ECON

Subject

ECON

Type

alias

Source

www.college.upenn.edu

Subject

ECON

Type

alias

Source

www.college.upenn.edu

This seminar examines the origins of modernity and the role economic ideas played in shaping it from an interdisciplinary perspective. The modern age has been described as a period of change, growth, instability, alienation, liberation, equality, prosperity, revolutions, and progress—often with contradictory views. But what were the forces that shaped this era? What ideas and events contributed to an age of unparalleled scientific, technological, and economic development? What new challenges emerged, and how can we understand them? By closely studying foundational texts in economics and related fields—such as politics, history, philosophy, and literature—this course will explore the key ideas in economics behind this civilizational shift. Students will gain insight into the complex relationship between economics and ideas and how it has evolved over time. Through rigorous reading, writing, and seminar discussions, they will develop critical thinking skills to analyze the events and ideas that shaped the world in which we live.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This seminar presents students with an introduction to economics by looking at the diversity of theories within this field. Reading primary texts of major economists, including more than a dozen Nobel laureates, students will learn about rational choice theory, public choice theory, Austrian economics, behavioral economics, and social choice theory. You will study competing definitions of what economics is and what methodology it should follow. Students will also learn about the philosophical origins of key ideas in economics, including utility, rationality, choice, and welfare. In addition, students will participate in a several case students and class debates in which you must apply the concepts learned to contemporary topics in society. No prior courses in economics are required. Reviewing the views expressed in these disagreements will allow students to form their own opinions on major topics in economics where the arguments are largely philosophical. The goal of the overall course is to help students develop a more critical understanding of the assumptions of economics as it is practiced as a social science.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

2 ECON 0200 Introductory Economics: Macro 1

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course is about strategically interdependent decisions. In such situations, the outcome of your actions depends also on the actions of others. When making your choice, you have to think what the others will choose, who in turn are thinking what you will be choosing, and so on. Game Theory offers several concepts and insights for understanding such situations, and for making better strategic choices. This course will introduce and develop some basic ideas from game theory, using illustrations, applications, and cases drawn from business, economics, politics, sports, and even fiction and movies. Some interactive games will be played in class. There will be little formal theory, and the only pre-requisites are some high-school algebra and having taken Econ 1. However, general numeracy (facility interpreting and doing numerical graphs, tables, and arithmetic calculations) is very important. This course will also be accepted by the Economics department as an Econ course, to be counted toward the minor in Economics (or as an Econ elective).

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Or Waiver Conversion Complete Intro Micro/Macro - For WHARTON Students Only

