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Course 14: Economics
Fall 2024


General Economics and Theory

14.00 Undergraduate Internship in Economics
______

Undergrad (IAP, Summer) Can be repeated for credit
Prereq: Permission of instructor
Units arranged [P/D/F]
______
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.
Staff
No textbook information available

14.000 Graduate Internship in Economics
______

Graduate (IAP, Summer) Can be repeated for credit
Prereq: Permission of instructor
Units arranged [P/D/F]
______
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.
Staff
No textbook information available

14.001 Data Economics and Development Policy Summer Internship
______

Graduate (Fall, Spring, Summer)
Prereq: Permission of department
Units: 0-1-0
Add to schedule TBA.
______
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.
S. Ellison
No textbook information available

14.003 Microeconomic Theory and Public Policy
______

Graduate (Fall, Spring)
(Subject meets with 14.03)
Prereq: 14.01 or permission of instructor
Units: 4-0-8
Add to schedule Lecture: MW10.30-12 (32-124) Recitation: F9 (E52-164) or F10 (E51-057) +final
______
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.
Fall: D. Autor
Spring: T. Salz
No textbook information available

14.009 Economics and Society's Toughest Problems
______

Not offered academic year 2024-2025Undergrad (Fall)
Prereq: None
Units: 1-0-2 [P/D/F]
URL: http://economics.mit.edu/under/economics
______
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.
Consult Department Headquarters

14.01 Principles of Microeconomics
______

Undergrad (Fall, Spring) HASS Social Sciences
Prereq: None
Units: 3-0-9
Add to schedule Lecture: MW11 (32-123) Recitation: F11 (6-120, 4-163) or F12 (4-163) or F1 (4-163) +final
______
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.
Fall: N. Agarwal
Spring: D. Donaldson
No textbook information available

14.02 Principles of Macroeconomics
______

Undergrad (Fall, Spring) HASS Social Sciences
Prereq: None
Units: 3-0-9
Add to schedule Lecture: MW2 (54-100) Recitation: F1 (4-237) or F2 (4-237)
______
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.
Fall: M. Beraja
Spring: R. Caballero
No textbook information available

14.03 Microeconomic Theory and Public Policy
______

Undergrad (Fall, Spring) HASS Social Sciences
(Subject meets with 14.003)
Prereq: 14.01 or permission of instructor
Units: 4-0-8
Add to schedule Lecture: MW10.30-12 (32-124) Recitation: F9 (E52-164) or F10 (E51-057) +final
______
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.
Fall: D. Autor
Spring: B. Setzler
No textbook information available

14.04 Intermediate Microeconomic Theory
______

Undergrad (Fall) HASS Social Sciences
Prereq: Calculus II (GIR) and 14.01
Units: 4-0-8
Add to schedule Lecture: TR10.30-12 (E51-361) Recitation: F3 (E51-376)
______
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.
S. Morris
No textbook information available

14.05 Intermediate Macroeconomics
______

Undergrad (Fall) HASS Social Sciences
Prereq: 14.01 and (14.02 or permission of instructor)
Units: 4-0-8
Add to schedule Lecture: MW1-2.30 (E51-085) Recitation: F10 (E51-395)
______
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.
C. Wolf
No textbook information available

14.06 Advanced Macroeconomics
______

Undergrad (Fall) HASS Social Sciences
Not offered regularly; consult department
Prereq: 14.01 and 14.02
Units: 4-0-8
______
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.
Staff

14.08 Technical Topics in Economics
______

Undergrad (Fall, Spring) Can be repeated for credit
Prereq: 14.01
Units: 4-0-8
Add to schedule TBA.
______
Considers technical issues of current research interest in economics.
G. King
No required or recommended textbooks

14.09 Reading Seminar in Economics
______

Undergrad (Fall, IAP, Spring, Summer) Can be repeated for credit
Prereq: 14.04 and 14.06
Units arranged [P/D/F]
Add to schedule TBA.
______
Reading and discussion of particular topics in economics. Open to undergraduate students by arrangement with individual faculty members. Consult Department Headquarters.
D. Donaldson
No textbook information available

