Course Descriptions - Undergraduate Calendar 2016-2017

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Notes

Due to sabbatical leaves, some courses normally offered may be cancelled in the next year. Consult departmental listing at time of class enrolment for deletions or additional course offerings.

ECON 100s


ECON 100 LEC 0.50Course ID: 014062
Principles of Economics
This course provides an introduction to the basic concepts and tools of micro and macro economic analysis of individuals, businesses, and government in the global world. Topics may include consumers, producers, market structures, national income accounting, unemployment, inflation.
Prereq: Mathematics/Chartered Professional Accountancy only.
Antireq: ECON 101
(Cross-listed with COMM 103)

ECON 101 LEC,TST 0.50Course ID: 004874
Introduction to Microeconomics
This course provides an introduction to microeconomic analysis relevant for understanding the Canadian economy. The behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system are the main topics covered.
Antireq: ECON 100/COMM103
Also offered Online

ECON 102 LEC,TST 0.50Course ID: 004877
Introduction to Macroeconomics
This course introduces students to the measurement and behaviour of key macroeconomic variables both in Canada and around the world. Topics include national accounts, inflation, interest rates, wages, international balance of payments, business cycles, growth, employment, unemployment, poverty, and inequality.
Also offered Online

ECON 200s


ECON 201 LEC 0.50Course ID: 004885
Microeconomic Theory for Business and Policy
This course offers an introduction to the theory of market based economies. Topics include consumer choice; production; price and output under perfect and imperfect competition; price discrimination and two part pricing; vertical and horizontal firm boundaries and integration; and market structure.
Prereq: ECON 101 or ECON 100/COMM 103

ECON 206 LEC 0.50Course ID: 015179
Money and Banking 1
This course offers an overview of the functioning of the financial system both in Canada and abroad. It includes discussions of money and inflation, financial assets, and financial institutions and intermediaries.
Prereq: ECON 101 or ECON 100/COMM 103; ECON 102.
Antireq: ECON 304

ECON 207 LEC 0.50Course ID: 015180
Economic Growth and Development 1
This course offers an overview of the enormous differences in living standards across countries and over time, and it considers how these can be traced to differences in economic productivity, investment, population, natural resources, government, inequality, and culture.
Prereq: ECON 101 or ECON 100/COMM 103; ECON 102

ECON 211 LEC,TUT 0.50Course ID: 004890
Introduction to Mathematical Economics
An introduction to mathematical techniques of particular use in economics. Topics include matrix algebra, differentation, partial derivatives, optimization techniques including constrained optimization - all developed within the context of economic problems.
Prereq: ECON 101 or ECON 100/COMM103; one of MATH 104, 4U Advanced Functions, 4U Calculus and Vectors; Not open to students in the Faculty of Mathematics

ECON 212 LEC 0.50Course ID: 015181
Introduction to Game Theory
Game theory analyzes the strategic interaction between agents. It has applications in various fields including economics, law, political science, biology, and computer science. This course introduces the basic tools of game theoretic analysis and examines applications such as auctions, business strategy, and curbing carbon emissions. The course includes an experiential learning component where students play strategic games against each other.
Prereq: ECON 101 or ECON 100/COMM 103; Level at least 2A.
Antireq: ECON 412, ECON 483 - Topic 16 (Special Topics in Game Theory)

ECON 220 LEC 0.50Course ID: 004894
Entrepreneurship Principles and Practices
The role of the entrepreneur, the entrepreneurial firm, and the creative society are examined. Students are exposed to the practices that enable workplace creativity and innovation with exposure to leadership theory and project management.
Prereq: ECON 101 or ECON 100/COMM 103; Level at least 2A; Not open to Arts and Business students.
Antireq: ARBUS 200/201 taken prior to Fall 2013, ARBUS 200 taken after Fall 2013, ENBUS 203