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course provides an introduction to the economic method for analyzing public policy questions. It develops the implications of this method for the role of government in a market economy and for the analysis of specific public projects.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course examines the effects of strategic behavior on political outcomes and government policies. Topics and applications may include voting behavior, candidate competition, voting systems, social choice and welfare, policy divergence, redistributive policies and theories of political transitions.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The course begins with an extensive discussion of models of labor market demand and supply. The rest of the course addresses a variety of related topics including the school -to-work transition, job training, employee benefits, the role of labor unions, discrimination, workforce diversity, poverty, and public policy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The relationship of economic principles to law and the use of economic analysis to study legal problems. Topics will include: property rights and intellectual property; analysis of antitrust and economic analysis of legal decision making.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This is an introductory undergraduate course on the digital economy. Our two main goals are (a) to understand how people and companies interact in digital markets and (b) to understand how digital markets should be designed and regulated. We analyze some key features that are prevalent in digital markets, including price discrimination, network effects, two- sided markets, search and matching, reputation systems, and the use of data. We also zoom in on individual markets, such as e-commerce, media platforms, and the gig economy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Theories of various industrial organizational structures and problems are developed, including monopoly, oligopoly, moral hazard and adverse selection. These theories are then applied to the study of various industries, antitrust cases, and regulatory issues.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course examines some of the ways in which economics as a social science is related to philosophy. We start with a discussion of the definition, scope, and methodology of economics, reading Robbins on the definition of economics, Mill on the science of political economy and Friedman’s essay on methodology, along with some of its critical responses. We then consider three central concepts of economics which have their roots in philosophy: rationality, utility, and welfare, and we examine the philosophical assumptions in each of these economic concepts. Economics assumes a form of instrumental rationality by which individuals seek to maximize their utility. We consider the origins of this concept of rationality, its extension into rational choice theory, and the critiques it has inspired. Our next topic is the concept of utility, which originates in philosophy but which receives a technical definition in economics. Finally, we turn to welfare economics, which is the most normative part of economic science, where we consider topics such as preference satisfaction and interpersonal comparisons of utility. We also raise the question throughout whether these concepts are rightly used in economics, and whether welfare economics can in fact promote well-being. In addition to the four major topics (methodology, rationality, utility, and welfare), we will also devote one class each to four topics debated in journal articles by some of the most important economists in recent history. These topics are: --Is underinvestment in basic research a market failure? (Arrow v. Demsetz); --What are the market consequences of imperfect information? (Hayek v. Stiglitz); --What are the moral dimensions of economic growth, specifically as it relates to the environment? (B. Friedman v. T. Jackson); --Is it ethical for the state to “nudge” citizens towards desired behaviors? (Thaler and Sunstein v. Grüne-Yanoff); and Reviewing the views expressed in these debates will allow students to form their own opinions on major topics in economics where the arguments are largely philosophical. The goal of the overall course is to help students develop a more critical understanding of the assumptions of economics as it’s practiced as a social science.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This seminar will ponder Haiti's experience of debt and underdevelopment going back to the 19th century. Taking cues from the debate started by the New York Times in 2023, we will read and discuss texts describing debt, debt crisis, focusing on the interaction between global and local politics, the problem of debt forgiveness, etc. The approach will be chronological, with readings that will engage with the manner in which alternative capital markets set up reverberated locally and vice versa. We will also invite a number of Haitian and other scholars through interactive zoom sessions. While the seminar is focused in the case of Haiti we will also discuss broader implications. Also Offered As: HIST 2451, LALS 2451 1 Course Unit

Subject

ECON

Credits (min)

1825

Credits (max)

2025

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Introduction to the theory of international trade and international monetary economics. The theoretical background is used as a basis for discussion of policy issues. Patterns of international trade and production; gains from trade; tariffs, and impediments to trade; foreign exchange markets, balance of payments, capital flows, financial crises, coordination of monetary and fiscal policy in a global economy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course presents an overview of the field of development economics. The general aim is to show how economic analysis has been applied to issues related to developing countries. Among the topics covered are: income distribution, poverty, health, population growth, migration, growth, and the rural economy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Sterling to Cryptocurrency (1720-2020)

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Economic history is increasingly recognized as a crucial source of policy advice and is invoked with growing frequency in public debates. In particular, the subprime crisis in 2008 and after has generated a demand for "historical perspective" that would improve the understanding of the causes of financial turmoil and facilitate the prevention of comparable catastrophes. This course begins with a review of the principal features of the subprime crisis of 2008 and asks, so to speak, "how did we get there?" It answers by providing historical insights that shed light on crucial aspects of financial disasters. This is a history course, engaging with topics pertaining to economics, law and politics (national and international). Students with diverse backgrounds are expected to benefit from this course through acquiring a concrete knowledge of the historical evolution of fundamental institutions of financial capitalism. Ultimately, students enrolling in this course are expected to achieve proficiency in historically informed discussion of the mechanisms that were played out in the subprime crisis and beyond. Not Offered Every Year Also Offered As: HIST 1731 1 Course Unit 2026-27 Catalog | Generated 08/03/26

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Business, Economic and Financial History plays a crucial role today in informing the views of business leaders, policy makers, reformers and public intellectuals. This seminar provides students with the opportunity to acquire a command of the key elements of this important intellectual field. The seminar format enables us to do this engagingly through reading and discussion. Students acquire a knowledge of the fundamental texts and controversies. Each meeting focuses on one foundational debate and provides a means to be up to date with the insights gleaned from rigorous economic history. We will examine twelve important debates and students will be asked to write a paper. The debates will include such questions as: What is growth and how can it be measured? What caused the "great divergence" in long run development among countries? How can we "understand" the rise and fall of slavery and its long shadow today? What is globalization and when did it begin? Did the Gold Standard and interwar fiscal and monetary policy orthodoxy cause the great depression? How can we explain the evolution of inequality in the very long run? Also Offered As: HIST 3710 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The course provides an application of economic models to demand, supply, and their interaction in the medical economy. Influences on demand, especially health status, insurance coverage, and income will be analyzed. Physician decisions on the pricing and form of their own services, and on the advice they offer about other services, will be considered. Competition in medical care markets, especially for hospital services, will be studied. Special emphasis will be placed on government as demander of medical care services. Changes in Medicare and regulation of managed care are among the public policy issues to be addressed. Prerequisite: If course requirement not met, permission of instructor required.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Select 1 course unit at 4000 level 1 Select 2 course units of ECON Electives 2 Total Course Units 6

