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Economics

Chair: Alan L. Gustman

Vice Chair: Bruce I. Sacerdote

Professors P. M. Anderson, D. G. Blanchflower, W. A. Fischel, A. L. Gustman, D. A. Irwin, M. G. Kohn, N. P. Marion, N. Pavcnik, B. I. Sacerdote, A. A. Samwick, J. T. Scott, J. S. Skinner, C. M. Snyder, D. O. Staiger, S. F. Venti; Associate Professors E. V. Edmonds, J. D. Feyrer, E. F. P. Luttmer, E. T. Mansur, J. Zinman, E. W. Zitzewitz; Assistant Professors E. U. Cascio, T. L. Dinkelman, R. C. Johnson, E. G. Lewis, A. Moxnes, E. Papaioannou, S. G. Schaner, J. R. Schwartzstein, S. Sukhtankar; Visiting Professors A. Bar-Ilan, L. L. Kreicher; Visiting Assistant Professors J. M. Giummo, S. Vollmer, D. Vollrath; Senior Lecturer E. S. Curtis, M. P. Doyle, M. B. Rose.

REQUIREMENTS FOR THE MAJOR

Prerequisites: Economics 1 and 10, with an average grade no lower than C, and Mathematics 3. (A student who fails to achieve the minimum grade average for the prerequisites may, with the permission of the vice chair, substitute grades in Economics 21 and 20 for those in Economics 1 and 10, respectively. Another statistics course may be substituted for Economics 10 with permission of the vice chair.)

Requirements: Nine courses in addition to the prerequisites, with a GPA for these nine courses of no less than 2.0. The nine courses must include the following:

1. Economics 20, 21, and 22

2. Any two of the following sequences (depending on the sequences chosen, one or two additional courses may be needed): 24-44 or 24-27-44 or 24-39-44; 25-45 or 25-75 or 25-75-45 (35 can be substituted for 75); 26-36 or 26-36-46; 27-47 or 24-27 or 24-27-47; 28-38 or 28-48 or 28-38-48 (72 or 75 can be substituted for 38); 29-39 or 29-39-49; 80-81 or 80-82 or 81-82 or 80-81-82. At least one of the sequences must include a 40 or an 80-level course in which a major paper is required. This requirement will serve as the culminating experience in the major. With the permission of the vice chair, a student may substitute other courses to fulfill these requirements.

Notes: Economics 2 and 7 may not be counted toward fulfillment of the major requirement.

REQUIREMENTS FOR THE MODIFIED MAJOR

The modified major is intended to fit the needs of students who have a definite interest in economics but are interested also in studying some specific problem or topic that falls partly in the field of economics, the study of which depends also upon courses in related fields, e.g., mathematics or other social sciences. Each student’s program must be approved by the vice chair of the department, and this approved program of courses constitutes the major.

Prerequisites: Economics 1 and 10, with an average grade no lower than C, and Mathematics 3. (A student who fails to achieve the minimum grade average for the prerequisites may, with permission of the vice chair, substitute grades in Economics 21 and 20 for those in Economics 1 and 10, respectively. Another statistics course may, in certain instances, be substituted for Economics 10 with permission of the vice chair.)

Requirements:

1. A unified, coherent program of at least ten courses is required, of which at least six courses must be in economics (in addition to Economics 1, 10 and Mathematics 3) and four courses in a field or fields related to the special topic approved by the department vice chair. The GPA for the six courses in Economics must be no less than 2.0. The additional courses in a field outside of economics must be chosen from those satisfying the major of the department offering the course.

2. The six courses in economics shall include:

a) Economics 20, 21, and 22.

b) Any one of the following sequences (depending on the sequence chosen, one additional courses may be needed): 24-44 or 24-27-44 or 24-39-44; 25-45 or 25-75-45 (35 can be substituted for 75); 26-36-46; 27-47 or 24-27-47; 28-48 or 28-38-48 (72 or 75 can be substituted for 38); 29-39-49; 80-81 or 80-82 or 81-82 or 80-81-82. With the permission of the vice chair, a student may substitute a sequence of courses involving an alternative culminating experience.

REQUIREMENTS FOR ANOTHER MAJOR MODIFIED WITH ECONOMICS

Prerequisites: Economics 1 and 10, with an average grade no lower than C, and Mathematics 3. (A student who fails to achieve the minimum grade average for the prerequisites may, with the permission of the vice chair, substitute grades in Economics 21 and 20 for those in Economics 1 and 10, respectively. Another statistics course may, in certain instances, be substituted for Economics 10 with permission of the vice chair.)

Requirements: A unified, coherent program of at least four courses in economics in addition to the prerequisites, with a GPA of no less than 2.0. The four courses must either: contain both 21 and 22, or contain a sequence of at least 2 courses and one of either 21 or 22. Thus, there are three ways to complete the modification with economics:

1. Economics 21 and 22, plus any two other Economics courses.

2. Economics 21, plus any of the following sequences: 24-44 or 24-27-44 or 24-39-44; 25-45 or 25-75 or 25-75-45 (35 can be substituted for 75); 26-36 or 26-36-46; 27-47 or 24-27 or 24-27-47; 28-48 or 28-38 or 28-38-48 (72 or 75 can be substituted for 38); 29-39 or 29-39-49; 80-81 or 80-82 or 81-82 or 80-81-82, plus any other course if necessary to achieve the total of four Economics courses.