ECON 221 LEC,TUT 0.50Course ID: 004895
Statistics for Economists
This course introduces students to describing economic data and drawing inferences from features of economic data. Starting from fundamental axioms of probability, students will learn about the calculation of probabilities of basic events and the features of random variables, the most important tool for representing the outcomes of complex economic phenomena. Students will describe discrete and continuous random variables via their probability distributions and summary statistics such as means and standard deviations, as well as the relationships between two random variables in terms of covariance, correlation, and simple regression models. The concepts of hypothesis testing and confidence intervals, and the fundamentals of statistical inference are discussed for basic features of random variables and for comparing the features of more than one random variable. Prereq: ECON 101 or ECON 100/COMM 103. Coreq: ECON 211 or Science and Business students or Biotech/Chartered Accountancy students, Not open to Math students. Antireq: ARTS 280, ENVS 278, KIN 222, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R
See course description for requisite requirements

ECON 231 LEC 0.50Course ID: 004899
Introduction to International Economics
This course explores international trade in goods and services as well as the international exchange of financial assets. Economic theories will be examined which help explain how international transactions affect the world's economies. Topics include the theory of comparative advantage and the gains from trade; tariff theory; concepts and measurement of balance of payments; exchange rate systems; and the international monetary system.
Prereq: ECON 101 or ECON 100/COMM 103; ECON 102

ECON 254 LEC 0.50Course ID: 014129
Economics of Sport
The course will develop fundamental economic concepts in the context of the sports industry. The course begins with an investigation of some of the primary aspects of the way that the sports industry is organized. The course then considers labour economics in the context of sport. Finally, the course examines the issues that arise with the introduction of various levels of government and/or regulatory bodies in the sports industry, looking at competition between cities for sports teams.
Prereq: ECON 101 or ECON 100/COMM 103

ECON 255 LEC 0.50Course ID: 015182
Introduction to the Economics of Natural Resources
This course uses the theory and tools of economics to explore key problems in natural resource use and management. The meaning and implications of natural resource scarcity are explored, as well as how the insights of economics can be used to guide policies to promote a more sustainable path for our future. The course examines issues of economic efficiency and equity in specific resource sectors such as energy resources, fisheries, forestry, and water.
Prereq: ECON 101 or ECON 100/COMM 103.
Antireq: ECON 355

ECON 256 LEC 0.50Course ID: 015183
Introduction to Health Economics
Why are some people healthy and others not? Why is health different from other goods and services? How do the many stakeholders interact in health care markets? Why do countries have different health care systems? This course introduces students to how the theories and tools of economics can be used when examining health, health care, and health care policies. Concepts such as supply and demand, uncertainty, and utility will be introduced in the context of health and health care markets. While international institutions may be discussed, the course will emphasize Canadian health care markets.
Prereq: ECON 101 or ECON 100/COMM 103

ECON 261 LEC 0.50Course ID: 015088
Philosophy of Economics
This course considers conceptual, methodological, foundational, and ethical issues in economic theory and practice. Questions include: What can philosophy teach us about economic methodology and justification? Are economic formalizations useful idealizations of human behaviour? Is economics a science? What role do values play in economic reasoning and policy-making?
Antireq: PHIL 371 taken Winter 2014
(Cross-listed with PHIL 205)

ECON 262 LEC 0.50Course ID: 015186
History of Economic Thought
This course studies approaches to economic problems in historical context. Authors examined may include Smith, Malthus, Ricardo, Marx, J.S. Mill, Walras, Marshall, Veblen, Keynes, Hayek, Aumann, Debreu, and Stiglitz.
Prereq: ECON 101 or ECON 100/COMM 103

ECON 290 LEC 0.50Course ID: 015187
Models of Choice in Competitive Markets
Choice lies at the heart of all economic models. This course focuses on choice by consumers and firms. It explains the notion and use of utility functions and budgets, and shows how their interaction allows economists to make predictions about behaviour. The constrained maximization techniques from ECON 211 are used extensively, and extended to situations covering uncertainty (risk) and time. Profit maximization by firms is explored.
Prereq: ECON101 or ECON100/COMM103; ECON211 or one of MATH128,138,148; ECON221 or one of ARTS280, ENVS278, KIN222, PSCI214/314, PSYCH292, REC371, SDS250R, SMF230, SOC/LS280,STAT202, 206,211,220,230,240, SWREN250R; or Math/FARM stdnts
.Antireq: ECON301,302