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Facts and theories about the determination of per capita income and its differences across countries and across time. The study of economic fluctuations in output and employment. The role of government in influencing these aggregate variables: monetary and fiscal policy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

& ECON 2310 and Econometric Methods and Models or ECON 4310Macro-Econometric Techniques and Applications or ECON 4320Micro-econometric Techniques and Applications or MATH 5460

Subject

ECON

Credits (min)

3

Credits (max)

3

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Two 4000 level courses

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

An introduction to game theory and its applications to economic analysis. The course will provide a theoretical overview of modern game theory, emphasizing common themes in the analysis of strategic behavior in different social science contexts. The economic applications will be drawn from different areas including trade, corporate strategy and public policy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This is an honors game theory class; permission is necessary to enroll. An introduction to game theory and its applications to economic analysis. The course will provide a theoretical overview of modern game theory, emphasizing common themes in the analysis of strategic behavior in different social science contexts. The economic applications will be drawn from different areas including trade, corporate strategy and public policy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course will study modern family economics. The class will develop economic models to study topics such as female labor supply, fertility, marriage and divorce, women's liberation, premarital sex and parental socialization, investment in health, and retirement. This is an advanced undergraduate class. Calculus is an integral part of the course. Some elementary probability theory is drawn upon. Students unwilling to learn e some of the tools used in modern economic should not take this class. Not Offered Every Year (MATH 1410 OR MATH 1510 OR MATH 1080) 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND (MATH 1400 OR MATH 1070) AND

This course investigates a topic which lies at the heart of economic, social and political sciences, namely the aggregation of individual preferences. Can a society as a whole exhibit preferences as individuals do? Can these preferences be based on individual ones, and show the same level of coherence? Which process can lead from individual preferences to the preferences of the society? At the end of the 18th century, the pioneers in the field already realized that mathematics is the only language powerful enough to make deep progress in the understanding of these questions. The formalization involves pure logic as well as geometry and combinatorics. Not Offered Every Year (MATH 1410 OR MATH 1510 OR MATH 1080) 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND (MATH 1400 OR MATH 1070) AND

Market design is broadly about designing interventions in economic systems so as to enhance their performance. The power and potential of market design has recently entered a new era of possibility with the rise of Artificial Intelligence. Artificial Intelligence is concerned with the design of intelligent autonomous systems. Such systems are rapidly transforming our society and economy and have been enabled by major advances in cloud computing and network telecommunications. Yet underlying the technological surface of many AI-oriented applications are fundamental economic and econometric principles which are central to their design and implementation. In short, to perform well, an AI system must "think like economists" - it must: 1. Make predictions about its environment; 2. Test causal hypotheses about the effect of various actions they can take, and; 3. Make decisions about an optimal plan of action in the face of uncertainty, which is a cycle that repeats and iteratively improves. Many of the established success stories in AI today have largely been focused on achieving (1), the trend is towards AI increasingly encompassing (2) and (3). In this course we aim to isolate these economic principles and understand their role in the modern development of AI, as well as gaining an appreciation for what the proliferation of AI based technologies means for the economy in which we live. Although the course will be principally interested in the former, we won't fully shy away from some discussion of the latter. Topics include human judgment and decision making biases (a light intro to behavioral economics), predictive machine learning and regularization, causal inference as distinct from prediction with application to product pricing, and reinforcement learning for dynamic decisions.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course will show how individuals make decisions in a world full of uncertainties, both normatively and descriptively. This theory will help us build skills in understanding and analyzing a choice problem with uncertainty in a systematic fashion, as well as deepening our understanding of the fundamental concept of a utility function, which plays a critical role in economic modeling. The course requires a substantial ability of abstract thinking. Homework is intended to be thought-provoking rather than skill-sharpening. Not Offered Every Year MATH 1070) AND (MATH 1410 OR MATH 1510 OR MATH 1080) 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND ECON 2300 AND (MATH 1400 OR

