Economics, Applied Statistics, and International Business

Undergraduate Program Information

The Department of Economics, Applied Statistics, and International Business offers undergraduate degrees in two majors. Students can earn a Bachelor of Business Administration (BBA) in either economics or international business. Economics majors also have the opportunity to earn a Bachelor of Arts degree. Economics majors work in business, government, and the non-profit sector. The economics major is also a good choice for students who plan to attend graduate school in economics, law, business and other areas. In addition the department teaches economics and applied statistics to support the college’s business core and the university’s general education requirements.

Graduate Program Information

The Department of Economics, Applied Statistics and International Business cooperates with the Department of Agricultural Economics and Agricultural Business in offering graduate programs in economics, agricultural economics and economic development. The programs are jointly administered by faculty from the two departments. The objective of the master’s program is to prepare students for professional positions in business, government, or research institutions and/or for further graduate studies. The Department of Economics, Applied Statistics and International Business offers a Master of Arts in economics with concentrations in regulatory economics, policy analysis and econometrics. For more information on the Master of Science degree in agricultural economics, refer to the Agricultural Economics section in this catalog. The objective of the Doctor of Economic Development is to provide advanced training in applied economic development.

Graduate Study in Business Administration

The Department of Economics, Applied Statistics and International Business cooperates with other departments of the College of Business to offer a Master of Business Administration degree and a PhD in Business Administration. Within the PhD program, the department offers a minor area of study and provides statistics courses to support the doctoral program. More information about these programs is available in this catalog under College of Business.

Professor, Christopher Erickson, Interim Department Head

 

Department of Economics, Applied Statistics and International Business:

R. Adkisson, Ph.D. (Nebraska)– international economics, public finance, economic development; B. Bai, MS (New Mexico State University)-Applied Statistics; Larry Blank, Ph.D. (University of Tennessee, Knoxville)– microeconomic theory, managerial economics and regulatory economics; K. Brook, Ph.D. (Texas-Austin)– macroeconomic theory, monetary policy; D. L. Daniel, Ph.D. (Southern Methodist)– nonparametrics; C. Enomoto, Ph.D. (Texas A&M)– econometrics, economic theory; C. A. Erickson, Ph.D. (Arizona State)– monetary theory, macroeconomics; C. Gard, Ph.D. (University of Washington)– biostatistics; D. A. Gegax, Ph.D. (Wyoming)– public utility economics, industrial organization; K.R. Geisler, Ph.D. (Nevada) - regional, applied micro, environmental; W. R. Gould, Ph.D. (North Carolina State)– biological sampling, wildlife and fisheries estimation; L. LaPlue (Tennessee) -- international and environmental economics; Y. F. Lee, Ph.D. (Southern Illinois-Carbondale)– international finance, international trade, international system, economic development; Randy McFerrin, Ph.D. (Texas A & M University)– micro theory, principles and American economic history; J. T. Peach, Ph.D. (Texas-Austin)– quantitative economics, border studies, economic development; C. Ricketts, Ph.D. (Mississippi State)– labor, health, development;  C. Sroka (Ohio State) -- count data models; R. L. Steiner, Ph.D. (Oklahoma State)– likelihood methods, discrete distributions; D. VanLeeuwen, Ph.D. (Oregon State)– statistics; B. Widner, Ph.D. (Colorado State)– urban/regional, public finance, development;D.L. Clason, (Emeritus) Ph.D. (Kansas State); M. Ellis (Emeritus), Ph.D. (California-Riverside); B. N. Matta, (Emeritus) Ph.D. (Texas at Austin); J. T. McGuckin (emeritus), Ph.D. (Wisconsin-Madison); A.V. Popp, (Emeritus), Ph.D., (Northern Illinois); D.B. Smith, (Emeritus), Ph.D. (Nebraska); E. S. Willman, (Emeritus) Ph.D. (Indiana)

A ST 251G. Statistics for Business and the Behavioral Sciences

3 Credits

Techniques for describing and analyzing data; estimation, hypothesis testing, regression and correlation; basic concepts of statistical inference. Same as STAT 251G.

Prerequisite: C- or better in MATH 120.

A ST 311. Statistical Applications

3 Credits

Techniques for describing and analyzing economic and biological data; estimation, hypothesis testing, regression and correlation; basic concepts of statistical inference.

Prerequisite(s): MATH 120.

A ST 450. Special Topics

1-4 Credits

Specific subjects and credits announced in the Schedule of Classes. Maximum of 4 credits per semester and a grand total of 9 credits.

A ST 456. Statistical Methods and Data Analysis

3 Credits

Methods for sampling and estimation; analysis of variance and elementary experimental designs; linear regression and correlation; multiple regression, variable selection methods and residual analysis; introduction to statistical packages.

Prerequisite(s): A ST 251, A ST 311, or equivalent.

A ST 498. Independent Study

1-3 Credits

Individual studies directed by consenting faculty with prior approval of the department head. Maximum of 3 credits per semester and a grand total of 3 credits.

A ST 503. SAS Basics

2 Credits (1+2P)

An introduction to the statistical software package, SAS, and its utilization in an interactive computing environment, primarily PC/SAS. Provides a fundamental understanding of the structure of SAS, its data management capabilities, and how to invoke a variety of descriptive and simple statistical SAS procedures.

Corequisite(s): A ST 505, or consent of instructor.

A ST 504. Statistical Software Applications

1 Credit

Optional Computing course to accompany A ST 506. Computer analysis of topics covered in A ST 505 and A ST 506.

Prerequisite(s): A ST 503 or consent of instructor.

Corequisite(s): A ST 506.

A ST 505. Statistical Inference I

4 Credits (3+2P)

A qualitative introduction to the concepts and methods of statistical inference. Sampling, frequency distributions (z, t, x2, F), estimation, and testing. One-way analysis of variance. Simple linear regression.