14.10 Reading Seminar in Economics
______

Undergrad (Fall, IAP, Spring, Summer) Can be repeated for credit
Prereq: 14.04 and 14.06
Units arranged
Add to schedule TBA.
______
Reading and discussion of particular topics in economics. Open to undergraduate students by arrangement with individual faculty members. Consult Department Headquarters.
D. Donaldson
No textbook information available

14.11 Topics in Economics
______

Undergrad (Fall) HASS Social Sciences Can be repeated for credit
Not offered regularly; consult department
Prereq: 14.01
Units: 4-0-8
______
Considers issues of current research interest in economics.
Staff

14.12 Economic Applications of Game Theory
______

Undergrad (Fall) HASS Social Sciences
Prereq: 14.01 and (6.041B, 14.04, 14.30, 18.05, or permission of instructor)
Units: 4-0-8
Add to schedule Lecture: TR10.30-12 (4-237) Recitation: F10 (E51-376) or F2 (E51-361) or F3 (E51-361) +final
______
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.
I. Ball
No required or recommended textbooks

14.121 Microeconomic Theory I
______

Graduate (Fall); first half of term
Prereq: 14.04 and permission of instructor
Units: 3-0-3
Add to schedule Ends Oct 18. Lecture: MW1-2.30 (E51-151) Recitation: F1-2.30 (E51-151)
______
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. Pathak
No textbook information available

14.122 Microeconomic Theory II
______

Graduate (Fall); second half of term
Prereq: 14.121 and permission of instructor
Units: 3-0-3
Add to schedule Begins Oct 21. Lecture: MW1-2.30 (E51-151) Recitation: F1-2.30 (E51-151)
______
Introduction to game theory. Topics include normal form and extensive form games, and games with incomplete information. Enrollment limited.
D. Fudenberg
No textbook information available

14.123 Microeconomic Theory III
______

Graduate (Spring); first half of term
Prereq: 14.121, 14.122, and permission of instructor
Units: 3-0-3
______
Models of individual decision-making under certainty and uncertainty. Additional topics in game theory. Enrollment limited.
D. Fudenberg

14.124 Microeconomic Theory IV
______

Graduate (Spring); second half of term
Prereq: 14.123 or permission of instructor
Units: 3-0-3
______
Introduction to statistical decision theory, incentive contracting (moral hazard and adverse selection), mechanism design and incomplete contracting. Enrollment limited.
A. Wolitzky

14.125 Market Design
______

Graduate (Spring)
Prereq: 14.124
Units: 4-0-8
______
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.
N. Agarwal, P. Pathak

14.126 Game Theory
______

Graduate (Spring)
Prereq: 14.122
Units: 3-0-9
______
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.
A. Wolitzky, M. Yildiz

14.127 Advanced Game Theory
______

Graduate (Fall)
Prereq: None
Units: 4-0-8
Add to schedule Lecture: MW2.30-4 (E51-372) Recitation: F2.30-4 (E51-372)
______
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.
D. Fudenberg, M. Yildiz
No textbook information available

14.129 Advanced Contract Theory
______

Graduate (Spring); first half of term
Prereq: 14.121, 14.281, or permission of instructor
Units: 3-0-3
______
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. 
R. Townsend

14.13 Psychology and Economics
______

Undergrad (Spring) HASS Social Sciences
(Subject meets with 14.131)
Prereq: 14.01
Units: 4-0-8
______
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.
F. Schilbach

14.130 Reading Economic Theory
______

Graduate (Fall) Can be repeated for credit
Prereq: 14.121 and 14.451
Units: 2-0-10
Add to schedule Lecture: M12.30-2.30 (E51-385)
______
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.
D. Fudenberg
No textbook information available

14.131 Psychology and Economics
______

Graduate (Spring)
(Subject meets with 14.13)
Prereq: 14.01
Units: 4-0-8
______
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.
F. Schilbach

14.137[J] Psychology and Economics
______

Graduate (Spring)
(Same subject as 9.822[J])
Prereq: None
Units: 4-0-8
______
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.
D. Prelec