ECON 300s


ECON 301 LEC 0.50Course ID: 004911
Microeconomic Theory 2
Pricing and employment of inputs; general equilibrium theory; theory of modern welfare economics with some applications; intertemporal choice.
Prereq: ECON 201; ECON 211 or (one of MATH 109, 116, 117, 127, 137, 147 and one of MATH 106/125, 115, 136, 146).
Antireq: ECON 290

ECON 302 LEC 0.50Course ID: 004913
Macroeconomic Theory 2
An extension of the tools developed in Macroeconomic Theory 1 to analyse topics such as unemployment and inflation, government spending, finance, consumption, investment, growth, and the open economy.
Prereq: ECON 202; ECON 211, or (one of MATH 109, 116, 117, 127, 137, 147 and one of MATH 106/125, 115, 136, 146).
Antireq: ECON 290

ECON 306 LEC 0.50Course ID: 015188
Macroeconomics
This course introduces students to the analysis of inter-temporal trade-offs in macroeconomics and macroeconomic policy. Its main objective is to show how economists use economic theory to analyze the role of incentives and general equilibrium considerations in the macro-economy. Applications include national savings and investment, business cycles, and monetary and fiscal policy.
Prereq: ECON 391

ECON 311 LEC 0.50Course ID: 004921
Mathematical Economics
This course builds on and expands the material in ECON 211. Multi-variate calculus and optimization are covered in detail, with a focus on economic applications of the envelope theorem. The implicit function theorem and its uses in comparative statics is explored. Difference and differential equations and their application to dynamic models are introduced, culminating in an introduction to optimal control.
Prereq: ECON 201, 202, ECON 211; or ECON 391; Not open to students in the Faculty of Mathematics

ECON 321 LEC 0.50Course ID: 004923
Introduction to Econometrics
An introductory course in the theory and practice of econometrics, focusing on multiple regression analysis and associated topics such as multicollinearity, heteroskedasticity and serial correlation. Simultaneous equation models will also be introduced. Computer assignments make up part of the course.
Prereq: ECON 221; or for Mathematics students ECON 101, 102 and one of STAT 221, 231, 241; or for Accounting students ECON 101, 102, STAT 211.
Antireq: ECON 290, 322, STAT 321, 331, 361, 371

ECON 322 LEC,TUT 0.50Course ID: 015189
Econometric Analysis 1
This course covers the core topics needed to estimate linear models using ordinary least squares and to interpret estimates for cross-sectional data. Students will learn to interpret the coefficients of linear models for continuous and discrete regressors, to conduct reliable inference for different specifications of the error term, and to determine which model is the most suitable among the class of linear models. It concludes with an introduction to the method of instrumental variables. Students will be introduced to a statistical software package and will be required to complete regular computer-based assignments throughout the course that either: (i) simulate the statistical distribution of the least squares estimator under an assumed model; or (ii) estimate the parameters of an assumed model using a sample of data from the real world.
Prereq: ECON 221; or for Mathematics students ECON 101, 102 or ECON 100/COMM 103 and one of STAT 220, 230, 240; or for Accounting students ECON 101, 102, STAT 211.
Antireq: ECON 321, STAT 221, 231, 241

ECON 323 LEC 0.50Course ID: 015190
Econometric Analysis 2
This course covers the most important methods used in applied economics research beyond the least-squares estimator. It starts by exploring solutions to the endogeneity problem in detail, emphasizing proper ways of conducting causal inference. It extends the methods covered in ECON 322 to the case in which the data are observed over time. Students will learn how to estimate and interpret dynamic models and how these models affect our ability to do inference. The course also covers methods for data in which the response variable is either qualitative, with or without multiple levels, or count data. For that purpose, it introduces students to maximum likelihood estimation, and the estimation of models by probit, logit, and Poisson regressions. Assignments have the same data-based focus as in ECON 322.
Prereq: ECON 322.
Antireq: ECON 321, STAT 322, 324

