Courses

**See the Fall 2017 courses and syllabi here.**

**See the Spring 2017 courses and syllabi here.**

Undergraduate Course Descriptions

ECON 2010 - Principles of Economics: Microeconomics

Studies demand and supply, consumer behavior, the theory of business enterprise, the operation of competitive and monopolistic markets, and the forces determining income distribution. A full introduction to economic principles warrants completion of both Econ 2010 and 2020. Students planning to take both semesters of economic principles are advised to take Econ 2010 first, though this is not required. The department recommends Econ 2010 to students intending to take only one semester of principles.
Credits: 3

ECON 2020 - Principles of Economics: Macroeconomics

Studies the determinants of aggregate economic activity, the effects of monetary and fiscal policy upon national income, and economic policy toward unemployment and inflation. A full introduction to economic principles warrants completion of both Econ 2010 and 2020. Students planning to take both semesters of economic principles are advised to take Econ 2010 first, though this is not required. The department recommends Econ 2010 to students intending to take only one semester of principles.
Credits: 3

ECON 2060 - American Economic History

Surveys American economic history from colonial origins to the present. Cross-listed as HIUS 2061.
Credits: 3

ECON 3010 - Intermediate Microeconomics

Studies the theory of prices and markets; includes an analysis of the forces determining the allocation of economic resources in a market economy.
Prerequisite: ECON 2010 and one of the following: MATH 1220, MATH 1320, APMA 1110, MATH 2310, MATH 2315 or APMA 2120
Credits: 4

ECON 3020 - Intermediate Macroeconomics

Studies macroeconomic theory and policy; includes an analysis of the forces determining employment, income, and the price level.
Prerequisite: Econ 2020 and Econ 3010 or 3110, or instructor permission.
Credits: 3

ECON 3030 - Money and Banking

Studies the role of money in the economic system, with emphasis on monetary policy and theory.
Prerequisite: Econ 2020.
Credits: 3

ECON 3040 - The Economics of Education 

Analyzes the demand for, and supply of, education in the United States, governmental policies regarding education, and proposed reforms.
Prerequisite: Econ 2010.
Credits: 3

ECON 3050 - The Economics of Welfare Reform

Analyzes the major government programs intended to help people with low incomes. Particularly concerned with whether programs have effects that are consistent with their justifications and how they can be redesigned to better achieve their goals.
Prerequisite: Econ 2010.
Credits: 3

ECON 3070 - Economics and Gender

Examines gender differences in the economy, decision-making and the division of labor within the family, and public policies that affect the status of women.
Prerequisite: Econ 2010 or instructor permission.
Credits: 3

ECON 3110 - Mathematical Microeconomics 

Covers the same topics as Econ 3010 using differential calculus through constrained maximization of functions of several variables. Credit is not given for both Econ 3010 and 3110.
Prerequisite: Prerequisite:  ECON 2010 and one of the following: MATH 1220, MATH 1320, APMA 1110, MATH 2310, MATH 2315 or APMA 2120.
Credits: 4

ECON 3330 - Public Choice 

Studies politics using economic analysis. Topics include the theory of voting rules, regulation, taxation, and interest groups; the growth of government; and the design of constitutions.
Prerequisite: Econ 2010.
Credits: 3

ECON 3630 - Economics of the Middle East

Surveys major economic issues in the development of countries in the Middle East/North Africa region since World War II, using concepts in development economics.
Prerequisite: Econ 2010 and 2020.
Credits: 3

ECON 3720 - Introduction to Econometrics

Guides students in the use and interpretation of economic data, focusing on the most common issues that arise in using economic data, and the methodology for solving these problems.
Prerequisite: STAT 2120, STAT 3120, APMA 3110, or APMA 3120.
Credits: 4

ECON 4010 - Game Theory

Analyzes the theory of strategically interdependent decision-making, with applications to auctions, bargaining, oligopoly, signaling, and strategic voting.
Prerequisite: Econ 3010 or 3110 and STAT 2120 or equivalent.
Credits: 3

