2014-2015 Bulletin

Nov 24, 2024

2014-2015 Bulletin [ARCHIVED BULLETIN]

Economics, PhD

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The rigorous training and applied nature of the department’s core offerings and doctoral fields provide the analytical expertise and practical experience for both domestic and international positions.

Students fulfill a standard set of core requirements and qualify in one major doctoral field. Students must complete the coursework described below, pass the written and oral qualifying examinations, complete a satisfactory dissertation, and defend it in an oral examination. A typical program for the doctoral student may be envisioned to focus study in the following way.

First year: core courses, research tools
Second year: core and field courses, research workshops
Third year: elective courses, research workshops, written qualifying exams, dissertation proposal and advancement to candidacy
Fourth year: composition of the dissertation

Degree Requirements

Coursework. A minimum of 72 units of graduate-level coursework is required, including completion of the core course requirements listed below.

Concentration. Student must successfully complete five courses in one major field of study. For interfield students, some of the economics fields require only four courses. Standard fields include the following.

Business and Financial Economics
Industrial Organization
International and Development Economics
International Money and Finance
Neuroeconomics and Behavioral Economics
Public Choice and Public Economics

Research Tool. Completion of the institutional research tool requirement. This requirement is met by successful completion of the Mathematics and Econometrics sequences. Other guidelines and forms are available on the registrar’s Research Tools webpage.

Qualifying Exams. Successful completion of qualifying examinations in microeconomics, macroeconomics and the major field of study. Exams are comprehensive and written by those most closely involved with the area being examined.

Each type of qualifying exam is scheduled twice each year.

Microeconomics - January and May
Macroeconomics - January and September
Field Examinations - February and July

Students are strongly encouraged to complete the microeconomics and macroeconomics exams before attempting the field examination.

Failure to pass the required qualifying exams results in the student’s termination from the doctoral program. Two attempts are permitted for each qualifying exam. A third attempt may be petitioned to the examination committee, however, approval is generally subject to the student having passed other qualifying exams.

Other guidelines and forms are available on the registrar’s Qualifying Exams webpage.

Transdisciplinary Course. All doctoral students are required to enroll in a transdisciplinary course before the second year of the student’s enrollment.

Final Paper Portfolio. All students are required to submit two papers to the program office. One paper must be written during the student’s first semester in the program. A second paper should represent the student’s best work and may come from any subsequent semester that the student is enrolled in the program. Papers are used for accreditation reviews of the program. The program’s Student Handbook provides additional details.

Dissertation. Dissertation procedures are detailed in the Doctoral Degrees section of the Bulletin.

University Policies. University policies detailed in the Student Information section of the Bulletin apply.

Core Requirements

Microeconomics

Macroeconomics

Political Economy

One of the following courses.

Mathematics and Quantitative Methods

Global Commerce and Finance - Applied Field

Economics Core

Microeconomics (16 units)

ECON 313 - Microeconomic Analysis I
ECON 316 - Consumer Theory and General Equilibrium
SP&E 315 - Game Theory or ECON 317 - Game Theory and Asymmetric Information
SP&E 324 - Economics of Management and Organization

Macroeconomics (8 units)

ECON 302 - Macroeconomic Analysis I
ECON 303 - International Money & Finance or an approved substitute

Quantitative and Research Methods (20 units)

ECON 308 - Math for Economists I
ECON 382 - Econometrics I
ECON 383 - Econometrics II
ECON 384 - Econometrics III
SP&E 471 - Strategic Modeling for PEB Decisions

Additional Core Classes (8 units)

ECON 374 - Trade Development and Policy
ECON 336 - Financial Economics or ECON 337 Behavioral and Empirical Finance

Political Economy and T-Course Requirements (8 units)
Approved T-course and a course in political economy or public choice.

SP&E 410 - Foundations of Political Economy
PP 411 - International Political Economy
ECON 300 - Political Economy and Social Inquiry or
ECON 286 - Public Choice

Elective Fields (12 units)

International Money and Finance
Business and Financial Economics
International Commerce and Development

FIELD OPTIONS

Courses in the fields below provide students with the background to successfully complete the field qualifying examination. To maximize exposure to key concepts, students should consult with their advisors before embarking on a particular field. Additional fields may be proposed, provided a faculty member is available to supervise the field with the rigor commensurate with existing fields. Approval of the department executive committee is required for all new fields.

