Daniel S. Hamermesh

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

Prerequisite: Economics 420K with a grade of at least C-.

Course number may be repeated for credit when the topics vary.

Economics 376M is a course in personnel economics. We will use economic theory to analyze how profit-maximizing firms make decisions involving human resources. Among the topics to be covered are the following: Neoclassical labor demand theory Recruiting, hiring, and job design Training and investment in workers' human capital Compensation, promotion, and provision of incentives Nonwage job attributes and fringe benefits The first unit of the course, covering neoclassical labor demand theory, will use tools familiar from ECO 420K to analyze how firms determine the number and mix of workers to use in production. In this unit of the course, we will assume that labor markets are perfectly competitive and all agents have perfect information. In much of the rest of the course, we will relax these assumptions. For example, to understand firms' recruiting behavior, we will consider models in which workers have private information about their ability or in which it takes time for firms to locate workers who are good matches with the firm. To understand the consequences of firm-provided training, we will consider models in which a worker's productivity at the current firm grows with job seniority. And to understand how compensation methods and promotion ladders can provide work incentives, we will consider models in which firms cannot observe workers' choices of effort. This course is a writing component course and therefore a large proportion of your course grade will be determined by your performance on various writing assignments.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

INTRODUCES THE STUDENT TO STANDARD REGRESSION PROCEDURES OF PARAMETER ESTIMATION AND HYPOTHESIS TESTING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K AND 329 WITH A GRADE OF AT LEAST C- IN EACH.

Econometrics is an application of statistical methods to the estimation of economic relationships. Students are expected to have an understanding of both statistics and economic theory. This course reveals how relationships among economic variables are discerned from data. The primary focus of this course is on estimation methodology. If more information is needed contact instructor.

Fall 2009                      

ECO 304K:  INTRODUCTION TO MICROECONOMICS   

Unique No. 33630

D. Hamermesh        

                                             
                                                  
                                                                        
                                              
                                                                                 
                                                                           
                                                    Course Outline and Required Reading
 
OFFICE HOURS:          D. Hamermesh, 2.162 BRB (just north of Gregory Gym)
Monday, 11-1, Wednesday 1:15-3:15, or by appointment
WEBSITE:                    www.eco.utexas.edu/faculty/Hamermesh/class.html
 
            Teaching Assistants: 
            Liangfei Qiu                   3-5, MW                              
    BRB 2.120
            Jake Zhao                      2-3:30 M; 2-3:30 Tu                  
BRB 3.124
            Luis Silva                      9-10:30 Tu; 11-12:30 W             
BRB 4.128
BOOKS, etc.:
1.  G. Stone, Core Microeconomics, with Course Tutor. Worth, 2009, 1st edition
(paper) STONE.   ISBN 1-4292-4433-X
2.  D. Hamermesh, Economics Is Everywhere. Worth, 2010 (paper) EIE  ISBN 
1-4292-4433-X
3.  i-clicker, in case you do not already have one.
4.  Course Packet of materials for ECO 304K with D. Hamermesh, to be downloaded
by you from the website listed above.
 
EXAMS:
There will be two 75-minute-long exams in class, Thursday, Sept. 24 and
Thursday, Oct. 29.  The first will be all short essay; the second will be part
short essay, part multiple-choice.  There will be multiple-choice quizzes (8 in
total) in class except Thursdays, Aug. 27, Sept. 24, Oct. 1, Oct. 29, Nov. 5,
Nov. 26 and Dec. 3. The final exam will be MONDAY, Dec. 14, 2-4:30PM.  Please do
not plan to leave campus before that date.  EXCEPT FOR CONFLICTS WITH OTHER
FINAL EXAMS or a compelling personal reason, you must take the final exam at
this time.  The final will be entirely multiple-choice.  All tests will include
questions based on the lectures. There will be a Q&A session shortly before each
midterm and the final.
 
Copies of past tests are in the course packet along with suggested answers to
them.  Quiz answers will be posted on the website the afternoon of the quiz. The
website will also contain an occasional "Economic Thought of the Day"-consult it
regularly!  Most of these can also be read, along with interesting thoughts by
other economists, at http://freakonomics.blogs.nytimes.com/ .  Also, I will send
occasional announcements/reminders through email.
 