ECON 4020 - Auction Theory and Practice  

Covers the building blocks of modern auction theory (e.g., First Price versus Second Price, Dutch versus English, Revenue Equivalence, Auctions of Multiple Goods), critically assesses this theory by studying recent auctions in practice (e.g., 3G auctions, milk and timber auctions, eBay versus Amazon), and applies auction theory to other, non-auction, environments (e.g., election races, take-over bid-wars, duopoly pricing).
Prerequisite: Econ 3010 and STAT 2120 or equivalent.
Credits: 3

ECON 4060 - Economics of Sports

Through a study of the extensive literature on the economics of college and professional sports, various topics in microeconomic theory, such as monopoly and cartels, racial discrimination, and the relationship between earnings and productivity, are examined. The class emphasizes the mastery of the tools of economic analysis as well as the historical and institutional factors peculiar to sports.
Prerequisite: Econ 3010 and STAT 2120 or equivalent.
Credits: 3

ECON 4080 - Law and Economics

Applies microeconomic theory to the analysis of legal rules and institutions. Includes the effect of economic forces on the development of law, and the effect of laws on the allocation of resources.
Prerequisite: Econ 3010 or instructor permission.
Credits: 3

ECON 4090 - Mathematical Economics

Introduces the basic mathematical techniques used by professional economists and other quantitative social scientists: equations, derivatives, comparative statics analysis of equilibrium models, optimization, constrained optimization, integration and dynamic models, difference and differential equation models, and inequality constraints in linear and nonlinear optimization problems. The purpose of the course is to prepare students for graduate work in economics and in the more quantitative MBA program.
Prerequisite: Econ 3010 or 3110 and MATH 1210 and 1220 or equivalent.
Credits: 3

ECON 4100 - Managerial Economics

Applies economic analysis to management problems in business and government. Emphasizes solving problems through marginal analysis, decision making under uncertainty, determining and using the value of information, searching and bidding, bargaining and negotiation, and analysis of transaction costs. Examines methods of capital budgeting, linear programming, game theory, and forecasting. Considers strategic decisions in markets.
Prerequisite: Econ 3010 or 3110 and a course in statistics.
Credits: 3

ECON 4150 - Economics of Labor

Analyzes employment and wages, including the economics of education, unemployment, labor unions, discrimination and income inequality.
Prerequisite: ECON 3010 or 3110, and ECON 3720, or instructor permission.
Credits: 3

ECON 4160 - Economics of Health

Uses microeconomic theory to examine the demand for health services and medical care, the market for medical insurance, the behavior of physicians and hospitals, issues pertaining to malpractice, and government policy.
Prerequisite: Econ 3010 or 3110; MATH 1220; ECON 3720/4720 or STAT 3220.
Credits: 3

ECON 4170- The Economics of Information and Uncertainty

The principles of microeconomics are used to examine decision making under uncertainty: finance, learning, savings, contracts, and oligopoly.
Prerequisite: Econ 3010 or ECON 3110; ECON 3020.
Credits: 3

ECON 4180 - Regulating Infrastructure

Analyzes ownership arrangements and regulation of infrastructure industries. Industries examined typically include telecommunications, the Internet, public utilities, and transportation facilities. Special problems posed by natural monopolies, network industries, essential facilities, and congestion.
Prerequisite: ECON 3010 or 3110.
Credits: 3

ECON 4190 - Industrial Organization 

Studies market structure, firm strategy, and market performance. Topics include strategic interactions among firms, as well as business practices such as mergers and acquisitions, price discrimination, advertising, product selection, innovation, vertical restraints, cartels, and exclusionary conduct.
Prerequisite: Econ 3010 or 3110.
Credits: 3

ECON 4195 – Empirical Industrial Organization

Empirical Industrial Organization examines various timely issues related to market structure, firm strategy, and market performance by combining the analysis of data and economic theory to develop and estimate econometric models.

