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id="/subjects/"> <li><a href="/subjects/16/">Aeronautics and Astronautics (Course 16)</a></li> <li><a href="/subjects/as/">Aerospace Studies (AS)</a></li> <li><a href="/subjects/21a/">Anthropology (Course 21A)</a></li> <li><a href="/subjects/4/">Architecture (Course 4)</a></li> <li><a href="/subjects/20/">Biological Engineering (Course 20)</a></li> <li><a href="/subjects/7/">Biology (Course 7)</a></li> <li><a href="/subjects/9/">Brain and Cognitive Sciences (Course 9)</a></li> <li><a href="/subjects/10/">Chemical Engineering (Course 10)</a></li> <li><a href="/subjects/5/">Chemistry (Course 5)</a></li> <li><a href="/subjects/1/">Civil and Environmental Engineering (Course 1)</a></li> <li><a href="/subjects/cms/">Comparative Media Studies / Writing (CMS)</a></li> <li><a href="/subjects/21w/">Comparative Media Studies / Writing (Course 21W)</a></li> <li><a href="/subjects/csb/">Computational and Systems Biology (CSB)</a></li> <li><a href="/subjects/cse/">Computational Science and 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href="/subjects/11/">Urban Studies and Planning (Course 11)</a></li> <li><a href="/subjects/wgs/">Women's and Gender Studies (WGS)</a></li> </ul> </li> </ul>  </div>  </div>  </div>  <div id="right-col"> <div id="content" role="main" class="widthfix"> <h1 class="page-title">Economics (Course 14)</h1> <div id="textcontainer" class="page_content"> </div> <div id="coursestextcontainer" class="page_content"> <a name="coursestext"></a><div id="sc_sccoursedescs"> <h2 class="sectionhead">General Economics and Theory</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.00 Undergraduate Internship in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: Permission of instructor </span><br/><span class="courseblockterms">U (IAP, Summer)</span><br/><span class="courseblockhours">Units arranged [P/D/F]</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">For Course 14 students participating in off-campus internship experiences in economics. Before registering for this subject, students must have an employment offer from a company or organization and must identify a Course 14 advisor. Upon completion of the internship, student must submit a letter from the employer describing the work accomplished, along with a substantive final report from the student approved by the MIT advisor. Subject to departmental approval. Consult departmental undergraduate office. </p> <p class="courseblockinstructors seemore"><span><i>Consult D. Donaldson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.000 Graduate Internship in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: Permission of instructor </span><br/><span class="courseblockterms">G (IAP, Summer)</span><br/><span class="courseblockhours">Units arranged [P/D/F]</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">For Course 14 students participating in off-campus internship experiences in economics. Before registering for this subject, students must have an employment offer from a company or organization and must identify a Course 14 advisor. Upon completion of the internship, student must submit a letter from the employer describing the work accomplished, along with a substantive final report from the student approved by the MIT advisor. Subject to departmental approval. Consult departmental graduate office. </p> <p class="courseblockinstructors seemore"><span><i>Consult I. Andrews</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.001 Data Economics and Development Policy Summer Internship</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: Permission of department </span><br/><span class="courseblockterms">G (Fall, Spring, Summer)</span><br/><span class="courseblockhours">0-1-0 units</span> </p> <p class="courseblockdesc">Provides students in the DEDP Master's program the opportunity to synthesize their coursework and professional experience in development economics and data analysis. In the context of a summer internship, students apply the knowledge gained in the program towards a project with a host organization, typically in the development sector. Students will be supported in finding a suitable opportunity or research project. All internship placements are subject to approval by the program director. Each student must write a capstone project report. Restricted to DEDP MASc students.</p> <p class="courseblockinstructors seemore"><span><i>S. Ellison</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.003 Microeconomic Theory and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or permission of instructor </span><br/><span class="courseblockterms">G (Fall, Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Students master and apply economic theory, causal inference, and contemporary evidence to analyze policy challenges. These include the effect of minimum wages on employment, the value of healthcare, the power and limitations of free markets, the benefits and costs of international trade, the causes and remedies of externalities, the consequences of adverse selection in insurance markets, the impacts of labor market discrimination, and the application of machine learning to supplement to decision-making. Class attendance and participation are mandatory. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult D. Autor, S. Jaeger</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.009 Economics and Society's Toughest Problems</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: U (Fall)</span><br/><span class="courseblockhours">1-0-2 units</span> </p> <p class="courseblockdesc">Should we trade more or less with China? Why are some countries poor, and some countries rich? Why are the 1% getting richer? Should the US have a universal basic income? Why is our society becoming so polarized? What can we do to mitigate climate change? Will robots take all the jobs? Why does racism persist and how can we fight it? What will the world economy look like after the COVID-19 recession? Economics shows you how to think about some of the toughest problems facing society — and how to use data to get answers. Features lectures by MIT's economics faculty, showing how their cutting-edge research can help answer these questions. In lieu of problem sets, quizzes, or other written assignments, students produce materials of their choice (podcasts, TikToks, longer videos) with the view to make a potential audience excited about economics. Subject can count toward the 6-unit discovery-focused credit limit for first-year students. </p> <p class="courseblockinstructors seemore"><span><i>E. Duflo</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.01 Principles of Microeconomics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">U (Fall, Spring)</span><br/><span class="courseblockhours">3-0-9 units. HASS-S</span> </p> <p class="courseblockdesc">Introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Applications to problems of current economic policy. </p> <p class="courseblockinstructors seemore"><span><i>Consult N. Agarwal, D. Donaldson, S. Ellison, J. Gruber</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.02 Principles of Macroeconomics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">U (Fall, Spring)</span><br/><span class="courseblockhours">3-0-9 units. HASS-S</span> </p> <p class="courseblockdesc">Provides an overview of macroeconomic issues including the determination of national income, economic growth, unemployment, inflation, interest rates, and exchange rates. Introduces basic macroeconomic models and illustrates key principles through applications to the experience of the US and other economies. Explores a range of current policy debates, such as the economic effects of monetary and fiscal policy, the causes and consequences of the 2008 global financial crisis, and the factors that influence long-term growth in living standards. Lectures are recorded and available for students with scheduling conflicts. </p> <p class="courseblockinstructors seemore"><span><i>M. Beraja, R. Caballero, J. Poterba</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.03 Microeconomic Theory and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.003" title="14.003" class="bubblelink code" onclick="return showCourse(this, '14.003');">14.003</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or permission of instructor </span><br/><span class="courseblockterms">U (Fall, Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Students master and apply economic theory, causal inference, and contemporary evidence to analyze policy challenges. These include the effect of minimum wages on employment, the value of healthcare, the power and limitations of free markets, the benefits and costs of international trade, the causes and remedies of externalities, the consequences of adverse selection in insurance markets, the impacts of labor market discrimination, and the application of machine learning to supplement to decision-making. Class attendance and participation are mandatory. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult D. Autor, S. Jaeger</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.04 Intermediate Microeconomic Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=18.02|18.02A|18.022|18.024" onclick="return showCourse(this, '18.02|18.02A|18.022|18.024');">Calculus II (GIR)</a> and <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Analysis of consumer and producer decisions including analysis of competitive and monopolistic markets. Price-based partial and general equilibrium analysis. Introduction to game theory as a foundation for the strategic analysis of economic situations. Imperfect competition, dynamic games among firms. Failures of general equilibrium theory and their resolutions: externalities, public goods, incomplete information settings, signaling, screening, insurance, alternative market mechanisms, auctions, design of markets. </p> <p class="courseblockinstructors seemore"><span><i>S. Morris</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.05 Intermediate Macroeconomics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and (<a href="/search/?P=14.02" title="14.02" class="bubblelink code" onclick="return showCourse(this, '14.02');">14.02</a> or permission of instructor) </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Uses the tools of macroeconomics to investigate various macroeconomic issues in depth. Topics range from economic growth and inequality in the long run to economic stability and financial crises in the short run. Surveys many economic models used today. Requires a substantial research paper on the economics of long-run economic growth. </p> <p class="courseblockinstructors seemore"><span><i>C. Wolf</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.06 Advanced Macroeconomics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and <a href="/search/?P=14.02" title="14.02" class="bubblelink code" onclick="return showCourse(this, '14.02');">14.02</a> </span><br/><span class="courseblockterms">U (Fall)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Blends a thorough study of the theoretical foundations of modern macroeconomics with a review of useful mathematical tools, such as dynamic programming, optimal control, and dynamic systems. Develops comfort with formal macroeconomic reasoning and deepens understanding of key macroeconomic phenomena, such as business cycles. Goes on to study more specific topics, such as unemployment, financial crises, and the role of fiscal and monetary policy. Special attention to reviewing relevant facts and disentangling them from their popular interpretations. Uses insights and tools from game theory. Includes applications to recent and historical events. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.08 Technical Topics in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall, Spring)</span><br/><span class="courseblockhours">4-0-8 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Considers technical issues of current research interest in economics. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.09 Reading Seminar in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a> and <a href="/search/?P=14.06" title="14.06" class="bubblelink code" onclick="return showCourse(this, '14.06');">14.06</a> </span><br/><span class="courseblockterms">U (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged [P/D/F]</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Reading and discussion of particular topics in economics. Open to undergraduate students by arrangement with individual faculty members. Consult Department Headquarters. </p> <p class="courseblockinstructors seemore"><span><i>D. Donaldson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.10 Reading Seminar in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a> and <a href="/search/?P=14.06" title="14.06" class="bubblelink code" onclick="return showCourse(this, '14.06');">14.06</a> </span><br/><span class="courseblockterms">U (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Reading and discussion of particular topics in economics. Open to undergraduate students by arrangement with individual faculty members. Consult Department Headquarters. </p> <p class="courseblockinstructors seemore"><span><i>D. Donaldson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.11 Topics in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Considers issues of current research interest in economics. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.12 Economic Applications of Game Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and (6.041B, <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>, <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a>, <a href="/search/?P=18.05" title="18.05" class="bubblelink code" onclick="return showCourse(this, '18.05');">18.05</a>, or permission of instructor) </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Analysis of strategic behavior in multi-person economic settings. Introduction to solution concepts, such as rationalizability, backwards induction, Nash equilibrium, subgame-perfect equilibrium, and sequential equilibrium. Strong emphasis on dynamic games, such as repeated games. Introduction to Bayesian games, focusing on Bayesian Nash Equilibrium, Perfect Bayesian Equilibrium, and signaling games. Applications drawn from microeconomics: imperfect competition, implicit cartels, bargaining, and auctions. </p> <p class="courseblockinstructors seemore"><span><i>I. Ball</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.121 Microeconomic Theory I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a> and permission of instructor </span><br/><span class="courseblockterms">G (Fall; first half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Covers consumer and producer theory, markets and competition, general equilibrium and the welfare theorems; featuring applications, uncertainty, identification and restrictions models place on data. Enrollment limited; preference to PhD students.</p> <p class="courseblockinstructors seemore"><span><i>P. Pathak</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.122 Microeconomic Theory II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> and permission of instructor </span><br/><span class="courseblockterms">G (Fall; second half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Introduction to game theory. Topics include normal form and extensive form games, and games with incomplete information. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>G. Ellison</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.123 Microeconomic Theory III</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a>, <a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a>, and permission of instructor </span><br/><span class="courseblockterms">G (Spring; first half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Models of individual decision-making under certainty and uncertainty. Additional topics in game theory. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>D. Fudenberg</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.124 Microeconomic Theory IV</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.123" title="14.123" class="bubblelink code" onclick="return showCourse(this, '14.123');">14.123</a> or permission of instructor </span><br/><span class="courseblockterms">G (Spring; second half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Introduction to statistical decision theory, incentive contracting (moral hazard and adverse selection), mechanism design and incomplete contracting. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>A. Wolitzky</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.125 Market Design</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.124" title="14.124" class="bubblelink code" onclick="return showCourse(this, '14.124');">14.124</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Theory and practice of market design, building on ideas from microeconomics, game theory and mechanism design. Prominent case studies include auctions, labor markets, school choice, prediction markets, financial markets, and organ exchange clearinghouses. </p> <p class="courseblockinstructors seemore"><span><i>N. Agarwal, P. Pathak</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.126 Game Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">3-0-9 units</span> </p> <p class="courseblockdesc">Investigates equilibrium and non-equilibrium solution concepts and their foundations as the result of learning or evolution. Studies the equilibria of supermodular games, global games, repeated games, signaling games, and models of bargaining, cheap talk, and reputation. </p> <p class="courseblockinstructors seemore"><span><i>D. Fudenberg, A. Wolitzky, M. Yildiz</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.127 Advanced Game Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">For students who plan to do game theory research. Covers the following topics: epistemic foundations of game theory, higher order beliefs, the role and status of common prior assumptions, social networks and social learning, repeated and stochastic games, non-equilibrium learning, stochastic stability and evolutionary dynamics, game theory experiments, and behavioral game theory. </p> <p class="courseblockinstructors seemore"><span><i>D. Fudenberg, M. Yildiz</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.129 Advanced Contract Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a>, <a href="/search/?P=14.281" title="14.281" class="bubblelink code" onclick="return showCourse(this, '14.281');">14.281</a>, or permission of instructor </span><br/><span class="courseblockterms">G (Spring; first half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Presents the contract theory, mechanism design, and general equilibrium theory necessary for an understanding of a variety of recent innovations: crypto currencies, digital assets; intermediation through digital big techs; central bank digital currency; and decentralized finance (DeFi) versus centralized exchange and contract platforms. Three broad themes: 1) Take stock of new technologies' characteristic features (distributed ledgers and blockchain, e-transfers, smart contacts, and encryption); 2) Translate these features into formal language; 3) Inform normative questions: Should we delegate programmable contacts to the private sector and the role of public authorities. </p> <p class="courseblockinstructors seemore"><span><i>Consult R. Townsend</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.13 Psychology and Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.131" title="14.131" class="bubblelink code" onclick="return showCourse(this, '14.131');">14.131</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Introduces the theoretical and empirical literature of behavioral economics. Examines important and systematic departures from the standard models in economics by incorporating insights from psychology and other social sciences. Covers theory and evidence on time, risk, and social preferences; beliefs and learning; emotions; limited attention; and frames, defaults, and nudges. Studies applications to many different areas, such as credit card debt, procrastination, retirement savings, addiction, portfolio choice, poverty, labor supply, happiness, and government policy. Students participate in surveys and experiments in class, review evidence from lab experiments, examine how the results can be integrated into models, and test models using field and lab data. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>F. Schilbach</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.130 Reading Economic Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> and <a href="/search/?P=14.451" title="14.451" class="bubblelink code" onclick="return showCourse(this, '14.451');">14.451</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">2-0-10 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Class will read and discuss current research in economic theory with a focus on game theory, decision theory, and behavioral economics. Students will be expected to make one presentation and to read and post comments on every paper by the day before the paper is presented. Permission of the instructor required, and auditors are not allowed. </p> <p class="courseblockinstructors seemore"><span><i>D. Fudenberg</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.131 Psychology and Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.13" title="14.13" class="bubblelink code" onclick="return showCourse(this, '14.13');">14.13</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Introduces the theoretical and empirical literature of behavioral economics. Examines important and systematic departures from the standard models in economics by incorporating insights from psychology and other social sciences. Covers theory and evidence on time, risk, and social preferences; beliefs and learning; emotions; limited attention; and frames, defaults, and nudges. Studies applications to many different areas, such as credit card debt, procrastination, retirement savings, addiction, portfolio choice, poverty, labor supply, happiness, and government policy. Students participate in surveys and experiments in class, review evidence from lab experiments, examine how the results can be integrated into models, and test models using field and lab data. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>F. Schilbach</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.137[J] Psychology and Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=9.822J" title="9.822[J]" class="bubblelink code" onclick="return showCourse(this, '9.822J');">9.822[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Examines "psychology appreciation" for economics students. Aims to enhance knowledge and intuition about psychological processes in areas relevant to economics. Increases understanding of psychology as an experimental discipline, with its own distinct rules and style of argument. Topics include self-knowledge, cognitive dissonance, self-deception, emotions, social norms, self-control, learning, mental accounting, memory, individual and group behavior, and some personality and psycho-analytic models. Within each of these topics, we showcase effective and central experiments and discuss their role in the development of psychological theory. Term paper required. </p> <p class="courseblockinstructors seemore"><span><i>D. Prelec</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.147 Topics in Game Theory</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.126" title="14.126" class="bubblelink code" onclick="return showCourse(this, '14.126');">14.126</a> </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Advanced subject on topics of current research interest. </p> <p class="courseblockinstructors seemore"><span><i>D. Fudenberg</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.15[J] Networks</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=6.3260J" title="6.3260[J]" class="bubblelink code" onclick="return showCourse(this, '6.3260J');">6.3260[J]</a><br/> Subject meets with <a href="/search/?P=14.150" title="14.150" class="bubblelink code" onclick="return showCourse(this, '14.150');">14.150</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=6.3700" title="6.3700" class="bubblelink code" onclick="return showCourse(this, '6.3700');">6.3700</a> or <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a> </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Highlights common principles that permeate the functioning of diverse technological, economic and social networks. Utilizes three sets of tools for analyzing networks -- random graph models, optimization, and game theory -- to study informational and learning cascades; economic and financial networks; social influence networks; formation of social groups; communication networks and the Internet; consensus and gossiping; spread and control of epidemics; control and use of energy networks; and biological networks. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Wolitzky</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.150 Networks</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=6.3260J" title="6.3260[J]" class="bubblelink code" onclick="return showCourse(this, '6.3260J');">6.3260[J]</a>, <a href="/search/?P=14.15J" title="14.15[J]" class="bubblelink code" onclick="return showCourse(this, '14.15J');">14.15[J]</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=6.3700" title="6.3700" class="bubblelink code" onclick="return showCourse(this, '6.3700');">6.3700</a> or <a href="/search/?P=14.300" title="14.300" class="bubblelink code" onclick="return showCourse(this, '14.300');">14.300</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Highlights common principles that permeate the functioning of diverse technological, economic and social networks. Utilizes three sets of tools for analyzing networks -- random graph models, optimization, and game theory -- to study informational and learning cascades; economic and financial networks; social influence networks; formation of social groups; communication networks and the Internet; consensus and gossiping; spread and control of epidemics; control and use of energy networks; and biological networks. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Wolitzky</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.16 Strategy and Information</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.161" title="14.161" class="bubblelink code" onclick="return showCourse(this, '14.161');">14.161</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or permission of instructor </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Covers modern applications of game theory where incomplete information plays an important role. Applications include bargaining, auctions, global games, market design, information design, and network economics. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>M. Yildiz</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.160 Behavioral Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Covers recent theory and empirical evidence in behavioral economics. Topics include deviations from the neoclassical model in terms of (i) preferences (present bias, reference dependence, social preferences), (ii) beliefs (overconfidence, projection bias), and (iii) decision-making (cognition, attention, framing, persuasion), as well as (iv) market reactions to such deviations. Applications will cover a large range of fields, including labor and public economics, industrial organization, health economics, finance, and development economics. </p> <p class="courseblockinstructors seemore"><span><i>A. Banerjee, F. Schilbach</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.161 Strategy and Information</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.16" title="14.16" class="bubblelink code" onclick="return showCourse(this, '14.16');">14.16</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or permission of instructor </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Covers modern applications of game theory where incomplete information plays an important role. Applications include bargaining, auctions, global games, market design, information design, and network economics. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>M. Yildiz</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.163 Algorithms and Behavioral Science</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: (<a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a> and <a href="/search/?P=14.381" title="14.381" class="bubblelink code" onclick="return showCourse(this, '14.381');">14.381</a>) or permission of instructor </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Examines algorithms and their interaction with human cognition. Provides an overview of supervised learning as it relates to econometrics and economic applications. Discusses using algorithms to better understand people, using algorithms to improve human judgment, and using understanding of humans to better design algorithms. Prepares economics PhD students to conduct research in the field. </p> <p class="courseblockinstructors seemore"><span><i>S. Mullainathan, A. Rambachan</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.18 Mathematical Economic Modeling</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>, <a href="/search/?P=14.12" title="14.12" class="bubblelink code" onclick="return showCourse(this, '14.12');">14.12</a>, <a href="/search/?P=14.15" title="14.15[J]" class="bubblelink code" onclick="return showCourse(this, '14.15');">14.15[J]</a>, or <a href="/search/?P=14.19" title="14.19" class="bubblelink code" onclick="return showCourse(this, '14.19');">14.19</a> </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Guides students through the process of developing and analyzing formal economic models and effectively communicating their results. Topics include decision theory, game theory, voting, and matching. Instruction and practice in oral and written communication provided. Prior coursework in microeconomic theory and/or proof-based mathematics required. Limited to 18 students.</p> <p class="courseblockinstructors seemore"><span><i>M. Yildiz</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.19 Market Design</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Covers the design and operation of organized markets, building on ideas from microeconomic and game theory. Topics may include mechanism design, auctions, matching markets, and other resource allocation problems. </p> <p class="courseblockinstructors seemore"><span><i>P. Pathak</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.191 Independent Research Paper</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: Permission of instructor </span><br/><span class="courseblockterms">G (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">0-12-0 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Under guidance from a faculty member approved by Graduate Registration Officer, student writes a substantial, probably publishable research paper. Must be completed by the end of a student's second year to satisfy the departmental minor requirement. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.192 Advanced Research and Communication</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.124" title="14.124" class="bubblelink code" onclick="return showCourse(this, '14.124');">14.124</a>, <a href="/search/?P=14.382" title="14.382" class="bubblelink code" onclick="return showCourse(this, '14.382');">14.382</a>, and <a href="/search/?P=14.454" title="14.454" class="bubblelink code" onclick="return showCourse(this, '14.454');">14.454</a> </span><br/><span class="courseblockterms">G (Fall, IAP, Spring)</span><br/><span class="courseblockhours">2-4-6 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Guides second-year Economics PhD students through the process of conducting and communicating economic research. Students choose topics for research projects, develop research strategies, carry out analyses, and write and present research papers. Limited to second year Economics PhD students.</p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.193 Advanced Seminar in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> and <a href="/search/?P=14.451" title="14.451" class="bubblelink code" onclick="return showCourse(this, '14.451');">14.451</a> </span><br/><span class="courseblockterms">G (Fall, Spring, Summer; first half of term)</span><br/><span class="courseblockhours">Units arranged</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Reading and discussion of current topics in economics. Open to advanced graduate students by arrangement with individual members of the staff. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.195 Reading Seminar in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> </span><br/><span class="courseblockterms">G (Fall, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged [P/D/F]</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Reading and discussion of current topics in economics. Open to advanced graduate students by arrangement with individual members of the staff. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.197 Independent Research</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged [P/D/F]</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Under guidance from a faculty member approved by Graduate Registration Officer, student conducts independent research. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.198, 14.199 Teaching Introductory Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Fall, Spring)</span><br/><span class="courseblockhours">2-0-2 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Required of teaching assistants in introductory economics (<a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and <a href="/search/?P=14.02" title="14.02" class="bubblelink code" onclick="return showCourse(this, '14.02');">14.02</a>), under guidance from the faculty member in charge of the subject. </p> <p class="courseblockinstructors seemore"><span><i>14.198: N. Agarwal, D. Donaldson 14.199: M. Beraja, R. Caballero</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.281 Contract Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.124" title="14.124" class="bubblelink code" onclick="return showCourse(this, '14.124');">14.124</a> or permission of instructor </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Covers theoretical research on contracts in static as well as dynamic settings. Topics include agency theory, mechanism design, incomplete contracting, information design and costly information acquisition. </p> <p class="courseblockinstructors seemore"><span><i>I. Ball, S. Morris</i></span></p> </div><h2 class="sectionhead">Industrial Organization</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.20 Industrial Organization: Competitive Strategy and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.200" title="14.200" class="bubblelink code" onclick="return showCourse(this, '14.200');">14.200</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Analyzes the current debate over the rise of monopolies, the strategic behavior and performance of firms in imperfectly competitive markets, and the role of competition policy. Topics include monopoly power; pricing, product choice, and innovation decisions by firms in oligopoly markets; static and dynamic measurement of market performance; and incentives in organizations. Requires regular participation in class discussion and teamwork in a competitive strategy game. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>N. Rose</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.200 Industrial Organization: Competitive Strategy and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.20" title="14.20" class="bubblelink code" onclick="return showCourse(this, '14.20');">14.20</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Analyzes the current debate over the rise of monopolies, the strategic behavior and performance of firms in imperfectly competitive markets, and the role of competition policy. Topics include monopoly power; pricing, product choice, and innovation decisions by firms in oligopoly markets; static and dynamic measurement of market performance; and incentives in organizations. Requires regular participation in class discussion and teamwork in a competitive strategy game. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>N. Rose</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.27 Economics and E-Commerce</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.270" title="14.270" class="bubblelink code" onclick="return showCourse(this, '14.270');">14.270</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and (<a href="/search/?P=6.3700" title="6.3700" class="bubblelink code" onclick="return showCourse(this, '6.3700');">6.3700</a> or <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a>) </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Uses theoretical economic models and empirical evidence to help understand the growth and future of e-commerce. Economic models help frame class discussions of, among other topics, content provision, privacy, piracy, sales taxation, group purchasing, price search, and advertising on the internet. Empirical project and paper required. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>S. Ellison</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.270 Economics and E-Commerce</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.27" title="14.27" class="bubblelink code" onclick="return showCourse(this, '14.27');">14.27</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and (<a href="/search/?P=6.3700" title="6.3700" class="bubblelink code" onclick="return showCourse(this, '6.3700');">6.3700</a> or <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a>) </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Uses theoretical economic models and empirical evidence to help understand the growth and future of e-commerce. Economic models help frame class discussions of, among other topics, content provision, privacy, piracy, sales taxation, group purchasing, price search, and advertising on the internet. Empirical project and paper required. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>S. Ellison</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.271 Industrial Organization I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None. <i>Coreq: <a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a> and <a href="/search/?P=14.381" title="14.381" class="bubblelink code" onclick="return showCourse(this, '14.381');">14.381</a></i> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Covers theoretical and empirical work dealing with the structure, behavior, and performance of firms and markets and core issues in antitrust. Topics include: the organization of the firm, monopoly, price discrimination, oligopoly, and auctions. Theoretical and empirical work are integrated in each area. </p> <p class="courseblockinstructors seemore"><span><i>G. Ellison</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.272 Industrial Organization II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.271" title="14.271" class="bubblelink code" onclick="return showCourse(this, '14.271');">14.271</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Continuation of <a href="/search/?P=14.271" title="14.271" class="bubblelink code" onclick="return showCourse(this, '14.271');">14.271</a>. Focuses on government interventions in monopoly and oligopoly markets, and addresses both competition and regulatory policy. Topics include horizontal merger policy and demand estimation, vertical integration and vertical restraints, and the theory and practice of economic regulation. Applications include the political economy of regulation; the performance of economic regulation; deregulation in sectors including electric power, transportation, and financial services; and pharmaceutical and environmental regulation in imperfectly competitive product markets. </p> <p class="courseblockinstructors seemore"><span><i>N. Rose, M. Whinston</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.273 Advanced Topics in Industrial Organization</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.271" title="14.271" class="bubblelink code" onclick="return showCourse(this, '14.271');">14.271</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Empirical analysis of theoretically derived models of market behavior. Varied topics include demand estimation, differentiated products, production functions, analysis of market power, entry and exit, vertical relationships, auctions, matching markets, network externalities, dynamic oligopoly, moral hazard and adverse selection. Discussion will focus on methodological issues, including identification, estimation, counter-factual analysis and simulation techniques. </p> <p class="courseblockinstructors seemore"><span><i>N. Agarwal, T. Salz</i></span></p> </div><h2 class="sectionhead">Organizational Economics</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.26[J] Organizational Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.039J" title="15.039[J]" class="bubblelink code" onclick="return showCourse(this, '15.039J');">15.039[J]</a><br/> Subject meets with <a href="/search/?P=14.260" title="14.260" class="bubblelink code" onclick="return showCourse(this, '14.260');">14.260</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Provides a rigorous, but not overly technical introduction to the economic theory of organization together with a varying set of applications. Addresses incentives, control, relationships, decision processes, and organizational culture and performance. Introduces selected fundamentals of game theory. Students taking graduate version complete additional assignments. Limited to 60.