14.147 Topics in Game Theory
______

Not offered academic year 2024-2025Graduate (Fall)
Prereq: 14.126
Units: 4-0-8
______
Advanced subject on topics of current research interest.
D. Fudenberg

14.15[J] Networks
______

Undergrad (Spring) HASS Social Sciences
(Same subject as 6.3260[J])
(Subject meets with 14.150)
Prereq: 6.3700 or 14.30
Units: 4-0-8
______
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.
A. Wolitzky

14.150 Networks
______

Graduate (Spring)
(Subject meets with 6.3260[J], 14.15[J])
Prereq: 6.3700 or 14.300
Units: 4-0-8
______
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.
A. Wolitzky

14.16 Strategy and Information
______

Undergrad (Spring) HASS Social Sciences
(Subject meets with 14.161)
Prereq: 14.01 or permission of instructor
Units: 4-0-8
______
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.
I. Ball, M. Yildiz

14.160 Behavioral Economics
______

Graduate (Spring)
Prereq: 14.122
Units: 4-0-8
______
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.
A. Banerjee,  F. Schilbach

14.161 Strategy and Information
______

Graduate (Spring)
(Subject meets with 14.16)
Prereq: 14.01 or permission of instructor
Units: 4-0-8
______
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.
I. Ball, M. Yildiz

14.163 Algorithms and Behavioral Science
______

Graduate (Spring)
Prereq: (14.122 and 14.381) or permission of instructor
Units: 4-0-8
______
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.
S. Mullainathan, A. Rambachan

14.18 Mathematical Economic Modeling
______

Undergrad (Spring) HASS Social Sciences
Prereq: 14.04, 14.12, 14.15, or 14.19
Units: 4-0-8
______
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.
M. Yildiz

14.19 Market Design
______

Undergrad (Fall) HASS Social Sciences
Prereq: 14.01
Units: 4-0-8
Add to schedule Lecture: MW2.30-4 (E25-111) Recitation: F12 (E51-376) or F1 (E51-361) +final
______
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. Pathak
No textbook information available

14.191 Independent Research Paper
______

Graduate (Fall, IAP, Spring, Summer) Can be repeated for credit
Prereq: Permission of instructor
Units: 0-12-0
Add to schedule TBA.
______
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.
I. Andrews
No required or recommended textbooks (Summer 2024); No textbook information available (Fall 2024)

14.192 Advanced Research and Communication
______

Graduate (Fall, IAP, Spring) Can be repeated for credit
Prereq: 14.124, 14.382, and 14.454
Units: 2-4-6 [P/D/F]
Add to schedule Lecture: R9-10.30 (E52-432)
______
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.
Fall: N. Agarwal, S. Morris
IAP: N. Agarwal, S. Morris
Spring: N. Agarwal, S. Morris
No textbook information available

14.193 Advanced Seminar in Economics
______

Graduate (Fall, Spring, Summer) Can be repeated for credit; first half of term
Prereq: 14.121 and 14.451
Units arranged
Add to schedule 14.193: TBA.
______
Reading and discussion of current topics in economics. Open to advanced graduate students by arrangement with individual members of the staff.
Fall: Consult Department headquarters
Spring: R. Townsend
Summer: J. Tirole
14.193: No required or recommended textbooks (Summer 2024); No textbook information available (Fall 2024)
______

Summer 2024 Description for Advanced Seminar in Economics
Prereq:14.121 and 14.451
Units: Units arranged Can be repeated for credit

Reading and discussion of current topics in economics. Open to advanced graduate students by arrangement with individual members of the staff.