Prerequisites: ECON 3010 and ECON 3720

Credits: 3

ECON 4200 - Antitrust Policy 

Studies government regulation and control of business through public policies designed to promote workable competition.
Prerequisite: Econ 2010.
Credits: 3

ECON 4210 - International Trade: Theory and Policy 

Studies the nature and determinants of international trade and factor movements; the effects of international trade on prices of goods and factors; the consequences of tariffs, quotas, customs unions, and other trade policies and agreements, national or international; and international trade and the balance of payments.
Prerequisite: ECON 3010 or 3110; MATH 1220; ECON 3720/4720 OR STAT 3220.
Credits: 3

ECON 4220 - International Finance and Macroeconomics

Studies fixed and floating exchange rate systems. Topics include determinants of a nation’s balance of international payments; macroeconomic interdependence of nations under various exchange-rate regimes and its implications for domestic stabilization policies; and the international coordination of monetary and stabilization policies.
Prerequisite: Econ 3020.
Credits: 3

ECON 4230 - Seminar on Trade and Development

Examines various topics related to either international trade, Third World development, or interactions between the two. Examples include the effects of NAFTA, the WTO, multinational firms, child labor, rich country protectionism against Third World imports, volatile primary commodity markets, and how trade liberalization affects workers in rich and poor countries. The course will be structured on student presentations and directed-research projects.
Prerequisite: Econ 3010 or 3110 and either ECON 4210 or ECON 4610.
Credits: 3

ECON 4310 - Economics of the Public Sector

Studies the justifications for government activities, the design of programs consistent with these justifications, the effects of major existing and proposed expenditure programs and taxes, and positive and normative analyses of political systems.
Prerequisite: Econ 3010 or 3110.
Credits: 3

ECON 4330 - Economics of Taxation

Introduces the basic principles of taxation from an economic rather than an accounting perspective. The themes of the course are the incidence and efficiency of taxes—who ends up paying a tax and how people change their behavior to avoid a tax. The course will focus directly on the U.S. tax system and how it treats income from work, saving, and production.
Prerequisite: Econ 3010.
Credits: 3

ECON 4340 - The Theory of Financial Markets

Studies the theory and operation of financial markets and the role of financial assets and institutions in the economic decisions of individuals, firms, and governments.
Prerequisite: Econ 3010 or 3110, Econ 3030, and STAT 2120 or equivalent.
Credits: 3

ECON 4350 - Corporate Finance

Analyzes the theory of financing corporate operations and corporate decisions regarding the allocation of capital among alternative projects; includes the nature of financial instruments and the behavior of capital markets.
Prerequisite: Econ 3010 or 3110, Econ 3030, and STAT 2120 or equivalent.
Credits: 3

ECON 4360 - Empirical Finance

Develops and tests models of asset pricing and allocation in finance, to determine both the validity of the theories and the extent to which they should guide us in financial decision-making.
Prerequisite: ECON 4720.
Credits: 3

ECON 4365- Global Financial Markets

Study the role and the importance of the financial system in the global economy. Construct general equilibrium models that encompass the financial markets as well as the rest of the economy. These models will be used to understand the recent subprime crisis, the European sovereign debt crisis, and many market phenomena such as extreme volatility and contagion.
Prerequisites: ECON 3010 or 3110 (ECON 3020 is recommended)
Credits: 3

ECON 4370 - Behavioral Finance

Behavioral finance questions the efficient market hypothesis. In addition, this course explores noise trader models and the “over and under reaction” debate. Readings are mostly from professional journals. Students should be quite serious about finance.
Prerequisite: Econ 3010 or 3110 and ECON 4340.
Credits: 3

ECON 4380 - Investment Management

This course examines the investment process used by a variety of institutional investors. Students will study the tools and investment challenges faced by investment managers at such institutions. These include evaluating the role of institutional investors (e.g, endowments and pensions), portfolio choice, manager choice, asset allocation, risk management, and alternative asset class investing.
Prerequisites: TBD

