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 8411
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
#
X
Required
#
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 need in government,
the private sector, and in academia 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
1
Revised 04-06-11 and posted fall of 2011
hazards and regulation of risk, as well as businesses for management and mitigation of
risk.
The assessment process of the Economics Graduate Faculty has determined that this is an
essential core course for the field of Risk Economics. It is also a fundamental course for
the applied macro and micro economic fields in dealing with issues raised by coastal
natural hazards.
6. Course description exactly as it should appear in the next catalog:
8411. Risk Analysis I (3) P: ECON 8011, 8012; MATH 5102, 5801. Analysis of risk
and uncertainty.
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.
6
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).
Required:
Fishburn, P.C. (1970). Utility Theory for Decision Making. New York: Wiley. ISBN:
978-0471260608
Gilboa, I. (2009). The Theory of Decision under Uncertainty. Cambridge, UK:
3
Revised 04-06-11 and posted fall of 2011
Cambridge. ISBN: 978-0521741231
Kreps, D. (1988). Notes on the Theory of Choice. Boulder: Westview. ISBN: 9780813375533
Recommended:
Arrow, K.J. (1970). Essays in the Theory of Risk Bearing. New York: Markham. ISBN:
978-0720430479
De Groot, M. (1970). Optimal Statistical Decisions. New York: McGraw Hill. ISBN:
978-0471680291
Savage, L.J. (1954). The Foundations of Statistics. New York: Dover. ISBN: 9780486623498
Selected articles from recent theoretical literature.
b. Course objectives for the course (student – centered, behavioral focus)
Upon completion of this course, students will be able to:




Apply fundamental mathematical models of risk and uncertainty;
Analyze the decision theory of choices in the face of both risk and more
fundamental uncertainty;
Compare and critique expected utility models and their dynamic extensions to
situations involving risk, uncertainty, and/or ambiguity in both static and
dynamic settings;
Master the classic tools of risk analysis and implement them in standard
applications.
c. Course topic outline
1.
2.
3.
4.
5.
6.
7.
8.
Mathematical formulation of risk, measures of levels of ‘riskiness’
Review of the foundations of expected utility theory
Classical Decision Theory in the face of Risk
Subjective Probability and Choice under Uncertainty
Modeling Ambiguity and Ambiguity Aversion
Intertemporal, Recursive Utility Models of Decision Making
Learning and Updating
Generalizations of State Space approach to modeling uncertainty and decisions
d. List of course assignments, weighting of each assignment, and grading/evaluation system
for determining a grade



6 problem sets (40%);
Mid-term Exam or Writing Assignment (25%);
Comprehensive Final Exam (35%).
Evaluation System
A
90% to 100%
B
89% to 80%
C
79% to 70%
F
Below 70%
Outstanding Performance
Acceptable Performance
Inadequate Performance
Failure
4
Revised 04-06-11 and posted fall of 2011