Courses

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

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

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

This course is an introduction to the economic analysis of gender in labor markets. Students will learn about economic approaches to understanding and examining gender differences in workplace outcomes such as pay gaps and occupational segregation.

No prior coursework in economics is required.

Credits: 3

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 1190, MATH 1210, MATH 1310,or  APMA 1090.

Credits: 4

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

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

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

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

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: ECON 2010 and two semesters of calculus.
Credits: 4

Sustainability addresses how we manage the environment and share limited, valuable natural resources across time and space. The lens of microeconomics helps us understand why we have environmental problems and how we can solve them. Economics provides valuable tools for solving problems with pollution, over-exploitation of resources, loss of biological diversity and, of course, global warming.
Prerequisite: ECON 2010 or instructor permission
Credits: 3

This course investigates key topics in the economics of the art market (or markets).  It may be viewed as a course in applied micro-economics, with an interest in identifying the key factors that shape market outcomes, whether measured in terms of prices of individual artworks, the distribution of revenues among the major players in the market (artists, dealers, auction houses, etc.), or the financial rewards to the ownership of fine art.

Prerequisites:  ECON 2010 and ECON 2020

Credits:  3

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

Examine the economic problems confronting sub-Saharan Africa countries, focusing on what is needed to accelerate sustainable growth and reduce poverty. Use standard economic tools to gain an understanding of the economic management challenges faced by African policy makers and the similarities and differences between African countries. Explore Africa's relationship with the rest of the world, focusing on trade, aid and economic cooperation.
Prerequisite: Econ 2010 and 2020.
Credits: 3

This course provides an understanding of India's economic system, strengths, and challenges.  Students will analyze economic reforms, economic growth, economic development, and India's connection wit the rest of the world, focusing on trade, aid, and economic cooperation.  Finally the course will provide students with a framework for analyzing macroeconomic problems and examining significant economic issues.

Prerequisite: Econ 2010 and 2020.

Credits: 3

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

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

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

The course will consider the theory and practice of market design. We will study classical market failures (market power, externalities, incomplete information, missing markets), the core tools used in practice (auctions and deferred acceptance algorithms), and examples of their real world use (FCC Spectrum Auctions, Google Adwords, the Boston Public School Match, the National Resident Matching Program, and the Northeastern Kidney Exchange)..
Prerequisite: Econ 3010 or Econ 3110
Credits: 3

This course will apply micro-economic theory and empirical methods to explore the role of gender in shaping economic outcomes, examining the inter-relationships between family formation (marriage and fertility), human capital investment, and labor market outcomes. Public policy applications will be emphasized.
Prerequisite: Econ 3010 (or 3110)  and ECON 3720 (or 4720).
Credits: 3

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 Econ 3110 or instructor permission.
Credits: 3

Students will learn the mathematical tools economists use to model and analyze dynamic economic problems. Topics include transitional dynamics, optimal control theory and recursive dynamic programming. I will show you how to solve economic problems such as consumption/savings, investment and capital accumulation, optimal growth, industry dynamics, job search, portfolio choice, natural resource extraction, and dynamic games.

Prerequisite: ECON 3010 or 3110

Credits:  3

A course in business strategy for advanced undergraduates. Examines topics such as value creation and capture, industry structure, creating and maintaining competitive advantage, vertical structure of the firm, adapting to change, and long-run growth of the firm. Extensive use of business school cases and readings from the popular press.
Prerequisite: ECON 3010 or 3110
Credits: 3

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

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

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

This course examines the meaning of risk and the history of risk management from the Bronze Age through the Digital Age. From pure risks to speculative risks, systematic and systemic risks, risks that arise through individual choice as well as endogenous risks that arise through social networks, this course links together our natural aversion to loss and our attempts throughout history to mitigate loss and hedge risk.  We focus on market developments designed to diversify risks such as futures, forwards, and insurance along with the co-evolution of probability theory as a tool to both understand and price risks.  We evaluate the effectiveness of those tools through time and the challenges posed to their application in the rapidly developing complexity of the digital age.   

Prerequisite: Econ 3010 or ECON 3110
Credits: 3

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

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

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

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

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

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

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

This course offers an introduction to the economics of immigration, with an emphasis on the effects of immigrants on receiving countries, including effects on workers, crime, inequality, and fiscal effects. The course will heavily use theory from intermediate micro and will do close readings of empirical studies.
Prerequisite: ECON 3010 or 3110 and ECON 3720 (or equivalents).
Credits: 3

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 3010

Credits: 3

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

This course explores how economists think about cities. Why do cities exist? Why are they located where they are? Why do some cities grow and others decline? Within a city, what determines where people live, how they commute to work, and what they pay for housing? Topics to be treated include agglomeration economies, location theory, land use patterns and policies, urban housing and transportation, and local public goods.
Prerequisite: Econ 3010 or 3110 and ECON 3720.
Credits: 3

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

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

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

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

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

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

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 and Econ 3010 or 3110.
Credits: 3

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

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

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

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.
Credits: 3

This course examines climate change - the nature of the impact, what can be done, and why it is important - through the lens of economics.  The role of discounting, equity, uncertainty, and international agreements will be discussed.
Prerequisite: Econ 3010 or 3110.
Credits: 3

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

Advances in artificial intelligence and automation have proceeded rapidly in recent years and have reached an inflection point that will have profound implications for the future of humanity. This course analyzes the short- and medium-run implications for employment, economic growth, and inequality. It also covers philosophical questions such as the long-run implications of artificial intelligence rivaling human intelligence.
Prerequisite: ECON 3010 or 3110 and ECON 3020 (concurrently ok) or CS 3102 (concurrently ok).
Credits: 3

This course will introduce you to the econometrics methods for evaluating public policies. At the end of the course you will be familiar with the strenghts and weaknesses behind a variety of evaluation methods commonly used to examine programs such as the minimum wage, education or job training.
Prerequisite: ECON 3720 or ECON 4720.
Credits: 3

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

Studies the peculiar problems of economic growth in underdeveloped countries, including government and market failures. Examines factors underlying pverty, hunger, illiteracy, and corruption in developing countries, and the scope for (rigorously evaluated) policies to improve these conditions.
Prerequisite: ECON 2010 and ECON 3720 (or 4720 or STAT 3220 or equivalent). ECON 2020 and ECON 3010/3110 are helpful but not required. 
Credits: 3

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

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

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.
Credits: 3

This course will present a collection of topics from Economics and Computer Science that constitute the building blocks of modern user-facing electronic systems. Many examples will come from modern digital advertising platforms that have both created huge success in user reach and effectiveness for advertisers and, at the same time, have generated a trail user privacy concerns.

Prerequisites:  ECON 3010 or 3110 and ECON 3720 or 4720

Credits: 3

The course will cover recent work in Computer Science and Economics that enables the appropriate analysis of dynamic marketplaces where agents rely on algorithmic tools to make decisions and compete. The course will cover a range of fundamental concepts from machine learning and convex optimization and connect them with the concepts in game theory and economics of information.

Prerequisites: ECON 3010 or 3110 and ECON 3720 or 4720

Credits: 3

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.
Prerequisite: ECON 3010 and ECON 3020.
Credits: 3

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

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 3110, ECON 3720, and ECON 4310.
Credits: 3

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; and either ECON 3720 or ECON 4720, or instructor permission.
Credits: 3

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

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

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

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

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

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

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