M.S. RESOURCE ECONOMICS

A program that provides training in empirical microeconomics and applied econometrics. It allows concentration in fields like Environmental and Natural Resource Economics, Empirical Industrial Organization, and Experimental and Behavioural Economics.


Graduates of this program will have the ability to analyse how consumers and firms make choices, how markets behave, and what data are needed to inform decisions. It will prepare students for careers in analysis and decision making for management, marketing, resource-based industries and economic consulting.

The U.S. Federal Government's STEM OPT program will allow international students to work in the U.S. for up to 36 months after graduating from this program.

CURRICULUM

Year 1 | JKLU

Micro Economics


Credits - 4 An introductory course to provide conceptual foundation for economic analysis and thinking. Topics Covered: Gains from Trade; Supply, Demand and Equilibrium; Elasticity & its Applications; Supply, Demand and Government Policies; Costs; Perfect Competition; Monopoly; Pricing and market segmentation; Oligopoly, Game Theory; Market Failures.




Probability & Statistics


Credits - 4 This course will introduce various statistical topics such as probability, descriptive statistics, statistical inference, sampling distributions, point and interval estimates, regression analysis with applications drawn from diversified areas including economics, business, public policy and governance, health etc. Statistical computing includes calculations using the Microsoft Excel.




Univariate Calculus


Credits - 2 This course is aimed to learn and understand the fundamental concepts of functions, Differentiation and integration, and apply these concepts in real life problems of rate of change, approximation and maxima-minima.




Spreadsheet Applications


Credits- 2 The course will focus on applications and analysis with spreadsheets.




Critical Thinking for Developing Perspectives


Credits- 2

Further building on the Cognition & Critical Thinking Course of Semester I, this course will be introduced in Semester II. It will enhance skills on formulating relevant and investigative questions, evaluating information and evidence for correctness, consistency, and relevance. Students will learn to recognize their own beliefs, biases, claims and assumptions in solving problems through a medium of case studies, group simulations, debates etc.




Multivariate Calculus


Credits - 3

This course is an extension of univariate calculus to more than one variable, key difference being that more variables mean more geometric dimensions. This makes visualization of graphs both harder and more rewarding.

Topics include partial derivatives, double integrals, vector calculus, optimization of functions with two or more variables (e.g., maximization of profit by suitably choosing the amount of capital and labor).




Seminar on Macroeconomics


Credits - 2 This Seminar will provide an overview of selected macroeconomic issues such as employment, interest rates, inflation, monetary and fiscal policies, and international economic issues.




Research Design


Credits- 3

This course will teach the ideas of hypothesis, measurement, survey design, behavioral and experimental research.




Academic Writing


Credits- 4

Academic writing is a critical skill in the success of one's graduate studies in policy and social sciences, and the professional life thereafter. This course will cover skills such as formulating a problem, doing a literature review using various tools (databases, citation software), structuring and presenting the writing in an appropriate format etc., all geared towards formulating a “Fellowship proposal” project.




Cognition & Critical Thinking


Credits- 2

This course will be introduced in Semester 1. It will help students build the foundational ability to clearly reason through problems and to present arguments in a logical, compelling way which has become a key skill for survival in today’s world.




Linear Algebra


This course introduces matrix theory, basic Linear Algebra Principles and Linear Programming Problem. Students are also expected to gain an appreciation for the applications of linear algebra and LPP to area such as economics, social sciences, business, public policy and governance, health etc.




Computer Programming


Credits- 3 This course will cover pseudocode, basic programming logic, and data structures.





Year II | UMass Amherst

Mathematical Methods for Resource Economists


Credits- 3




Quantitative Methods


Credits - 3




Applied Microeconomic Theory I


Credits- 3 This course will introduce you to the building blocks of microeconomic theory. We cover consumer theory, producer theory, partial equilibrium, and public goods and externalities. This will provide you with the tools necessary to both understand and conduct research in economics.




Econometric Methods


Credits- 3 Theory and applications of basic econometric methods. The focus is on linear models with multiple independent variables: Least Squares Regressions, including problems caused by violations of model assumptions and possible solutions; hypothesis testing; linear panel data models; treatment effect analysis; introduction to estimating systems of equations. At the end of the class, students will be able to conduct their own empirical research in a wide variety of applications




Applied Microeconomic Theory II


Credits- 3 This is a continuation of Applied Microeconomic Theory I (Res Econ 711). We will cover the following topics: general equilibrium analysis, social choice and welfare economics, introduction to noncooperative game theory and information economics.




Seminar in Resource Economics


Credits- 1 This is a full year seminar course which includes discussion of resources available on campus for research, grant finding, and career preparation. Additionally we discuss the research process and writing as well as what you need to be doing at each stage of your program in order to be successful.




Elective (Fall)


Credits- 3 Choose 1 from the following courses Survey Data Methods in Resource Economics/ Time Series Analysis/ Advanced Macroeconomics/ Multivariate Statistical Methods




Electives (Spring)


Credits- 3+3 Choose 1 course from Natural Resource and Environmental Economics/ Industrial Organization in Resource Economics Choose 1 course from Introduction to Geographical Information Systems for Planning/ Design of Experiments




Research Project


Credits- 3 Students complete their proposed research project and or complete an internship.





JOHN SPRAGGON

Professor and Chair, Department of Resource Economics, UMass Amherst

"Through our graduate programme in Resource Economics, we’re interested in developing creative solutions to complex problems. This programme will prepare students for careers in analysis and decision making for management, marketing, resource-based industries such as electric utilities and petroleum, government and policy positions, environment and economic consulting.” 

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