 
GRADING (Regular Section)  Possible Grades are A, A-, B+, B, B-, etc.
Standard: The quizzes count 15 percent in total, with the lowest two scores
being discarded (including up to two missed quizzes).  Each midterm counts 20
percent; the final exam counts 40 percent.    (There are no make-up quizzes or
midterms.)  The remaining 5 percent of the grade is based on an original "Story"
that you turn in between November 12 and November 21. If you miss a midterm,
your course grade will continue to be based 15 percent on the quizzes, 20
percent on the other midterm, 5 percent on the "Story," but 60 percent of the
grade will  be based on the final. Scores on quizzes and exams will be available
on eGradeBook.
 
The "Hammer Homer":  If your final exam score is in the top 5 percent of this
Section, you receive an automatic A for the course IF you have turned in a
passing "Story" AND you have taken BOTH midterms.
 
The first paragraph of the "Story" must state something that you have observed
in the real world, in your family life, in a song (list the relevant lyrics) or
in a movie (describe the scene).  The second paragraph must then provide a brief
analysis demonstrating how the item described in the first paragraph illustrates
a particular economic concept covered in class.  The "Story" cannot duplicate
any in Economics Is Everywhere or any story, song or movie discussed in class. 
Also, it cannot be one of those discussed in Dirk Mateer, Economics in the
Movies (Thomson, 2005), a little workbook that you may find interesting.  The
story must be printed out-no email attachments accepted.
 
GRADING (Honors Section)
All of the above plus:
  One additional "Story" to be handed in during Section meeting on Thursday,
  October 8; 5 percent
  4 graded homework assignments, due in Section meetings on selected dates; 10
  percent
  Attendance/participation in experiments in Section; 5 percent.
With these three and the "Standard" there is a total of 120 percent.  Your total
will thus be multiplied by 5/6 to place it on a 100-point scale. The "Hammer
Homer" does not apply to this Section.

SCHEDULE:
Chapters or                 
Week Ending               Topic                                        Pages in
STONE                       Chapters in EIE
 
August 28                      Scarcity 1,                                 incl. Appendix; start 2.  
 
September 4                  Supply and demand                    Finish 2,
                                                                                    except pp. 41-47; 3.                  2
 
September 11                 Supply and demand                    4, except pp. 88-98 and 102-103; 3,4                                                                                Start 5.
 
September 18                 Elasticity;                                  Finish 5, except pp. 128-131;      5
                                     nature of demand                      Start 6.                      
                                     Policy Lecture:  Health
 
September 25                 Nature of demand                       Finish 6,
                                     except Appendix;                     6.  pp. 282-286.

FIRST MIDTERM, September 24
 
October 2                      Production; short-                      7.    7, 8 run costs                                  
 
 
October 9                      Short-run output                        8.   9, 10, 11
                                      decisions; the long run
 
October 16                    Monopoly.                                 217-230  12, 13
                                   
 
October 23                    Monopolistic competition;           10, except pp. 258-261                                                                                   14  game theory
 
October 30                    Oligopoly                                  230-249   

                                 
 
SECOND MIDTERM, October 29
 
November 6                   Discounting; input markets.         pp. 287-292 and 296-307.                                      15, 16 Policy Lecture:  Sports                                                    
 
November 13                 Income distribution;                    12, except pp. 327-333; 14;                                                          17 discrimination                         "automation reading." 
                                   Policy Lecture: Social Security
 
November 20                 Externalities and                         pp. 88-98; 13.                                                18  pollution                                  
 
November 27                 Taxation                                    pp. 102-103, 127-131                                     19
                                   
December 4                   International trade                       pp. 41-47; 15.                                20 "sweatshop reading."
                                                                           

Prerequisite: Economics 420K with a grade of at least C-.

Course number may be repeated for credit when the topics vary.