ECON 332 LEC 0.50Course ID: 004927
International Finance
An analysis of the main issues in international finance. Topics include international borrowing and lending, intertemporal gains from trade, current account and balance of trade movements, the determination of exchange rates and foreign exchange markets.
Prereq: ECON 201, 202 or ECON 201, 206 or ECON 206, 290.
Antireq: (For Mathematics students only) BUS 443W

ECON 341 LEC 0.50Course ID: 004932
Public Economics: Expenditure
The course focuses on the rationale for government intervention in a market economy. The course begins with a consideration of market successes through the analysis of the first and second theorems of welfare economics. The course then considers market failures through an analysis of distributional issues, public goods, externalities, non-competitive market structures, and asymmetric information. Time permitting, some issues in the public economics of taxation may be covered.
Prereq: ECON 211; ECON 201 or 391

ECON 342 LEC 0.50Course ID: 004934
Public Economics: Taxation
The course focuses on the public economics of taxation. Normative topics include the efficiency and distributional aspects of taxation and positive topics include the incentive effects of taxation and tax incidence. Time permitting, some issues in public expenditure theory may be covered.
Prereq: ECON 211; ECON 201 or 391

ECON 344 LEC 0.50Course ID: 004936
Marketing 1: Principles of Marketing and Consumer Economics
Economic principles for marketing, exchange theory and consumer analysis, product or service introductions, public and private policies for advertising, differentiation, and quality assurance.
Prereq: ECON 101 or ECON 100/COMM 103; Level at least 2B.
Antireq: ENBUS 211/311, GBDA 304, BUS 352W
(Cross-listed with ARBUS 302)

ECON 345 LEC 0.50Course ID: 015191
Marketing 2
Because firms exist to satisfy customer needs, a solid understanding of the consumer is needed for any successful marketing management. The course also considers how products, services, and consumption can have far-reaching social impacts.
Prereq: ECON 344/ARBUS 302 or ENBUS 211/311

ECON 351 LEC 0.50Course ID: 004939
Labour Economics
A study of the supply of labour by individuals (and unions) and the demand for labour by firms; topics include the labour market effects of social assistance, unemployment insurance and minimum wages, discrimination in the labour market, efficient wage contracts, the determinants of wage inflation and unemployment.
Prereq: ECON 101 or ECON 100/COMM 103; ECON 102; Level at least 3A

ECON 355 LEC 0.50Course ID: 004941
Economics of Energy and Natural Resources
An analysis of the economics of conservation, especially the adequacy of the market mechanism as an allocator of resource use over time. Issues concerning the economic behaviour of Canada's fishery, forest, fuel and nonfuel mineral industries will be considered.
Prereq: ECON 201

ECON 357 LEC 0.50Course ID: 004942
Environmental Economics
Application of economic theory to problems of the environment, in particular, air, water, and land pollution. Emphasis is on the theory of the management of common property resources.
Prereq: ECON 201; or ECON 392, 393

ECON 361 LEC 0.50Course ID: 004943
Cost-Benefit Analysis and Project Evaluation
Methods for evaluating private and public projects; decision rules, efficiency conditions and methods of conducting cost-benefit analysis. Application of the technique.
Prereq: ECON 201 or 290; ECON 221 or one of ARTS 280, ENVS 278, KIN 222, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R
Also offered Online

ECON 363 LEC 0.50Course ID: 004944
The Economics of Social Problems
A topic-oriented course. Problems are selected from a list that includes regulatory economics, poverty, unemployment, industrial policy, safety, social policy, government deficits/debt and stabilization policy and others. The format assists the student in gaining analytical skills through work on the selected topics.
Prereq: ECON 102; ECON 201 or 290

