Chris Sleet, Head of Economics
Carol B. Goldburg, Executive Director of Undergraduate Economics (Tepper, Room 130)
Kathleen Conway, Associate Director and Academic Advisor (Tepper, Room 131)
Program Office: Tepper School of Business, Room 139
E-mail: econprog@andrew.cmu.edu
Advising Appointment Online Scheduler: http://tepper.cmu.edu/undergradappt
http://tepper.cmu.edu/prospective-students/undergraduate/economics

At its most fundamental level, economics is the study of how scarce resources are allocated. What will be produced and consumed, how much, and by whom? These questions are central to the well-being of people throughout the world. Economists identify, model, and analyze problems with the objective of developing practical and efficient solutions to challenges confronting society. Economists are also active participants in the processes and institutions through which economic policies are implemented. In the public arena sphere, economists contribute to design of programs and incentive systems to foster efficient implementation of policies. In the private sector, economists bring modeling and data-analytic skill to bear, both in identifying ways to enhance productive efficiency within the firm and in developing strategies to enhance effectiveness of the firm as it competes in the global marketplace. Increasingly, economists are taking advantage of advances in technology to design new exchange systems in applications as diverse as global electronic markets, kidney exchanges, pollution control, and school choice mechanisms.

Carnegie Mellon University enjoys a rich history of innovative research in the field of economics. The university has a distinctive culture that fosters collaborative, problem-oriented, theoretically rigorous, and empirically tested research. The success of this distinctive approach is manifest in the international recognition accorded past and present faculty, including nine Nobel Prizes in Economics. In the classroom, faculty bring the same rigorous, innovative approach to help develop the tremendous intellectual potential and analytic skills of students who are drawn to study economics at Carnegie Mellon. Project courses and hands-on applications in classes enable our students to gain valuable practical experience in honing their skills in economic reasoning, modeling, and data analysis.

The Undergraduate Economics Program has a unique position at Carnegie Mellon University. It is the sole undergraduate program that is a joint program of the Tepper School of Business and the Dietrich College of Humanities and Social Sciences. The combination of research strength (Tepper has been home to nine Nobel Laureates in Economics) and commitment to liberal arts and interdisciplinary studies (Dietrich has "the most creative general education program of any American university” – New York Times) provides our undergraduates with a world-class economics program.

Economics majors are considered members of both colleges and enjoy the full support and services of both. Undergraduate economics students should consult the program's website for details about applicable Tepper and Dietrich academic policies and procedures.

Educational Objectives

The Undergraduate Economics Program offers a range of degrees in economics designed to develop strong analytical skills and a solid foundation in the discipline of economics. More specifically, measurable objectives for our economics curriculum are the following:

  • Students should be able to identify, explain, and use economic concepts, theories, models, and data-analytic techniques.
  • Students should acquire and use knowledge of economics, mathematics, statistics, and computing flexibly in a variety of contexts, providing the foundation for success in graduate studies and careers in the public and private sectors. 
  • Students should be able to apply their economic tools to formulate positions on a wide range of social and economic problems and engage effectively in policy debates.
  • Students should use the investigative skills necessary for conducting original economic research and participating effectively in project teams.
  • Students should be able to deliver effective presentations in which they combine visual communication design with oral arguments and/or the written word.

Academic Standards and Policies

Undergraduate economics students are in the unique position of belonging to two CMU colleges, Marianna Brown Dietrich College of Humanities and Social Sciences and the Tepper School of Business.  To find a detailed description of the college and program policies governing economics students, please consult the undergraduate section of MyTepper

Advising

The Undergraduate Economics Program is committed to providing students with the opportunity to have meaningful and informative discussions about their academic, intellectual, and career interests with a wide range of advisors and mentors.  Advising meetings are extended discussions which may address both immediate and long-term interests, concerns, and desires/needs.  Students pursuing a degree in economics are assigned an economics advisor who meets with them on a regular basis.  Any CMU undergraduate student interested in taking an economics courses is invited to meet with an economics advisor.  To facilitate scheduling advising meetings, please use the online appointment scheduler.

The economics curriculum is cumulative; higher-level courses build upon the foundations learned in the core courses.  This results in students needing to be aware of course-sequencing and the schedule of classes.  Students are encouraged to meet frequently with their Undergraduate Economics Program academic advisor to ensure that their courses fulfill the requirements towards their degree and are appropriately sequenced.  Successful students check-in with their advisor frequently and seek the advice of their academic advisor in selecting courses, pursuing additional degrees, and planning ahead for study abroad. 

First-Year Advising

First-year students who major in economics enter Carnegie Mellon University as Dietrich College students, and are assigned a Dietrich College Academic Advisory Center (AAC) advisor.  While the AAC advisors are the advisors of record until students formally declare their majors, students who are considering majoring in economics are encouraged to contact the Undergraduate Economics Program academic advisor so that they will have access to program resources; program-level advising; and the community of faculty, staff, and students.

First–year students are not expected to know which degree option they wish to pursue. For this reason, the first–year curricula are quite similar for the four primary degrees awarded by the program. As students become involved in their course work, participate in the extra– and co–curricular activities sponsored by the Undergraduate Economics Program, and have discussions with faculty and economics advisors, the decision of which degree to pursue becomes evident.

Study Abroad

The Undergraduate Economics Program encourages students to consider enriching their undergraduate experience by studying abroad at some point during their undergraduate tenure. Studying abroad is widely defined as either study, work, internship, volunteer, or research opportunities abroad during your college career. Studying abroad provides students with not only more awareness of cultural literacies, but it further enhances their education by providing them with the opportunity to compare and contrast different economies and regimes. Many students consider their study abroad experience to be a watershed moment in their studies. With a bit of careful planning, study abroad can be worked into most any economics student's 4-year schedule.

Preparation for Professional School Programs

Many economics students will attend professional graduate school programs (e.g., DDS, JD, MBA, MD, MPP, M.Sc. Finance, etc.) immediately after graduation or within the first five years of earning their undergraduate degree.  Students who are considering applying to professional graduate schools are encouraged to meet with an economics advisor early in their career at CMU. The economics advisors can provide structure and information that are invaluable during a student's intellectual and career exploration.  Knowing that the choice of courses, student achievement,  extra- and co-curricular activities, professional school entrance exam test scores (e.g., GMAT, LSAT, MCAT, etc), and faculty recommendations are key determinants of acceptance into these varied programs, the economics advisors will help you plan your time at CMU.

Preparation for Ph.D. Programs in Economics

The Undergraduate Economics Program has been successful in preparing students for admission into the nation's most competitive doctoral programs.  The life of a researcher (whether in academia or in the private research sector) requires a set of skills that undergraduate students will begin to acquire through course work, research, and focused conversations with faculty and advisors.   Doctoral programs in economics are looking for specific analytical skills.  Key determinants of acceptance into these programs are the choice of courses, student achievement, research experience, graduate school entrance exam test scores (specifically the GRE), and faculty recommendations.  Students who are considering pursuing a higher academic degree are encouraged to meet an economics advisor early in their career at CMU.   Interested students are encouraged to look at the B.S. in Economics and Mathematical Sciences curriculum. 


 

Curricula

In order to accommodate students’ wide variety of goals, four primary degree programs are available: Bachelor of Arts in Economics, Bachelor of Science in Economics, Bachelor of Science in Economics and Mathematical Sciences (jointly administered by the Department of Mathematics and the Undergraduate Economics Program), and Bachelor of Science in Economics and Statistics (jointly administered by the Department of Statistics and Data Science and the Undergraduate Economics Program).

The four major degree programs have been designed to provide students with a solid understanding of the central theories and analytical tools of the field of economics, while maintaining the flexibility necessary to meet the needs of a diversity of career paths. The four degrees produce strong analytical thinkers who are able to model and analyze complex problems. Graduates of the Undergraduate Economics Program gain employment as economic analysts in both the private and public sectors; pursue advanced professional degrees in business, law, and public policy; as well as enter into Ph.D. programs in economics, statistics, finance, and related fields.

For students who major in other academic fields, additional major programs in Economics and in Economics and Statistics and a minor degree program in Economics are available.

Concentrations

The Undergraduate Economics Program offers six concentration areas which allow students to specialize in: Market Design, Economics of Global Change and Disruption, Strategy and Markets, Global Markets and Finance, Economics of Public Policy, and Advanced Quantitative Economics Methods. Concentrations consist of groups of mutually reinforcing economics electives that build off the economics core curriculum.  These focused sets of electives allow a student to explore a group of allied topics, and/or develop a specialized and advanced skill set appropriate for a desired career.  Students are not required to complete a concentration in order to earn a degree.  See the program website for more details.

Major Degree Requirements and Sample Schedules

In addition to completing a minimum 360 units and fulfilling both the Dietrich General Education requirements and all University requirements, recipients of an undergraduate degree in economics must complete courses in mathematics, probability and statistics, writing, economic theory, and economic analysis, as well as a set of advanced electives and other specialized courses. It is important for students to realize that degree requirements are actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.