ECON 4390 - The Economic Theory of Advertising

Course deals with theories explaining the nature of advertising, and evaluates market performance in this industry, using Game Theory and Oligopoly Theory. Calculus will be used extensively.
Prerequisite: STAT 2120 or equivalent, Econ 3010 or 3110, and MATH 1220 or 1320.
Credits: 3

ECON 4400 - Topics in Economic History

Comparative study of the historical development of selected advanced economies (e.g., the United States, England, Japan, continental Europe). The nations covered vary with instructor.
Prerequisite: Econ 3020, or Econ 2010 and 2020 and instructor permission.
Credits: 3

ECON 4410 - Economics of the European Union

Studies the history, theory, and empirics of European economic integration. Focuses on monetary union, as well as product and factor market integration.
Prerequisite: Econ 3020.
Credits: 3

ECON 4420 - Macroeconomic Policy

Integrated analysis of public policies (including monetary, fiscal, debt-management, foreign exchange, and incomes) designed to cope with fluctuations in national income, employment, and the price level, and to influence the rate of economic growth. Emphasizes policies adopted during specific historical episodes and the theory of macroeconomic policy.
Prerequisite: Econ 3020.
Credits: 3

ECON 4430 - Environmental Economics

Explores the origins of environmental problems, how to measure the value of environmental amenities, and the efficacy of specific forms of regulation, including mandated technologies, taxes, subsidies, and pollution permit trading. Topics include air and water pollution, climate change, the transition from fossil fuels to renewable energy sources, and sustainable development.
Prerequisite: Econ 3010 or 3110; MATH 1220.
Credits: 3

ECON 4440 - Economic Inequality

Economic analysis of the growth of income and wealth inequality since 1980, in the United States and around the world. Emphasis on measuring inequality, understanding the causes of growing inequality, and possible policy responses.
Prerequisite: Econ 3010 or 3110, and ECON 3720 or ECON 4720
Credits: 3

ECON 4590 - Majors Seminar

Reading, discussion, and research in selected topics. Topics vary by instructor and course may be taken for credit more than once.
Prerequisite: Instructor permission.
Credits: 1 to 3

ECON 4610 - Economic Development

Studies the peculiar problems of economic growth in underdeveloped countries. Emphasizes public policies for both the countries themselves and the more developed countries and international agencies.
Prerequisite: ECON 2020; ECON 3010 or ECON 3110; ECON 3720/4720 or STAT 3220.
Credits: 3

ECON 4620 - Seminar on Development Economics

This course covers important topics in development economics, such as health, education, gender, environment, institutions, and infrastructure. The primary goal of the course is to prepare students to conduct and evaluate empirical research in development economics. To this end, the course will cover empirical tools necessary to study the problems facing developing economies. This class will not develop overarching theories about growth and poverty.
Prerequisite: ECON 3010, ECON 3720, and/or 4720.
Credits: 3

ECON 4660 - Economy of Japan

Reviews Japan’s economic development from the Tokugawa Era onward, and then explores different sectors and issues of the modern Japanese economy.
Prerequisite: Econ 3010 or instructor permission.
Credits: 3

ECON 4710 - Economic Forecasting

Analyzes the theory and practice of forecasting economic variables using models for linear stochastic processes, including specifying, estimating, and diagnosing models of economic time series.
Prerequisite: MATH 1220; ECON 3720/4720 or STAT 3220
Credits: 3

ECON 4720 - Econometric Methods

Meets concurrently with ECON 5720. Studies the application of statistical methods to the testing and estimation of economic relationships. Emphasizes applied econometric studies and the problems that arise when analyzing time series and cross-section data by means of stochastic linear models.