Economics 376M is a course in personnel economics. We will use economic theory to analyze how profit-maximizing firms make decisions involving human resources. Among the topics to be covered are the following: Neoclassical labor demand theory Recruiting, hiring, and job design Training and investment in workers' human capital Compensation, promotion, and provision of incentives Nonwage job attributes and fringe benefits The first unit of the course, covering neoclassical labor demand theory, will use tools familiar from ECO 420K to analyze how firms determine the number and mix of workers to use in production. In this unit of the course, we will assume that labor markets are perfectly competitive and all agents have perfect information. In much of the rest of the course, we will relax these assumptions. For example, to understand firms' recruiting behavior, we will consider models in which workers have private information about their ability or in which it takes time for firms to locate workers who are good matches with the firm. To understand the consequences of firm-provided training, we will consider models in which a worker's productivity at the current firm grows with job seniority. And to understand how compensation methods and promotion ladders can provide work incentives, we will consider models in which firms cannot observe workers' choices of effort. This course is a writing component course and therefore a large proportion of your course grade will be determined by your performance on various writing assignments.

Prerequisite: Economics 420K with a grade of at least C-.

Course number may be repeated for credit when the topics vary.

Economics 376M is a course in personnel economics. We will use economic theory to analyze how profit-maximizing firms make decisions involving human resources. Among the topics to be covered are the following: Neoclassical labor demand theory Recruiting, hiring, and job design Training and investment in workers' human capital Compensation, promotion, and provision of incentives Nonwage job attributes and fringe benefits The first unit of the course, covering neoclassical labor demand theory, will use tools familiar from ECO 420K to analyze how firms determine the number and mix of workers to use in production. In this unit of the course, we will assume that labor markets are perfectly competitive and all agents have perfect information. In much of the rest of the course, we will relax these assumptions. For example, to understand firms' recruiting behavior, we will consider models in which workers have private information about their ability or in which it takes time for firms to locate workers who are good matches with the firm. To understand the consequences of firm-provided training, we will consider models in which a worker's productivity at the current firm grows with job seniority. And to understand how compensation methods and promotion ladders can provide work incentives, we will consider models in which firms cannot observe workers' choices of effort. This course is a writing component course and therefore a large proportion of your course grade will be determined by your performance on various writing assignments.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

INTRODUCES THE STUDENT TO STANDARD REGRESSION PROCEDURES OF PARAMETER ESTIMATION AND HYPOTHESIS TESTING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K AND 329 WITH A GRADE OF AT LEAST C- IN EACH.

Econometrics is an application of statistical methods to the estimation of economic relationships. Students are expected to have an understanding of both statistics and economic theory. This course reveals how relationships among economic variables are discerned from data. The primary focus of this course is on estimation methodology. If more information is needed contact instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

INTRODUCES THE STUDENT TO STANDARD REGRESSION PROCEDURES OF PARAMETER ESTIMATION AND HYPOTHESIS TESTING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K AND 329 WITH A GRADE OF AT LEAST C- IN EACH.

Econometrics is an application of statistical methods to the estimation of economic relationships. Students are expected to have an understanding of both statistics and economic theory. This course reveals how relationships among economic variables are discerned from data. The primary focus of this course is on estimation methodology. If more information is needed contact instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

STUDY OF LABOR IN INDUSTRIAL SOCIETIES, WITH EMPHASIS ON PRINCIPLES, INSTITUTIONS, AND POLICIES FOR UNDERSTANDING LABOR AND PERSONNEL PROBLEMS.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

INTRODUCES THE STUDENT TO STANDARD REGRESSION PROCEDURES OF PARAMETER ESTIMATION AND HYPOTHESIS TESTING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K AND 329 WITH A GRADE OF AT LEAST C- IN EACH.

Econometrics is an application of statistical methods to the estimation of economic relationships. Students are expected to have an understanding of both statistics and economic theory. This course reveals how relationships among economic variables are discerned from data. The primary focus of this course is on estimation methodology. If more information is needed contact instructor.

Prerequisite: Economics 420K with a grade of at least C-.

Course number may be repeated for credit when the topics vary.

