Graduate Curriculum Committee Course Proposal Form
for Courses Numbered 6000 and Higher
Note: Before completing this form, please carefully read the accompanying instructions.
Submission guidelines are posted to the GCC Web site: http://www.ecu.edu/cs-acad/gcc/index.cfm
1. Course prefix and number:
ECON 8510
2. Date:
09/13/2011
3. Requested action:
X New Course
Revision of Active Course
Revision & Unbanking of a Banked Course
Renumbering of an Existing Course from
from
to
#
Required
X
#
Elective
4. Method(s) of delivery (check all boxes that apply for both current/proposed and expected
future delivery methods within the next three years):
Current or
Proposed Delivery
Method(s):
X
On-campus (face to face)
Expected
Future Delivery
Method(s):
X
Distance Course (face to face off campus)
Online (delivery of 50% or more of the instruction is offered online)
5. Justification (must cite accreditation and/or assessment by the graduate faculty) for new course
or course revision or course renumbering:
The graduate faculty of the Department of Economics identified a societal need for PhD
graduates with advanced analytic and technical skills necessary for analysis, mitigation,
management and regulation of risk—both environmental and financial. This requires an
understanding of the underlying individual decision maker and firm behavior and their
interaction within market and nonmarket settings. Theoretical modeling and empirical
analysis complete the picture and allow for the identification of effective public policy
and regulation. This doctoral program is unique within the state of North Carolina
because it emphasizes risk modeling and analysis over a broad scope of applications that
range from financial markets to natural hazards. Students with training from this
program will be well equipped to qualify for high level positions within Federal and State
Agencies that deal with natural hazards and regulation of risk, as well as businesses for
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management and mitigation of risk.
The assessment process of the Economics Graduate Faculty has established the need for a
course which will formally develop the normative economic analysis of market and nonmarket outcomes.
6. Course description exactly as it should appear in the next catalog:
8510. Applied Welfare Analysis (3) P: ECON 8112. Theory of normative models for
applied welfare economics and their application to public policy.
7. If this is a course revision, briefly describe the requested change:
N/A
8. Course credit:
Lecture Hours
3
3
Weekly
OR
Per Term
Credit Hours
s.h.
Lab
Weekly
OR
Per Term
Credit Hours
s.h.
Studio
Weekly
OR
Per Term
Credit Hours
s.h.
Practicum
Weekly
OR
Per Term
Credit Hours
s.h.
Internship
Weekly
OR
Per Term
Credit Hours
s.h.
Other (e.g., independent study) Please explain.
s.h.
3
Total Credit Hours
s.h.
8
9. Anticipated annual student enrollment:
10. Changes in degree hours of your programs:
Degree(s)/Program(s)
Changes in Degree Hours
PhD in Economics
N/A
11. Affected degrees or academic programs, other than your programs:
Degree(s)/Program(s)
Changes in Degree Hours
12. Overlapping or duplication with affected units or programs:
X Not applicable
Documentation of notification to the affected academic degree programs is
attached.
13. Council for Teacher Education (CTE) approval (for courses affecting teacher education):
X Not applicable
Applicable and CTE has given their approval.
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14. University Service-Learning Committee (USLC) approval:
X Not applicable
Applicable and USLC has given their approval.
15. Statements of support:
a. Staff
Current staff is adequate
X
Additional staff is needed (describe needs in the box below):
b. Facilities
X Current facilities are adequate
Additional facilities are needed (describe needs in the box below):
c. Library
X
Initial library resources are adequate
Initial resources are needed (in the box below, give a brief explanation and an
estimate for the cost of acquisition of required initial resources):
d. Unit computer resources
X
Unit computer resources are adequate
Additional unit computer resources are needed (in the box below, give a brief
explanation and an estimate for the cost of acquisition):
e. ITCS resources
X
ITCS resources are not needed
The following ITCS resources are needed (put a check beside each need):
Mainframe computer system
Statistical services
Network connections
Computer lab for students
Software MATLAB
Approval from the Director of ITCS attached
16. Course information (see: Graduate Curriculum and Program Development Manual for
instructions):
a. Textbook(s) and/or readings: author(s), name, publication date, publisher, and
city/state/country. Include ISBN (when applicable).
Just, R.E., Hueth, D.L. & Schmitz, A. (2004). The Welfare Economics of Public Policy.
Edward Elgar. Northampton, MA.
Bockstael, N.E. & McConnell, K.E. (2007). Environmental and Resource Valuation
with Revaled Preferences. Springer. Dordrecht, The Netherlands.
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b. Course objectives for the course (student – centered, behavioral focus)
Upon completion of this course, students will be able to:
Formulate, analyze, and critique social scientific metrics for evaluating economic
outcomes; assess changes in economic welfare stemming from resource allocation
decisions; formulate theoretical models that support economic welfare measurement;
design econometric models that can be used in applied welfare analysis; and synthesize
theory and empirics to apply results to public policy decisions.
c. Course topic outline
Week 1: Welfare Economics, Pareto Optimality, Hicks-Kaldor Compensation,
Week 2: Measures of Surplus; Weak Complementarity and Non-use values;
Accuracy and Approximation of Welfare Effects
Week 3: Factor Supply and Welfare of Firms
Week 4: Welfare Evaluation under Risk and Uncertainty
Week 5: Market Level Welfare Analysis
Week 6: Multi-market Analysis and General Equilibrium
Week 7: Valuing Public Goods; Environment as a Quality Characteristic
Week 8: Household Production Models
Week 9: Revealed Preference Methods – Recreation Demand
Week 10: Revealed Preference Methods – Averting Behavior and Health
Production
Week 11: Revealed Preference Methods – Hedonic Property and Wage Models
Week 12: Stated Preference Methods – Contingent Valuation
Week 13: Stated Preference Methods – Contingent Behavior, Choice
Experiments
Week 15: Final Examination
d. List of course assignments, weighting of each assignment, and grading/evaluation system
for determining a grade
Evaluation system is A for outstanding performance, B for acceptable performance, C
for inadequate performance, and F for failure.
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