ECON 366 LEC 0.50Course ID: 015192
Gender and Economics
This course explores historical trends and economic theories and models to investigate the development of gender norms and changes in those norms across time. It questions whether physiological differences, economic models (e.g., comparative advantage, specialization, or discrimination) or social constructs can explain gender differences in roles within the family, education, work, pay, and poverty and changes in the differences across time. Social policies designed to diminish gender differences will be scrutinized. Some topics/questions that may be addressed include the rise in labour force participation of women post World War II; occupational and wage differences between men and women; changing educational attainment; and how men and women make decisions regarding marriage, fertility, child care, elder care, and divorce.
Prereq: ECON 101 or ECON 100/COMM 103; ECON 102; Level at least 3A

ECON 371 LEC 0.50Course ID: 004946
Business Finance 1
The course explores decisions faced by managers of firms. In particular, decision-makers must determine which long-term real investment opportunities to exploit. Once undertaken, managers must decide how to finance the projects, for example, by debt or equity. The course develops both the conceptual framework and the tools required for these decisions. Prereq: ECON 101 or ECON 100/COMM 103; ECON 102; ECON 221 or one of ARTS 280, ENVS 278, KIN 222, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R. Antireq: AFM 271/273, AFM 274/371, ACTSC 371 prior to F'14, ACTSC 372 after F'14.
Prereq: See course description for requisites

ECON 372 LEC 0.50Course ID: 004947
Business Finance 2
This course examines a number of topics relevant to financial practitioners. The topics examined may include options, derivatives securities, futures markets, swaps and hedging. Prereq: ECON 211, ECON 371, and (ECON 221 or one of ARTS 280, ENVS 378, KIN 222, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R); or for Mathematics students ECON 101 or ECON 100/COMM 103, ECON 102 and one of ACTSC 371 prior to Fall '14, ACTSC 372 after Fall '14. Antireq: ACTSC 446 (for Actuarial Science students only)
See course description for requisites

ECON 381 SEM 0.50Course ID: 009938
Special Topics
One or more special half courses may be offered at different times as announced by the Department.
[Note: This course is repeatable up to five times, subject to different content.]
Instructor Consent Required

ECON 382 LEC 0.50Course ID: 004949
Special Topics
One or more special half courses may be offered at different times as announced by the Department.
[Note: This course is repeatable up to five times, subject to different content.]
Instructor Consent Required

ECON 391 LEC 0.50Course ID: 015193
Equilibrium in Market Economies
Central to the study of economics is the concept of an equilibrium in which the actions of individuals are not only individually optimal, but are also consistent with each other; such as when the total amount of a good that individuals wish to purchase equals the total amount available. This course introduces students to the notion of equilibrium for a market and market economy. The properties of such equilibria are explored, both in terms of model logic (existence, uniqueness) as well as in terms of the desirability of the equilibrium outcomes (efficiency, welfare). Partial equilibrium (in a single market) as well as general equilibrium (in all markets at once) are covered for models with endowments, production, uncertainty, and time.
Prereq: ECON 290

ECON 392 LEC 0.50Course ID: 015194
Strategic Situations and Welfare Economics
Many economic decisions are made in circumstances where there are no competitive markets. This course introduces students to individual and group choice in such settings. It covers how to model such settings as "games" in both the extensive and strategic form, and introduces the key equilibrium concepts associated with these models. An introduction to considerations in group decision making via cooperative game theory and welfare economics is provided in the last part of the course.
Prereq: ECON 290.
Antireq: ECON 412 taken prior to Fall 2016

ECON 393 LEC 0.50Course ID: 015195
Market Failures
This course explores the many ways in which the assumptions of the perfectly competitive model are violated in the real world, and the consequences of these market failures for consumers and firms. The course examines potential government intervention to "fix" the failures as well as the limits of government intervention. Topics include monopoly/monopsony, externalities, the tragedy of the commons, public goods, asymmetric information, and incomplete information.
Prereq: ECON 391