This semester long course will introduce students to a variety of mathematical topics associated with convexity, optimization and fixed points that are used in Economic theory. The use of these techniques will be illustrated with a host of economic applications. Students who have not taken ECON 2100 require instructor permission.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

People often systematically deviate from predictions of standard models in economics. Behavioral economics is an emerging subfield of modern economics that incorporates insights from psychology and other social sciences into economics to improve realism of standard models. This course reviews some of the standard assumptions in economics and evidence on how human behavior systematically departs from these assumptions. Several well-known behavioral theories that explain such deviations and their implications will be discussed. Topics may include (but not limited to) context-dependence, prospect theory, loss aversion, present bias, self-control, reference-dependence, limited attention, biase beliefs, fairness, and biases in strategic reasoning.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This is a course on economic contract theory, covering adverse selection contracts, moral hazard contracts, dynamic contracts, incomplete contracts, and renegotiation. Illustrative applications include price discrimination, auctions, insurance, ownership, and hold-up problems. 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND (MATH 1080 OR MATH 1410)

The process of economic growth and the sources of differences in economic performance across nations are some of the most interesting, important and challenging areas in modern social science. You cannot travel or read the news without wondering why differences in standards of living among countries are so large. The primary purpose of this course is to introduce undergraduate students to these major issues and to the theoretical tools necessary for studying them. The course therefore strives to provide students with a solid background in dynamic economic analysis, as well as empirical examples and data analysis.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Over the past few decades, the U.S. as well as other advanced economies have undergone a secular transformation: while overall economic growth has slowed down mildly, the fruits of economic growth have been spread unevenly. Income and wealth inequality have increased, the labor share of national income has decreased, economic activity has increasingly concentrated at a few superstar firms, and business dynamism has declined. The observed developments have generated strong reactions across the political spectrum. Is the American Dream really still alive, or might it be that a large fraction of the population simply will no longer be able to productively contribute to society? The aim of this course is to introduce advanced undergraduate students to the main empirical facts and theoretical tools involved in studying these developments through a macroeconomic lens. We will carefully analyze the data using the tools of applied (micro-)economics and interpret them using basic macroeconomic models. Interested students should have taken ECON 2100, ECON 2200, ECON 2300; MATH 1400, MATH 1410, or MATH 1510. Some basic knowledge of regression analysis is also recommended.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course will study numerical methods as used in modern macroeconomics. Students will learn how to solve nonlinear equations, difference equations, interpolate functions, smooth data, and conduct Monte Carlo simulations on the computer. This will be done while studying economic problems, such as the determination of labor supply, economic growth and business cycle analysis. Calculus is an integral part of the course and some elementary probability theory will be drawn upon. The MATLAB programming language will be used.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This is an advanced course in macroeconomics. A relatively simple, but well defined and internally consistent model of the U.S. economy is set up and used to study how output is generated given the initial resources, how output is divided between consumption and addition to capital stock, and how this process accumulates over time. The role of prices including the rate of interest in this process is also reviewed, and monetary and fiscal policies needed to improve the performance of the economy under such circumstances are discussed.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Inequality among economic agents is a defining feature of modern economies: Households at the top of the wealth distribution own billions of dollars, while the bottom half of the population has almost no wealth and lives paycheck to paycheck. Some firms have thousands of employees while others operate only with a handful of workers. And inequality among both households and firms has been on the rise. Which forces shape the distribution of income and wealth across households? Why do some firms hire more employees than others? And how do these differences across households and firms affect aggregate outcomes in the economy? The objective of the course is to introduce students to micro-data evidence on the rich heterogeneity among economic agents and to provide them with simple theories to understand and analyze this heterogeneity and its interaction with macroeconomic outcomes. The course may be loosely structured in two parts, the first focussing on economic differences across households and the second focussing on differences across firms. Topics covered in the first half may include the distribution of income, wealth and spending across households and their determinants, the role of Macroeconomic trends and shocks for inequality among households, and the role of the distribution of income and wealth for macroeconomic dynamics. Topics covered in the second half of the course may include the distribution of employment and output across firms, the misallocation of resources and aggregate productivity, as well as firms' price-setting decision, its implications for trends in inflation, market power and profits. 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND ECON 2200 AND ECON 2300