Following the list of requirements for each degree are sample four-year course schedules for a student pursuing an undergraduate degree in economics.  As there are many different ways of completing the requirements, students are strongly encouraged to meet with an economics advisor to tailor their courses to their own particular needs. Students are responsible for ensuring that they understand all of the program requirements and that they meet the necessary conditions for graduation. When planning course schedules, students must give consideration to all prerequisite and co-requisite requirements.

In addition to meeting university and college graduation requirements, the Undergraduate Economics Program has the additional requirement:  Economics courses counting towards any economics primary degree, additional major, or minor must be completed with a grade of “C” or higher.


 

 

B.A. in Economics

The B.A. in Economics provides a strong foundation in economic analysis and quantitative methods.  The curriculum's breadth incorporates the study of political, historical, and social institutions so that students may use the economic toolkit to address the current challenges humanity faces.  Built into the degree is the opportunity to study political, historical, cultural, and social institutions from other CMU departments; these courses are referred to as "Special Electives". The advanced data analysis component of the B.A. in Economics Curriculum pays additional attention to ordinal data and the study of surveys. The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies.  Students pursuing this degree will be well-equipped to pursue graduate work (professional and academic), enter directly into the business world, or pursue public service.

All economics courses counting towards an economics degree must be completed with a grade of "C" or higher. 

B.A. in Economics Curriculum

Total Number of Units for the Major:166/175
Mathematics Prerequisites (19 units)
Courses Units
21-120Differential and Integral Calculus
Passing the MCS assessment test is an acceptable alternative to completing 21-120.
10
21-256Multivariate Analysis9
Sophomore Economics Colloquium (3 units)
Units
73-210Economics Colloquim I3
Writing Requirement (9 units)
Units
73-270Strategic Professional Communication for Economists9
Economic Theory Requirements (36 units)
Units
73-102Principles of Microeconomics9
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
Quantitative Analysis Requirements (36 Units)
Units
36-201Statistical Reasoning and Practice9
or 36-200 Reasoning with Data
or 36-207 Probability and Statistics for Business Applications
or 70-207 Probability and Statistics for Business Applications
36-202Methods for Statistics and Data Science9
or 36-208 Regression Analysis
or 70-208 Regression Analysis
36-303Sampling, Survey and Society9
73-265Economics and Data Science9
Advanced Economics Electives (36 Units)

Students must take four advanced elective courses.  Advanced elective courses are those numbered 73-300 through 73-495 (excluding 73-374 Econometrics II) as well as selected courses designated by the Program offered by other departments/programs.  Additionally, students may work with their advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.  Students have the option of earning a concentration by completing a set of interconnected electives. While a concentration area is not required for this degree, it is an additional option that allows students to pursue courses that are aligned with a particular career path. The electives required for this degree could count towards your concentration area. Please make sure to consult an advisor when choosing these courses.

Special Electives (18 Units)

Students must take two special elective courses in the humanities and social sciences.  The complete list of courses designated as special electives is available to current students at MyTepper.  The list below is representative of the courses that qualify as "Special Electives"; this is not an exhaustive list of qualifying courses. In particular, the graduate courses from Heinz College which open to B.A. in Economics students are not presented.

Course List
Representative List of Special Elective Courses Units
19-402Telecommunications Technology, Policy & Management12
19-403Policies of Wireless Systems12
19-421Emerging Energy Policies9
19-424Energy and the Environment9
19-425Sustainable Energy for the Developing World9
79-221Development and Democracy in Latin America9
79-245Capitalism and Individualism in American Culture9
79-246Industrial America9
79-266Russian History: From Communism to Capitalism9
79-288Bananas, Baseball, and Borders: Latin America and the United States9
79-300History of American Public Policy9
79-310Modern U. S. Business History: 1870 to the Present9
79-320Women, Politics, and Protest9
79-371African American Urban History9
79-381Energy and Empire: How Fossil Fuels Changed the World9
79-386Entrepreneurs in Africa, Past, Present and Future9
79-392History of Modern Warfare9
80-130Introduction to Ethics9
80-136Social Structure, Public Policy & Ethics9
80-221Philosophy of Social Science9
80-305Choices, Decisions, and Games9
80-321Causation, Law, and Social Policy9
80-324Philosophy of Economics9
80-334Social and Political Philosophy9
80-337Philosophy, Politics & Economics9
80-348Health Development and Human Rights9
84-310International Political Economy and Organizations9
84-362Diplomacy and Statecraft9
84-386The Privatization of Force9
84-414International and Subnational Security9
88-411Rise of the Asian Economies9
Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)
Units
73-497Senior Project9
or 73-500
73-501
Tepper College Honors Thesis I
and Tepper College Honors Thesis II
or 66-501
66-502
Dietrich College Senior Honors Thesis I
and Dietrich College Senior Honors Thesis II

Sample Schedule for B.A. in Economics

The sample schedule below is an illustration of how students might plan their four-year schedules.  This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading;  and 2) room has been built into the schedule that would allow students to pursue additional degrees and/or study abroad.  It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements.  In fact, most economics students take more courses in their major than is strictly required.

FreshmanSophomore
FallSpringFallSpring
21-120 Differential and Integral Calculus21-256 Multivariate Analysis73-230 Intermediate Microeconomics73-240 Intermediate Macroeconomics
36-201 Statistical Reasoning and Practice36-202 Methods for Statistics and Data Science"Special Elective"73-265 Economics and Data Science
73-102 Principles of Microeconomics73-103 Principles of Macroeconomics73-210 Economics Colloquim IEconomics Elective
-----*---------------
--------------------
-----

JuniorSenior
FallSpringFallSpring
73-270 Strategic Professional Communication for Economists36-303 Sampling, Survey and Society73-497 Senior ProjectEconomics Elective
"Special Elective"Economics ElectiveEconomics Elective-----
--------------------
--------------------
--------------------

*In each semester, ----- represents courses that are not directly required for the major.


 

B.S. in Economics 

The B.S. in Economics provides a strong foundation in economic theory and advanced quantitative analysis.  The curriculum focuses on using "real-world" data to forecast behavior and to investigate the relationships between observed phenomenon and economic models.  Combining these sophisticated economic modeling data analytic skills with our wide range of upper-level economic electives provides students with a rigorous analytical foundation that will allow them to pursue any career that interests them.  The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies.  Students completing this degree will be well-equipped to pursue graduate work (professional and academic) or enter directly into the business world or public service.

All economics courses counting towards an economics degree must be completed with a grade of "C" or higher. 

B.S. in Economics Curriculum

Total Number of Units for the Major167/176
Mathematics Requirement (29 Units)
Units
21-120Differential and Integral Calculus
Passing the MCS assessment test is an acceptable alternative to completing 21-120.
10
21-256Multivariate Analysis9
or 21-259 Calculus in Three Dimensions
21-122Integration and Approximation *10
or 21-127 Concepts of Mathematics
or 21-257 Models and Methods for Optimization
*Students are encouraged to meet with an economics advisor to determine which course best fits their interests
Sophomore Colloquium (3 UnitS)
Units
73-210Economics Colloquim I3
Quantitative Analysis Requirements (27 Units)
Units
36-225Introduction to Probability Theory9
or 36-217 Probability Theory and Random Processes
or 21-325 Probability
73-274Econometrics I9
73-374Econometrics II9
Writing Requirement (9 Units)
Units
73-270Strategic Professional Communication for Economists9
Economic Theory Requirements (36 Units)
Units
73-102Principles of Microeconomics9
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
Advanced Economics Electives (54 Units)

Students must take six advanced elective courses.  Advanced elective courses are those numbered 73-300 through 73-495 (excluding 73-374 Econometrics II). For the purpose of these requirements, the Undergraduate Economics Program may also designate as advanced electives courses from other departments/programs.  Additionally, students may work with their advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.  Students have the option of earning a concentration by completing a set of interconnected electives. While a concentration area is not required for this degree, it is an additional option that allows students to pursue courses that are aligned with a particular career path. The electives required for this degree could count towards your concentration area. Please make sure to consult an advisor when choosing these courses.

Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)
Units
73-497Senior Project9
or 73-500
73-501
Tepper College Honors Thesis I
and Tepper College Honors Thesis II
or 66-501
66-502
Dietrich College Senior Honors Thesis I
and Dietrich College Senior Honors Thesis II

Sample Course Schedule for the B.S. in Economics 

The sample schedule below is an illustration of how students might plan their four-year schedules.  This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; and 2) room has been built into the schedule that would allow students to pursue additional degrees and/or study abroad.  It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements.  In fact, most economics students take more courses in their major than is strictly required.