ECON 400s


ECON 401 LEC 0.50Course ID: 004952
Microeconomic Theory 3
The course considers a number of topics in microeconomics. Possible topics include decision theory, the analysis of uncertainty, principal-agent problems, game and information theory, social choice theory and the coordination of economic activity through prices, quantities, command and coercion.
Prereq: ECON 301; Level at least 3B Honours Economics, Honours Applied Economics, Honours Mathematical Economics (BA and BMATH), Joint Honours Economics, and Science Biotechnology/Economics students

ECON 402 LEC 0.50Course ID: 004953
Macroeconomic Theory 3
The course develops and analyses simple models of the economy that recognize explicitly the dynamic nature of decision making and market interactions. These models will be used to interpret and understand macroeconomic phenomena including money and inflation, unemployment, savings and investment, and the national debt.
Prereq: ECON 302; Level at least 3B Honours Economics, Honours Applied Economics, Honours Mathematical Economics (BA and BMATH), Joint Honours Economics, and Science Biotechnology/Economics students

ECON 404 LEC 0.50Course ID: 004955
Topics in Money and Finance
A discussion of topics in monetary policy. Topics may include: foundations of monetary theory; portfolio choice; term structure of interest rates; money supply and money demand; decision-making under uncertainty; capital asset pricing models; financial flow analysis; rational expectations and monetary policy.
Prereq: ECON 301, 302, 372; Honours students or Economics majors

ECON 405 LEC 0.50Course ID: 013754
Topics in Financial Econometrics
This course is one of the topic courses in Econometrics. The course will focus on both the Econometric theory and applications in Economics and Finance. Topics may include several main components, such as regression theory (linear/non-linear regression models, multivariate regressions), estimation methodology (OLS, MLE, GMM, WLS/GLS, Monte Carlo simulations), and time series analysis/financial modelling (stochastic process, general ARMA process, autoregressive conditional heteroskedasticity model, stochastic volatility model, high frequency data analysis, nonstationarity for time series and co-integration, continuous time stochastic process).
Prereq: ECON 371, 372; one of ECON 321, STAT 331, 361, 371, 372; Honours students or Economics majors.
Antireq: AFM 423 prior to Fall 2015

ECON 406 LEC 0.50Course ID: 015196
Money and Banking 2
This course examines the monetary and financial aspects of the macro-economy. It prepares students to conduct analyses of problems and policies in monetary economics. Topics may include analyses of the banking system, financial crises, and monetary policy.
Prereq: ECON 306

ECON 407 LEC 0.50Course ID: 015197
Economic Growth and Development 2
The goal of this course is to understand the enormous differences in living standards across countries and over time. It uses economic analysis to understand the sources of investment and innovation, and the role of economic, social, and political institutions in economic growth and development.
Prereq: ECON 306

ECON 408 LEC 0.50Course ID: 015198
Business Cycles
This course prepares students to conduct analyses of problems and policies associated with macroeconomic fluctuations. It examines the empirical features of business cycles, and discusses how macroeconomic models help to understand business cycles and to assess the consequences of alternative macroeconomic policies.
Prereq: ECON 306

ECON 409 LEC 0.50Course ID: 015199
Workers, Jobs, and Wages
This course examines the role of labour markets in the macro-economy. It focuses on the analysis of aggregate employment, unemployment, labour force participation, and earnings inequality. The main goal of the course is to understand current labour-market outcomes both in Canada and around the world.
Prereq: ECON 306

ECON 412 LEC 0.50Course ID: 014723
Topics in Game Theory
This course builds on ECON 392 to give students a broader exposure to game theory. Possible topics include extensive games with imperfect information, evolutionary games, repeated games, as well as applications of game theory such as auctions and negotiations.
Prereq: ECON 392; Level at least 3B Honours Economics, Honours Mathematical Economics (BA&BMATH), Joint Honours Economics or Science Biotechnology/Economics students.
Antireq: ECON 483-Topic 16 (Spec. Topics in Game Theory)

