structures is analyzed. Structures include perfect competition, monopolistic competition, oligopoly and monopoly. Special attention is given to the study of strategic behavior in industry. Game theory is introduced. Public policy against monopoly practices is reviewed. Prerequisite: ECON 3020 and QA/Q. (Offered based on sufficient demand and resources)

4830. Telecommunications Policy and Regulation. 3. Deals with telecommunications policy and regulation. Major emphasis is placed on specific contemporary issues in telecommunications policy such as the emergence of competition, the states and federal mix of regulations, alternative forms of regulation and technology and competitive industrial structure. Prerequisites: ECON 1010 and 1020.

4840. Public Utility Economics. 3. The economic foundations of the public utility industries; the theory of public utility rate making; pricing and resource allocation; and the effectiveness of utility regulation. Prerequisites: ECON 1010 and 1020; QA. (Offered based on sufficient demand and resources)

JumpLink5010. Advanced Macroeconomic Analysis. 3. An advanced application of economic theory to complex macroeconomics problems facing the economy of the state and nation, such as inflation, unemployment, and fiscal and monetary policies. Prerequisite: ECON 3010, 3020, or equivalent.

5020. Advanced Microeconomic Analysis. 3. A rigorous course in the analysis of demand and the theory of consumer behavior, supply and the theory of the firm, market equilibrium and stability, and income distribution. Prerequisite: ECON 3010, 3020, or equivalent.

5110. Advanced Topics in Economic Theory. 3. A study of selected topics in modern economic theory. Topics include growth theory, optimal control, dynamics, uncertainty, and game theory. Prerequisites: ECON 5010, 5020.

5115. Time Series Analysis and Forecasting. 3. An applied introduction to time series and forecasting. Brief coverage of time series regression, decomposition methods, and smoothing will lead into a more detailed coverage of Box-Jenkins (ARIMA) modeling. Computer analysis using MINITAB and SAS will be an important part of the course. Dual listed with ECON 4115; cross listed with STAT 5115. Prerequisite: STAT 3050 or equivalent, STAT 4015/5015 recommended.

5120. Advanced Analysis II-Microeconomics. 3. Part of a sequence with ECON 5020. It is advanced microeconomic analysis covering general equilibrium and welfare economics, and advanced topics in consumption and production theory. Prerequisites: ECON 5010, 5020.

5130. Dynamic Optimization. 3. Covers methods for obtaining the optimal choice for economic variables that change over time, including calculus of variations and optimal control. These methods are applied to various dynamic economic problems, including optimal resource extraction, optimal capital allocation, and optimal growth. Prerequisites: ECON 5020, 5370.

5300. Game Theory. 3. Discusses a variety of important concepts in the application of game theory to modern microeconomics, including Nash equilibrium, subgame perfect equilibrium,and Bayesian Nash equilibrium. Time permitting, the class will also explore some relatively new uses of game theory, including evolutionary games and differential games. Prerequisite: admission to the graduate program in Economics and Finance.

5310. Research Methods. 3. A variety of topics of importance to the advanced student who is preparing to write his or her dissertation are discussed. Prerequisite: admission to the graduate program in Economics and Finance.

5320. Experimental Methods in Economics. 3. Accepted experimental techniques in behavioral economics are studied. Critical review of previous experimental work is used to learn proper procedure. The value of subject control and creative construction is stressed. Prerequisites: ECON 3010, 3020.

5330. Advanced Mathematical Economics. 3. Study of the principal mathematic techniques used in economic theory and modeling. Taught jointly with ECON 5020. Prerequisite: graduate standing.

5340. Applied Econometrics. 3. Presents a thorough coverage of the general and normal linear regression models. Then proceeds to deal with the standard methodologies for estimating variations of this model including autocorrelation and hetero-skedasticity, extreme multicolinearity, disturbance-related sets of regression equations, simultaneous equation bias, and simultaneous equation models. Prerequisites: ECON 3010, 3020 and STAT 2010.

5350. Advanced Econometric Theory I. 3. Review topics in probability theory and mathematical statistics. Also provides an introduction to the classical linear regression model, estimation, hypothesis testing, and prediction. Prerequisites: Calculus and Basic Statistics.

5360. Advanced Econometric Theory II. 3. Continue the analysis in ECON 5350 and cover topics such as panel data, limited-dependent variables, simultaneous systems, nonlinear models, Bayesian analysis, and time series methods. Prerequisite: ECON 5350.

5370. Advanced Econometric Theory III. 1 - 3 (Max 9). More in-depth coverage of topics in ECON 5350 and 5360. Topics are selected based on current advancements in econometrics and students' research interests and may include generalized method of moments (GMM), nonparametric estimation, state-space models and the Kalman filter, mixed and nested logit models, multinomial discrete-choice models, and simulated maximum likelihood. Prerequisite: ECON 5360.