Economics 376M is a course in personnel economics. We will use economic theory to analyze how profit-maximizing firms make decisions involving human resources. Among the topics to be covered are the following: Neoclassical labor demand theory Recruiting, hiring, and job design Training and investment in workers' human capital Compensation, promotion, and provision of incentives Nonwage job attributes and fringe benefits The first unit of the course, covering neoclassical labor demand theory, will use tools familiar from ECO 420K to analyze how firms determine the number and mix of workers to use in production. In this unit of the course, we will assume that labor markets are perfectly competitive and all agents have perfect information. In much of the rest of the course, we will relax these assumptions. For example, to understand firms' recruiting behavior, we will consider models in which workers have private information about their ability or in which it takes time for firms to locate workers who are good matches with the firm. To understand the consequences of firm-provided training, we will consider models in which a worker's productivity at the current firm grows with job seniority. And to understand how compensation methods and promotion ladders can provide work incentives, we will consider models in which firms cannot observe workers' choices of effort. This course is a writing component course and therefore a large proportion of your course grade will be determined by your performance on various writing assignments.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

INTRODUCES THE STUDENT TO STANDARD REGRESSION PROCEDURES OF PARAMETER ESTIMATION AND HYPOTHESIS TESTING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K AND 329 WITH A GRADE OF AT LEAST C- IN EACH.

Econometrics is an application of statistical methods to the estimation of economic relationships. Students are expected to have an understanding of both statistics and economic theory. This course reveals how relationships among economic variables are discerned from data. The primary focus of this course is on estimation methodology. If more information is needed contact instructor.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

INTRODUCES THE STUDENT TO STANDARD REGRESSION PROCEDURES OF PARAMETER ESTIMATION AND HYPOTHESIS TESTING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K AND 329 WITH A GRADE OF AT LEAST C- IN EACH.

Econometrics is an application of statistical methods to the estimation of economic relationships. Students are expected to have an understanding of both statistics and economic theory. This course reveals how relationships among economic variables are discerned from data. The primary focus of this course is on estimation methodology. If more information is needed contact instructor.

Prerequisite: Economics 420K with a grade of at least C-.

Course number may be repeated for credit when the topics vary.

Economics 376M is a course in personnel economics. We will use economic theory to analyze how profit-maximizing firms make decisions involving human resources. Among the topics to be covered are the following: Neoclassical labor demand theory Recruiting, hiring, and job design Training and investment in workers' human capital Compensation, promotion, and provision of incentives Nonwage job attributes and fringe benefits The first unit of the course, covering neoclassical labor demand theory, will use tools familiar from ECO 420K to analyze how firms determine the number and mix of workers to use in production. In this unit of the course, we will assume that labor markets are perfectly competitive and all agents have perfect information. In much of the rest of the course, we will relax these assumptions. For example, to understand firms' recruiting behavior, we will consider models in which workers have private information about their ability or in which it takes time for firms to locate workers who are good matches with the firm. To understand the consequences of firm-provided training, we will consider models in which a worker's productivity at the current firm grows with job seniority. And to understand how compensation methods and promotion ladders can provide work incentives, we will consider models in which firms cannot observe workers' choices of effort. This course is a writing component course and therefore a large proportion of your course grade will be determined by your performance on various writing assignments.

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

Prerequisite: Economics 420K with a grade of at least C-.

Course number may be repeated for credit when the topics vary.

Economics 376M is a course in personnel economics. We will use economic theory to analyze how profit-maximizing firms make decisions involving human resources. Among the topics to be covered are the following: Neoclassical labor demand theory Recruiting, hiring, and job design Training and investment in workers' human capital Compensation, promotion, and provision of incentives Nonwage job attributes and fringe benefits The first unit of the course, covering neoclassical labor demand theory, will use tools familiar from ECO 420K to analyze how firms determine the number and mix of workers to use in production. In this unit of the course, we will assume that labor markets are perfectly competitive and all agents have perfect information. In much of the rest of the course, we will relax these assumptions. For example, to understand firms' recruiting behavior, we will consider models in which workers have private information about their ability or in which it takes time for firms to locate workers who are good matches with the firm. To understand the consequences of firm-provided training, we will consider models in which a worker's productivity at the current firm grows with job seniority. And to understand how compensation methods and promotion ladders can provide work incentives, we will consider models in which firms cannot observe workers' choices of effort. This course is a writing component course and therefore a large proportion of your course grade will be determined by your performance on various writing assignments.