Political Economy (Choice)

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• Econ 300 Political Economy and Social Inquiry or
• Econ 343/286 Public Choice or
• SPE360 Advanced Political Economy

Business and Financal Economics

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This field integrates key findings and approaches from several business-related fields including finance, organization theory, strategy, and the theory of the firm. This field is particularly suitable for those who wish to enter the private sector or teach in a business school. Students on this track are exposed to many of the concepts and results presented in MBA programs, but the material is covered at a more advanced level. Students have the opportunity to specialize in either applied microeconomics or financial markets.

1)       Econ 337 Behavioral Finance and Risk Management, Econ 336 Financial Economics, or another approved finance course  

2)      Two (2) of the following courses: 

• Econ 326 Advanced Industrial Organization
• Econ 335 Financial Economics and Economic Organization
• Econ 338 Advanced Topics in Money and Finance
• SPE 324 Economics of Management and Organization

  3)   Two (2) additional approved courses related to business and financial economics. A partial list of possibilities:  

• Econ 265 Industrial Organization
• Econ 267 Law and Economics
• Econ 273 Economics of Innovation
• Econ 350 International Money and Finance
• SPE 301 Behavioral Neuroscience of Decision-Making

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Industrial Organization

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The central research question in Industrial Organization is: “How can the behavior and performance of firms and markets be explained and predicted with observable data?” Industrial Organization economists apply microeconomic theory and econometrics to study firms and markets. Both theoretical and empirical work is important, and there are several implications for business strategy and public policy. Industrial Organization at CGU emphasizes dynamics and connections to related fields such as Finance, Law and Economics, New Institutional Economics, Organization Theory, Strategy, and the Theory of the Firm.

  1)   Econ 265 Industrial Organization

  2)   Two (2) out of the following three (3) courses: 

• Econ 326 Advanced Industrial Organization
• Econ 335 Financial Economics and Economic Organization
• SPE 324 Economics of Management and Organization

  3) Two (2) approved courses from areas such as financial economics, industrial organization, law and economics, managerial economics, public choice, public economics, regulation, and strategy.

International & Development Economics

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This field is designed to give students a broad overview of the key elements of global economics including international trade theory and policy, international money and finance, and development economies. Students then specialize with one or more advanced courses in one of these three areas. This gives students a strong background for academic appointments as well as work in the public and private sector.

Choose two (2) of the following three (3) courses:

1)       Econ 347 International Trade OR Econ 355 International Trade Theory and Policy OR Econ 374 Trade and Development Policies AND

2)      Econ 350 International Money and Finance   One (1) additionalapproved course that has a substantial focus on the economics or political economy of growth, trade, or policy. Recommended courses include, but are not limited to: 

• Econ 304 Growth and Development
• Econ 342 Asian Economic Development or
• Econ 224 Asian Political Economy
• PP 471 Decision Making Models
• SPE 360 Advanced Political Economy
• Econ 329 Political Economy of Institutions & Development
• SPE 302 Political Economy of Development
• PP 336 Political and Economic Development in Latin America
• Econ 354 Advanced Growth and Development
• SPE 207 China in the Global Economy

[note: check class lists]

International Money and Finance

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This field emphasizes the key concepts essential for students wishing to pursue careers in academics, government, and the private sector in the areas for international finance, global macroeconomics, and the political economy of international monetary and financial relations. It is based on the premise that specialists in any of these areas require a broad understanding of the interrelationships among exchange rates, international financial markets, open economy macroeconomics, and the political economy influences which drive government policies in these areas.

  1) Econ 350 International Money and Finance   2) Econ 358 Advanced Topics in International Monetary and Financial Economics         OR an alternate approved advanced seminar   3) An approved course in Finance (example - Econ336 Financial Economics)   4) Two (2) approved courses - Recommended courses include:

• Econ 337 Behavioral and Empirical Finance
• Econ 357 Open Economy Macroeconomics
• Econ 359 Finance and Development
• Econ 304 Advanced Growth and Development

Neuroeconomics

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Neuroeconomics uses neuroscientific techniques to understand economic decisions. This exciting new field of study focuses on teaching students techniques from neuroscience and psychology and then applying them to understand economic behaviors.   In 2001 when Vernon Smith and Daniel Kahneman shared the Nobel Prize in economics, both had published papers in neuroeconomics. This field is not designed to produce students who are neuroscientists, but students will learn sufficient neuroscience to be critical consumers and producers of this literature, including laboratory techniques. Besides studying neuroeconomics, students also specialize in a second economics field.

 1)       SPE301 Behavioral Neuroscience of Decision-Making

 

2)      Social Science 200 (Caltech) Behavioral Game Theory  

OR Econ327 Applications of Behavioral Game Theory and Finance

3)      Functional MRI Visiting Fellowship (Mass. General Hospital) OR equivalent (40+ hours of contact time)

4)      Two (2) core courses from another field in economics:  

• Industrial Organization (Econ 265, 326, 335 or SPE 324)
• Growth and Development (Econ 304, 305, or 342)
• International Money and Finance (Econ 350, 337, 338, 357, or 358)
• Public Choice (Econ 343/286, SPE 360)
• International (Econ 347, 350, or 355)
• Business & Financial (Econ 325, 323, 326, 335, 336, 337, 338, 343, 360, or SPE 323, 324)

  Two (2) alternative courses may be taken with the faculty contact’s approval.   Recommended additional courses:   Neuroscience

• Biology 95 Foundations of Neuroscience
• Biology 149 Neurobiology Seminar
• Psychology 148pi Neuropharmacology

  Psychology

• SBOS 260 Perception & Cognition
• SBOS 325 Psychology of Thinking
• SBOS 351n Attitudes and Social Influence
• SBOS 318 Overview of Social Psychology                                               

Additional psychology and neuroscience courses may also be taken.

 

Public Choice and Public Economics

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The public choice and public economics field encompasses the application of microeconomics to political behavior and to the role of the state in economic life. It attempts to treat alterations in the institutions of politics as outcomes conditioned by such variables as transaction costs, property rights, social values, technology and factor quantities. Using this framework, issues of voting, coalition formation, types of representation, including autocracy, bureaucracy, public enterprise, “outsourcing,” as well as constitutional and legal structures are considered. The traditional role of taxes, public expenditures and regulations are analyzed using public choice under the rubric of public economics: 

1)       Econ 343/286 Public Choice OR SPE 410 Foundations of Political Economy

2)      SPE 360 Advanced Political Economy 

3)      Three (3) approved courses from economic/organization and regulation, domestic and international political economy, law and economics, management, mathematics, normative economics, politics and policy, philosophy, public economics/finance, social psychology and sociology/anthropology

Other Fields

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Additional fields can be constructed with approval of the department executive committee and dean. Other fields require a faculty member who will supervise the field and rigor commensurate with existing fields.