Graduate students study consumer theory (e.g., deriving demand), theory of the firm (deriving supply), market equilibrium (putting demand and supply together) and market forms (perfect and not so perfect ones). Instructors then cover more advanced approaches to microeconomic theory, such as social preferences, behavior in the commons, market failures, risk and uncertainty, and we will review some recent literature.

This course introduces the foundational models and ideas of behavioral economics. Behavioral economics aims to increase the realism of standard economic models by accounting for more nuanced behaviors grounded in psychological and sociological insights. The goal is to better understand human decision making and to improve policy recommendations and welfare estimations in cases where traditional economic models fail to capture relevant behaviors. Applications tie to issues in environmental, food, energy and agricultural economics.

Students explore the use of lab and field experimental techniques and randomized controlled trials and their application to economic research. Instructors Introduce students to the classic experimental games and related literature that provide the foundation for ongoing experimental economics research. Material is introduced through hands-on participation in experiments and lectures. Students also conduct their own replication of previously published experiments and write-up results as a final research project for the course.