This is an advanced undergraduate course in models of economic growth. Students will be introduced to the workhorse theoretical models that are used to understand growth by modern macroeconomic researchers and policy makers. The types of questions that we will address include: Why are some countries richer than others? Why do some countries grow quickly while others stagnate? Why did modern economic growth start in Western Europe? What can governments do to accelerate economic growth? How does economic growth interact with demographic and geographic factors? We will build theoretical models that can be used to answer these questions. There will be a strong focus on emphasizing the microeconomic foundations of models, and using the language of mathematics to express the underlying assumptions and assess their implications for policy. Hence, there are strict mathematical prerequisites. We will also compare the predictions of our models with the data. Thus, a fair amount of econometrics will be required. A class in statistics and econometrics is highly recommended. Not Offered Every Year (MATH 1400 OR MATH 1070) AND (MATH 1410 OR MATH 1510 OR MATH 1080) 1 Course Unit University of Pennsylvania Catalog 1595

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND (ECON 2200 OR FNCE 1010) AND

Money and Banking. This course studies the role that financial markets, institutions, and money play in resource allocation. Financial intermediation and the role of banks in the economic system are analyzed and the economic rationale behind banking regulation is studies. The course examines how monetary policy influences interest rates and asset markets, such as the bond market and the stock market. Finally, the instruments and goals of monetary policy are discussed, focusing in particular on credibility and commitment for central banks. All of the questions are explored analytically, using the tools of economic theory.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course is designed to introduce students to key topics in financial economics: the fundamentals of modern financial analysis, instruments and institutions, corporate investment and financing decisions, the theory of portfolio choice and theories of asset pricing. Along the way, students will be introduced to economics of uncertainty and statistical decision theory. We will explore both the older risk neutral models of valuation as well the more modern risk/arbitrage based theories. We will cover the central elements of corporate finance as well as some of the key financial aspects of public and international finance, as well as cryptocurrencies and their associated financial assets. (MATH 1400 OR MATH 1070) AND (MATH 1410 OR MATH 1510 OR MATH 1080) 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND (ECON 2200 OR FNCE 1010) AND

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The main objective of this course is to link macroeconomics and financial crises in all their forms (stock crashes, banking crises, sovereign debt crises, etc). We will focus on how macroeconomic dynamics can lead to financial crises and how financial crises, in turn, affect macroeconomic outcomes. We first introduce the concept of macro finance as the study of how financial markets interact with the macroeconomy, both in response to aggregate conditions and as an active force shaping macroeconomic outcomes. We begin by developing the basic building blocks needed to understand this interaction: pricing of bonds and stocks, risk and return, and the role of information and beliefs in financia markets. Building on these foundations, the course then examines how different financial markets can amplify economic fluctuations and destabilize macroeconomic dynamics, ultimately leading to painful and long-lasting events: crises. We first examine the mechanisms through which stock markets both benefit and harm the macroeconomy, with a focus on their potential demise via expectations and bubbles. We then examine the mechanisms through which debt markets both benefit and harm the macroeconomy, also focusing on their potential demise via information dynamics. Among the most relevant cases of debt markets we will focus on banking crises and sovereign debt crises. Finally, the course explores the role of government interventions in financial markets, including sovereign debt management, monetary policy, lender-of- last-resort facilities, and regulation. We focus on when and how these interventions can stabilize the economy, prevent crises and face crises, as well as when they may create new distortions. MATH 1410 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND ECON 2200 AND MATH 1400 AND

This course provides a deeper treatment of time-series econometric methods used in macroeconomc and financial applications, such as nonstationarity, unit roots, and cointegration; structural evolution and breaks; point, interval and density forecasts; forecast evaluation and combination; vector autoregression including impulse-response estimation and analysis; dynamic factor models and dimensionality reduction; univariate and multivariate stochastic volatility models; and prediction markets.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course provides a deeper treatment of econometric methods and issues as relevant for microeconomic applications, such as non- parametric function estimation; endogeneity and identification (strong and weak); generalized method of moments estimation; randomized and quasi-randomized methods for causal estimation; design strategies such as regression discontinuity and differences-in-differences; program evaluation; and quantile regression.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

and Models

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course provides a broad introduction to the economics of climate change. The relevant theory is covered, but the emphasis throughout is empirical. Topics may include: background in geophysics and econometrics; bi-directional feedback relationships between climate change and economic activity; global warming dynamics as manifeast in temperature and sea ice dynamics; economic strategies, policies, and institutions for climate change mitigation and adaptation (including trading or taxing carbon, hedging climate risk in financial markets, and monetary and supervisory policy).