</p> <p class="courseblockinstructors seemore"><span><i>C. Angelucci</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.260 Organizational Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.26J" title="14.26[J]" class="bubblelink code" onclick="return showCourse(this, '14.26J');">14.26[J]</a>, <a href="/search/?P=15.039J" title="15.039[J]" class="bubblelink code" onclick="return showCourse(this, '15.039J');">15.039[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Provides a rigorous, but not overly technical introduction to the economic theory of organization together with a varying set of applications. Addresses incentives, control, relationships, decision processes, and organizational culture and performance. Introduces selected fundamentals of game theory. Students taking graduate version complete additional assignments. Limited to 60.</p> <p class="courseblockinstructors seemore"><span><i>C. Angelucci</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.282 Introduction to Organizational Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.124" title="14.124" class="bubblelink code" onclick="return showCourse(this, '14.124');">14.124</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Begins with survey of contract theory for organizational economists, then introduces the main areas of the field, including the boundary of the firm; decision-making, employment, structures and processes in organizations; and organizations other than firms. </p> <p class="courseblockinstructors seemore"><span><i>C. Angelucci, R. Gibbons, N. Kala</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.283 Advanced Topics in Organizational Economics I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.282" title="14.282" class="bubblelink code" onclick="return showCourse(this, '14.282');">14.282</a> </span><br/><span class="courseblockterms">G (Spring; first half of term)</span><br/><span class="courseblockhours">2-0-4 units</span> </p> <p class="courseblockdesc">Builds on the work done in <a href="/search/?P=14.282" title="14.282" class="bubblelink code" onclick="return showCourse(this, '14.282');">14.282</a> to develop more in-depth analysis of topics in the field. </p> <p class="courseblockinstructors seemore"><span><i>R. Gibbons</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.284 Advanced Topics in Organizational Economics II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.282" title="14.282" class="bubblelink code" onclick="return showCourse(this, '14.282');">14.282</a> </span><br/><span class="courseblockterms">G (Spring; second half of term)</span><br/><span class="courseblockhours">2-0-4 units</span> </p> <p class="courseblockdesc">Builds on the work done in <a href="/search/?P=14.282" title="14.282" class="bubblelink code" onclick="return showCourse(this, '14.282');">14.282</a> to develop more in-depth analysis of topics in the field. </p> <p class="courseblockinstructors seemore"><span><i>C. Angelucci</i></span></p> </div><h2 class="sectionhead">Statistics and Econometrics</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.30 Introduction to Statistical Methods in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.300" title="14.300" class="bubblelink code" onclick="return showCourse(this, '14.300');">14.300</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=18.02|18.02A|18.022|18.024" onclick="return showCourse(this, '18.02|18.02A|18.022|18.024');">Calculus II (GIR)</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. REST</span> </p> <p class="courseblockdesc">Self-contained introduction to probability and statistics with applications in economics and the social sciences. Covers elements of probability theory, statistical estimation and inference, regression analysis, causal inference, and program evaluation. Couples methods with applications and with assignments involving data analysis. Uses basic calculus and matrix algebra. Students taking graduate version complete additional assignments. May not count toward HASS requirement. </p> <p class="courseblockinstructors seemore"><span><i>A. Abadie</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.300 Introduction to Statistical Methods in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=18.02|18.02A|18.022|18.024" onclick="return showCourse(this, '18.02|18.02A|18.022|18.024');">Calculus II (GIR)</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Self-contained introduction to probability and statistics with applications in economics and the social sciences. Covers elements of probability theory, statistical estimation and inference, regression analysis, causal inference, and program evaluation. Couples methods with applications and with assignments involving data analysis. Uses basic calculus and matrix algebra. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Abadie</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.310 Data Analysis for Social Scientists</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Spring)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Introduces methods for harnessing data to answer questions of cultural, social, economic, and policy interest. Presents essential notions of probability and statistics. Covers techniques in modern data analysis: regression and econometrics, prediction, design of experiment, randomized control trials (and A/B testing), machine learning, data visualization, analysis of network data, and geographic information systems. Projects include analysis of data with a written description and interpretation of results; may involve gathering of original data or use of existing data sets. Applications drawn from real world examples and frontier research. Instruction in use of the statistical package R. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult E. Duflo</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.32 Econometric Data Science</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.320" title="14.320" class="bubblelink code" onclick="return showCourse(this, '14.320');">14.320</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a> or <a href="/search/?P=18.650" title="18.650[J]" class="bubblelink code" onclick="return showCourse(this, '18.650');">18.650[J]</a> </span><br/><span class="courseblockterms">U (Fall, Spring)</span><br/><span class="courseblockhours">4-4-4 units. Institute LAB</span> </p> <p class="courseblockdesc">Introduces regression and other tools for causal inference and descriptive analysis in empirical economics. Topics include analysis of randomized experiments, instrumental variables methods and regression discontinuity designs, differences-in-differences estimation, and regression with time series data. Develops the skills needed to conduct — and critique — empirical studies in economics and related fields. Empirical applications are drawn from published examples and frontier research. Familiarity with statistical programming languages is helpful. Students taking graduate version complete an empirical project leading to a short paper. No listeners. Limited to 70 total for versions meeting together.</p> <p class="courseblockinstructors seemore"><span><i>A. Mikusheva, J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.320 Econometric Data Science</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.300" title="14.300" class="bubblelink code" onclick="return showCourse(this, '14.300');">14.300</a> or <a href="/search/?P=18.650" title="18.650[J]" class="bubblelink code" onclick="return showCourse(this, '18.650');">18.650[J]</a> </span><br/><span class="courseblockterms">G (Fall, Spring)</span><br/><span class="courseblockhours">4-4-4 units</span> </p> <p class="courseblockdesc">Introduces regression and other tools for causal inference and descriptive analysis in empirical economics. Topics include analysis of randomized experiments, instrumental variables methods and regression discontinuity designs, differences-in-differences estimation, and regress with time series data. Develops the skills needed to conduct — and critique — empirical studies in economics and related fields. Empirical applications are drawn from published examples and frontier research. Familiarity with statistical programming languages is helpful. Students taking graduate version complete an empirical project leading to a short paper. No listeners. Limited to 70 total for versions meeting together.</p> <p class="courseblockinstructors seemore"><span><i>A. Mikusheva, J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.33 Research and Communication in Economics: Topics, Methods, and Implementation</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> and (<a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or <a href="/search/?P=14.02" title="14.02" class="bubblelink code" onclick="return showCourse(this, '14.02');">14.02</a>) </span><br/><span class="courseblockterms">U (Fall, Spring)</span><br/><span class="courseblockhours">3-4-5 units. HASS-S</span> </p> <p class="courseblockdesc">Exposes students to the process of conducting independent research in empirical economics and effectively communicating the results of the research. Emphasizes econometric analysis of an assigned economic question and culminates in each student choosing an original topic, performing appropriate analysis, and delivering oral and written project reports. Limited to 20 per section.</p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.35 Why Markets Fail</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>, <a href="/search/?P=14.12" title="14.12" class="bubblelink code" onclick="return showCourse(this, '14.12');">14.12</a>, <a href="/search/?P=14.15" title="14.15[J]" class="bubblelink code" onclick="return showCourse(this, '14.15');">14.15[J]</a>, or <a href="/search/?P=14.19" title="14.19" class="bubblelink code" onclick="return showCourse(this, '14.19');">14.19</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Guides students through the process of developing and communicating economic and data analysis. Discusses topics in which markets fail to provide efficient outcomes or economic opportunity. Topics include health insurance, intergenerational mobility, discrimination, climate change, and more. Instruction and practice in oral and written communication provided. Key course activities include the writing of a term paper conducting original economic analysis and an in-class slide presentation of the work. Limited to 18.</p> <p class="courseblockinstructors seemore"><span><i>N. Hendren</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.36 Advanced Econometrics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.387" title="14.387" class="bubblelink code" onclick="return showCourse(this, '14.387');">14.387</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> or permission of instructor </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Advanced treatment of the core empirical strategies used to answer causal questions in applied microeconometric research. Covers extensions and innovations relating to econometric applications of regression, machine learning, instrumental variables, differences-in-differences and event-study models, regression discontinuity designs, synthetic controls, and statistical inference. Students taking graduate version complete an additional assignment. </p> <p class="courseblockinstructors seemore"><span><i>J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.38 Inference on Causal and Structural Parameters Using ML and AI</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.388" title="14.388" class="bubblelink code" onclick="return showCourse(this, '14.388');">14.388</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Provides an applied treatment of modern causal inference with high-dimensional data, focusing on empirical economic problems encountered in academic research and the tech industry. Formulates problems in the languages of structural equation modeling and potential outcomes. Presents state-of-the-art approaches for inference on causal and structural parameters, including de-biased machine learning, synthetic control methods, and reinforcement learning. Introduces tools from machine learning and deep learning developed for prediction purposes, and discusses how to adapt them to learn causal parameters. Emphasizes the applied and practical perspectives. Requires knowledge of mathematical statistics and regression analysis and programming experience in R or Python. </p> <p class="courseblockinstructors seemore"><span><i>V. Chernozhukov</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.380 Statistical Method in Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> or permission of instructor </span><br/><span class="courseblockterms">G (Fall; first half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Introduction to probability and statistics as background for advanced econometrics. Covers elements of probability theory, sampling theory, asymptotic approximations, hypothesis testing, and maximum-likelihood methods. Illustrations from economics and application of these concepts to economic problems. Limited to 40 PhD students.</p> <p class="courseblockinstructors seemore"><span><i>A. Mikusheva, A. Rambachan</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.381 Estimation and Inference for Linear Causal and Structural Models</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.380" title="14.380" class="bubblelink code" onclick="return showCourse(this, '14.380');">14.380</a> and <a href="/search/?P=18.06" title="18.06" class="bubblelink code" onclick="return showCourse(this, '18.06');">18.06</a> </span><br/><span class="courseblockterms">G (Fall; second half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Explains basic econometric ideas and methods, illustrating with empirical applications. Causal inference is emphasized and examples of economic structural models are given. Topics include randomized trials, regression, including discontinuity designs and diffs-in-diffs, and instrumental variables, including local average treatment effects. Basic asymptotic theory for regression is covered and robust standard errors and statistical inference methods are given. Restricted to PhD students from Courses 14 and 15. Instructor approval required for all others.