Prerequisite: Econ 3720 or Stat 3120 or Stat 3220 or APMA 3110 or APMA 3120; AND Math 3350, or Math 3351, or APMA 3080. NOTE: Students will be permitted to enroll in ECON 4720 concurrently with linear algebra just in Fall 2017. After Fall 2017 it will not be possible to take linear algebra and ECON 4720 together in the same term.
Credits: 3

ECON 4810 - Advanced Macroeconomic Theory

Studies macroeconomic theory beyond the intermediate level.  Emphasizes dynamic aspect of  macroeconomic analysis under uncerainty, asset pricing, and various topics of macroeconomic policy.  Includes a review of basic mathematical tools and models of economic growth. Prerequisites: ECON 3010 and ECON 3020
Prerequisite: ECON 3010 and ECON 3020
Credits: 3

ECON 4820 - Experimental Economics

Explores the use of laboratory methods to study economic behavior. Topics include experimental design, laboratory technique, financial incentives, and analysis of data. Emphasizes applications: bargaining, auctions, market price competition, market failures, voting, contributions to public goods, lottery choice decisions, and the design of electronic markets for financial assets.
Prerequisite: Econ 3010 or 3110 and a course in statistics, or instructor permission.
Credits: 3

ECON 4880 - Seminar in Policy Analysis

Introduces the methods used to estimate the effects of existing and proposed government programs. Methods will be illustrated with applications to several areas of government policy. Students will complete an empirical policy analysis under faculty supervision.
Prerequisite: Econ 3010 or 311, ECON 3720, and ECON 4310.
Credits: 3

ECON 4990 - Distinguished Majors Seminar 

Required for Distinguished Majors. An introduction to economic research and the writing of a Distinguished Majors thesis. Although the course is intended for Distinguished Majors, other highly motivated and accomplished students may be admitted if space permits.
Prerequisite: Econ 3010 or 3110, completion of or concurrent enrollment in ECON 4720, and instructor permission.
Credits: 3

ECON 4993 - Independent Study

Independent study under the direction of a regular faculty member. Students may not use this class to obtain academic credit of summer internship.
Prerequisite: GPA of 3.300 in UVa ECON courses.
Credits: 1 to 3

ECON 4995 - Supervised Research

Research under the direction of a regular faculty member. Students may not use this class to obtain academic credit of summer internship.
Prerequisite: GPA of 3.300 in UVa ECON courses.
Credits: 1 to 3

ECON 5090 - Introduction to Mathematical Economics I

Studies topics in univariate and multivariate calculus and linear algebra. Includes applications to the theory of economics.
Prerequisite: One semester of calculus and one additional semester of college mathematics, or instructor permission.
Credits: 3

ECON 5100 - Introduction to Mathematical Economics II

Studies topics in the theories of difference and differential equations and dynamic optimization. Includes applications to the theory of economic dynamics.
Prerequisite: ECON 5090 or instructor permission.
Credits: 3

ECON 5352 - British Economic History Since 1850

Studies the structure, performance, and policy in the British economy since 1850, focusing on the causes and consequences of Britain’s relative economic decline.
Prerequisite: Instructor permission.
Credits: 3

ECON 5520 - Special Topics in Economics

Graduate students combine coursework in an upper-level undergraduate economics course with additional special assignments. Because topics vary with instructor, this course may be repeated for credit.
Prerequisite: Graduate standing and instructor permission.
Credits: 3

ECON 5720 - Econometric Methods

Meets concurrently with ECON 4720. Studies the application of statistical methods to the testing and estimation of economic relationships. Emphasizes applied econometric studies and the problems that arise when analyzing time series and cross-section data by means of stochastic linear models.
Prerequisite: MATH 1220 and one of the following statistics courses: ECON 3720, STAT 3120, STAT 3220, APMA 3110, APMA 3120, or permission of instructor.
Credits: 3


The information contained on this website is for informational purposes only.  The Undergraduate Record and Graduate Record represent the official repository for academic program requirements. These publications may be found at either www.virginia.edu/registrar/catalog/ugrad.html or www.virginia.edu/registrar/catalog/grad.html.

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Department of Economics

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