MARKETS AND MODELS
An investigation into the various ways that markets determine the allocation of scarce resources: via a single market-clearing price, waiting in line or other forms of rationing, search, a centralized matching algorithm, an auction, or a contest. We will examine real-world examples of each type of market, and introduce and solve a formal theoretical model of each to see what insights it leads to.
Prerequisites & course information
Requisites: ( ECON 301 or 311 ) and (MATH 217 or 221 ), or graduate/professional standing Course Designation: Core GenEd - Social & Behavioral Science Breadth - Social Science Level - Advanced L&S Credit - L&S Liberal Arts and Science Grad 50% - Counts toward 50% graduate coursework requirement Repeatable for Credit: No Last Taught: Spring 2026 Learning Outcomes: 1. Explain general principles of why some markets work well (and others do not), and demonstrate why the precise details matter Audience: Both Grad & Undergrad 2. Discuss details of how particular real-world markets operate Audience: Both Grad & Undergrad 3. Construct theoretical economic models to match key features of real-world markets, and apply mathematical tools to analyze these models Audience: Both Grad & Undergrad 4. Understand and explain advanced theoretical results and their proofs; modify and apply these techniques to prove closely-related results Audience: Graduate Learning Outcomes: 1. Explain general principles of why some markets work well (and others do not), and demonstrate why the precise details matter Audience: Both Grad & Undergrad 2. Discuss details of how particular real-world markets operate Audience: Both Grad & Undergrad 3. Construct theoretical economic models to match key features of real-world markets, and apply mathematical tools to analyze these models Audience: Both Grad & Undergrad 4. Understand and explain advanced theoretical results and their proofs; modify and apply these techniques to prove closely-related results Audience: Graduate
Sources
- Course catalogue ↗2026-2027