FreshmanSophomore
FallSpringFallSpring
21-120 Differential and Integral Calculus21-256 Multivariate Analysis36-225 Introduction to Probability Theory73-240 Intermediate Macroeconomics
36-201 Statistical Reasoning and Practice73-103 Principles of Macroeconomics73-230 Intermediate Microeconomics73-274 Econometrics I
73-102 Principles of Microeconomics-----73-210 Economics Colloquim IEconomics Elective
-----*-----Third Mathematics Course-----
--------------------

JuniorSenior
FallSpringFallSpring
73-270 Strategic Professional Communication for EconomistsEconomics Elective73-497 Senior ProjectEconomics Elective
73-374 Econometrics IIEconomics ElectiveEconomics Elective-----
Economics Elective---------------
--------------------
--------------------

 *In each semester, ----- represents courses not directly required for the major.


 

B.S. in Economics and Mathematical Sciences

The B.S. in Economics and Mathematical Sciences is a collaborative effort between the Department of Mathematical Sciences and the Undergraduate Economics Program. Combining advanced mathematics with advanced economic theory is the hallmark of this curriculum. The curriculum provides students with courses that complement and develop depth of understanding of economic theory, applied economics, and applied mathematics. This degree offers an integrated curriculum, guiding students through a program of coursework that exploits and builds upon the synergies between mathematics and economics. This degree program equips students with the mathematical tools that are essential for success in Ph.D. programs in economics; mathematics; and key functional areas of business including finance, accounting, marketing, and information systems. Students pursuing this degree will be well prepared for the beginning of their research careers in academia, government, and industry. There are a limited number of student openings in this program; interested students may apply as early as their sophomore year.  Acceptance into the degree program is based on academic performance, rigor of coursework, and initiative while at Carnegie Mellon. In order to graduate with the B.S. in Economics and Mathematical Sciences, students must maintain a cumulative Q.P.A. of 3.33.

All economics courses counting towards an economics degree must be completed with a grade of "C" or higher. 

B.S. in Economics and Mathematical Sciences Curriculum

Total Number of Units for the Major239
Economic Theory Requirements (36 Units)
Units
73-102Principles of Microeconomics9
73-103Principles of Macroeconomics9
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
 Quantitative Analysis Requirements (45 Units)
Units
36-225Introduction to Probability Theory9
or 36-217 Probability Theory and Random Processes
or 21-325 Probability
36-226Introduction to Statistical Inference9
36-401Modern Regression9
73-274Econometrics I9
73-374Econometrics II9
 Mathematical Sciences Requirements (85 Units)
Units
21-120Differential and Integral Calculus
Passing the MCS assessment test is an acceptable alternative to completing 21-120.
10
21-122Integration and Approximation10
21-127Concepts of Mathematics10
21-228Discrete Mathematics9-12
or 15-251 Great Ideas in Theoretical Computer Science
21-241Matrices and Linear Transformations10
21-259Calculus in Three Dimensions9-10
or 21-256 Multivariate Analysis
or 21-268 Multidimensional Calculus
or 21-269 Vector Analysis
21-260Differential Equations9
21-355Principles of Real Analysis I9
21-356Principles of Real Analysis II9
 Programming Requirement (10 Units)
Units
15-110Principles of Computing10
 Writing Requirement (9 Units)
Units
73-270Strategic Professional Communication for Economists9
Advanced Economic Electives (27 Units)

Students must take three advanced economics elective courses. Advanced Elective courses are those courses numbered 73-300 through 73-495, (excluding 73-374 Econometrics II) as well as courses designated by the Undergraduate Economics Program which are offered by other departments/programs.  Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.  Students have the option of earning a concentration by completing a set of interconnected electives. While a concentration area is not required for this degree, it is an additional option that allows students to pursue courses that are aligned with a particular career path. The electives required for this degree could count towards your concentration area. Please make sure to consult an advisor when choosing these courses.

Recommended Advanced Economics Electives:

73-315Market Design9
73-338Financial Crises and Risk9
73-347Game Theory for Economists9
73-365Firms, Market Structures, and Strategy9
73-421Emerging Markets9
Mathematical Science Depth Electives (27 Units)

Students must take three advanced mathematics depth courses. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.

Recommended Mathematical Science Depth Electives: 

21-292Operations Research I9
21-329Set Theory9
21-365Projects in Applied Mathematics9
21-366Topics in Applied Mathematics9
21-371Functions of a Complex Variable9
21-374Field Theory9
21-441Number Theory9
21-484Graph Theory9
21-499Undergraduate Research Topic9

Note: Only one of the following three courses may count towards the required Mathematical Sciences Depth Electives: 21-365, 21-366, or 21-499.

Sample Course Schedule for the B.S. in Economics and Mathematical Sciences

The sample schedule below is an illustration of how students might plan their four-year schedules.  This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading;  2) room has built into the schedule that would allow students to pursue additional degrees and/or study abroad; and 3) the demands of this degree require students to carefully plan their degree program while keeping in mind the college-level and university-level graduation requirements.  It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements.  In fact, most economics students take more courses in their major than is strictly required.

FreshmanSophomore
FallSpringFallSpring
21-120 Differential and Integral Calculus15-110 Principles of Computing21-122 Integration and Approximation21-241 Matrices and Linear Transformations
36-201 Statistical Reasoning and Practice21-256 Multivariate Analysis21-127 Concepts of Mathematics36-226 Introduction to Statistical Inference
73-102 Principles of Microeconomics73-103 Principles of Macroeconomics73-230 Intermediate Microeconomics73-240 Intermediate Macroeconomics
-----*-----36-225 Introduction to Probability Theory73-274 Econometrics I
---------------Economics Elective

JuniorSenior
FallSpringFallSpring
21-260 Differential Equations21-355 Principles of Real Analysis I21-228 Discrete Mathematics21-356 Principles of Real Analysis II
73-374 Econometrics IIEconomics Elective36-401 Modern Regression-----
73-270 Strategic Professional Communication for EconomistsMathematics ElectiveMathematics Elective-----
Economics Elective---------------
Mathematics Elective---------------

*In each semester, ----- represents courses not directly required for the major.  Please note that students pursuing the B.S. in Mathematical Sciences and Economics must fulfill the Mellon College General Education requirements and not the Dietrich College General Education requirements.


 

B.S. in Economics and Statistics

Academic Advisor: Samantha Nielsen
Faculty Advisors: Rebecca Nugent and Edward Kennedy
Executive Director, Undergraduate Economics Program: Carol Goldburg
Associate Director, Undergraduate Economics Program: Kathleen Conway
Office: Baker Hall 132
Email: statadvising@stat.cmu.edu

The Major in Economics and Statistics provides an interdisciplinary course of study aimed at students with a strong interest in the empirical analysis of economic data. With joint curriculum from the Department of Statistics and Data Science and the Undergraduate Economics Program, the major provides students with a solid foundation in the theories and methods of both fields. Students in this major are trained to advance the understanding of economic issues through the analysis, synthesis and reporting of data using the advanced empirical research methods of statistics and econometrics. Graduates are well positioned for admission to competitive graduate programs, including those in statistics, economics and management, as well as for employment in positions requiring strong analytic and conceptual skills - especially those in economics, finance, education, and public policy.

All economics courses counting towards an economics degree must be completed with a grade of "C" or higher. 

The requirements for the B.S. in Economics and Statistics are the following:

I. Prerequisites38-39 units

1. Mathematical Foundations38-39 units

Calculus

21-120Differential and Integral Calculus10

and one of the following three:

21-122Integration and Approximation10
21-127Concepts of Mathematics10
21-257Models and Methods for Optimization9

and one of the following:

21-256Multivariate Analysis9
21-259Calculus in Three Dimensions9

Note: Passing the MSC 21-120 assessment test is an acceptable alternative to completing 21-120.

Note: Taking both 21-111 and 21-112 is equivalent to 21-120. The Mathematical Foundations total is then 48-49 units. The Economics and Statistics major would then total 201-211 units.

Linear Algebra

One of the following three courses:

21-240Matrix Algebra with Applications10
21-241Matrices and Linear Transformations10
21-242Matrix Theory10

Note: 21-241 and 21-242 are intended only for students with a very strong mathematical background.

II. Foundations18-36 units

2. Economics Foundations18 units
73-102Principles of Microeconomics9
73-103Principles of Macroeconomics9
3. Statistical Foundations9-18 units

Sequence 1 (For students beginning their freshman or sophomore year)

Beginning*

Choose one of the following courses

36-200Reasoning with Data9
36-201Statistical Reasoning and Practice9
36/70-207Probability and Statistics for Business Applications9
36-220Engineering Statistics and Quality Control9
36-247Statistics for Lab Sciences9

*Or extra data analysis course in Statistics

Note: Students who enter the program with 36-225 or 36-226 should discuss options with an advisor.  Any 36-300 or 36-400 level course in Data Analysis that does not satisfy any other requirement for the Economics and Statistics Major may be counted as a Statistical Elective.