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Does increasing the minimum wage reduce employment? Do smaller class sizes improve students' achievement? Does Medicare improve its recipients' health status? Program evaluation is an essential part of policy making and the political debate. More generally, causality and the identification of causal effects are at the heart of many questions in economics. The goal of this class is to give students a precise understanding of what causality is, and a working knowledge of empirical methods used in economics to estimate causal effects and evaluate public policy. Recommended: ECON 2310.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course has two parts. The first part looks at market and government failures and discusses the need for public policies as well as limits to their effectiveness including the evaluation of public projects using cost benefit analysis. The second part focuses on the economic analysis of taxation, including the economic incidence and efficiency of taxes.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course examines the political and economic determinants of government policies. The course presents economic arguments for government action in the private economy. How government decides policies via simple majority voting, representative legislatures, and executive veto and agenda-setting politics will be studied. Applications include government spending and redistributive policies.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Labor supply and labor demand, income distribution, labor market contracts and work incentives, human capital, labor market discrimination, job training and unemployment.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course will use basic microeconomic tools to understand how the law often, but not always, promotes economic efficiency. Among the areas to be discussed will be tort law, property law, intellectual property antitrust regulation. The distinction between common law and legislative law will be drawn.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Theories of various industrial organizational structures and problems are developed, including monopoly, oligopoly, nonlinear pricing and price discrimination. These theories are used to model various industries, antitrust cases, and regulatory issues.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

In this course we will use the tools of microeconomics to analyze the functioning of the health care system. We will draw from the sub- disciplines of information economics, industrial organization, labor economics, public economics, and behavioral economics. The primary goal is to use these tools to develop a critical analysis of the functionin of the health care system as well as of the policies aimed at improving it. We will learn about US specific institutional details and policies (most notably the Affordable Care Act), and we will compare them to other important international experiences.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

REAL/BEPP International Housing Comparisons 2360

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The course focuses on the educational decisions, including individual choices, institutional strategies and government policies. It is an elective course in economics and it is designed for junior and senior students. During the first part of the course we will go over the mathematical and empirical tools needed to understand and perform quantitative analysis , on topics in the economics of education. Students should expect to work on optimization methods, regression analysis and causal inference analysis. We will use Stata (https://www.stata.com/) as statistical software. After we have built a solid foundation of knowledge, we will cover the first "real" topic of the economics of education: the return to schooling. During this phase of the course we seek to address two questions: what are the benefits that an individual acquires (i.e. in terms of earnings in the labor market or career opportunities) by attending more years of school and what are the benefits for society as a whole? While these questions seem to have a simple explanation, we will discover that they are actually quite challenging and require a more complex explanation. Once we have analyzed the benefits of schooling, we will study what motivates some students to further their education for more years, as opposed to others. In particular, we will focus on the differences in the quality of environments that children face throughout childhood (e.g.: family environment and school/classroom environment) and the consequences for observed inequities. Finally, in the remaining portion of the course we will study the evaluations of different policies that have been implemented in the past from previous governments, with the goal of gaining insight for possible future policy recommendations.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This is an advanced undergraduate course on the digital economy. Our two main goals are (a) to understand how people and companies interact in digital markets and (b) to understand how digital markets should be designed. The course uses a combination of theoretical modeling and empirical evidence in order to achieve those goals. We analyze some key features that are prevalent in digital markets, including network effects, two-sided markets, search and matching, reputation systems, and the use of data. We also zoom in on individual markets, such as search engines, e-commerce platforms, and the gig economy.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

ECON majors) International Trade and International Monetary Economics) or ECON 4520International Finance

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

International monetary economics with emphasis on economic policy in an open economy. Topics covered in the course include: balance- of-payments adjustment, theories of exchange rate determinaton, the effects of exchange rate devaluation, macroeconomic policy under fixed and floating exchange rates, the Euro-dollar market, currency and balance of payments crises.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