J. Tirole
Section: MWF 9:30 AM - 12:00 PM E51-395 From 08-AUG-24 Thru 31-AUG-24
14.193: No required or recommended textbooks

14.195 Reading Seminar in Economics
______

Graduate (Fall, Spring, Summer) Can be repeated for credit
Prereq: 14.121
Units arranged [P/D/F]
Add to schedule 14.195: TBA.
______
Reading and discussion of current topics in economics. Open to advanced graduate students by arrangement with individual members of the staff.
I. Andrews
14.195: No required or recommended textbooks (Summer 2024); No textbook information available (Fall 2024)

14.197 Independent Research
______

Graduate (Fall, IAP, Spring, Summer) Can be repeated for credit
Prereq: None
Units arranged [P/D/F]
Add to schedule TBA.
______
Under guidance from a faculty member approved by Graduate Registration Officer, student conducts independent research.
I. Andrews
No required or recommended textbooks (Summer 2024); No textbook information available (Fall 2024)

14.198, 14.199 Teaching Introductory Economics
______

Graduate (Fall, Spring) Can be repeated for credit
Prereq: None
Units: 2-0-2 [P/D/F]
Add to schedule 14.198: TBA.
Add to schedule 14.199: TBA.
______
Required of teaching assistants in introductory economics (14.01 and 14.02), under guidance from the faculty member in charge of the subject.
Fall: Consult Department Headquarters
Spring: Consult Department Headquarters
14.198: No textbook information available
14.199: No textbook information available

14.281 Contract Economics
______

Graduate (Fall)
Prereq: 14.124 or permission of instructor
Units: 4-0-8
Add to schedule Lecture: TR2.30-4 (E51-361) Recitation: F10.30-12 (E51-361) +final
______
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. 
S. Morris
No textbook information available

Industrial Organization

14.20 Industrial Organization: Competitive Strategy and Public Policy
______

Undergrad (Spring) HASS Social Sciences
(Subject meets with 14.200)
Prereq: 14.01
Units: 4-0-8
______
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.
N. Rose

14.200 Industrial Organization: Competitive Strategy and Public Policy
______

Graduate (Spring)
(Subject meets with 14.20)
Prereq: 14.01
Units: 4-0-8
______
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.
N. Rose

14.27 Economics and E-Commerce
______

Undergrad (Spring) HASS Social Sciences
(Subject meets with 14.270)
Prereq: 14.01 and (6.3700 or 14.30)
Units: 4-0-8
______
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.
S. Ellison

14.270 Economics and E-Commerce
______

Graduate (Spring)
(Subject meets with 14.27)
Prereq: 14.01 and (6.3700 or 14.30)
Units: 4-0-8
______
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.
S. Ellison

14.271 Industrial Organization I
______

Graduate (Fall)
Prereq: None. Coreq: 14.122 and 14.381
Units: 5-0-7
Add to schedule Lecture: MW9-10.30 (E51-395) Recitation: F9-10.30 (E51-361) +final
______
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.
T. Salz, M. Whinston
No textbook information available

14.272 Industrial Organization II
______

Graduate (Spring)
Prereq: 14.271
Units: 5-0-7
______
Continuation of 14.271. 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.
N. Rose, M. Whinston

14.273 Advanced Topics in Industrial Organization
______

Graduate (Spring)
Prereq: 14.271
Units: 5-0-7
______
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.
N. Agarwal, B. Vatter

Organizational Economics

14.26[J] Organizational Economics
______

Undergrad (Spring) HASS Social Sciences
(Same subject as 15.039[J])
(Subject meets with 14.260)
Prereq: 14.01
Units: 4-0-8
______
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.
R. Gibbons

14.260 Organizational Economics
______

Graduate (Spring)
(Subject meets with 14.26[J], 15.039[J])
Prereq: None
Units: 4-0-8
______
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.
R. Gibbons

14.282 Introduction to Organizational Economics
______

Graduate (Fall)
Prereq: 14.124
Units: 5-0-7
Add to schedule Lecture: TR1-2.30 (E62-550) Recitation: F2.30-4 (E62-550) +final
______
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.
C. Angelucci, R. Gibbons, N. Kala
No textbook information available

14.283 Advanced Topics in Organizational Economics I
______

Graduate (Spring); first half of term
Prereq: 14.282
Units: 2-0-4
______
Builds on the work done in 14.282 to develop more in-depth analysis of topics in the field.
R. Gibbons, D. Li

14.284 Advanced Topics in Organizational Economics II
______

Graduate (Spring); second half of term
Prereq: 14.282
Units: 2-0-4
______
Builds on the work done in 14.282 to develop more in-depth analysis of topics in the field.
C. Angelucci, M. Whinston

