The goal of this course is to provide a rigorous framework for understanding modern microeconomics. The study of microeconomics will be divided in two fronts: theory and data. We will use graphical and analytic models to explore the decision-making behaviors of individuals and firms, how they interact to form markets, and how those markets respond to various forms of regulation. After taking this course, students are expected to be familiarized with the tools of economic analysis and to apply such tools to current economic issues, public policies, and everyday life.
This course is at the intersection of economic analysis, computing, and statistics. It develops foundational skills in these areas and provides students with hands-on experience in identifying, analyzing, and using data to solve real-world problems in economics and business. In this course we will be using the statistical programming language R, which is a powerful open-source language that is widely used. In this very hands-on, data-centric, course, students will learn the basics of data manipulation, how to visualize, present and interpret data related to economic and business activity by employing statistical analysis and various visualization techniques. Through many interactive exercises, students will develop a foundation for data-driven decision making.
This course assumes that sport contests provide an insightful and useful venue to study and analyze many economic theories and concepts. Given that i) sports are played with well defined rules known to all participants, ii) the objective is clear and accurately measured at all times and, iii) the payoffs and rewards are oftentimes large and meaningful, they serve as an ideal environment to study human behavior and decision making. The course begins with a detailed analysis of labor markets, and pricing and market power. Students will then study discrimination in several forms and domains and strategic decision making. The course concludes by analyzing several topics through the lens of Behavioral Economics, such as studying whether players underperform in high stakes situations, understanding momentum in contests and exploring whether market participants incorrectly reward luck in these contests.Â
Game theory studies mathematical descriptions of strategic interactions between rational decision makers. It has become a mainstream toolkit that has immediate and tangible use in economics, business, law, sociology, biology, computer science, etc. This course is at the introductory level and covers the fundamentals of game theory. We will pay particular attention to applications in business and economics. By the end of the course you should gain a clear, concrete, and applicable way of thinking about decision making in strategic environments.