2026-27 Catalog | Generated 08/03/26

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The rise of China since its economic reform starting from 1978 is one of the most important developments the world witnessed in the twenty first century. In this seminar course, we explore topics including the political logic of China's economic reform, the institutional foundations of the Chinese economic growth miracle, as well as detailed analysis of Chinese financial markets, housing markets, fiscal reform, corruption/ anti-corruption, labor market transitions, China's integration into the world economy, village democracy and its impact on resource allocation, the impact of population ageing, the impact of China on US economy and politics, among others. The discussions will focus on China, but will relate broadly to emerging and developed economies. The course will be based on reading and discussing research articles and books selected by the instructors. (MATH 1410 OR MATH 1510 OR MATH 1080) 1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Prerequisite

ECON 2100 AND (MATH 1400 OR MATH 1070) AND

This course focuses on the interception between finance and economic growth by studying some of the most important events in economic history that have taken place over the last few centuries. Starting with the emergence of the modern capital markets and economic growth, the course examines in depth, major developments in financial history, such as the classical gold standard, the origins of central banking, the Great Depression, and the Bretton Woods system. However, this course goes beyond any standard course on financial history and examines how finance has affected economic growth in the long-run, from an international perspective and starts in the seventeenth century in Europe, up to the 1990s in South-East Asia.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course will study the political economy of Early America, from the British Settlement to c. 1820. In particular, we will explore the forces behind the economic growth of the British colonies, the economic forces behind the Revolution, the economic consequences of the Revolution, the political economy of the constitutional convention and ratification, the role of SCOTUS in creating a national market, and the opposing Hamilton- Jefferson views of an American economy. Early America is a fascinating and rich historical period, and we will need to skip many issues of interest. Nevertheless, we hope to provide you with a good overview of how a group of small peripheral colonies created an institutional arrangement that allowed them, in less than two centuries, to become the biggest economy in the world.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course surveys the history of the development of economic thought, beginning with the Classical school and the works of Smith, Ricardo, J.S. Mill, Marx and others and continuing to the 20th century thought, including Keynes, Hayek, and Arrow.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course will study the historical and intellectual forces behind the appearance of market economies on the world stage. The voyages of exploration undertaken by Europeans in the 15th and 16th century created, in just a few decades, a global economy. By 1600, silver from Mexico was exchanged in Manila for ceramics made in Nanjing (China). After a long trip through the Pacific, Mexico, and the Atlantic, the ceramics ended up in the tables of prosperous merchants in Bruges (modern day Belgium). How did this integrated global economy appear? How did global interconnections over the centuries shap our current world? How did markets emerge and influence these interconnections? Who were the winners of globalization? And who were the losers? How did economists, political scientists, and others think about the strengths and weakness of market economies? This course will explore these questions and the role that markets have played in it from the late 15th century to the present. Even if the economic theory will structure much of the discussion, insights from intellectual history, cultural history, microhistory, legal history, and institutional history will help to frame the main narrative. The course will be, as well, truly global. First, beyond the traditional focus of economic history courses on Europe and the Americas, particular attention will be devoted to Africa and Asia. Second, the priority will be to highlight the interconnections between the different regions and to understand how the people living in them negotiated the opportunities and tensions created by the economic transformations triggered by globalization and how they conceptualized the changing lives around them. Finally, the class will highlight how diverse intellectual traditions handled the challenges presented by historical change.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Students prepare an honors thesis in economics over the academic year, supervised by a faculty member of their choice. In ECON 4900 (fall) and

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

The degree and major requirements displayed are intended as a guide for students entering in the Fall of 2026 and later. Students should consult with their academic program regarding final certifications and requirements for graduation. Sample Plan of Study Course Title Course