Intermediate*

Choose one of the following courses:

36-202Methods for Statistics and Data Science **9
36-208Regression Analysis9
36-309Experimental Design for Behavioral and Social Sciences9

*Or extra data analysis course in Statistics

**Must take prior to 36-401

Sequence 2 (For students beginning later in their college career)

Advanced
Choose one of the following courses:

36-303Sampling, Survey and Society9
36-315Statistical Graphics and Visualization9
36-461Special Topics: Statistical Methods in Epidemiology9
36-462Special Topics: Data Mining9
36-463Special Topics: Multilevel and Hierarchical Models9
36-464Special Topics: Applied Multivariate Methods9
36-490Undergraduate Research9

**Special Topics rotate and new ones are regularly added.

III. Disciplinary Core126 units

1. Economics Core45 units
73-230Intermediate Microeconomics9
73-240Intermediate Macroeconomics9
73-270Strategic Professional Communication for Economists9
73-274Econometrics I9
73-374Econometrics II9
2. Statistics Core36 units
36-225Introduction to Probability Theory *#9

 and one of the following two courses:

36-226Introduction to Statistical Inference *9
36-326Mathematical Statistics (Honors) *9

and both of the following two courses:

36-401Modern Regression *9
36-402Advanced Methods for Data Analysis9

 *In order to be a major in good standing, a grade of C or better is required in 36-225 (or equivalents), 36-226 or 36-326 and 36-401.  Otherwise you will not be allowed to continue in the major.

#It is possible to substitute 36-217 or 21-325 for 36-225. (36-225 is the standard introduction to probability, 36-217 is tailored for engineers and computer scientists, and 21-325 is a rigorous Probability Theory course offered by the Department of Mathematics.)

3. Computing9 units
36-350Statistical Computing *9

*In rare circumstances, a higher level Statistical Computing course, approved by your Statistics advisor, may be used as a substitute.

4. Advanced Electives36 units

Students must take two advanced Economics elective courses (numbered 73-300 through 73-495, excluding 73-374 ) and two advanced Statistics elective courses (numbered 36-303, 36-315, or 36-410 through 36-495).

Students pursuing a degree in Economics and Statistics also have the option of earning a concentration area by completing a set of interconnected electives. While a concentration area is not required for this degree, this is an additional option that allows students to pursue courses that are aligned with a particular career path. The two electives that are already required for this degree could count towards your concentration area, please make sure to consult an advisor when choosing these courses.

Total number of units for the major191-201 units
Total number of units for the degree360 units

Professional Development

Students are strongly encouraged to take advantage of professional development opportunities and/or coursework. One option is 73-210 Economics Colloquim I, a fall-only course that provides information about careers in Economics, job search strategies, and research opportunities. The Department of Statistics and Data Science also offers a series of workshops pertaining to resume preparation, graduate school applications, careers in the field, among other topics. Students should also take advantage of the Career and Professional Development Center. 

Additional Major in Economics and Statistics

Students who elect Economics and Statistics as a second or third major must fulfill all Economics and Statistics degree requirements. Majors in many other programs would naturally complement an Economics and Statistics Major, including Tepper's undergraduate business program, Social and Decision Sciences, Policy and Management, and Psychology.

With respect to double-counting courses, it is departmental policy that students must have at least six courses (three Economics and three Statistics) that do not count for their primary major. If students do not have at least six, they typically take additional advanced electives.

Students are advised to begin planning their curriculum (with appropriate advisors) as soon as possible. This is particularly true if the other major has a complex set of requirements and prerequisites or when many of the other major's requirements overlap with the requirements for a Major in Economics and Statistics.

Many departments require Statistics courses as part of their Major or Minor programs. Students seeking transfer credit for those requirements from substitute courses (at Carnegie Mellon or elsewhere) should seek permission from their advisor in the department setting the requirement. The final authority in such decisions rests there. The Department of Statistics and Data Science does not provide approval or permission for substitution or waiver of another department's requirements.

If a waiver or substitution is made in the home department, it is not automatically approved in the Department of Statistics and Data Science. In many of these cases, the student will need to take additional courses to satisfy the Economics and Statistics major requirements. Students should discuss this with a Statistics advisor when deciding whether to add an additional major in Economics and Statistics.

Sample Program

The following sample program illustrates one way to satisfy the requirements of the Economics and Statistics Major.  Keep in mind that the program is flexible and can support other possible schedules (see footnotes below the schedule).

FreshmanSophomore
FallSpringFallSpring
21-120 Differential and Integral Calculus36-202 Methods for Statistics and Data Science21-122 Integration and Approximation **21-240 Matrix Algebra with Applications
36-200 Reasoning with Data21-256 Multivariate Analysis36-225 Introduction to Probability Theory36-226 Introduction to Statistical Inference
73-102 Principles of Microeconomics73-103 Principles of Macroeconomics73-230 Intermediate Microeconomics73-240 Intermediate Macroeconomics
-----*----------73-274 Econometrics I
--------------------
-----

JuniorSenior
FallSpringFallSpring
36-350 Statistical Computing36-402 Advanced Methods for Data AnalysisStatistics ElectiveEconomics Elective
36-401 Modern Regression73-270 Strategic Professional Communication for EconomistsEconomics ElectiveStatistics Elective
73-374 Econometrics II---------------
--------------------
---------------

*In each semester, ----- represents other courses (not related to the major) which are needed in order to complete the 360 units that the degree requires.

** Students can also take 21-127 or 21-257. Students should consult with their advisor.

Prospective PhD students might add 21-127 fall of sophomore year, replace 21-240 with 21-241, add 21-260 in spring of junior year and 21-355 in fall of senior year.


Supplemental Programs

Honors Program in Economics

Outstanding students are eligible for the honors programs in both the Tepper School of Business and the Dietrich College of Humanities and Social Sciences.  For more information, consult the Dietrich Honors Program website.

The Tepper Senior Honors Program in Economics provides qualified students with the opportunity to engage in original research during their senior year at Carnegie Mellon. The primary rewards of participating in the Honors Program in Economics are three-fold. First comes the satisfaction of undertaking and completing an original piece of research.  Working independently or with a faculty member to identify a research question and claim ownership of its discovery process is a rewarding experience. Second is the opportunity to challenge oneself intellectually. The third advantage is the opportunity to graduate with Tepper Honors. For many, this process of intellectual inquiry and knowledge creation is the highlight and culmination of their undergraduate academic experience.

Students are invited into the Tepper Senior Honors Program in Economics during their junior year. Invitation is based on academic achievement at Carnegie Mellon University, ability to work independently, and tenacity of spirit.

Accelerated Master’s Degree Programs

Accelerated Master’s Degree programs enable exceptional students to earn both an undergraduate degree and a masters degree by remaining one additional year at Carnegie Mellon.  The Heinz College of Public Policy and Management offers four professional accelerated masters degree programs: a Master of Science in Arts Administration, Master of Science of Health Care and Policy Management, Master of Information Systems Management, and Master of Science in Public Policy and Management. The Tepper School of Business offers one accelerated professional degree, a Master in Business Administration.


Dual Degree in Economics

A student pursuing a primary degree outside of the department may obtain a dual degree by completing all of the requirements for the B.S. in Economics or the B.S. in Economics and Statistics along with the Dietrich College general education requirements.  In addition, the student’s total units completed must be at least 90 units in excess of the requirement for the student’s other degree(s) or at least 450 units, whichever is greater. Interested students should meet with an economics advisor.

Additional Major in Economics Curriculum

All university students are eligible to pursue an additional major in economics in conjunction with a major in any department in the university other than economics.  The requirements for the Additional Major in Economics are the same as those for the B.S. in Economics, except that the Dietrich College General Education requirements are waived.  In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor. When courses are shared across degrees, students pursuing an Additional Major in Economics are asked to take additional advanced economics electives.

Additional Major in Economics and Statistics Curriculum

All university students are eligible to pursue a major in economics and statistics in conjunction with a major in any department in the university other than statistics or economics. The requirements for the Additional Major in Economics in Statistics are the same as those for the B.S. in Economics and Statistics, except that the Dietrich College General Education requirements are waived.  In order to avoid “double counting” issues, students are encouraged to meet with an economics or statistics advisor. When courses are shared across degrees, students pursuing an Additional Major in Economics and Statistics are asked to take additional advanced economics or statistics electives.


 

Minor in Economics

The Minor in Economics degree program provides students with a solid understanding of economic theory and data analysis.

All university students are eligible to pursue the Minor in Economics in conjunction with a major in any other department in the university. In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor.  When courses are shared across degrees, students pursuing a minor in Economics are asked to take additional advanced economics electives. 

All economics courses counting towards the minor must be completed with a grade of "C" or higher. 

Minor in Economics (Total Number of Units for the Minor: 73/82)

Mathematics Requirements (10 Units)
Units
21-120Differential and Integral Calculus10
Economic Theory Requirements (27 Units)
Units
73-102Principles of Microeconomics9
73-103Principles of Macroeconomics9
73-160Foundations of Microeconomics: Applications and Theory *9

*Students may choose to replace 73-160 with 73-230 Intermediate Microeconomics or 73-240 Intermediate Macroeconomics.  Most of the advanced economics electives require 73-230 and/or 73-240.  Please note that 21-256 is a pre-requisite for 73-230.