Statistics and Econometrics

14.30 Introduction to Statistical Methods in Economics
______

Undergrad (Fall) Rest Elec in Sci & Tech
(Subject meets with 14.300)
Prereq: Calculus II (GIR)
Units: 4-0-8
Add to schedule Lecture: TR1-2.30 (32-141) Recitation: F2 (1-190) +final
______
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.
A. Abadie
No textbook information available

14.300 Introduction to Statistical Methods in Economics
______

Graduate (Fall)
(Subject meets with 14.30)
Prereq: Calculus II (GIR)
Units: 4-0-8
Add to schedule Lecture: TR1-2.30 (32-141) Recitation: F2 (1-190) +final
______
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.
A. Abadie
No textbook information available

14.310 Data Analysis for Social Scientists
______

Graduate (Spring)
Not offered regularly; consult department
Prereq: None
Units: 4-0-8
______
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.
Staff

14.32 Econometric Data Science
______

Undergrad (Fall, Spring) Institute Lab
(Subject meets with 14.320)
Prereq: 14.30 or 18.650
Units: 4-4-4
Add to schedule Lecture: TR1-2.30 (E25-111) Recitation: F2 (E25-111) +final
______
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.
Fall: A. Mikusheva
Spring: J. Angrist
Textbooks (Fall 2024)

14.320 Econometric Data Science
______

Graduate (Fall, Spring)
(Subject meets with 14.32)
Prereq: 14.300 or 18.650
Units: 4-4-4
Add to schedule Lecture: TR1-2.30 (E25-111) Recitation: F2 (E51-395) +final
______
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.
Fall: A. Mikusheva
Spring: J. Angrist
Textbooks (Fall 2024)

14.33 Research and Communication in Economics: Topics, Methods, and Implementation
______

Undergrad (Fall, Spring) HASS Social Sciences
Prereq: 14.32 and (14.01 or 14.02)
Units: 3-4-5
Add to schedule Lecture: MW10.30-12 (E51-085) Lab: TBA
______
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.
Fall: T. Salz
Spring: N. Roussille
No textbook information available

14.35 Why Markets Fail
______

Undergrad (Fall) HASS Social Sciences
Prereq: 14.04, 14.12, 14.15, or 14.19
Units: 4-0-8
Add to schedule Lecture: MW1-2.30 (E52-532) Recitation: TBA
______
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.
N. Hendren
No textbook information available

14.36 Advanced Econometrics
______

Undergrad (Fall)
(Subject meets with 14.387)
Prereq: 14.32 or permission of instructor
Units: 4-0-8
Add to schedule Lecture: MW10.30-12 (E51-395) Recitation: F9-10.30 (E51-372)
______
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.  
J. Angrist
Textbooks (Fall 2024)

14.38 Inference on Causal and Structural Parameters Using ML and AI
______

Undergrad (Spring)
(Subject meets with 14.388)
Prereq: 14.32
Units: 4-0-8
______
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.
V. Chernozhukov

14.380 Statistical Method in Economics
______

Graduate (Fall); first half of term
Prereq: 14.32 or permission of instructor
Units: 3-0-3
Add to schedule Ends Oct 18. Lecture: TR9-10.30 (E51-145) Recitation: F4-5.30 (E51-151)
______
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.
A. Rambachan
Textbooks (Fall 2024)

14.381 Estimation and Inference for Linear Causal and Structural Models
______

Graduate (Fall); second half of term
Prereq: 14.380 and 18.06
Units: 3-0-3
Add to schedule First class is 10/24. Begins Oct 21. Lecture: TR9-10.30 (E51-145) Recitation: F4-5.30 (E51-151) +final
______
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.
W. Newey
No textbook information available

14.382 Econometrics
______

Graduate (Spring)
Prereq: 14.381 or permission of instructor
Units: 3-0-3
______
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.
V. Chernozhukov