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

At most one independent study (ECON 4999) can substitute for a 2000-level course in the major. Students wishing to enroll in an Independent Study must have their outline approved and be enrolled prior to the end of the Add Period. No Independent Studies will be accepted afterwards. Total Course Units 3 You may count no more than one course toward both a Major and a Sector requirement. For Exceptions, check the Policy Statement (http:/ www.college.upenn.edu/sectors-policy/). Students intending to major in Mathematical Economics are encouraged to take MATH 1610 Calculus for the Mathematical Sciences. MATH 2200 is recommended as a preparatory elective for students seeking to strengthen their linear algebra skills before taki MATH 3000. If ECON 2300 Statistics for Economists is taken, one additional ECON or MATH course from the following: MATH 5460 Advanced Applied Probability, ECON 2310 Econometric Methods and Models, ECON 4310 Macro-Econometric Techniques and Applications, or ECON 4320 Micro- econometric Techniques and Applications. This sequence is for students who took STAT 1020 and are blocked from taking STAT 4310 due to a mutual exclusion. LPS academic year courses require approval of Undergraduate Chair EXCEPT for ECON 0100 Introduction to Micro Economics & ECON 0200 Introductory Economics: Macro. ECON 0100 Introduction to Micro Economics and ECON 0200 Introductory Economics: Macro are prerequisites for all economics courses. ECON 0100 Introduction to Micro Economics is the prerequisite for ECON 0200 Introductory Economics: Macro. ECON Course Required if BEPP 1000 Introductory Economics for Business Students is taken. 2026-27 Catalog | Generated 08/03/26 Requires the permission of the instructor. Please contact the instructor and be prepared to share information about the ECON and MATH courses you have taken and the grades that you have obtained in these courses. Based on this information, the instructor will determine whether the course is suitable for you.

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

& ECON 6110 and Game Theory and Applications

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

University of Pennsylvania Catalog 875

Subject

ECON

Credits (min)

2

Credits (max)

2

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

& ECON 7110 and Microeconomic Theory II 6 additional courses chosen in consultation with Advisor

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Macroeconomics 1 Select one of the following:

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Dynamic programming, search theory, neoclassical growth theory, asset pricing, business cycles.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

e ECON 7300 Econometrics I: Fundamentals 1 s ECON 7310 Econometrics II: Methods & Models 1

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

& ECON 7310 and Econometrics II: Methods & Models

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

& STAT 5210 and Applied Econometrics II

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

2026-27 Catalog | Generated 08/03/26

Subject

ECON

Credits (min)

0.5

Credits (max)

0.5

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Dissertation 3

Subject

ECON

Credits (min)

0.5

Credits (max)

0.5

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Harold Cole (instructor) will hold a seminar class. He will critique and wil have the students read and critiquing job-market paper drafts, preparing for Job Market presentations, discussing how to optimize student-faculty relationships, discussing how to prepare for interviews and flyouts, etc.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Topics in Advanced Economic Theory and Mathematical Economics

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

WorkshopFall or Spring1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

This course studies the economics of adverse selection and moral hazard in strategic settings. The primary focus is on the agency relationship and the structure of agency contracts. Other settings include auctions, bilateral trading, and the internal organization of the firm.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Topics in Advanced Economic Theory and Mathematical Economics

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Computation of Equilibria. Calibration of models. Heterogenous agents, macroeconomic models.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Topics in Advanced Economic Theory and Mathematical Economics

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Topics in Advanced Economic Theory and Mathematical Economics

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Public goods, externalities, uncertainty, and income redistribution as sources of market failures; private market and collective choice models as possible correcting mechanisms. Microeconomic theories of taxation and political models affecting economic variables.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Urban Economics and Real Estate

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Topics include: Theories of the supply and demand for labor, wage determination, wage differentials, labor market discrimination, unemployment, occupational choice and dynamics of specific labor markets, theory of matching, trade unions. The theory and empirics of human capital accumulation, intertemporal labor supply, search, intergenerational mobility of income and wealth, contracts and bargaining, efficiency wage models, principal/agent models, and signaling models.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

A continuation of ECON 8430.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Course Organization Units FNCE 9260 Empirical Methods in Corporate Finance 1

Subject

ECON

Credits (min)

1

Credits (max)

1

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

WorkshopFall or Spring1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

WorkshopFall or Spring1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

WorkshopFall or Spring1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

WorkshopFall or Spring1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

WorkshopFall or Spring1 Course Unit

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Total Course Units 19

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Master's thesis status.

Subject

ECON

Type

course

Edition

2026-2027

Source

catalog.upenn.edu

Upper Level Course Requirement Select 4 credits of Upper Level Courses 4 ECON 8000-8999 Empirical Economics Requirement Select Empirical Economics course 1

Subject

ECON

Credits (min)

1

Credits (max)

3

Type

course

Edition

2026-2027

Source

catalog.upenn.edu