ECON 421 LEC 0.50Course ID: 004959
Econometric Theory
This course offers an advanced treatment of topics covered in ECON 322/323 through the extensive use of matrix algebra, statistical theory and numerical methods. After a review of the required mathematics, these tools will be used to derive the least-squares estimator for the standard linear model and to conduct inference about features of the model, checking the results of theory using regression software and economic data. Then this framework will be used for theoretical generalizations of the model and their estimation using regression software. By the end of the course, students will be able to estimate a linear model and conduct accurate inference in cases where economic data violate the assumptions of the standard linear regression model. This includes methods for dealing with heteroskedastic data, observations that may be dependent over time, response distributions with heavy tails or limited range (such as binary outcomes and count variables), and observations that may suffer from selection bias.
Prereq: One of ECON 321, ECON 323, STAT 221, 231, 241; Honours students or Economics majors.
Antireq: STAT 331, 361, 371, 372

ECON 422 LEC 0.50Course ID: 004960
Microeconometric Analysis
This course investigates advanced estimation and inference techniques for microeconomic data. Students will learn about error components models that are used for economic data that exhibits significant unobserved heterogeneity. The estimation of treatment effects using fixed effects and difference-in-differences methods will be covered, and design-based methods of causal inference such as matching and regression discontinuity may be covered as well. Extensions such as multilevel or hierarchical models, limited dependent variable models, duration models or selection models may also be included. Students also learn how to apply these methods using computer software, and will use it to analyze complex data from household and firm-level surveys in assignments.
Prereq: ECON 201 or ECON 290; one of ECON 321, 323, STAT 221, 231, 241; Honours students or Economics majors

ECON 423 LEC 0.50Course ID: 015200
Time Series Econometrics
This course introduces students to popular methods and practices of analyzing data that exhibit dependence over time. The topics may cover fundamental linear time series models (autoregressive processes, moving average processes and their generalizations), modelling time-varying volatility (the autoregressive conditional heteroskedasticity or ARCH family of models and stochastic volatility models), multivariate time series analysis, non-stationary models, and ongoing topics in modern time series econometric research. The course is designed to balance the introduction of statistical theory and applications with empirical data. A main component of this course consists of practical exercises and an empirical project with real data.
Prereq: ECON 321 or ECON 323 or one of STAT 221, 231, 241; Honours students or Economics majors

ECON 436 LEC 0.50Course ID: 011778
International Trade
An examination of theories of international trade. Topics include the gains from trade, theories of trade determination (Ricardian, Heckscher-Ohlin, increasing returns to scale), the effects of tariffs, multinational corporation behaviour and factor mobility.
Prereq: ECON 301 or 393; Honours students or Economics majors

ECON 442 LEC 0.50Course ID: 012408
Economics of Taxation
This course discusses economic issues in taxation. Topics may include general equilibrium tax incidence, computable tax models, optimal taxes, development taxation, environmental taxation, tax reforms and fiscal federalism.
Prereq: ECON 301, 302; or ECON 306, 393; Honours students or Economics majors

ECON 445 LEC 0.50Course ID: 009948
Industrial Organization and Public Policy
This course analyzes the structure of markets and how firms compete in them. The emphasis is on oligopoly markets and the use of game theory. The course focuses on differentiated goods, price discrimination, barriers to entry, vertical relationships, advertising, strategic behaviour, and empirical industrial organization including the estimation of demand and costs. Applications to competition policy emphasizing the evaluation of horizontal mergers are presented as well.
Prereq: ECON 301 or 391; ECON 321 or 322; Honours students or Economic majors

ECON 451 LEC 0.50Course ID: 013562
Law and Economics
Legal rules and jurisprudence can have a significant effect on resource allocation. A key question is whether legal regimes affect the optimality of an equilibrium and succeed in bringing society closer to a welfare maximizing outcome. From another perspective, a relevant question is on the objective or motivation behind the enactment of specific legislation. Recent studies suggest that much legislation is consistent with simple welfare concepts developed by economists. The course focuses on these issues with examples drawn from property, contract, tort, and criminal law.
Prereq: ECON 201, 211; or ECON 391; Level at least 3A Honours students or Economics majors.
Antireq: ECON 381 taken S'09, S'10, S'11, S'12