5400. Advanced Resource and Environmental Economics. 3. This course examines how we use economics to sharpen natural resource use and environmental policy. We focus on the behavioral and institutional underpinnings of market success and failures, choice under risk, time, space, conflict, cooperation, incentive design, non-market valuation, and prosperity. Prerequisite: ECON 3020, 4400 or consent of instructor.

5410. Seminar in Advanced Resource and Environmental Economics. 1-3 (Max. 6). This course explores the modern theory and empirics in environmental and natural resource economics. We focus on cost-benefit analysis, land use, energy, biodiversity protection, climate change, forestry, ecosystem services, fisheries, water, and sustainable development. Prerequisites: ECON 4400 and ECON 5020.

5520. Advanced Public Economics. 3. This course examines when and what policies maximize welfare, and their distributional impact. It addresses market failures and behavioral biases as potential justifications for government intervention. It also addresses preferences for redistributions, benefit-cost analysis, the economics of taxation, information and nudges. Prerequisite: ECON 5010, 5020 or equivalent.

5640. Financial Economics I. 3. Focuses on theoretical topics. Covers optimal portfolio selection under uncertainty and differential information as well as fundamental theoretical issues in banking and financial intermediation. In the latter part of the semester, students have an opportunity to present one of the assigned articles in class and lead a discussion on it, with active participation by the entire class. Prerequisites: PhD-level microeconomics class (5020) and at least one 4000-level finance class.

5650. Financial Economics II. 1-3 (Max. 6). Topics include corporate finance, capital structure and the theoretical valuation of financial securities; also, asset pricing and financial econometrics. Prerequisite: ECON 5640.

5700. Advanced Economic Development. 3. Explores basic growth theory, "economic history" models of economic expansion, theories of natural resource based development and trade-resource models, the role of institutions and public policy in influencing development, and the effects of population, trade and finance on development. Prerequisites: ECON 5010, 5020.

5720. Advanced International Economics. 3. Studies the economics of trade between nations. Important trade theories are studied along with their empirical evaluation. Time is devoted to the importance of international trade growth. Government trade policies are given theoretical and empirical evaluation. Prerequisite: ECON 5020.

5730. Advanced Regional Analysis. 3. An advanced study or regional economic models. Included are structural and simulation models, regional growth models, and income estimation models. Emphasis is placed on quantitative analysis of regional growth and development. Prerequisites: ECON 3010, 3020 and 4600 or equivalents.

5820. Advanced Industrial Organization and Public Policy. 3. An application of market and price theory to concentration, size, competition; antitrust; close-knit and loose-knit combinations; business practices; price leadership and discrimination; delivered pricing; fair trade; unfair competition; and public policy. Prerequisite: ECON 5010, 5020, or equivalent.

5830. Empirical Industrial Organization. 3. Focuses on methods of analyzing data and testing hypotheses arising in the field of industrial organization. Much of the material builds on concepts introduced in ECON 5020 along with concepts presented in econometrics classes. Although many of the relevant concepts are primarily covered in ECON 5820, this course can be taken before or without taking ECON 5820. Prerequisite: admission to the graduate program in Economics and Finance.

5840. Advanced Public Utility Economics. 3. Explores the contribution that economics can make to government regulation of business. Regulation theory is concerned with defining the goal of economic efficiency and providing rules for achieving it. Specifically covers market structures, systems of incentives, laws and administrative procedures, and economic performance in the field of regulation. Prerequisite: ECON 4840 or equivalent.

5890. Seminar in Advanced Economics. 1-3 (Max. 9). An advanced tutorial-conference course intended to give graduate students experience in research in economic problems. Prerequisite: consent of instructor.

5900. Practicum in College Teaching. 1-3 (Max. 3). Work in classroom with a major professor. Expected to give some lectures and gain classroom experience. Prerequisite: graduate standing.

5920. Continuing Registration: On Campus. 1-2 (Max. 16). Prerequisite: advanced degree candidacy.

5940. Continuing Registration: Off Campus. 1-2 (Max. 16). Prerequisite: advanced degree candidacy.

5959. Enrichment Studies. 1-3 (Max. 99). Designed to provide an enrichment experience in a variety of topics. Note: credit in this course may not be included in a graduate program of study for degree purposes.

5960. Thesis Research. 1-12 (Max. 24). Designed for students who are involved in research for their thesis project. Also used for students whose coursework is complete and are writing their thesis. Prerequisite: enrolled in a graduate degree program.

5990. Internship. 1-12 (Max. 24). Prerequisite: graduate standing.

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