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ECON 154: Law and Economics (PUBLPOL 106, PUBLPOL 206)

This course explores the role of law in promoting well-being (happiness). Law, among its other functions, can serve as a mechanism to harmonize private incentives with cooperative gains, to maintain an equitable division of those gains, and to deter "cheating" and dystopia. Law is thus essential to civilization. Economic analysis of law focuses on the welfare-enhancing incentive effects of law and its enforcement and on law's role in reducing the risks of cooperation, achieved by fixing expectations of what courts or the state will do in various futures. Prerequisite: ECON 51
Terms: Aut | Units: 4-5 | UG Reqs: WAY-SI

ECON 155: Environmental Economics and Policy

Economic sources of environmental problems and alternative policies for dealing with them (technology standards, emissions taxes, and marketable pollution permits). Evaluation of policies addressing regional air pollution, global climate change, water allocation in the western U.S., and the use of renewable resources. Connections between population growth, economic output, environmental quality, and human welfare. Prerequisite: ECON 50. May be taken concurrently with consent of the instructor.
Terms: Win | Units: 5 | UG Reqs: GER: DB-NatSci, WAY-SI

ECON 157: Imperfect Competition

The interaction between firms and consumers in markets that fall outside the benchmark competitive model. How firms acquire and exploit market power. Game theory and information economics to analyze how firms interact strategically. Topics include monopoly, price discrimination, oligopoly, collusion and cartel behavior, anti-competitive practices, the role of information in markets, anti-trust policy, and e-commerce. Sources include theoretical models, real-world examples, and empirical papers. Prerequisite: ECON 51.
Terms: Aut | Units: 5 | UG Reqs: WAY-SI

ECON 158: Regulatory Economics

Economics 158 examines public policies for dealing with problems arising in markets in which competitive forces are weak. The focus is on monopolies, oligopolies, cartels, and other environments where market mechanisms are unlikely to produce outcomes that benefit consumers more than the alternatives involving costly government intervention. The two main areas examined are competition policy and economic regulation. Competition policy refers to laws that define certain market behavior as illegal because it is harmful to competition or fails to provide consumer benefits that justify its costs to consumers. Economic regulation refers to policies in which government controls prices and/or decides the terms and conditions under which firms can participate in a market. A growing area of study and policy design is the introduction of market mechanisms into formerly regulated industries such as: telecommunications, electricity, airlines, railroads, postal delivery services and environmental regulation. Cross-listed with Law 220. Prerequisites: Econ 51 or equivalent.
Last offered: Winter 2015 | UG Reqs: WAY-SI

ECON 159: Economic, Legal, and Political Analysis of Climate-Change Policy

This course will advance students understanding of economic, legal, and political approaches to avoiding or managing the problem of global climate change. Theoretical contributions as well as empirical analyses will be considered. In addition to examining economic issues and legal constraints, it will address the political economy of various emissions-reduction strategies. The course will consider policy efforts at the local, national, and international levels. Specific topics include: interactions among overlapping climate policies and between new policies and pre-existing legal or regulatory frameworks; the role that jurisdictional or geographic scale can play in influencing the performance of climate-policy approaches; and numerical modeling and statistical analyses of climate-change policies. Cross-listed with Law 2502 (formally Law 746). Prerequisites: Econ 50 or its equivalent.
Terms: Spr | Units: 5 | UG Reqs: WAY-SI

ECON 160: Game Theory and Economic Applications

Introduction to game theory and its applications to economics. Topics: strategic and extensive form games, dominant strategies, Nash equilibrium, subgame-perfect equilibrium, and Bayesian equilibrium. The theory is applied to repeated games, voting, auctions, and bargaining with examples from economics and political science. Prerequisites: Working knowledge of calculus and basic probability theory.
Terms: Aut | Units: 5 | UG Reqs: WAY-FR, WAY-SI

ECON 164: The Law and Economics of the World Trading System

This course focuses on the purpose and design of the World Trade Organization (WTO). The course begins with a discussion of the economics of trade agreements and a brief introduction to the WTO as an institution. The course then considers a series of topics, which may include: the dispute resolution system; the choice between multilateral and regional or bilateral trade agreements; the international regulation of subsidies; the interface between international trade obligations and domestic regulation; safeguard measures; and trade preferences for developing countries in the WTO. Prerequisite: Econ 51.
Terms: Spr | Units: 5 | UG Reqs: WAY-SI
Instructors: Bagwell, K. (PI)

ECON 165: International Finance

This course presents the tools needed to analyze issues concerning the macro performance of an open economy in a world of high capital mobility. A consistent model is used throughout, one which captures the central mechanisms which re-equilibrate the economy in the short, intermediate and long runs. The model distinguishes between policy regimes and policy initiatives, thereby providing useful insights into classical results, such as long-run exchange-rate-regime neutrality.n Prerequisite: ECON 52.
Last offered: Summer 2015 | UG Reqs: WAY-SI

ECON 166: International Trade

Explaining patterns of trade among nations; characterizing the sources of comparative advantage in production and the prospect of gains from economies of scale. Enumerating and accounting for the net aggregate gains from trade, and identifying winners and losers from globalization. Analyzing the effects of international labor migration, foreign direct investment, outsourcing, and multinational companies. Strategic trade policy; international trade agreements; labor and environmental implications. We will review relevant theoretical frameworks, examine empirical evidence, and discuss historical and contemporary policy debates as covered in the popular press; active class participation is an important part of the course. Prerequisite: ECON 51.
Terms: Win | Units: 5 | UG Reqs: WAY-SI

ECON 179: Experimental Economics

Methods and major subject areas that have been addressed by laboratory experiments. Focus is on a series of experiments that build on one another. Topics include decision making, two player games, auctions, and market institutions. How experiments are used to learn about preferences and behavior, trust, fairness, and learning. Final presentation of group projects. Prerequisites: ECON 50, ECON 51, ECON 102A.
Last offered: Winter 2016 | UG Reqs: WAY-AQR, WAY-SI
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