Economics 315 - Seminar: Markets and Economic Models

This course uses microeconomic theory tools to survey the literature on the various ways that markets determine the allocation of scarce resources: via a single market-clearing price, queueing, rationing, a centralized matching or assignment algorithm, or an auction. Students examine a specific marketplace and analyze it using either an economic model, data or both. The economic analysis should propose ways of improving the studied allocation and discuss their economic rationale. Students are welcomed to use data to quantify the potential gains associated with the recommended improvement. Alternatively, students could use computer simulations, or conduct a full theoretical analysis. Prerequisites: ECO 220 and ECO 250. Enrollment limited to 12. Juniors and seniors only. Instructor permission required.

[CE] JR/SR only; Prereq: ECO 220 & 250