</p> <p class="courseblockinstructors seemore"><span><i>W. Newey</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.382 Econometrics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.381" title="14.381" class="bubblelink code" onclick="return showCourse(this, '14.381');">14.381</a> or permission of instructor </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Covers key models as well as identification and estimation methods used in modern econometrics. Presents modern ways to set up problems and do better estimation and inference than the current empirical practice. Introduces generalized method of moments and the method of M-estimators in addition to more modern versions of these methods dealing with important issues, such as weak identification. Also discusses the bootstrap. Students gain practical experience by applying the methods to real data sets. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>V. Chernozhukov</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.383 High-Dimensional Econometrics (New)</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.382" title="14.382" class="bubblelink code" onclick="return showCourse(this, '14.382');">14.382</a> or permission of instructor </span><br/><span class="courseblockterms">G (Spring; second half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Continuation of topics in <a href="/search/?P=14.382" title="14.382" class="bubblelink code" onclick="return showCourse(this, '14.382');">14.382</a>, with specific focus on large dimensional models. Students gain practical experience by applying the methods to real data sets. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>V. Chernozhukov</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.384 Time Series Analysis</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.382" title="14.382" class="bubblelink code" onclick="return showCourse(this, '14.382');">14.382</a> or permission of instructor </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Studies theory and application of time series methods in econometrics, including spectral analysis, estimation with stationary and non-stationary processes, VARs, factor models, unit roots, cointegration, and Bayesian methods. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>A. Mikusheva</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.385 Nonlinear Econometric Analysis</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.382" title="14.382" class="bubblelink code" onclick="return showCourse(this, '14.382');">14.382</a> or permission of instructor </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Develops a full understanding of and ability to apply micro-econometric models and methods. Topics include extremum estimators, including minimum distance and simulated moments, identification, partial identification, sensitivity analysis, many weak instruments, nonlinear panel data, de-biased machine learning, discrete choice models, nonparametric estimation, quantile regression, and treatment effects. Methods are illustrated with economic applications. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>A. Abadie, W. Newey</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.386 New Econometric Methods</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.382" title="14.382" class="bubblelink code" onclick="return showCourse(this, '14.382');">14.382</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Exposes students to the frontier of econometric research. Includes fundamental topics such as empirical processes, semiparametric estimation, nonparametric instrumental variables, inference under partial identification, large-scale inference, empirical Bayes, and machine learning methods. Other topics vary from year to year, but can include empirical likelihood, weak identification, and networks. </p> <p class="courseblockinstructors seemore"><span><i>A. Abadie, W. Newey</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.387 Applied Econometrics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.36" title="14.36" class="bubblelink code" onclick="return showCourse(this, '14.36');">14.36</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.381" title="14.381" class="bubblelink code" onclick="return showCourse(this, '14.381');">14.381</a> or permission of instructor </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Advanced treatment of the core empirical strategies used to answer causal questions in applied microeconometric research. Covers extensions and innovations relating to econometric applications of regression, machine learning, instrumental variables, differences-in-differences and event-study models, regression discontinuity designs, synthetic controls, and statistical inference. Students taking the graduate version complete an additional assignment. </p> <p class="courseblockinstructors seemore"><span><i>J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.388 Inference on Causal and Structural Parameters Using ML and AI</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.38" title="14.38" class="bubblelink code" onclick="return showCourse(this, '14.38');">14.38</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.381" title="14.381" class="bubblelink code" onclick="return showCourse(this, '14.381');">14.381</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Provides an applied treatment of modern causal inference with high-dimensional data, focusing on empirical economic problems encountered in academic research and the tech industry. Formulates problems in the languages of structural equation modeling and potential outcomes. Presents state-of-the-art approaches for inference on causal and structural parameters, including de-biased machine learning, synthetic control methods, and reinforcement learning. Introduces tools from machine learning and deep learning developed for prediction purposes, and discusses how to adapt them to learn causal parameters. Emphasizes the applied and practical perspectives. Requires knowledge of mathematical statistics and regression analysis and programming experience in R or Python. </p> <p class="courseblockinstructors seemore"><span><i>V. Chernozhukov</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.39 Large-Scale Decision-Making and Inference (New)</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.390" title="14.390" class="bubblelink code" onclick="return showCourse(this, '14.390');">14.390</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Covers the use of data to guide decision-making, with a focus on data-rich and high-dimensional environments as are now commonly encountered in both academic and industry applications. Begins with an introduction to statistical decision theory, including Bayesian perspectives. Covers empirical Bayes methods, including related concepts such as false discovery rates, illustrated with economic applications. Requires knowledge of mathematical statistics and regression analysis, as well as programming experience in R or Python. Students taking the graduate version submit additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>I. Andrews</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.390 Large-Scale Decision-Making and Inference (New)</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.39" title="14.39" class="bubblelink code" onclick="return showCourse(this, '14.39');">14.39</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.320" title="14.320" class="bubblelink code" onclick="return showCourse(this, '14.320');">14.320</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Covers the use of data to guide decision-making, with a focus on data-rich and high-dimensional environments as are now commonly encountered in both academic and industry applications. Begins with an introduction to statistical decision theory, including Bayesian perspectives. Covers empirical Bayes methods, including related concepts such as false discovery rates, illustrated with economic applications. Requires knowledge of mathematical statistics and regression analysis, as well as programming experience in R or Python. Students taking the graduate version submit additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>I. Andrews</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.391 Workshop in Economic Research</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.124" title="14.124" class="bubblelink code" onclick="return showCourse(this, '14.124');">14.124</a> and <a href="/search/?P=14.454" title="14.454" class="bubblelink code" onclick="return showCourse(this, '14.454');">14.454</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">2-0-10 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Develops research ability of students through intensive discussion of dissertation research as it proceeds, individual or group research projects, and critical appraisal of current reported research. Workshops divided into various fields, depending on interest and size. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.392 Workshop in Economic Research</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.124" title="14.124" class="bubblelink code" onclick="return showCourse(this, '14.124');">14.124</a> and <a href="/search/?P=14.454" title="14.454" class="bubblelink code" onclick="return showCourse(this, '14.454');">14.454</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">2-0-10 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Develops research ability of students through intensive discussion of dissertation research as it proceeds, individual or group research projects, and critical appraisal of current reported research. Workshops divided into various fields, depending on interest and size. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.399 Seminar in Data Economics and Development Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: Permission of instructor </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">2-0-10 units</span> </p> <p class="courseblockdesc">Group study of current topics in development policy and research. Includes student presentations and invited speakers. Restricted to DEDP MASc students.</p> <p class="courseblockinstructors seemore"><span><i>S. Ellison</i></span></p> </div><h2 class="sectionhead">National Income and Finance</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.41 Public Finance and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.410" title="14.410" class="bubblelink code" onclick="return showCourse(this, '14.410');">14.410</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Explores the role of government in the economy, applying tools of basic microeconomics to answer important policy questions such as government response to global warming, school choice by K-12 students, Social Security versus private retirement savings accounts, government versus private health insurance, setting income tax rates for individuals and corporations. Students taking the graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>J. Gruber</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.410 Public Finance and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.41" title="14.41" class="bubblelink code" onclick="return showCourse(this, '14.41');">14.41</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Explores the role of government in the economy, applying tools of basic microeconomics to answer important policy questions such as government response to global warming, school choice by K-12 students, Social Security versus private retirement savings accounts, government versus private health insurance, setting income tax rates for individuals and corporations. Students taking the graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>J. Gruber</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.416[J] Asset Pricing</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.470J" title="15.470[J]" class="bubblelink code" onclick="return showCourse(this, '15.470J');">15.470[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.470J" title="15.470[J]" class="bubblelink code" onclick="return showCourse(this, '15.470J');">15.470[J]</a>. </p> <p class="courseblockinstructors seemore"><span><i>L. Schmidt, L. Mota</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.42 Environmental Policy and Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.420" title="14.420" class="bubblelink code" onclick="return showCourse(this, '14.420');">14.420</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Spring)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Introduces key concepts and recent advances in environmental economics, and explores their application to environmental policy questions. Topics include market efficiency and market failure, methods for valuing the benefits of environmental quality, the proper role of government in the regulation of the environment, environmental policy design, and implementation challenges. Considers international aspects of environmental policy as well, including the economics of climate change, trade and the environment, and environmental challenges in developing countries. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.420 Environmental Policy and Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.42" title="14.42" class="bubblelink code" onclick="return showCourse(this, '14.42');">14.42</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Spring)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Introduces students to key concepts and recent advances in environmental economics, and explores their application to environmental policy questions. Topics include market efficiency and market failure, methods for valuing the benefits of environmental quality, the proper role of government in the regulation of the environment, environmental policy design and implementation challenges. Also considers international aspects of environmental policy including the economics of climate change, trade and the environment and environmental challenges in developing countries. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.43[J] Economics of Energy, Innovation, and Sustainability</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.0201J" title="15.0201[J]" class="bubblelink code" onclick="return showCourse(this, '15.0201J');">15.0201[J]</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or <a href="/search/?P=15.0111" title="15.0111" class="bubblelink code" onclick="return showCourse(this, '15.0111');">15.0111</a> </span><br/><span class="courseblockterms">U (Fall)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">3-0-9 units. HASS-S</span><br/><span class="courseblockoptional">Credit cannot also be received for <a href="/search/?P=15.020" title="15.020" class="bubblelink code" onclick="return showCourse(this, '15.020');">15.020</a></span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.0201J" title="15.0201[J]" class="bubblelink code" onclick="return showCourse(this, '15.0201J');">15.0201[J]</a>. </p> <p class="courseblockinstructors seemore"><span><i>J. Li</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.44[J] Energy Economics and Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.037J" title="15.037[J]" class="bubblelink code" onclick="return showCourse(this, '15.037J');">15.037[J]</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or <a href="/search/?P=15.0111" title="15.0111" class="bubblelink code" onclick="return showCourse(this, '15.0111');">15.0111</a> </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span><br/><span class="courseblockoptional">Credit cannot also be received for <a href="/search/?P=14.444" title="14.444[J]" class="bubblelink code" onclick="return showCourse(this, '14.444');">14.444[J]</a>, <a href="/search/?P=15.038" title="15.038[J]" class="bubblelink code" onclick="return showCourse(this, '15.038');">15.038[J]</a></span> </p> <p class="courseblockdesc">Analyzes business and public policy issues in energy markets and in the environmental markets to which they are closely tied. Examines the economic determinants of industry structure and evolution of competition among firms in these industries. Investigates successful and unsuccessful strategies for entering new markets and competing in existing markets. Industries studied include oil, natural gas, coal, electricity, and transportation. Topics include climate change and environmental policy, the role of speculation in energy markets, the political economy of energy policies, and market power and antitrust. Two team-based simulation games, representing the world oil market and a deregulated electricity market, act to cement the concepts covered in lecture. Students taking graduate version complete additional assignments. Limited to 60.</p> <p class="courseblockinstructors seemore"><span><i>C. Knittel</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.440[J] Advanced Corporate Finance</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.473J" title="15.473[J]" class="bubblelink code" onclick="return showCourse(this, '15.473J');">15.473[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">3-0-9 units</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.473J" title="15.473[J]" class="bubblelink code" onclick="return showCourse(this, '15.473J');">15.473[J]</a>. Primarily for doctoral students in finance, economics, and accounting.</p> <p class="courseblockinstructors seemore"><span><i>A. Schoar, D. Thesmar, C. Palmer</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.441[J] Corporate Finance</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.471J" title="15.471[J]" class="bubblelink code" onclick="return showCourse(this, '15.471J');">15.471[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">3-0-9 units</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.471J" title="15.471[J]" class="bubblelink code" onclick="return showCourse(this, '15.471J');">15.471[J]</a>. </p> <p class="courseblockinstructors seemore"><span><i>A. Schoar, M. Farboodi</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.442[J] Advanced Asset Pricing</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.472J" title="15.472[J]" class="bubblelink code" onclick="return showCourse(this, '15.472J');">15.472[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">3-0-9 units</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.472J" title="15.472[J]" class="bubblelink code" onclick="return showCourse(this, '15.472J');">15.472[J]</a>. Primarily for doctoral students in finance, economics, and accounting.</p> <p class="courseblockinstructors seemore"><span><i>J. Parker</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.444[J] Energy Economics and Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.038J" title="15.038[J]" class="bubblelink code" onclick="return showCourse(this, '15.038J');">15.038[J]</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> or <a href="/search/?P=15.0111" title="15.0111" class="bubblelink code" onclick="return showCourse(this, '15.0111');">15.0111</a> </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span><br/><span class="courseblockoptional">Credit cannot also be received for <a href="/search/?P=14.44" title="14.44[J]" class="bubblelink code" onclick="return showCourse(this, '14.44');">14.44[J]</a>, <a href="/search/?P=15.037" title="15.037[J]" class="bubblelink code" onclick="return showCourse(this, '15.037');">15.037[J]</a></span> </p> <p class="courseblockdesc">Analyzes business and public policy issues in energy markets and in the environmental markets to which they are closely tied. Examines the economic determinants of industry structure and evolution of competition among firms in these industries. Investigates successful and unsuccessful strategies for entering new markets and competing in existing markets. Industries studied include oil, natural gas, coal, electricity, and transportation. Topics include climate change and environmental policy, the role of speculation in energy markets, the political economy of energy policies, and market power and antitrust. Two team-based simulation games, representing the world oil market and a deregulated electricity market, act to cement the concepts covered in lecture. Students taking graduate version complete additional assignments. Limited to 60.</p> <p class="courseblockinstructors seemore"><span><i>C. Knittel</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.448[J] Current Topics in Finance</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.474J" title="15.474[J]" class="bubblelink code" onclick="return showCourse(this, '15.474J');">15.474[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">3-0-9 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.474J" title="15.474[J]" class="bubblelink code" onclick="return showCourse(this, '15.474J');">15.474[J]</a>. Primarily for doctoral students in accounting, economics, and finance.</p> <p class="courseblockinstructors seemore"><span><i>Consult J. Alton</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.449[J] Current Research in Financial Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.475J" title="15.475[J]" class="bubblelink code" onclick="return showCourse(this, '15.475J');">15.475[J]</a></span><br/><span class="courseblockprereq">Prereq: Permission of instructor </span><br/><span class="courseblockterms">G (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">3-0-3 units</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.475J" title="15.475[J]" class="bubblelink code" onclick="return showCourse(this, '15.475J');">15.475[J]</a>. Restricted to doctoral students.</p> <p class="courseblockinstructors seemore"><span><i>Consult J. Alton</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.451 Dynamic Optimization Methods with Applications</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.06" title="14.06" class="bubblelink code" onclick="return showCourse(this, '14.06');">14.06</a> and permission of instructor </span><br/><span class="courseblockterms">G (Fall; first half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Provides an introduction to dynamic optimization methods, including discrete-time dynamic programming in non-stochastic and stochastic environments, and continuous time methods including the Pontryagin maximum principle. Applications may include the Ramsey model, irreversible investment models, and consumption choices under uncertainty. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>C. Wolf</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.452 Economic Growth</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.451" title="14.451" class="bubblelink code" onclick="return showCourse(this, '14.451');">14.451</a> and permission of instructor </span><br/><span class="courseblockterms">G (Fall; second half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Introduces the sources and modeling of economic growth and income differences across nations. Topics include an introduction to dynamic general equilibrium theory, the neoclassical growth model, overlapping generations, determinants of technological progress, endogenous growth models, measurement of technological progress, the role of human capital in economic growth, and growth in a global economy. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>D. Acemoglu</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.453 Economic Fluctuations</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.452" title="14.452" class="bubblelink code" onclick="return showCourse(this, '14.452');">14.452</a> and permission of instructor </span><br/><span class="courseblockterms">G (Spring; first half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Investigation of why aggregate economic activity fluctuates, and the role of policy in affecting fluctuations. Topics include the link between monetary policy and output, the economic cost of aggregate fluctuations, the costs and benefits of price stability, and the role of central banks. Introduction to real business cycle and new Keynesian models. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>I. Werning</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.454 Economic Crises</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.453" title="14.453" class="bubblelink code" onclick="return showCourse(this, '14.453');">14.453</a> and permission of instructor </span><br/><span class="courseblockterms">G (Spring; second half of term)</span><br/><span class="courseblockhours">3-0-3 units</span> </p> <p class="courseblockdesc">Provides an overview of models of the business cycle caused by financial markets' frictions and shocks. Topics include credit crunch, collateral shocks, bank runs, contagion, speculative bubbles, credit booms, leverage, safe asset shortages, capital flows and sudden stops. Enrollment limited.</p> <p class="courseblockinstructors seemore"><span><i>R. Caballero</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.461 Advanced Macroeconomics I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a> and <a href="/search/?P=14.452" title="14.452" class="bubblelink code" onclick="return showCourse(this, '14.452');">14.452</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Advanced subject in macroeconomics that seeks to bring students to the research frontier. Topics vary from year to year, covering a wide spectrum of classical and recent research. Topics may include business cycles, optimal monetary and tax policy, monetary economics, banking, and financial constraints on investment and incomplete markets. </p> <p class="courseblockinstructors seemore"><span><i>M. Beraja, I. Werning</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.462 Advanced Macroeconomics II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.461" title="14.461" class="bubblelink code" onclick="return showCourse(this, '14.461');">14.461</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Topics vary from year to year. Often includes coordination failures; frictions in beliefs, such as rational inattention, higher-order uncertainty, certain forms of bounded rationality, heterogeneous beliefs, and ambiguity; implications for business cycles, asset markets, and policy; financial frictions and obstacles to trade; intermediation; liquidity; safe assets; global imbalances; financial crises; and speculation. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.47[J] Global Energy: Politics, Markets, and Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=11.167J" title="11.167[J]" class="bubblelink code" onclick="return showCourse(this, '11.167J');">11.167[J]</a>, <a href="/search/?P=15.2191J" title="15.2191[J]" class="bubblelink code" onclick="return showCourse(this, '15.2191J');">15.2191[J]</a>, <a href="/search/?P=17.399J" title="17.399[J]" class="bubblelink code" onclick="return showCourse(this, '17.399J');">17.399[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">U (Spring)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">3-0-9 units. HASS-S</span><br/><span class="courseblockoptional">Credit cannot also be received for <a href="/search/?P=11.267" title="11.267[J]" class="bubblelink code" onclick="return showCourse(this, '11.267');">11.267[J]</a>, <a href="/search/?P=15.219" title="15.219[J]" class="bubblelink code" onclick="return showCourse(this, '15.219');">15.219[J]</a></span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=15.2191J" title="15.2191[J]" class="bubblelink code" onclick="return showCourse(this, '15.2191J');">15.2191[J]</a>. Preference to juniors, seniors, and Energy Minors.