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 8112
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 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 determined that this is a
necessary second course of a two course economic theory requirement for a Ph.D.
program in Economics.
6. Course description exactly as it should appear in the next catalog:
8012. Economic Theory II (4) P: ECON 8111. Further develops fundamental models
and methods of economic analysis: elements of game theory; imperfect competition;
analysis of market failure; problems of incomplete and asymmetric information; welfare
economics, social choice and incentives, and mechanism design.
7. If this is a course revision, briefly describe the requested change:
N/A
8. Course credit:
Lecture Hours
3
1
3
1
Weekly
OR
Per Term
Credit Hours
Weekly
OR
Per Term
Credit Hours
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.
Lab
s.h.
s.h.
Other (e.g., independent study) Please explain.
s.h.
4
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):
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X
Not applicable
Applicable and CTE has given their approval.
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
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).
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Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic Theory. New
York, NY: Oxford University Press.
Jehle, G. A., & Reny P. J. (2001). Advanced Microeconomic Theory (2nd ed.). Boston,
MA: Addison, Wesley.
Laffont, J-J. (1988). Fundamentals of Public Economics. Cambridge, MA: MIT Press.
Salanie, B. (2005). The Economics of Contracts: A Primer, (2nd Ed.). Cambridge, MA:
MIT Press.
b. Course objectives for the course (student – centered, behavioral focus)
Upon completion of this course, students will be able to:
 Critically analyze the substantial extensions




of fundamental models of
economic analysis;
Creatively apply the fundamental tools of economic analysis to the design of economic
mechanisms;
Critically analyze problems of market failure resulting from externalities, public
goods, and incentive distortions;
Apply mechanism design theory to develop effective policy responses;
Develop economic analytic tools applicable in all other areas of economics.
c. Course topic outline
1.
2.
3.
4.
5.
6.
7.
Game Theory: Basic Elements and Non-Cooperative Equilibria
Extensions: Dynamic Games and Cooperative Game Theory
Market Power and the Foundations of Equilibrium Theory
“Market Failure”: Externalities and Public Goods
Informational Asymmetries: Adverse Selection and Moral Hazard
Principal-Agent Problem, Incentives, and Mechanism Design
Social Choice Theory and Welfare Economics
d. List of course assignments, weighting of each assignment, and grading/evaluation system
for determining a grade



7 problem sets (40%), one due every other week;
Mid-term Exam (25%), on material through topic 6;
Comprehensive Final Exam (35%).
Grading System:
A – Outstanding; B – Satisfactory; C – Insufficient; F – Failing.
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