The Department of Economics at Yale offers a wide spectrum of courses for both specialists and non-specialists alike. For undergraduate majors, a core of courses in macro- and microeconomics, mathematics, and econometrics is required. Advanced courses offer training in economic history, finance, theory, international and developmental economics, market organization, human resources, and the public sector. The graduate program covers a broad range of research interests and diverse methodologies. Learn more at

This course is an introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, credibility, asymmetric information, adverse selection, and signaling are discussed and applied to games played in class and to examples drawn from economics, politics, the movies, and elsewhere.


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The program in economics is intended to equip students with the basic tools to understand the operation of a modern economy: the origin and role of prices and markets, the allocation of goods and services, and the factors that enter into the determination of income, employment, and the price level. Students can satisfy the requirements of the standard track of the BA in economics in two ways, Track A and Track B. The specialization in data science provides training in computation and data analysis beyond the basic methods discussed in the empirical methods sequence. The specialization in business economics is organized around the fundamental economic theory and empirical methods that students interested in pursuing careers in the private sector, the non-profit sector, and the public sector (among others) will find useful.

Students must begin the economics major by demonstrating competence in basic calculus and principles of economics. The fundamentals sequence consists of the following courses. The first two are required; the second two are strongly recommended:

The core curriculum consists of three courses. Students may use the standard or honors sequence to satisfy this requirement. The honors sequence is designed for students interested in economics research and/or use of more sophisticated mathematical models.

In the modern economy, quantitative methods are highly valued skills. Students must satisfy the empirical methods component of the economics major in one of two ways, either as a three-quarter sequence or a two-quarter sequence. Students must complete the empirical methods sequence by the end of third year.

 

Option A: The three-quarter empirical methods sequence is comprised of a course in linear algebra, a course in statistics, and a course in econometrics. This sequence of courses covers a broad set of topics that will enhance the student's quantitative toolkit. The topics covered in this sequence will lay the foundation for further quantitative training in the major.

 

Option B: The two-quarter empirical methods sequence is comprised of a course which combines the basic material in linear algebra and statistics that is utilized in many economic applications, and a course in econometrics. Students who complete the empirical methods component of the major with just two courses (ECON 21010 Statistical Methods in Economics and ECON 21020 Econometrics) must complete an additional economics elective, as discussed in Electives.

In order to satisfy the empirical methods component of the economics major using a three-quarter sequence, students must complete the following courses. They must be taken in consecutive quarters, beginning with Linear Algebra and concluding with Econometrics:

The economic policy requirement provides students the opportunity to apply methods and tools taught in the economics core sequence to analyze current issues centered around monetary and fiscal policy. Most students will complete the economic policy requirement with ECON 23950 Economic Policy Analysis, but students interested in learning more formal approaches may use one of the other macroeconomics courses listed below to satisfy the requirement.

Students who complete more than one of the above courses may apply the additional courses to satisfy the economics elective requirements. ECON 23950 Economic Policy Analysis may not count as an economics elective.

Exception (B): Students who participate in a Study Abroad program may petition to count an additional outside course completed at the host institution to satisfy elective requirements of the major. Students pursuing the standard economics track and data science specialization may petition to count up to two courses outside of the University of Chicago Department of Economics (whether through a different UChicago department or through a Study Abroad program) toward the economics electives requirement. Business courses will not be approved to satisfy the ECON elective requirement. The remaining electives must be completed with the University of Chicago Department of Economics. Petitions must be submitted prior to course enrollment to be considered.

Courses in other degree programs may be considered for elective credit through petition. To be considered, these courses must require the equivalent prerequisite course work of ECON 20100 The Elements of Economic Analysis II. Petitions must be submitted prior to course enrollment to be considered. Graduate level economics courses will be counted for elective credit, but consultation with the Undergraduate Office in advance of course registration is required. Note: Provisional and early final grades are not given for economics graduate courses or BUSN 3XXXX-level (and higher) courses. Economics graduate courses and BUSN 3XXXX-level (and higher) courses should not be taken in the student's graduating quarter unless the student will have completed all forty-two credits required for graduation, not counting the graduate course, and all requirements for all majors.

Students wanting to appropriately plan their economics major with the courses MATH 20400 Analysis in Rn II, STAT 24400 Statistical Theory and Methods I, or STAT 24410 Statistical Theory and Methods Ia should consult with the Undergraduate Program Office in the Department of Economics.

The specialization in business economics is organized around the fundamental economic theory and empirical methods that students interested in pursuing careers in the private sector, the non-profit sector, and the public sector (among others) will find useful. Students who begin by following the standard economics major path have several decision points at which they can choose to specialize in business economics. Students should consult early in the first year with the Department of Economics Undergraduate Program to design a curriculum that satisfies their professional goals.

The methods component of the major is designed to expose students to the different toolkits on which economists rely to analyze problems. These methods courses include offerings in basic price theory, game theory, and experimental methods. This component also includes course work that will be useful in macroeconomic and financial analysis. Students must complete one microeconomics methods course and one macroeconomics methods course from the lists below:

Students must take five electives to complete the specialization in business economics: three from the University of Chicago Booth School of Business, as defined below, and two from the University of Chicago Department of Economics. In exceptional circumstances, a student may, by petition, use a course from outside Chicago Booth and the Department of Economics as, at most, one business economics elective. Petitions must be submitted prior to course enrollment to be considered. Chicago Booth (BUSN) courses may not be used to satisfy the two Department of Economics (ECON) elective requirements.

Students in the specialization in business economics must complete at least two electives in the Department of Economics. These may be ECON courses with numbers between 10200 and 19800, or numbers above 20210, assuming that the student has the appropriate prerequisites for the course. Note that ECON 11010, ECON 11020, ECON 19000, ECON 19100, ECON 21010, ECON 21020, ECON 21030, and ECON 23950 are exceptions to this and cannot be used to satisfy the elective requirement for the specialization in business economics. Students may not receive major credit for both ECON 10000 and ECON 20000/ECON 20010. Students may not receive credit for both ECON 10200 and ECON 20200/ECON 20210.

Students are required to take two economics electives from the University of Chicago Department of Economics. These courses tend to build more directly on the tools and methods discussed in microeconomics, macroeconomics, and econometrics course work. In exceptional cases, students may petition for an outside course to count as an elective by submitting a general petition along with a syllabus of the course for the Co-Directors to review. For outside courses to be considered, the department requires that these courses use economic methods as a mode of analysis. Students must provide compelling reasoning as to why this course should count as a business economics elective and not as a general education credit. Only courses with substantive economics will be considered. Chicago Booth (BUSN) courses will not be considered. Petitions should be submitted prior to course enrollment.

Students pursuing the business economics specialization may petition to count up to two courses outside of the University of Chicago Department of Economics toward the major requirements. One study abroad course may be petitioned to count toward the Perspectives requirement, and one study abroad course may be petitioned to count toward the ECON elective requirement. Business courses will not be approved to satisfy the Perspectives requirement or the ECON elective requirement. The remaining ECON elective must be completed with the UChicago Department of Economics. Chicago Booth does not approve course substitutions from other departments or from other institutions. As such, study abroad courses may not be applied toward the BUSN course requirements of the business economics specialization. Petitions must be submitted to the department prior to course enrollment to be considered. 17dc91bb1f

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