DEPARTMENT OF ECONOMICS

Carson Bays, Chairperson, A-428 Brewster
John A. Bishop, Director of Graduate Studies, A-436 Brewster

MS IN APPLIED AND RESOURCE ECONOMICS

Applicants to the MS in applied and resource economics must meet the admissions requirements of the Graduate School, submit three letters of recommendation, make an acceptable score on the general portion of the Graduate Record Examinations, and have had at least one undergraduate course each in introductory statistics and differential calculus.  Non-native speakers must make an acceptable score on the TOEFL.  Undergraduate courses in intermediate microeconomics and macroeconomics are strongly recommended.

Students in this degree program must complete a minimum of 33 s.h. of course work.  Core requirements in economics theory, econometric technique, and research methodology constitute 21 s.h. with the remaining 12 s.h. being electives.  Up to 6 s.h. of electives may be taken outside the department with the approval of the graduate director.

1. Core courses: ECON 5360, 5501, 6301, 6302, 6390, 6401, 6402.
2. A comprehensive examination is administered after the completion of ECON 5360, 5501, 6301, 6302, 6401, 6402.  The examination will test skills in applied theory and econometrics.  Successful performance on this examination is necessary to continue in the program.
3. Research skills: Four of the core courses listed above constitute 12 s.h. of research skills in quantitative methods and research methodology: ECON 5360, 6301, 6302, 6390.
   Research project: The final component, ECON 6390, is a research project.  It is the culmination of a student’s analytical work and is designed to demonstrate applied research skills.  The project involves a paper and a formal presentation in a faculty-student research workshop.

CERTIFICATE IN APPLIED ECONOMICS

In addition to the MS in economics, the department offers a certificate in applied economics with five options: econometrics, forecasting/macroeconomics, health policy, public policy, and resource policy.  Entry requirements include a degree application for regular admission and a letter to the graduate director, requesting enrollment in the program.  The certificate will be awarded after completion of 9 s.h. of B or better work in the respective areas as follows:

Econometrics: ECON 6201 and two electives
Forecasting: ECON 6353 and two electives
Health policy: ECON 5910 and two electives
Public policy: ECON 5800 and two electives
Resource policy: ECON 5170 and two electives

ECON: Economics

5000. General Topics (3) May be repeated for credit with change of topic. P for undergraduate students: ECON 3144, 3244. Consideration of new or advanced topics in economics.

5150. Development (3) P for undergraduate students: ECON 3144. Application of microeconomic analysis to investments in human resources, efficient organization of rural economics, intersectoral and international exchange, and interaction between politics and markets, especially in less developed countries.

5170. Resources I (3) P for undergraduate students: ECON 3144. Application of microeconomic analysis to study of allocation of natural resources.

5360. Mathematical Economics (3) P for undergraduate students: MATH 2171 or equivalent. Mathematical analysis applied to economic theory. Structure and specification of quantitative models.

5501. Macroeconomic Theory (3) P for undergraduate students: ECON 3244; ECON 5360 or MATH 2172. Business cycle fluctuations. Emphasis on determinants of consumption and investment and effectiveness of monetary and fiscal policy.

5800. Public Economics (3) P for undergraduate students: ECON 3144. Application of microeconomic analysis to collective choice in democratic societies, government expenditure programs, and taxation.

5910. Health Economics (3) P for undergraduate students: ECON 3144, 3244. Organization structure, financing, and regulation of health care delivery and economic measurement of performance.

6000. Advanced Topics (3) May be repeated for credit. Current advanced-level topics in economics.

6102. Labor Supply (3) P: ECON 6301, 6401. Theory and estimation of static labor supply models and to general theory of allocation of time.

6125. Regulation (3) P: ECON 6401. Market failure rationale for nonmarket allocation. Causes and effects of regulatory action. Behavior of regulatory agencies and regulated firms.

6172. Resources II (3) Application of microeconomic analysis to environmental problems, such as air and water pollution and formation of environmental policy.

6300. Economics of Coastal Populations (3) Advanced introduction to application of microeconomic analysis of coastal environmental problems and issues and economic basis for formation of coastal and marine policies.

6301. Econometrics I (3) Statistical theory and its basic applications to analysis of economic data.

6302. Econometrics II (3) P: ECON 6301, 6401. Development of general linear model and its extensions for analysis of economic data.

6335. Discrete Choice Econometrics (3) P: ECON 6301, 6401. Advanced course in econometric. Focus on regression techniques for analysis of qualitative and limited dependent variables.

6353. Forecasting (3) P: ECON 5501, 6301, 6401. Advanced course in econometrics. Focus on regression and time series techniques for forecasting of economic variables.

6390. Research (3) P: ECON 6301, 6401; consent of graduate director. Objectives and structure of methodologies for formulation and conduct of empirical research in economics.

6401. Microeconomic Theory I (3) Economic theory of behavior of households and firms in market economy.

6402. Microeconomic Theory II (3) P: ECON 6401. Extensions of choice theory. Efficiency and equilibrium under conditions of uncertainty and imperfect information. Welfare under "second best" constraints.

6910. Quantitative Methods in Health Economics (3) Applications of quantitative methods to selected health economics topics of current policy relevance.