Rice Economics Fall 2017 Newsletter

RICE ECON Fall 2017 News and Views from the Economics Department at Rice WELCOME BACK! We hope that you are returning from a wonderful fall break, rejuvenated and ready to close out a great semester. For those of you still coping with the effects of Hurricane Harvey, we hope that your recovery is progressing – and many thanks to those who helped in the recovery effort via the Rice Harvey Action Team (R-HAT) or other volunteer activities. The Economics Department has added quite a few courses over the past few years. In this issue of RICE ECON, we introduce a feature called “New Course on the Menu!” that will highlight one of these courses. For the Fall 2017 issue we focus on ECON 441, Empirical Methods for Industrial Organization, which will be taught next semester by Professor Isabelle Perrigne. For those of you thinking about graduate school in economics (or any of the other social sciences), be sure to attend the New Course on the Menu! ECON 441 is a relatively new class that one typically doesn’t find in an undergraduate program. In the course, we cover four papers that address different issues related to Main Course: ECON 441 incomplete information, going over the models, Empirical Methods in IO the econometrics, and the data analysis. The first paper topic is about a strategic game played by Appetizers: ECON 200 & radio stations for the release time of advertising, ECON 209 and our application is the release of blockbuster movies. I also cover nonlinear pricing, which Master Chef: Prof. Isabelle is quite advanced because it incorporates all Perrigne incomplete information. I then look at nonlinear pricing in the telecommunications industry with Dinner is Served: Spring cell phone services. The last topic is auctions 2018, Tues and Thurs, and the application is procurement by the city of 10:50 am - 12:05 pm Los Angeles. For every topic, I find a different Come enjoy a data set that students can analyze, identifying gastroeconomical delight! how the data justify the model, reveal strategic behavior by firms, and so on. I then explain the derivation and implementation of an econometric model and encourage them to write an empirical paper. Menu The class is designed for students who are interested in data analysis and quantitative methods, and who also have an interest in industrial organization. It’s about markets, strategy, interaction among firms, the pricing of products, and a wide variety of similar issues. The class is especially useful for students who want to go into consulting jobs (which often use a lot of these methods), into jobs with federal institutions with anti- trust divisions, and who want to go on to graduate studies in Economics, particularly in empirical IO. Empirical IO has a lot of tools that you need to master for these pursuits. information session on applying to grad school sponsored by the School of Social Sciences and held in the Will Rice PDR at noon on Monday October 16. As you know, to help ensure that students master the material introduced in some of our core courses, the department added one-hour labs to ECON 200, Microeconomics, ECON 308, Mathematical Economics, and ECON 310, Econometrics, making each of these a four credit hour course. What do you think of these labs? Please let me know at zodrow@ rice.edu or via the suggestion box on our website. We hope the rest of your fall semester goes well! George Zodrow Director of Undergraduate Studies Advising Corner Fall 2017 Advising Office Hours Monday 4:00–5:00 p.m. Maria Bejan, BKH 251 Tuesday 12:45–2:15 p.m. George Zodrow, BKH 260 Wednesday 4:00–5:00 p.m James Brown, BKH 250 Thursday 1:00–2:30 p.m. Peter Hartley, BKH 262 Friday 10:15–11:45 a.m. Mahmoud El-Gamal, BKH 240 1