Quantitative Analysis Requirements (18/27 Units).

The quantitative analysis path is often determined by the major requirements.  The sequence is designed to give students an understanding of probability theory, regression analysis, and quantitative economic analysis.  Students are encouraged to talk with an economics advisor to determine which requirements best complement their primary fields of study.

Option One Units
36-201Statistical Reasoning and Practice9
or 36-200 Reasoning with Data
36-202Methods for Statistics and Data Science9
or 36-309 Experimental Design for Behavioral and Social Sciences
73-265Economics and Data Science9
Option Two
70/36-207Probability and Statistics for Business Applications9
70/36-208Regression Analysis9
73-265Economics and Data Science9
Option Three
36-220Engineering Statistics and Quality Control9
73-265Economics and Data Science9
Option Four
36-217Probability Theory and Random Processes9
or 36-225 Introduction to Probability Theory
36-202Methods for Statistics and Data Science9
or 36-309 Experimental Design for Behavioral and Social Sciences
or 36-226 Introduction to Statistical Inference
73-265Economics and Data Science9
Advanced Economics Electives (18 Units)

Students must take two advanced elective courses. Advanced elective courses are those numbered 73-3xx through 73-49x (excluding 73-374 Econometrics II) as well as courses designated by the program offered by other departments/programs. Additionally, students may work with their economics advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.


 

Course Descriptions

Note on Course Numbers

Each Carnegie Mellon course number begins with a two-digit prefix which designates the department offering the course (76-xxx courses are offered by the Department of English, etc.). Although each department maintains its own course numbering practices, typically the first digit after the prefix indicates the class level: xx-1xx courses are freshmen-level, xx-2xx courses are sophomore level, etc. xx-6xx courses may be either undergraduate senior-level or graduate-level, depending on the department. xx-7xx courses and higher are graduate-level. Please consult the Schedule of Classes each semester for course offerings and for any necessary pre-requisites or co-requisites.

73-101 Freshman Seminar
Fall and Spring: 9 units
A topics-based course for first-year students. This course is not a supplement nor a replacement for either Principles of Microeconomics or Principles of Macroeconomics. Instead, it meant to introduce students to how social scientists (particularly economists) examine governments, societies, markets, and organizations. Subjects discussed vary from year-to-year and from instructor-to-instructor; recent subjects include behavioral economics, environmental policy, defining progress, and more. (Seminar, 3 hours)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73101/freshman-seminar-in-economics
73-102 Principles of Microeconomics
All Semesters: 9 units
A one-semester course that teaches the fundamentals of microeconomics. Students will learn how microeconomic analysis can explain market successes, market failures, and how government intervention might improve outcomes. In addition to an investigation of firm behavior and consumer behavior, attention will be paid to: Game Theory, Behavioral Economics, Economics of Time and Risk, Economics of Information, Experimental Economics, and Auctions and Market Design. Students will also learn how to integrate basic data analysis and statistics. Not open to students who have received credit for 73-100. (Lecture, 2 hours; Recitation, 1 hour).

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73102/principles-of-microeconomics
73-103 Principles of Macroeconomics
All Semesters: 9 units
A one-semester course that teaches the fundamentals of macroeconomics. Students will learn how macroeconomic analysis can explain national economic activity and how government intervention might stabilize an economy. Topics include: defining and measuring national wealth, economic growth, credit markets, unemployment, interest rates, inflation, and the monetary system. Additional emphasis will be paid to: long-term economic development, political economy, financial crises and topics that are central to contemporary macroeconomic debates such as the impact of technological change, migration, and trade on the macroeconomy. Students will access macroeconomic databases, and then use basic statistics to describe and isolate empirical patterns in macro-data. Not open to students who have received credit for 73-100. (Lecture, 2 hours; Recitation, 1 hour).

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73103/principles-of-macroeconomics
73-148 Environmental Economics
Intermittent: 9 units
A course for non-majors which explores the interplay between economics and environmental issues. Topics include: market failures and environmental problems, economically efficient allocations of environmental resources, and the intended and unintended consequences of public policies designed to improve the environment. Practical issues surrounding the feasibility of implementing theoretically efficient principles and policies are analyzed, and alternative policies that might achieve better results in practice are investigated. (Lecture, 3 hours).