ECON 452 LEC 0.50Course ID: 013884
Topics in Labour Economics
The course presents an overview of the relevant theoretical and empirical research questions related to employment relationships (pay, mobility, workplace organization). The course will offer a combination of tools (theoretical or statistical) and applications of these tools to various topics. Each topic addresses research questions for which we will see the associated seminal papers and more recent papers providing the latest findings on the given topic. The findings may come from new theoretical arguments, data improvement and/or finer methodological tools, all offering a way to better address the question.
Prereq: ECON 301 or 391; ECON 321, 323, STAT 221, 231, 241; Honours students or Economics majors

ECON 456 LEC 0.50Course ID: 012409
Topics in Health Economics
This course explores the theories and models developed to study the health and health-care sectors from an economic viewpoint. The course will focus on the economic tools necessary to evaluate the efficiency of the market for, and the efficient allocation of scarce resources in, health and health care. Examples of possible topics to be covered are the nature of the market, supply and demand of health care, asymmetries of information, externalities, principal-agent relationships, insurance and cost-benefit analysis.
Prereq: ECON 301 or 393; one of ECON 321, 323, STAT 221, 231, 241; Honours students or Economics majors

ECON 471 LEC 0.50Course ID: 009949
Computational Economics
Basic concepts and techniques of computational economics. Topics may include computable general equilibrium models, data and calibration, system sensitivity, and dynamic extensions. Depending on class backgrounds and interests, applications may cover areas such as economics of taxation, international trade, industrial organization, economic history, development, environment, dynamics, and finance.
Prereq: ECON 301, 302; or ECON 306. Honours students or Economics majors

ECON 472 ESS 0.50Course ID: 004970
Senior Honours Essay
Students are required to do research and write a paper on a topic of their choice, supervised by a member of the Economics faculty.
Department Consent Required
Prereq: Level at least 4A Honours Economics or Honours Mathematical Economics (BA and BMATH) students only

ECON 474 LEC 0.50Course ID: 015201
Numerical Methods for Economists
This course covers important topics related to scientific computing through applications in microeconomics, macroeconomics, and econometrics. The topics include floating point arithmetic, nonlinear equations, constrained and unconstrained optimization, numerical derivatives and numerical integration, differential equations, and dynamic models. Students will also develop their programming skills by learning strategies to write structured and efficient programs.
Prereq: ECON 311, 392, 393; Level at least 4A.
Antireq: ECON 485 taken W'12, W'13, W'14 and ECON 484 taken W'15, W'16 (section 001)

ECON 483 SEM 0.50Course ID: 009950
Special Topics
Special topics that may vary with individual instructor's areas of research interest.
[Note: This course is repeatable up to five times, subject to different content.]
Instructor Consent Required
Prereq: Level at least 3A

ECON 484 SEM 0.50Course ID: 009951
Special Topics
Special topics that may vary with individual instructor's areas of research interest.
[Note: This course is repeatable up to five times, subjects to different content.]
Instructor Consent Required
Prereq: Level at least 3A Economics majors

ECON 487 SEM 0.50Course ID: 009953
Special Studies
Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.
Instructor Consent Required

ECON 488 RDG 0.50Course ID: 004974
Special Studies
Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.
Instructor Consent Required

ECON 489 RDG 0.50Course ID: 004975
Special Studies
Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.
Instructor Consent Required

ECON 491 LEC 0.50Course ID: 015202
Advanced Microeconomics
This course prepares students for graduate-level theory courses. Students will be exposed to a selection of topics treated with the mathematical rigour required for graduate work.
Prereq: ECON 392, 393; Level at least 4A

ECON 496 LEC 0.50Course ID: 015203
Advanced Macroeconomics
This course provides students with the methodological principles that underlie modern analyses of the macro-economy, and to prepare students for graduate-level macroeconomic theory courses.
Prereq: ECON 306; Level at least 4A