Filtered HSS Courses (2021-22)

An introduction to economic methodology, models, and institutions. Includes both basic microeconomics and an introduction to modern approaches to macroeconomic issues. Students are required to participate in economics experiments.

Economics is a way of analyzing the world in which scarcity requires tradeoffs and creates constraints which are expressed as mathematical optimization. Theories are tested with both controlled experiments and analysis of field data. Motivating clever theories and evidence is a folk concept of "thinking like an economist" (or "economic intuition"). We will develop economic intuition about topics which include: Unintended consequences, how to show causality, partial and general equilibrium, game theory, the effect of institutional systems, price bubbles, pricing risk, drug addiction, and more. Freshmen only, limited enrollment.

Weekly seminar by a member of the Caltech Social Sciences faculty to discuss a topic of their current research or teaching at an introductory level. The course can be used to learn more about different areas of study and about undergraduate courses within the Social Sciences. The course will also be useful to those interested in pursuing the BEM, EC or PS options, or participating in research (SURF, for example) under supervision of the Social Science faculty. The students will be asked to write a discussion of each seminar presentation. Graded pass/fail.

This course offers advanced undergraduates the opportunity to pursue research in Economics individually or in a small group. Graded pass/fail.

Senior economics majors wishing to undertake research may elect a variable number of units, not to exceed 12 in any one term, for such work under the direction of a member of the economics faculty.

Topics to be determined by instructor.

In this course we will examine behavioral economics models in several key decision-making contexts: choice over time, choice under uncertainty, choice in market settings (i.e., buying and selling), and others. In each topic area we will begin by providing the standard neoclassical account for behavior, building from assumptions (axioms) to corresponding utility models. We will then ask whether critical axioms of neoclassical models are plausible by calling upon psychological insights and empirical data. Rejection of neoclassical axioms will lead to new models, behavioral economics models, in each setting. These models, mechanisms and their testable predictions will be discussed.

This course will study topics in behavioral economics demonstrating departures from the classic economics assumptions of rationality and pure self-interest. We will study evidence of these departures, models that have been designed to capture these preferences, and applications of these models to important economic questions. Topics will include biases and heuristics, risk preferences, self-control, strategic uncertainty, and social preferences, among others. The course will be based in readings from both classic and modern research. Methodologically, the course will combine both theoretical and empirical evidence of the mentioned above topics.

This course provides an introduction to Bayesian Statistics and its applications to data analysis in various fields. Topics include: discrete models, regression models, hierarchical models, model comparison, and MCMC methods. The course combines an introduction to basic theory with a hands-on emphasis on learning how to use these methods in practice so that students can apply them in their own work. Previous familiarity with frequentist statistics is useful but not required.

We will tackle the fundamental question of how to allocate resources and organize exchange in the absence of prices. Examples includes finding a partner, allocating students to schools, and matching donors to patients in the context of organ transplantations. While the main focus will be on formal models, we will also reason about the practical implications of the theory.

A study of consumer preference, the structure and conduct of markets, factor pricing, measures of economic efficiency, and the interdependence of markets in reaching a general equilibrium.

The application of statistical techniques to the analysis of economic data.

This course uses econometric tools to analyze choices made by people among a finite set of alternatives. Discrete choice models have been used to understand consumer behavior in many domains - shopping between brands (Toyota vs. BMW), where to go to college (Caltech or MIT), choosing between modes of transportation (car, metro, Uber, or bicycle), etc. Models studied include logit, nested logit, probit, and mixed logit, etc. Simulation techniques that allow estimation of otherwise intractable models will also be discussed.

Fundamentally, this course is about making arguments with numbers and data. Data analysis for its own sake is often quite boring, but becomes crucial when it supports claims about the world. A convincing data analysis starts with the collection and cleaning of data, a thoughtful and reproducible statistical analysis of it, and the graphical presentation of the results. This course will provide students with the necessary practical skills, chiefly revolving around statistical computing, to conduct their own data analysis. This course is not an introduction to statistics or computer science. I assume that students are familiar with at least basic probability and statistical concepts up to and including regression.

An analysis of the effects of uncertainty and information on economic decisions. Included among the topics are individual and group decision making under uncertainty, expected utility maximization, insurance, financial markets and speculation, product quality and advertisement, and the value of information.

This course examines the contemporary literature on economic growth and development from both a theoretical and historical/empirical perspective. Topics include a historical overview of economic progress and the lack thereof; simple capital accumulation models; equilibrium/ planning models of accumulation; endogenous growth models; empirical tests of convergence; the measurement and role of technological advancement; and the role of trade, institutions, property rights, human capital, and culture.

This course will equip students to engage with active research at the intersection of social and information sciences, including: algorithmic game theory and mechanism design; auctions; matching markets; and learning in games.

Section a required for sections b and c. An examination of recent work in laboratory testing in the social sciences with particular reference to work done in social psychology, economics, and political science. Students are required to design and conduct experiments.

This course is an introduction to non-cooperative game theory, with applications to political science and economics. It covers the theories of normal-form games and extensive-form games, and introduces solutions concepts that are relevant for situations of complete and incomplete information. The basic theory of repeated games is introduced. Applications are to auction theory and asymmetric information in trading models, cheap talk and voting rules in congress, among many others.

Climate change has already begun to impact life on the planet, and will continue in the coming decades. This class will explore particular causes and impacts of climate change, technologies to mitigate or adapt to those impacts, and the economic and social costs associated with them - particular focus will be paid to distributional issues, environmental and racial justice and equity intersections. The course will consist of 3-4 topical modules, each focused on a specific impact or sector (e.g. the electricity or transportation sector, climate impacts of food and agriculture, increasing fires and floods). Each module will contain lectures/content on the associated climate science background, engineering/technological developments to combat the issue, and an exploration of the economics and the inequities that exacerbate the situation, followed by group discussion and synthesis of the different perspectives.