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73148/environmental-economics
73-160 Foundations of Microeconomics: Applications and Theory
Spring: 9 units
The theory of resource allocation and its application: how consumers and firms interact through markets. Topics include theory of choice, consumer theory, theory of the firm, profit maximizing behavior in differing market structures, distortions in competitive markets, market failures, game theory. Elementary techniques from multivariate calculus are introduced and applied, but prior knowledge is not assumed. (Lecture, 3 hours: Recitation: 1 hour). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and (73-100 Min. grade C or 73-102 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73160/foundations-of-microeconomics-applicati
73-210 Economics Colloquim I
Fall: 3 units
Economics majors meet weekly for discussions about current research by faculty or students, presentations on economics from economists outside academia, and expository talks on selected economics topics not part of the usual curricula. The colloquium provides students with opportunities to grow personally and intellectually by introducing them to campus resources (including special interest to undergraduates such as preparation for graduate school) and using the economic toolbox to examine current economic topics in the press. It is recommended that students take this course during the sophomore year so that economics majors realize the range of resources that exit on campus. (Colloquium, 1 hour)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73210/economics-colloquium-i
73-230 Intermediate Microeconomics
Fall and Spring: 9 units
This course is a calculus-based study of microeconomics. Topics in partial equilibrium analysis include supply and demand, consumer theory, theory of the firm, profit maximizing behavior, monopoly theory, and perfect competition. The course concludes with an introduction to general equilibrium analysis and the welfare laws. (Lecture, 3 hours; Recitation, 1 hour). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-269 or 21-268 or 21-259) and (73-100 Min. grade C or 73-102 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73230/intermediate-microeconomics
73-240 Intermediate Macroeconomics
Fall and Spring: 9 units
Through macroeconomic models built upon microeconomic foundations, insights are developed into economic growth processes and business cycles. Topics include aggregation and measurement, national income, business cycle measurement, economic welfare theorems and social inefficiencies, the effect of government fiscal policy upon employment and productivity, and the relationship between investment, interest rates and economic growth. (Lecture, 3 hours; Recitation, 1 hour). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-268 or 21-269 or 21-259) and (73-103 Min. grade C or 73-100 Min. grade C) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73240/intermediate-macroeconomics
73-255 Independent Study in Economics
Fall and Spring
The Independent Study course in economics allows students to pursue their own research interests in any of a variety of topics in economics. A typical independent study course involves a semester long project under the supervision of an appropriate faculty advisor. The nature and scope of the project are determined by the student and faculty advisor; the project proposal must be approved by an Undergraduate Economics Program staff member. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and 73-160 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73255/independent-study-in-econmics
73-265 Economics and Data Science
All Semesters: 9 units
This course is at the intersection of economic analysis, computing and statistics. It develops foundational skills in these areas and provides students with hands-on experience in identifying, analyzing and solving real-world data challenges in economics and business. Students will learn the basics of database and data manipulation, how to visualize, present and interpret data related to economic and business activity by employing statistics and statistical analysis, machine learning, visualization techniques. Students will also be taught a programming language suitable for data science/analysis. Databases will include leading economic indicators; emerging market country indicators; bond and equity returns; exchange rates; stock options; education and income by zip code; sales data; innovation diffusion; experimental and survey data and many others. Applications will include analyzing the effectiveness of different Internet pricing strategies on firm sales, the impact of taking online classes on a worker's earnings, the relationship between regional employment and trade policies; constructing investment risk indices for emerging markets; predicting employee productivity with machine learning tools; assessing health (sleep and exercise) improvements associated with wearable technologies (e.g. FitBit). Additionally, the course will provide students with communication skills to effectively describe their findings for technical and non-technical audiences. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and (36-202 or 36-220 or 36-208 or 70-208 or 36-309) and 73-102 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73265/economics-and-data-science
73-270 Strategic Professional Communication for Economists
Fall and Spring: 9 units
A writing course specifically designed for third-year Economics majors and additional majors. Students gain experience with technical writing techniques and skills needed for both their senior thesis and their eventual professional careers. The course emphasizes both individual and group projects. (Seminar, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 76-101 and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73270/strategic-professional-communications-f
73-274 Econometrics I
Spring: 9 units
This course will provide an introduction to the analysis of economic field data. The first part of the course will discuss how data is generated and how this affects the inferences we can make. In particular, we will look at the difficulties of working with field data and learn how non-random sampling leads to poor inferences. We will then move on to some simple statistical techniques, in particular OLS and its extensions as well as Maximum Likelihood Estimators. We will also learn about the large sample properties of these estimators. At the end of the course, students should be able to understand what inferences can be made with field data and some basic statistical techniques that can be used to uncover patterns in the data. (Lecture, 3 hours; Recitation, 1 hour). Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-269 or 21-256) and (36-217 Min. grade C or 36-225 Min. grade C) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73274/econometrics_i
73-315 Market Design
Spring: 9 units
The market design class is going to cover three main subjects: matching, auctions, and, time allowing, marketplaces. Matching topics may include: Two-Sided Matching and Medical Residents House Allocation and Kidney Exchange School Choice Law Clerks and College Early Admission Auction/Marketplace topics may include: Designing Optimal Auctions Common Value Auctions Multi-Unit Auctions and Treasury Auctions Multi-Item Auctions and The Assignment Model Sponsored Search Auctions The FCC and Simultaneous Ascending Auctions Package Auctions and Radio Spectrum Introduction to the Economics of Platforms Internet Platforms: e-Commerce Internet Markets: Advertising (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-268 or 21-257 or 21-269) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73315/market-design
73-327 Advanced Topics In Macroeconomics And Real Business Cycles
Intermittent: 9 units
For analysts and decision makers in a variety of positions, such as business managers and government policy makers, a thorough understanding of the economy as a whole helps to make well-informed decisions. Examples of important knowledge about the economy are its sources of growth, the main impulses that cause the economy to fluctuate over time and enter into booms and recessions, the way in which these impulses propagate over time, and the state of the economy in general. The main objective of this course is to lay the foundation for such an understanding and present a framework within which we can (and will) evaluate a variety of aggregate phenomena. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and 73-230 Min. grade C and 73-240 Min. grade C
73-328 Health Economics
Fall: 12 units
This course will teach the student to use economic analysis to understand critical issues in health care and and health policy. We will address issues such as the following: 1. What factors best explain the level and rate of growth of U.S. health expenditures? 2. Does the recent high rate of growth of U.S. health care expenditures make U.S. firms less competitive in international markets? 3. What are some of the likely consequences (intended and unintended) of the proposed reforms to Medicare? 4. Can physicians induce demand for their services? 5. What are the impacts of managed care on the health care system? 6. Do strong affiliations between physicians and health plans hurt competition? (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses. Junior standing required.
Prerequisites: 21-120 and (73-160 Min. grade C or 73-230 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73328/health-economics
73-331 Political Economy of Inequality and Redistribution
Intermittent: 9 units
Three basic types of institution - markets, communities, and states (i.e. public governments) - determine the distribution of economic resources and opportunities in societies. The balance between these governing institutions has changed dramatically over time, at very different rates across societies. This course will begin with economic and political theory on why these differences over time and across countries may exist. Then it will survey some of these differences across both industrialized and pre-industrial societies and investigate their causes and consequences. Some of the questions the course will ask include the following: In the industrialized world, the public sector (government) plays a much larger role in Europe than in the United States. Why is this so? How does this affect the quality of everyday life for different classes of people? How have globalization and technological change affected the distribution of income and social policy in industrialized countries, and how does this affect the public sector? In some tribal societies, people have no access to markets at all. How does this affect distributive behavior within communities? Finally, what might be the ultimate causes of income inequality on a global scale? Are there prehistoric and environmental roots in the ways peoples of different societies live today? This course will examine these questions by studying theoretical and empirical research conducted by economists, economic anthropologists, political economists, and economic geographers on these questions. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73270/strategic-professional-communications-f
73-338 Financial Crises and Risk
Spring: 9 units
This course provides an in-depth examination of the causes of financial crises as well as what governments can do to prevent them or at least reduce their cost. The course is designed to to provide an understanding of individual attitudes towards risk and individual decision making about savings and investment under uncertainty, and to use this understanding to evaluate the various economic roles played by financial institutions in helping individuals manage risk, especially those roles which may lead to economic instability and crises. In addition, the course may cover bubbles and swindles, especially when these spillover to the broader macroeconomy; the role of information in banking in normal times and in bank runs; crisis resolution techniques; and the extensive history of attempts to improve regulation so as to reduce the frequency and cost of crises. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-269 or 21-256) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73338/financial-crises-and-risk
73-341 Within the Firm: Managing through Incentives
Spring: 9 units
We are living in an exciting age of information and knowledge when inspiring employees with a firm becomes increasingly more important Aligning the objectives of workers, managers, and owners by providing them with appropriate incentives becomes an emerging paradigm in the modern business world. In this course we learn how to reason about incentives both between managers and employees, managers and owners, and within a team of co-workers. We cover a broad range of topics including principle-agent problem, moral hazard, asymmetry of information, incentive in teams, collective decision making, and repeated interactions. These theoretical underpinnings will be illustrated with actual business experience and case studies. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-269 or 21-256) and (36-201 or 36-202 or 36-217 or 36-225 or 36-226 or 70-207 or 70-208) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73341/within-the-firm-managing-through-incent
73-347 Game Theory for Economists
Fall: 9 units
An introduction to the theory of non-cooperative games with an emphasis on economic applications. After an initial examination of two-person, zero-sum games, the notion of a Nash equilibrium in an n-person, non-cooperative game is considered. Existence of and refinements to the equilibrium concept are discussed in the context of both normal and extensive form games. Economic applications may include various topics, including Cournot and Bertrand oligopoly models, general competitive exchange equilibrium, and free rider problems. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-269 or 21-268) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73347/game-theory-for-economists
73-348 Behavioral Economics
Spring: 9 units
This course introduces students to behavioral economics which is a subfield of economics that incorporates insights from other social sciences, such as psychology, into economic models and aims to explain the anomalies challenging some of the classical economic models. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-268 or 21-259 or 21-256 or 21-269) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73348/behavioral-economics
73-352 Public Economics
Fall: 9 units
In this course, students analyze the role of governments in market economies and their impact on the behavior and welfare of citizens. Reasons for government intervention in markets are examined in light of some of the economic challenges faced by modern societies in an increasingly globalized marketplace. Topics include: taxation and expenditure policies, externalities and market failure, social security, public assistance and income redistribution programs. There will also be some coverage of the role of local governments in the economy with respect to such issues as crime, urban development and education. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-268 or 21-269 or 21-259 or 21-256) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73352/public-economics
73-353 Economic Foundations of Regulation: Applications to Financial Markets
Intermittent: 9 units
The financial crisis has focused attention on the role of regulation for our financial system and the broader economy. The course will address the foundations of regulation (?why regulate??) from various perspectives within the context of a market economy, highlighting the sources of ?market failure? (such as externalities, adverse selection, and natural monopoly) and potential remedies (such as taxes and fees, disclosure, price regulation, guarantees). The conflicting goals among regulators (and why we have multiple regulators) and their impact on the meaning of regulation will be considered along with regulatory competition/arbitrage. Portions of the course will tackle relatively broad questions such as: Why regulate? What is the law of unintended consequences? What is the objective of a policy advocate? Are regulators and regulatory policies a systemic risk? Are our markets rigged? How can regulators enhance the predictability and credibility of their policies? How costly were government guarantees during the financial crisis? Should we bar insider trading? Should regulations be determined and motivated based upon cost-benefit analysis? How can we evaluate the success or failure of particular regulations and whether they have achieved their objectives? How does the Dodd-Frank Act promote financial stability? What basic aspects of the financial crisis did Dodd-Frank not address? (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-269 or 21-268) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73353/economic-foundations-of-regulation-with
73-358 Economics of the Environment and Natural Resources
Intermittent: 9 units
An advanced course on the allocation of environmental and natural resources. Topics include: externalities and the misallocation of resources, examining the efficiency/inefficiency of markets for non-renewable resources, intended and unintended consequences of regulatory and tax policies, and modern alternative to regulation such as the creation of new markets and property rights for environmental resources. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-256 or 21-269) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73358/economics-of-the-environment-and-natura
73-359 Benefit-Cost Analysis
Spring: 9 units