</p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.471 Public Economics I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Theory and evidence on government taxation policy. Topics include tax incidence; optimal tax theory; the effect of taxation on labor supply and savings; taxation and corporate behavior; and tax expenditure policy. </p> <p class="courseblockinstructors seemore"><span><i>N. Hendren, J. Poterba, I. Werning</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.472 Public Economics II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.471" title="14.471" class="bubblelink code" onclick="return showCourse(this, '14.471');">14.471</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">3-0-9 units</span> </p> <p class="courseblockdesc">Focuses on government expenditures and policies designed to correct market failures and/or redistribute resources. Key topics include theoretical and empirical analysis of insurance market failures, the optimal design of social insurance programs, and the design of redistributive programs. </p> <p class="courseblockinstructors seemore"><span><i>A. Finkelstein, N. Hendren</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.475 Environmental Economics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Theory and evidence on environmental externalities and regulatory, tax and other government responses to problems of market failure. Topics include cost-benefit analysis; measurement of the benefits of non-market goods; evaluation of the impacts of regulation; and international environmental issues including the economics of climate change and trade and the environment. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><h2 class="sectionhead">International, Interregional, and Urban Economics</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.54 International Trade</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.540" title="14.540" class="bubblelink code" onclick="return showCourse(this, '14.540');">14.540</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Provides an introduction to theoretical and empirical topics in international trade. Offers a brief history of globalization. Introduces the theory of comparative advantage and discusses its implications for international specialization and wage inequality. Studies the determinants and consequences of trade policy, and analyzes the consequences of immigration and foreign direct investment. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Costinot</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.540 International Trade</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.54" title="14.54" class="bubblelink code" onclick="return showCourse(this, '14.54');">14.54</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Provides an introduction to theoretical and empirical topics in international trade. Offers a brief history of globalization. Introduces the theory of comparative advantage and discusses its implications for international specialization and wage inequality. Studies the determinants and consequences of trade policy, and analyzes the consequences of immigration and foreign direct investment. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Costinot</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.581 International Economics I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Covers a variety of topics, both theoretical and empirical, in international trade, international macroeconomics, and economic geography. Focuses on general equilibrium analysis in neoclassical economies. Considers why countries and regions trade, and what goods they trade; impediments to trade, and why some countries deliberately erect policy to impede; and implications of openness for growth. Also tackles normative issues, such as whether trade openness is beneficial, whether there are winners and losers from trade and, if so, how they can possibly be identified. </p> <p class="courseblockinstructors seemore"><span><i>D. Atkin, A. Costinot, D. Donaldson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.582 International Economics II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.06" title="14.06" class="bubblelink code" onclick="return showCourse(this, '14.06');">14.06</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Building on topics covered in <a href="/search/?P=14.581" title="14.581" class="bubblelink code" onclick="return showCourse(this, '14.581');">14.581</a>, revisits a number of core questions in international trade, international macroeconomics, and economic geography in the presence of increasing returns, imperfect competition, and other distortions. Stresses their connection to both macro and micro (firm-level) data for questions related to trade policy, inequality, industrial policy, growth, and the location of economic activities. Focuses on both theoretical models, empirical findings, and the challenging task of putting those two together. </p> <p class="courseblockinstructors seemore"><span><i>D. Atkin, A. Costinot, D. Donaldson</i></span></p> </div><h2 class="sectionhead">Labor Economics and Industrial Relations</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.64 Labor Economics and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.640" title="14.640" class="bubblelink code" onclick="return showCourse(this, '14.640');">14.640</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a> or permission of instructor </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Provides an introduction to the labor market, how it functions, and the important role it plays in people's lives. Topics include supply and demand, minimum wages, labor market effects of social insurance and welfare programs, the collective bargaining relationship, discrimination, human capital, and unemployment. Completion of or concurrent enrollment in <a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a> or <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>, and <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> recommended. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.640 Labor Economics and Public Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.64" title="14.64" class="bubblelink code" onclick="return showCourse(this, '14.64');">14.64</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.300" title="14.300" class="bubblelink code" onclick="return showCourse(this, '14.300');">14.300</a> or permission of instructor </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Provides an introduction to the labor market, how it functions, and the important role it plays in people's lives. Topics include supply and demand, minimum wages, labor market effects of social insurance and welfare programs, the collective bargaining relationship, discrimination, human capital, and unemployment. Completion of or concurrent enrollment in <a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a> or <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>, and <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> recommended. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.661 Labor Economics I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.661A" title="14.661A" class="bubblelink code" onclick="return showCourse(this, '14.661A');">14.661A</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> and (<a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a> or <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>) </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">A systematic development of the theory of labor supply, labor demand, and human capital. Topics include wage and employment determination, turnover, search, immigration, unemployment, equalizing differences, and institutions in the labor market. Particular emphasis on the interaction between theoretical and empirical modeling. No listeners.</p> <p class="courseblockinstructors seemore"><span><i>D. Acemoglu, J. Angrist, P. Pathak</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.661A Labor Economics I</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.661" title="14.661" class="bubblelink code" onclick="return showCourse(this, '14.661');">14.661</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> and (<a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a> or <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>) </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Covers the same material as <a href="/search/?P=14.661" title="14.661" class="bubblelink code" onclick="return showCourse(this, '14.661');">14.661</a> but in greater depth. Additional assignments required. Limited to economics PhD students who wish to declare a major field in labor economics.</p> <p class="courseblockinstructors seemore"><span><i>D. Acemoglu, J. Angrist, P. Pathak</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.662 Labor Economics II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.662A" title="14.662A" class="bubblelink code" onclick="return showCourse(this, '14.662A');">14.662A</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> and (<a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a> or <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>) </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Theory and evidence on the determinants of earnings levels and inequality, intergenerational mobility, skill demands, imperfect competition, and employment structure. Particular focus on the determinants of worker and firm-level productivity; and the roles played by supply, demand, discrimination, institutions, information, technology, and trade in the evolving distribution of income. </p> <p class="courseblockinstructors seemore"><span><i>D. Autor, N. Roussille</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.662A Labor Economics II</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.662" title="14.662" class="bubblelink code" onclick="return showCourse(this, '14.662');">14.662</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.32" title="14.32" class="bubblelink code" onclick="return showCourse(this, '14.32');">14.32</a> and (<a href="/search/?P=14.03" title="14.03" class="bubblelink code" onclick="return showCourse(this, '14.03');">14.03</a> or <a href="/search/?P=14.04" title="14.04" class="bubblelink code" onclick="return showCourse(this, '14.04');">14.04</a>) </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Covers the same material as <a href="/search/?P=14.662" title="14.662" class="bubblelink code" onclick="return showCourse(this, '14.662');">14.662</a> but in greater depth. Additional assignments required. Limited to economics PhD students who wish to declare a major field in labor economics.</p> <p class="courseblockinstructors seemore"><span><i>D. Autor, N. Roussille</i></span></p> </div><h2 class="sectionhead">Economic History</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.70[J] Medieval Economic History in Comparative Perspective</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=21H.134J" title="21H.134[J]" class="bubblelink code" onclick="return showCourse(this, '21H.134J');">21H.134[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: U (Spring)</span><br/><span class="courseblockhours">3-0-9 units. HASS-S; CI-H</span> </p> <p class="courseblockdesc">See description under subject <a href="/search/?P=21H.134J" title="21H.134[J]" class="bubblelink code" onclick="return showCourse(this, '21H.134J');">21H.134[J]</a>. </p> <p class="courseblockinstructors seemore"><span><i>A. McCants</i></span></p> </div><h2 class="sectionhead">Economic Development</h2><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.73 The Challenge of World Poverty</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">U (Fall)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S; CI-H</span> </p> <p class="courseblockdesc">Designed for students who are interested in the challenge posed by massive and persistent world poverty. Examines extreme poverty over time to see if it is no longer a threat, why some countries grow fast and others fall further behind, if growth or foreign aid help the poor, what we can do about corruption, if markets or NGOs should be left to deal with poverty, where to intervene, and how to deal with the disease burden and improve schools. </p> <p class="courseblockinstructors seemore"><span><i>E. Duflo, F. Schilbach</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.74 Foundations of Development Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.740" title="14.740" class="bubblelink code" onclick="return showCourse(this, '14.740');">14.740</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Fall)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Explores the foundations of policy making in developing countries, with the goal of spelling out various policy options and quantifying the trade-offs between them. Topics include education, health, fertility, adoption of technological innovations, financial markets (credit, savings, and insurance), markets for land and labor, political factors, and international considerations (aid, trade, and multinational firms). Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.740 Foundations of Development Policy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.74" title="14.74" class="bubblelink code" onclick="return showCourse(this, '14.74');">14.74</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Fall)<br/> Not offered regularly; consult department</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Explores the foundations of policy making in developing countries, with the goal of spelling out various policy options and quantifying the trade-offs between them. Topics include education, health, fertility, adoption of technological innovations, financial markets (credit, savings, and insurance), markets for land and labor, political factors, and international considerations (aid, trade, and multinational firms). Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>Consult Department Headquarters</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.75 Political Economy and Economic Development</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.750" title="14.750" class="bubblelink code" onclick="return showCourse(this, '14.750');">14.750</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Explores the relationship between political institutions and economic development, covering key theoretical issues as well as recent empirical evidence. Topics include corruption, voting, vote buying, the media, and war. Discusses not just what we know on these topics, but how we know it, covering how to craft a good empirical study or field experiment and how to discriminate between reliable and unreliable evidence. Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Banerjee, B. Olken</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.750 Political Economy and Economic Development</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.75" title="14.75" class="bubblelink code" onclick="return showCourse(this, '14.75');">14.75</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Explores the relationship between political institutions and economic development, covering key theoretical issues as well as recent empirical evidence. Topics include corruption, voting, vote buying, the media, and war. Discusses not just what we know on these topics, but how we know it, covering how to craft a good empirical study or field experiment and how to discriminate between reliable and unreliable evidence. Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>A. Banerjee, B. Olken</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.76 Firms, Markets, Trade and Growth</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.760" title="14.760" class="bubblelink code" onclick="return showCourse(this, '14.760');">14.760</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and (<a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a> or permission of instructor) </span><br/><span class="courseblockterms">U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S</span> </p> <p class="courseblockdesc">Examines how industrial development and international trade have brought about rapid growth and large-scale reductions in poverty for some developing countries, while globalization has simply increased inequality and brought little growth for others. Also considers why, in yet other developing countries, firms remain small-scale and have not integrated with global supply chains. Draws on both theoretical models and empirical evidence to better understand the reasons for these very different experiences and implications for policy. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>D. Atkin, D. Donaldson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.760 Firms, Markets, Trade and Growth</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Subject meets with <a href="/search/?P=14.76" title="14.76" class="bubblelink code" onclick="return showCourse(this, '14.76');">14.76</a></span><br/><span class="courseblockprereq">Prereq: <a href="/search/?P=14.01" title="14.01" class="bubblelink code" onclick="return showCourse(this, '14.01');">14.01</a> and (<a href="/search/?P=14.30" title="14.30" class="bubblelink code" onclick="return showCourse(this, '14.30');">14.30</a> or permission of instructor) </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Examines how industrial development and international trade have brought about rapid growth and large-scale reductions in poverty for some developing countries, while globalization has simply increased inequality and brought little growth for others. Also considers why, in yet other developing countries, firms remain small-scale and have not integrated with global supply chains. Draws on both theoretical models and empirical evidence to better understand the reasons for these very different experiences and implications for policy. Students taking graduate version complete additional assignments. </p> <p class="courseblockinstructors seemore"><span><i>D. Atkin, D. Donaldson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.770 Introduction to Collective Choice and Political Economy</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Broad introduction to political economy. Covers topics from social choice theory to political agency models, including theories of voter turnout and comparison of political institutions. </p> <p class="courseblockinstructors seemore"><span><i>A. Banerjee, B. Olken, A. Wolitzky</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.771 Development Economics: Microeconomic Issues</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> and <a href="/search/?P=14.122" title="14.122" class="bubblelink code" onclick="return showCourse(this, '14.122');">14.122</a> </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">A rigorous introduction to core micro-economic issues in economic development, focusing on both key theoretical contributions and empirical applications to understand both why some countries are poor and on how markets function differently in poor economies. Topics include human capital (education and health); labor markets; credit markets; land markets; firms; and the role of the public sector. </p> <p class="courseblockinstructors seemore"><span><i>E. Duflo, B. Olken</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.772 Development Economics: Macroeconomics</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> and <a href="/search/?P=14.451" title="14.451" class="bubblelink code" onclick="return showCourse(this, '14.451');">14.451</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Emphasizes dynamic models of growth and development. Topics include migration, modernization, and technological change; static and dynamic models of political economy; the dynamics of income distribution and institutional change; firm structure in developing countries; development, transparency, and functioning of financial markets; privatization; and banks and credit market institutions in emerging markets. Examines innovative yet disruptive digital technologies, including blockchain, digital assets, crypto currency, distributed ledgers, and smart contracts. </p> <p class="courseblockinstructors seemore"><span><i>D. Atkins, A. Banerjee, R. Townsend</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.773 Political Economy: Institutions and Development</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.121" title="14.121" class="bubblelink code" onclick="return showCourse(this, '14.121');">14.121</a> and <a href="/search/?P=14.451" title="14.451" class="bubblelink code" onclick="return showCourse(this, '14.451');">14.451</a> </span><br/><span class="courseblockterms">G (Spring)</span><br/><span class="courseblockhours">5-0-7 units</span> </p> <p class="courseblockdesc">Economists and policymakers increasingly realize the importance of political institutions in shaping economic performance, especially in the context of understanding economic development. Work on the determinants of economic policies and institutions is in its infancy, but is growing rapidly. Subject provides an introduction to this area. Topics covered: the economic role of institutions; the effects of social conflict and class conflict on economic development; political economic determinants of macro policies; political development; theories of income distribution and distributional conflict; the efficiency effects of distributional conflict; the causes and consequences of corruption; the role of colonial history; and others. Both theoretical and empirical approaches discussed. Subject can be taken either as part of the Development Economics or the Positive Political Economy fields. </p> <p class="courseblockinstructors seemore"><span><i>D. Acemoglu, A. Banerjee, J. Moscona</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.775 Comparing Societies (New)</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">G (Fall)</span><br/><span class="courseblockhours">4-0-8 units</span> </p> <p class="courseblockdesc">Studies the cultural, social, and institutional foundations of societies around the world, emphasizing fundamentals and mechanisms that are outside the scope of traditional models in economics. Topics include social organization, perceptions of reality (e.g., the spiritual and meta-human world), drivers of innovation and technology diffusion, conflict, determinants of fertility and population growth, moral frameworks (e.g., views about right/wrong, fairness, equality, and community membership), religion, objectives and definitions of success, and societal equilibria. Emphasizes how research ranging from economic theory to development and policy design can benefit from an understanding of these vast differences that exist around the world. Also considers how these differences affect and are affected by culture, formal institutions, and development. Open to PhD students.</p> <p class="courseblockinstructors seemore"><span><i>J. Moscona, N. Nunn, J. Robinson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.78[J] Shaping the Future of Technology: From Early Agriculture to Artificial Intelligence</strong></span></h4> <p class="courseblockextra"> <span class="courseblockcluster">Same subject as <a href="/search/?P=15.238J" title="15.238[J]" class="bubblelink code" onclick="return showCourse(this, '15.238J');">15.238[J]</a></span><br/><span class="courseblockprereq">Prereq: None </span><br/><span class="courseblockterms">Acad Year 2024-2025: Not offered<br/> Acad Year 2025-2026: U (Spring)</span><br/><span class="courseblockhours">4-0-8 units. HASS-S; CI-H</span> </p> <p class="courseblockdesc">Provides a framework for thinking about major technological transitions over the past 12,000 years as a means to explore paths to a better future. Discusses who gains or loses from innovation and who can shape the future of artificial intelligence, biotech, and other breakthroughs. Introduces major questions tackled by researchers and relevant to economic policy through faculty lectures, interactive events with prominent guests, and group work. Instruction and practice in oral and written communication provided. </p> <p class="courseblockinstructors seemore"><span><i>D. Acemoglu, S. Johnson</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.THG Graduate Thesis</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: Permission of instructor </span><br/><span class="courseblockterms">G (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Program of research and writing of thesis; to be arranged by the student with advising committee. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.THU Thesis</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.33" title="14.33" class="bubblelink code" onclick="return showCourse(this, '14.33');">14.33</a> </span><br/><span class="courseblockterms">U (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Program of research and writing of thesis. </p> <p class="courseblockinstructors seemore"><span><i>Staff</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.UR Undergraduate Research</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.02" title="14.02" class="bubblelink code" onclick="return showCourse(this, '14.02');">14.02</a> </span><br/><span class="courseblockterms">U (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged [P/D/F]</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Participation in research with an individual faculty member or research group, independent research or study under the guidance of a faculty member. Admission by arrangement with individual faculty member. </p> <p class="courseblockinstructors seemore"><span><i>Consult J. Angrist</i></span></p> </div><div class="courseblock"> <h4 class="courseblocktitle"><span font="Meta Pro"><strong>14.URG Undergraduate Research</strong></span></h4> <p class="courseblockextra"> <span class="courseblockprereq">Prereq: <a href="/search/?P=14.02" title="14.02" class="bubblelink code" onclick="return showCourse(this, '14.02');">14.02</a> </span><br/><span class="courseblockterms">U (Fall, IAP, Spring, Summer)</span><br/><span class="courseblockhours">Units arranged</span><br/><span class="courseblockoptional">Can be repeated for credit.</span> </p> <p class="courseblockdesc">Participation in research with an individual faculty member or research group, independent research or study under the guidance of a faculty member. Admission by arrangement with individual faculty member. </p> <p class="courseblockinstructors seemore"><span><i>Consult J. Angrist</i></span></p> </div></div> </div> </div>  </div> </div>  <div id="footer" role="contentinfo"> <div class="wrap"> <div id="footer-links"> <a href="http://mitadmissions.org/apply" target="_blank">Admissions</a><a href="http://sfs.mit.edu/" target="_blank">Financial Aid</a><a href="http://web.mit.edu/registrar/" target="_blank">Registrar</a><a href="http://web.mit.edu/iap/" target="_blank">IAP</a><a href="/summer/">Summer</a><a href="http://professional.mit.edu" target="_blank">Professional Education</a><a href="https://www.edx.org/school/mitx" class="mitx" target="_blank">MITx</a><a href="https://outreach.mit.edu/" target="_blank">K-12</a><a href="http://whereis.mit.edu/" target="_blank">Campus Map</a><br/><a href="https://officesdirectory.mit.edu/" target="_blank">Directories</a><a href="/about-bulletin/">About the Bulletin</a><a href="/nondiscrimination-policy/">Nondiscrimination Policy</a><a href="/changelog/">Changes</a><a href="/help/">Help</a><a href="https://accessibility.mit.edu/" target="_blank">Accessibility</a> </div> <div id="footer-branding" class="clearfix"> <div class="foot-col" id="right"> <div id="footer-mit-logo"><img src="/images/mit-logo-footer.svg" alt="MIT" width="185px" /></div> </div> <div class="foot-col" id="left"> <div id="footer-bulletin"><img src="/images/mit-bulletin-logo-footer-24-25.png" alt="MIT Academic Bulletin" /></div> <div id="footer-contact">77 Massachusetts Avenue<br/>Cambridge, MA 02139-4307</div> </div> </div> </div> <a href="#header" id="totop"><span class="sr-only">Back to top</span></a> </div>  <div id="print-dialog" class="screen noscript" role="dialog"> <div class="print-header"> Print Options </div> <div class="print-body"> <div class="print-option"> <div class="option-head"> <a href="#" onclick="hidePrintDialog();window.print();return false">Send Page to Printer</a> </div> <p> <em>Print this page.</em> </p> </div> <div class="print-option"><div class="option-head"><a href="14.pdf" target="_blank">Download PDF of this Page</a></div><p><em>The PDF includes all information on this page and its related tabs. 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