14.383 High-Dimensional Econometrics
(New)
______

Graduate (Spring); second half of term
Prereq: 14.382 or permission of instructor
Units: 3-0-3
______
Continuation of topics in 14.382, with specific focus on large dimensional models. Students gain practical experience by applying the methods to real data sets. Enrollment limited.
Staff

14.384 Time Series Analysis
______

Graduate (Fall)
Prereq: 14.382 or permission of instructor
Units: 5-0-7
Add to schedule Lecture: TR10.30-12 (E51-372) Recitation: W EVE (5.30-7 PM) (E51-361)
______
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.
A. Mikusheva
Textbooks (Fall 2024)

14.385 Nonlinear Econometric Analysis
______

Graduate (Fall)
Prereq: 14.382 or permission of instructor
Units: 5-0-7
Add to schedule Lecture: MW1-2.30 (E51-361) Recitation: F3.30-5 (E51-395)
______
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.
A. Abadie, W. Newey
No textbook information available

14.386 New Econometric Methods
______

Graduate (Spring)
Prereq: 14.382
Units: 4-0-8
______
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.
I. Andrews

14.387 Applied Econometrics
______

Graduate (Fall)
(Subject meets with 14.36)
Prereq: 14.381 or permission of instructor
Units: 4-0-8
Add to schedule Lecture: MW10.30-12 (E51-395) Recitation: F9-10.30 (E51-372)
______
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.  
J. Angrist
No textbook information available

14.388 Inference on Causal and Structural Parameters Using ML and AI
______

Graduate (Spring)
(Subject meets with 14.38)
Prereq: 14.381
Units: 4-0-8
______
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.
V. Chernozhukov

14.39 Large-Scale Decision-Making and Inference
(New)
______

Undergrad (Fall) HASS Social Sciences
(Subject meets with 14.390)
Prereq: 14.32
Units: 4-0-8
Add to schedule Lecture: TR1-2.30 (E51-376) Recitation: F2 (E51-149)
______
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.
I. Andrews
No textbook information available

14.390 Large-Scale Decision-Making and Inference
(New)
______

Graduate (Fall)
(Subject meets with 14.39)
Prereq: 14.320
Units: 4-0-8
Add to schedule Lecture: TR1-2.30 (E51-376) Recitation: F2 (E51-149)
______
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.
I. Andrews
No textbook information available

14.391 Workshop in Economic Research
______

Graduate (Fall) Can be repeated for credit
Prereq: 14.124 and 14.454
Units: 2-0-10 [P/D/F]
Add to schedule Recitation: M4-5.30 (E52-432) or M2.30-4 (E52-324) or M4-5.30 (E52-324, E51-151) or T2.30-4 (E62-650) or T4-5.30 (E52-432) or W4-5.30 (E51-151) or R4-5.30 (E51-395, E51-151) or R EVE (4-6 PM) (E51-372)
______
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.
I. Andrews
No textbook information available

14.392 Workshop in Economic Research
______

Graduate (Spring) Can be repeated for credit
Prereq: 14.124 and 14.454
Units: 2-0-10 [P/D/F]
______
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.
Staff

14.399 Seminar in Data Economics and Development Policy
______

Graduate (Spring)
Prereq: Permission of instructor
Units: 2-0-10 [P/D/F]
______
Group study of current topics in development policy and research. Includes student presentations and invited speakers. Restricted to DEDP MASc students.
S. Ellison

For additional related subjects in Statistics, see:

Civil and Environmental Engineering: 1.151, 1.155, 1.202J, 1.203J, 1.205J

Electrical Engineering and Computer Science: 6.041, 6.231, 6.245, 6.262, 6.431, 6.432, and 6.435

Management: 15.034, 15.061, 15.065, 15.070, 15.075, 15.076, 15.098, and 15.306

Mathematics: 18.05, 18.175, 18.177, 18.440, 18.441, 18.443, 18.445, 18.458, and 18.465

See also: 2.061, 2.830, 5.70, 5.72, 7.02, 8.044, 8.08, 10.816, 11.220, 11.221, 16.322, 17.872, 17.874, 22.38, HST.191, and MAS.622J.


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Produced: 27-MAY-2024 05:10 PM