The evaluation of public private sector projects. The theory of benefit-cost analysis and related techniques, such as cost-effectiveness analysis. Attention is given to such issues as valuing goods and services that are not normally traded in the marketplace (e.g., the value of an individuals life) and the social rate of discount. Applications are considered in detail. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-268 or 21-269 or 21-256 or 21-259) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73359/benefit-cost-analysis
73-365 Firms, Market Structures, and Strategy
Fall: 9 units
This course is concerned with the economic analysis of industrial markets that are not perfectly competitive. The effects of imperfect competition on firms' decisions (pricing, location, advertising, research and development, among others) are reviewed. Implications of these effects in terms of public policy are also discussed from a variety of perspectives. Finally, applications to actual markets are considered. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-269 or 21-268 or 21-256) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73365/firms-market-structures-and-strategy
73-366 Designing the Digital Economy
Fall: 9 units
This class analyzes the economics of e-commerce and technology. It will identify the critical features that differentiate the technology firms from traditional industries, and examine the implications for business strategy. The class will discuss topics such as network effects, switching costs, and platform markets. To complement the economic theory, we will also consider a case study of a firm each week. These have three aims: to provide applications for the concepts developed in the lectures; to inform you about different industries; and to help develop your written, rhetorical and presentation skills. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-269 or 21-256 or 21-259 or 21-268) and 73-230 Min. grade C and (36-220 or 36-226 or 73-265 Min. grade C or 73-274 Min. grade C or 73-374 Min. grade C or 73-407 Min. grade C or 70-208 or 36-202 or 36-208)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73366/designing-the-digital-economy
73-367 Technology Jobs and the Future of Work
Spring: 9 units
The aim of this course to provide students with an in-depth analysis of the US labor market and what role technology has in shaping labor market outcomes. This course will look at the factors influencing wage returns, the outcomes of job-search and also require students to undertake a hands-on analysis of data. Topics of interest are as follows: 1. What affects wage outcomes of workers? 2. What's happening to the labor share and what are the reasons for its decline? 3. What is the role of comparative advantage and how has increasing automation changed the returns to job-search for some individuals? 4. What is job polarization and what are the factors affecting the mobility of workers between occupations and jobs? (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-268 or 21-256 or 21-269 or 21-259) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73367/technology-jobs-and-the-future-of-work
73-372 International Money and Finance
Intermittent: 9 units
The course introduces students to a micro-founded model of the global monetary system. The model is employed to assess the roles of money, banking, and central banking in the management of inflation, employment, and financial stability. Interest rates, the international exchange rate, the trade balance, and international capital flows are explored in terms of the model. The model is used to address controversial issues in international trade and financial relations, as well as current macroeconomic stabilization problems in China, the Euro area, the United States, and elsewhere. Theoretical points are illustrated with references to historical central bank practices from around the world in recent decades. The course concludes with student briefings on current central bank policies from around the world. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73372/international-money-and-finance
73-374 Econometrics II
Fall: 9 units
The material covered in this course extends from the material covered in Econometrics I (73-274). The course will include both the theory behind the methods and a hands-on analysis of actual data, providing students the tools for both research and industry jobs. Theories and methodologies covered will include: nonlinear regression models, qualitative response regression models, panel data estimators, simultaneous-equation models, and time series. (Lecture, 3 hours; Recitation, 1 hour). Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and (36-217 Min. grade C or 36-225 Min. grade C) and 73-230 Min. grade C and 73-274 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73374/econometrics_ii
73-394 Development Economics
Intermittent: 9 units
This course will explore issues relating to economic development in low and middle-income countries. We will discuss topics such as economic growth and inequality, education, health, the family, and the markets for land, labor, and credit. We will study how market failures can potentially prevent economic growth in the developing world. Also we explore the effectiveness of different types of policies in promoting development. The course will use both economic theory and empirical methods to answer these questions. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73394/development-economics
73-395 Independent Study in Economics
Fall and Spring
The Independent Study course in economics allows the student to pursue his or her own research interests in any of a variety of topics in economics. A typical independent study course involves a semester long project under the supervision of an appropriate faculty advisor. The nature and scope of the project are determined by the student and faculty advisor; the project proposal must be approved by an Undergraduate Economics Program staff member. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-269 or 21-256) and (73-230 Min. grade C or 73-240 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73395/independent-study-in-economics
73-408 Law and Economics
Intermittent: 9 units
This course will provide a broad overview of the scholarly field known as "law and economics." The focus will be on how legal rules and institutions can correct market failures. We will discuss the economic function of contracts and, when contracts fail or are not feasible, the role of legal remedies to resolve disputes. We will also discuss at some length the choice between encouraging private parties to initiate legal actions to correct externalities and governmental actors, such aas regulatory authorities. Extensive attention will be given to the economics of litigation, and to how private incentives to bring lawsuits differ from the social value of litigation. The economic motive to commit crimes, and the optimal governmental response to crime, will be studied in depth. Specific topics within the preceding broad themes include: the Coase Theorem; the tradeoff between the certainty and severity of punishment; the choice between ex ante and ex post sanctions; negligence versus strict liability; property rules; remedies for breach of contract; and the American rule versus the English rule for allocating litigation costs. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and (73-160 Min. grade C or 73-230 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73408/law-and-economics
73-415 Data Driven Business and Public Policy Decision Making
Intermittent: 9 units
In this course students will learn to leverage data to inform business and policy decisions. The course will teach students various methods for data description, including techniques of data visualization and statistical techniques. Students will learn how to assess the precision of estimation techniques. The final part of the course covers examples taken from epidemiology, economics, business and public policy. (Lecture, 3 hours: Recitation: 1 hour). Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-256 or 21-269) and 73-230 Min. grade C and (73-265 Min. grade C or 73-274 Min. grade C or 36-220 Min. grade C or 36-225 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73415/data-driven-business-and-public-policy-
73-421 Emerging Markets
Fall: 9 units
The aim of the course is to understand the economic, political and institutional forces that spur or hinder business activity and success in emerging economies. The course is designed to provide an overview of fiscal, monetary, trade and labor market policies adopted in emerging economies and how these policies have impacted and continue to impact small and large businesses, investment opportunities and the growth potential of these countries. The course will focus on successful emerging economies such as India, China, Chile, Brazil, with broader lessons and comparisons drawn from developed countries, as well as from failures in other developing nations. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-256 or 21-269 or 21-268) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73421/emerging-markets
73-433 Environmental Policy and Economics
Intermittent: 9 units
The primary objective of this course is to encourage students to apply the tools of microeconomic analysis (and to a lesser degree, macroeconomics) to the problems of environmental protection, natural resource management, and energy production and use. The course will begin by introducing students to how an economist approaches problems of market failure commonly found in environmental contexts. Next, we will explore models that characterize solutions to such environmental issues. We will then address questions regarding measurement, the design of environmental regulations, and, finally, we will apply the tools that we have developed during the semester to the problems of climate change, and the optimal management of forests, water resources, and land use. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-269 or 21-268 or 21-256) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73433/environmental-policy-and-economics
73-449 Social, Economic and Information Networks
Fall: 9 units
Interaction is a fundamental part of social science: firms market products to consumers, people share opinions and information with their friends, workers collaborate on projects, agents form alliances and coalitions. In this course, we will use the emerging field of social networks to put structure on this diverse mass of connections. Using a mixture of theoretical, empirical, and computational methods, we will learn about the structure and function of social networks. We will look at how an individual's position in a social network reflects her role in the community. We will learn to identify tastemakers and trendsetters by looking at how information moves through our increasingly connected society. We will consider how our own position in the social network affects our behavior, opinions, and outcomes. And we will explore where social networks come from, and what affects their structure. The material in this course will be interdisciplinary, drawn from the fields of math, computer science, physics, sociology, political science, and economics. By the end of the course, you will have the tools and knowledge needed to analyze social networks on your own. The course is capped with a project where you will use your skills to answer your own questions. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses..
Prerequisites: (21-268 or 21-269 or 21-259 or 21-256) and 73-230 Min. grade C and (36-220 or 36-217 or 36-201 or 70-207 or 36-225)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73449/social-economics-and-information-networ
73-465 Technology Strategy
Spring: 9 units
This course is about business strategy for technology-intensive industries. Examples of such industries are computer hardware and software, media and entertainment, telecommunications and e-commerce. We will explore the unique economic circumstances facing firms in these industries and identify strategies that enable firms to succeed given these circumstances. You will learn to analyze pricing strategies including versioning and bundling; product standardization decisions; managing product complements; exploiting network effects; managing platform competition. This course will help you understand the unique economic characteristics seen in today's technology-intensive markets and how they impact the strategic interactions among firms and consumers. We will study, for example: Why firms in the IT industry give away their best products for free. Why makers of video gaming consoles subsidize end users (but tax game developers) while computer operating system makers subsidize software developers (but overcharge end users). Why Sony won the Blu-Ray format war against HD-DVD which was sponsored by a whole array of companies. In order to understand how firms strategically interact with consumers in technology-intensive industries this course will use a combination of simple but rigorous analytical models, emerging theories, and formal case studies. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-256 or 21-269) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73465/technology-strategy
73-469 Global Electronic Markets: Economics and the Internet
Fall: 9 units
The information revolution brought about by the Internet is having a dramatic impact on the organization of economic activity. Long-term contractual relationships that once governed corporate procurement are being dismantled as manufacturers use the Internet to market directly to the public. New transportation networks that used to simply move goods from point A to point B are evolving into dynamic inventory pipelines that allow manufacturers to track and even reroute shipments in real time. At the same time, individuals are making use of sophisticated search engines to comparison shop at a scale that would have been physically exhausting even five years ago. We will use the basic tools of economic analysis to understand how and why the changes in information technology are reshaping the economic landscape. (Lecture, 3 hours). Minimum grade standard of "C" applies only to economics courses.
Prerequisites: (21-268 or 21-269 or 21-259 or 21-256) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73469/global-electronic-markets
73-474 The Economics of Ideas: Growth, Innovation and Intellectual Property
Intermittent: 9 units
Healthy economies in many way resemble healthy people they are alive and vibrant, growing and adjusting in response to changing circumstances and what fuels economic growth and innovation are ideas. This course explores the role of ideas in the modern economy. Topics include: models of economic growth, economic efficiency and development, innovation and human capital, intellectual property and public policy issues. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-269 or 21-268) and 73-230 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73474/economics-of-ideas-growth-innovation-an
73-476 American Economic History
Fall: 9 units
The study of economic history provides important perspective on current economic institutions and policies. A failure to understand the historical evolution of economic institutions or the variety of past economic experience is perhaps the worst shortcoming of many economists. The study of economic history provides an opportunity to test currently fashionable theories against data different from those used in their construction. In fact, this is a course in applied economics. The theories developed in the intermediate courses will be applied to episodes from the past in ways that increase understanding both of the specific historical episodes considered and the economic theories employed. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and (73-160 Min. grade C or 73-230 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73476/american-economic-history
73-497 Senior Project
Fall: 9 units
A fourth-year project course, open only to Economics primary and additional majors with Senior standing. The senior project is a capstone course in economics. The purpose of the course is to showcase the analytical and quantitative skills that you have acquired as an undergraduate at Carnegie Mellon. The course project should reflect some independent applied research that is genuinely your own work. Thus a "book report" or a "literature review" are not sufficient exercises to satisfy this requirement. The following research approaches are acceptable for the research project: an empirical study based on a data set that you put together, an experimental study based on an experiment that you conducted, an analysis of survey data based on a survey that you conducted, a theoretical analysis based on a model that you have developed, based on your own algorithm. Students who write an honor thesis are exempted from this class. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-269 or 21-256) and (36-226 or 73-265 Min. grade C or 73-274 Min. grade C or 73-374 Min. grade C or 73-407 Min. grade C or 36-303) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73497/senior-project
73-500 Tepper College Honors Thesis I
Fall and Spring
Economics majors with outstanding academic records and intellectual promise will be given the opportunity to undertake original research under the direction of individual faculty members. Research topics are selected by students and approved by faculty. Prerequisites: Senior standing in the Economics Program and permission of the Economics faculty. Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and (73-265 Min. grade C or 73-274 Min. grade C or 36-226 Min. grade C) and 73-230 Min. grade C and 73-240 Min. grade C

