Econ 1559 Economic Insights: A Behavioral Starter
Spring 2022, Thursdays 7:00-7:50 pm, Monroe Hall 114, 1 credit hour
Instructors:
Charles Holt, cah2k@virginia.edu, Monroe Hall 238 (office hours M/W 2:00 - 2:45)
Erica Sprott, ers3xa@virginia.edu, Monroe Hall 128 (office hours M 1:30 - 2:30, T/Th 5:30 - 6:30 )

Prerequisites: Permission of instructor, for students who have not taken a prior economics class at UVA..
Grading: participation and lab reports: 33%; quizzes: 33%; project: 33%
Reading: Ten Principles of Economics: A Behavioral Starter, photocopy to be distributed

The course will use classroom simulations to help students discover key insights about economic behavior and policies. Each weekly topic is structured around an important economic principle that is presented in the context of an “experiment” involving a sequence of decisions in a simulated game or market.

Each week, students will participate in the simulation, complete a short fill-in-the-blank lab report, and discuss real-world applications of economic principles. Outside of class, students will complete a short, open-book multiple-choice quiz to reinforce their knowledge of the concepts learned in class.

The project consists of a typed summary and brief discussion (a few pages max) of an economics paper on a topic related to one of the chapters in the workbook, the kind of interesting example or application that could be mentioned in the “What Economists Do” sections of the workbook chapters. This report would be due at the beginning of class in the week of April 11-15, so that it can be shared with other class members.

Weekly Topics:
Specialization and Gains from Trade
Marginal Analysis
Market Efficiency
Opportunity Cost and Supply
Monopoly and Market Power
Public Goods and Free Riding
Congestion and Externalities
Rent-Seeking, Lobbying, and Non-price Competition
Strategic Behavior in Simple Games
Asset Market Prices
Bank Runs
Discrimination