Business and Financial Economics

Integrating 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 intending to enter the private sector or to teach in a business school. Students confront concepts and findings at a more advanced level than MBA programs. Students have the opportunity to specialize in either applied microeconomics or financial markets.

ECON 337 - Behavioral and Empirical Finance, ECON 336 - Financial Economics, or another approved finance course

Two courses from the following options.

ECON 326 - Advanced Industrial Organization
ECON 335 - Financial Economics and Economic Organization
ECON 338 - Advanced Topics in Money and Finance
SP&E 324 - Economics of Management and Organization

Two approved courses related to business and financial economics.

ECON 265 - Industrial Organization
ECON 267 - Law and Economics
ECON 273 - Economics of Innovation
ECON 350 - Global Money and Finance
SP&E 301 - Behavioral Neuroscience of Decision-Making
ECON 319 - Topics in Psychology and Economics

Industrial Organization

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, with implications for business strategy and public policy. The Industrial Organization track 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.

ECON 265 - Industrial Organization

Two courses from the following options.

ECON 326 - Advanced Industrial Organization
ECON 335 - Financial Economics and Economic Organization
SP&E 324 - Economics of Management and Organization

Two 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

This field provides a broad overview of the key elements of global economics, including international trade theory and policy, international money and finance, and development economies. Additional advanced courses promotes expertise in an area of specialization. The strong background gained from this track is ideal for academic appointments as well as work in the public and private sector.

ECON 350 - International Money and Finance and ECON 355 - International Trade Theory and Policy

Two courses from the following options.

ECON 358 - Advanced Topics in International Monetary & Financial Economics
ECON 359 - International Finance and Economic Development
ECON 374 - Trade and Development Policies

One approved course with a substantial focus on the economic or political economy of growth, trade, or policy.

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

International Money and Finance

This field emphasizes the key concepts essential for students wishing to pursue careers in academics, government, and the private sector in the areas of international finance, global macroeconomics, and the political economy of international monetary and financial relations. 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.

ECON 350 - Global Money and Finance

ECON 358 - Advanced Topics in International Monetary and Financial Economics or an alternate approved advanced seminar

An approved course in Finance, such as ECON 336 - Financial Economics

Two approved courses, such as from the following.

ECON 337 - Behavioral and Empirical Finance
ECON 357 - Open Economy Macroeconomics
ECON 359 - International Finance and Economic Development
ECON 304 - Advanced Growth and Development

Neuroeconomics

The Neuroeconomics track focuses upon the use of neuroscientific techniques and psychology to understand economic decisions and behaviors. While not becoming neuroscientists, students learn sufficient neuroscience to be critical consumers and producers of the literature, including laboratory techniques. In addition to studying neuroeconomics, students also specialize in a second economics field.

SP&E 301 - Behavioral Neuroscience of Decision-Making

ECON 319 - Topics in Psychology and Economics

PSYCH 223/223C (Scripps College) - Cognitive Neuroscience, or equivalent

Two core courses from another field in economics

Industrial Organization (ECON 265, 326, 335 or SP&E 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, SP&E 360)
International (ECON 347, 350, or 355)
Business & Financial (ECON 325, 323, 326, 335, 336, 337, 338, 343, 360, or SP&E 323, 324)

Two alternative courses may be taken with the faculty contact’s approval. Courses in neuroscience and psychology are recommended.

Neuroscience

BIOLOGY 95 - Foundations of Neuroscience
BIOLOGY 249 - Neurobiology Seminar
PSYCH 223/223C (Scripps College) - Cognitive Neuroscience
PSYCH 229 (Scripps College) - Social Neuroscience
PSYCH 248 (Pitzer College) - Neuropharmacology

Psychology

PSYCH 260 (Pomona College) - Perception & Cognition
PSYCH 318 - Overview of Social Psychology
PSYCH 325 - Psychology of Thinking
PSYCH 351N - Attitudes and Social Influence

Public Choice and Public Economics

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. Alterations in the institutions of politics are approached as outcomes conditioned by such variables as transaction costs, property rights, social values, and technology and factor quantities. Considerations focus upon issues of voting, coalition formation, and types of representation, such as autocracy, bureaucracy, public enterprise, and outsourcing. Constitutional and legal structures are examined. The traditional role of taxes, public expenditures, and regulations are analyzed using public choice under the rubric of public economics.

One of the following courses.

ECON 300 - Political Economy and Social Inquiry
ECON 343/286 - Public Choice
SP&E 410 - Foundations of Political Economy

SP&E 360 - Advanced Political Economy

Three 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.