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 1 Revised 04-06-11 and posted fall of 2011 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. 2 Revised 04-06-11 and posted fall of 2011 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. 3 Revised 04-06-11 and posted fall of 2011 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. 4 Revised 04-06-11 and posted fall of 2011