3. Economics 22, plus any of the following sequences: 24-44 or 24-27-44 or 24-39-44; 25-45 or 25-75 or 25-75-45 (35 can be substituted for 75); 26-36 or 26-36-46; 27-47 or 24-27 or 24-27-47; 28-48 or 28-38 or 28-38-48 (72 or 75 can be substituted for 38); 29-39 or 29-39-49; 80-81 or 80-82 or 81-82 or 80-81-82, plus any other Economics course if necessary to achieve the total of four Economics courses. With the permission of the vice chair, a student may substitute other courses to fulfill these requirements.

ECONOMICS MINOR

Prerequisites: Economics 1 and 10, with an average grade no lower than C, and Mathematics 3. (A student who fails to achieve the minimum grade average for the prerequisites may, with the permission of the vice chair, substitute grades in Economics 21 and 20 for those in Economics 1 and 10, respectively. Another statistics course may be substituted for Economics 10 with permission of the vice chair.)

Requirements: Six courses in addition to the prerequisites, with a GPA for these six courses of no less than 2.0. No courses can be counted toward both a major and a minor. The six courses must include the following:

1. Economics 20, 21, and 22

2. Any one of the following sequences (depending on the sequence chosen, one additional course may be needed): 24-44 or 24-27-44 or 24-39-44; 25-45 or 25-75-45 (35 can be substituted for 75); 26-36-46; 27-47 or 24-27-47; 28-48 or 28-38-48 (72 or 75 can be substituted for 38); 29-39-49; 80-81 or 80-82 or 81-82 or 80-81-82. With the permission of the vice chair, a student may substitute a sequence of courses involving an alternative culminating experience.

No courses can be counted toward both a major and a minor. With the permission of the vice chair, a student may substitute other courses to fulfill these requirements.

TRANSFER CREDIT

Normally, no more than three courses transferred for Dartmouth credit from other institutions will be credited toward fulfillment of a regular or modified major in economics, including both prerequisites and courses counting for the major. Students are discouraged from transferring the equivalents of Economics 20, 21, and 22. No transfer credit is possible for a 40-level or an 80-level course to satisfy the culminating experience.

ECONOMICS HONORS PROGRAM

The Honors Program in Economics provides qualified students with the opportunity of doing research in economics, either initiated during their 40-level course or in Economics 85, and then writing an Honors thesis (Economics 87) in the senior year.

To be eligible for the Program, a student must have a grade point average of at least 3.3 in courses counting toward the major (excluding Economics 1, 10, and Mathematics 3), and an overall grade point average of at least 3.0 for courses taken through the term immediately preceding enrollment in Economics 85 or, in the case where the research is begun in the 40-level course, preceding enrollment in Economics 87. In order to be eligible for honors, one additional Economics course beyond those needed for the major is required. The economics courses must include Economics 20, 21, and 22. Students whose major paper in their 40-level course are considered worthy of developing into a thesis and who meet all other requirements will be invited to enroll in Economics 87. Prior to enrolling in Economics 85 or Economics 87, the student must have the written approval of the vice chair and a faculty member in the economics department who is willing to act as an adviser. Additionally, those students who do not take Economics 85 must have the written approval of the faculty member who taught the 40-level course in which the thesis topic and research were developed. The adviser may be the teacher of the 40-level course and would usually be a professor whose own research interests lie in the area in which the student wants to work.

Majors enrolled in a 40-level course or in Economics 80, 81, or 82 (“80-level”) whose research papers for the course are deemed of exceptional merit by the instructor shall be granted honors in economics without necessarily enrolling in Economics 87. No more than two students per section may be granted honors in this way without a vote of the department. Students who achieve honors by this method must still complete ten major courses (beyond prerequisites) to receive honors. Students may subsequently enroll in Economics 87 and extend their research from the 40-level or 80-level course in order to be eligible for high honors. Failure to enroll in or to complete Economics 87 will not forfeit the original honors designation unless the course is necessary to obtain a count of ten major courses.

A fourth method of obtaining honors is to complete the Economics 80-81-82 sequence with an average of B+, with a total of at least ten courses in the major, and having received a grade of A- or better in each of the prerequisite classes (i.e. Economics 20, 21 and 22). The instructors of this sequence may recommend that students who have done outstanding work in these courses be granted, by a vote of the department, high honors.

Both regular majors and modified majors who wish to undertake the Honors Program will normally be expected to have taken all the courses relevant to their topic prior to enrollment in Economics 85, or Economics 87 if the student writes the Honors thesis directly after the 40-level course. An average grade of B+ (3.33) or better in Economics 85 and 87, or a 40-level course and 87 for the alternative approach to developing the Honors thesis, will entitle the student to graduate with ‘Honors in Economics.’ A vote of the Department is necessary to achieve ‘High Honors in Economics.’ The Department will take into account the student’s performance on the thesis and his or her record in Economics courses in awarding ‘High Honors.’