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73500/tepper-senior-honors-thesis-i
73-501 Tepper College Honors Thesis II
Fall and Spring
Economics majors with outstanding academic records and intellectual promise will be given the opportunity to undertake original research under the direction of individual faculty members. Research topics are selected by students and approved by faculty. Prerequisites include: Senior standing in the Economics Program and permission of the Economics faculty. Minimum grade of "C" required in all economics and statistics pre-requisite courses, and a minimum grade of "B" required in Tepper College Honors Thesis I.
Prerequisites: (21-256 or 21-259 or 21-268 or 21-269) and 73-230 Min. grade C and 73-240 Min. grade C and 73-500 Min. grade B and (73-265 Min. grade C or 73-374 Min. grade C)

Course Website: http://tepper.cmu.edu/prospective-students/course-page/73501/tepper-senior-honors-thesis-ii

Faculty

LAURENCE ALES, Associate Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2008–.

KATHARINE ANDERSON, Assistant Professor of Economics and Entrepreneurship – Ph.D., University of Michigan; Carnegie Mellon, 2010–.

STEPHEN M. CALABRESE, Visiting Associate Professor of Economics, Carnegie Mellon University-Qatar – Ph.D., Carnegie Mellon University; Carnegie Mellon, 2007–.

DAVID CHILDERS, Assistant Professor of Economics – Ph.D., Yale University; Carnegie Mellon, 2016–.

KAREN B. CLAY, Professor of Economics and Public Policy, H. J. Heinz III College – Ph.D., Stanford University; Carnegie Mellon, 1998–.

ROBERT M. DAMMON, Dean; Professor of Financial Economics – Ph.D., University of Wisconsin; Carnegie Mellon, 1984–.

TIMOTHY P. DERDENGER, Associate Professor of Marketing and Strategy – Ph.D., University of Southern California; Carnegie Mellon, 2009–.

KENNETH B. DUNN, Professor of Financial Economics, Emeritus – Ph.D., Purdue University; Carnegie Mellon, 1979–.

DENNIS N. EPPLE, Thomas Lord University Professor of Economics – Ph.D., Princeton University; Carnegie Mellon, 1974–.

SELMAN EROL, Assistant Professor of Economics – Ph.D., University of Pennsylvania; Carnegie Mellon, 2016–.

CHRISTINA FONG, Senior Research Scientist in Social and Decision Sciences, Dietrich College of Humanities and Social Sciences – Ph.D., University of Massachusetts; Carnegie Mellon, 2001–.

JOHN GASPER, Associate Teaching Professor of Economics – Ph.D., Carnegie Mellon University ; Carnegie Mellon, 2010–.

MARTIN GAYNOR, E.J. Barone University Professor of Economics and Health Policy, H. J. Heinz III College – Ph.D., Northwestern University; Carnegie Mellon, 1995–.

MARVIN GOODFRIEND, Friends of Allan Meltzer Professorship; Professor of Economics – Ph.D., Brown University; Carnegie Mellon, 2005–.

BURTON HOLLIFIELD, Head, B.S. in Business Administration Program, PNC Professor of Finance; Professor of Financial Economics – Ph.D., Carnegie Mellon University; Carnegie Mellon, 1999–.

KARAM KANG, Assistant Professor of Economics – Ph.D. , University of Pennsylvania; Carnegie Mellon, 2012–.

ONUR KESTEN, Associate Professor of Economics – Ph.D., University of Rochester; Carnegie Mellon, 2005–.

ALEXEY KUSHNIR, Assistant Professor of Economics – Ph.D., Pennsylvania State University; Carnegie Mellon, 2014–.

FINN KYDLAND, The Richard P. Simons Distinguished Professorship; University Professor of Economics; Nobel Laureate (2004) – Ph.D., Carnegie Mellon University; Carnegie Mellon, 1977–.

REBECCA LESSEM, Assistant Professor of Economics – Ph.D., University of Wisconsin-Madison; Carnegie Mellon, 2011–.

BENNETT T. MCCALLUM, H. J. Heinz Professor of Economics, Emeritus – Ph.D., Rice University; Carnegie Mellon, 1981–.

ROBERT A. MILLER, Richard M. Cyert and Morris DeGroot Professor of Economics and Statistics – Ph.D., University of Chicago; Carnegie Mellon, 1982–.

NICHOLAS MULLER, Associate Professor of Economics, Engineering, and Public Policy – Ph.D., Yale University; Carnegie Mellon, 2017–.

JOHN R. O'BRIEN, Associate Dean, Carnegie Mellon University-Qatar; Associate Professor of Accounting and Experimental Economics – Ph.D., University of Minnesota; Carnegie Mellon, 1984–.

MARYAM SAEEDI, Assistant Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2016–.

ALI SHOURIDEH, Assistant Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2016–.

CHRISTOPHER SLEET, Head, Economics Programs, Professor of Economics – Ph.D., Stanford University; Carnegie Mellon, 2005–.

FALLAW B. SOWELL, Associate Professor of Economics – Ph.D., Duke University; Carnegie Mellon, 1988–.

CHESTER S. SPATT, Pamela R. and Kenneth B. Dunn Professor of Finance – Ph.D., University of Pennsylvania; Carnegie Mellon, 1979–.

STEPHEN E. SPEAR, Professor of Economics – Ph.D., University of Pennsylvania; Carnegie Mellon, 1982–.

V. EMILY STARK, Assistant Teaching Professor of Business Communications – Ph.D., Carnegie Mellon University; Carnegie Mellon, 2013–.

CHRISTOPHER I. TELMER, Associate Professor of Financial Economics – Ph.D., Queen’s University (Canada); Carnegie Mellon, 1992–.

SHU LIN WEE, Assistant Professor of Economics – Ph.D., University of Maryland; Carnegie Mellon, 2014–.

SEVIN YELTEKIN, Professor of Economics – Ph.D., Stanford University; Carnegie Mellon, 2005–.

ARIEL ZETLIN-JONES, Assistant Professor of Economics – Ph.D. , University of Minnesota; Carnegie Mellon, 2012–.

Visiting Faculty

SERRA BORANBAY-AKAN, Visiting Assistant Professor of Economics – Ph.D., Northwestern University; Carnegie Mellon, 2013–.

ROSS DOPPELT, Visiting Assistant Professor of Economics – Ph.D., New York University; Carnegie Mellon, 2017–.

SELCUK OZYURT, Visiting Assistant Professor of Economics – Ph.D., New York University; Carnegie Mellon, 2017–.

MARGARITA PORTNYKH, Postdoctoral Fellow in Economics – Ph.D. , Clemson University; Carnegie Mellon, 2018–.

SINAN SARPCA, Visiting Assistant Professor of Economics – Ph.D., Carnegie Mellon University; Carnegie Mellon, 2017–.

Adjunct Faculty

CAROL B. GOLDBURG, Executive Director, Undergraduate Economics Program; Adjunct Professor of Economics – Ph.D., Carnegie Mellon University; Carnegie Mellon, 2005–.