Prerequisite: consent of the instructor.

A ST 506. Statistical Inference II

3 Credits (2+2P)

Introduction to multiple regression; the analysis of variance for balanced studies; multiple comparisons, contrasts, factorials, experimental designs through split plots.

Prerequisite: A ST 505 and the ability to use a standard computer package such as SAS (may be satisfied by A ST 503) or consent of instructor.

A ST 507. Advanced Regression

3 Credits

Examination of multiple regression; residual analysis, collinearity, variable selection, weighted least squares, polynomial models, and nonlinear regression: linearizable and intrinsically nonlinear models.

Prerequisites: A ST 503 and A ST 505 or consent of instructor.

A ST 508. Analysis of Advanced Designs and Related Topics

3 Credits

Complete and incomplete block designs; fixed, mixed, and random models; unbalanced data; analysis of covariance; nested experiments; fractional factorials.

Prerequisite(s): A ST 503 and A ST 506; or consent of instructor.

A ST 515. Statistical Analysis with R

3 Credits

Introduction to R data types, basic calculations and programming, data input and manipulation, one and two sample tests, ANOVA, regression, diagnostics, graphics, probability distributions, and basic simulations in the R software environment.

Prerequisite(s): A ST 505 or equivalent with consent of instructor.

A ST 521. Sampling Methodology

3 Credits (3+2P)

Methodology of sampling finite populations using design-based (simple random, stratified, systematic, cluster, and multistage), model-based (regression and ratio estimators), and adaptive sampling. Properties of estimators under all designs are discussed.

Prerequisite(s): Either A ST 505 or A ST 565, or consent of instructor.

A ST 522. Survey Sampling

2 Credits (3+2P)

Techniques of survey sampling (mail questionnaire and telephone surveys) applicable to social sciences. Techniques of questionnaire preparation and methods of evaluating results are presented.

Prerequisite: A ST 521, or consent of instructor.

A ST 523. Biological Sampling (s)

3 Credits

Methods of sampling biological populations: area frame, quadrant, line intercept, line transect, and mark-recapture. May be repeated up to 3 credits.

Prerequisite(s): A ST 505 or consent of instructor.

A ST 545. Time Series Analysis and Applications

3 Credits

A systematic exposition of the methods for analyzing, modeling, and forecasting time series. Emphasizes underlying ideas and methods rather than detailed mathematical derivations, using SAS, BMDP, IMSL, and Fortran. May be repeated up to 3 credits.

Prerequisite(s): A ST 503 and A ST 505, or consent of instructor.

A ST 550. Special Topics

1-4 Credits

Specific subjects to be announced in the Schedule of Classes. Maximum of 4 credits per semester. No more than 9 credits toward a degree.

A ST 551. Introduction to Statistical Consulting

1 Credit

Consideration of published material in the consulting process. Restricted to majors. Graded S/U.

Prerequisite: consent of instructor.

A ST 552. Advanced Statistical Consulting

1 Credit

Continuation of A ST 551 with emphasis on dealing with clients in order to identify statistically relevant features of a research study. Restricted to majors. Graded S/U.

Prerequisite: A ST 551.

A ST 553. Practicum in Statistical Consulting

1 Credit

Supervised experience under the guidance of senior faculty. May be repeated for a maximum of 2 credits. Restricted to majors. Graded S/U.

Prerequisite: A ST 552.

A ST 555. Applied Multivariate Analysis

3 Credits

Multivariate analysis of linear statistical models, including MANOVA and repeated measures. Analysis of correlation and covariance structures, including principal components, factor analysis, and canonical correlation. Classification and discrimination techniques.

Prerequisite(s): A ST 506 and A ST 504 or consent of instructor.

A ST 565. Statistical Analysis I

4 Credits (3+2P)

An analytic introduction to the theory and methods of statistical inference. Sampling, frequency distributions (z, t, x2, F), estimation, testing, and simulation.

Prerequisite: MATH 291G or consent of instructor.

A ST 566. Statistical Analysis II

4 Credits (3+2P)

Continuation of A ST 565.

Prerequisite: A ST 565 or consent of instructor.

A ST 567. Applied Linear Models I

3 Credits

The mean model, including constraints, approach to linear models; nonidentity variance-covariance matrices. Some emphasis on computational aspects and relation to statistical packages.

Prerequisite: A ST 566 or consent of instructor.

A ST 568. Applied Linear Models II

3 Credits

The relation of full to less-than-full rank linear models; complex data structures, including messy data, empty cells, and components of variance: extensions to categorical data analysis and nonparametric methods. Continues some emphasis on computational aspects.

Prerequisite: A ST 567.

A ST 596. Independent Study

1-3 Credits

Individual studies directed by consenting faculty with prior approval by department head. May be repeated for a maximum of 3 credits.

Prerequisite: consent of instructor.

A ST 598. Special Research Problems

1-6 Credits

Individual analytical or experimental projects. Restricted to majors. Graded S/U.

A ST 599. Master's Thesis

1-6 Credits

Thesis.

ECDV 550. Introduction to Local and Regional Development

3 Credits

Serves as the introductory course in the Doctor of Economic Development program. Overview of the economic development field.

ECDV 590. Special Topics

1-3 Credits (1-3)

Selected topics in the area of Economic Development. Subtitle reflects content. May be repeated up to 9 credits. Consent of instructor required.

ECDV 596. Individual Study

1-3 Credits (1-3)

Individual studies directed by consenting faculty with the prior approval of the Department Head. May be repeated up to 6 credits.

ECDV 624. Seminar in Economic Development and the Public Sector

3 Credits

Explores specific examples of the interaction of public finance and economic development. Students examine actual cases and examples of the use of public finance policy to influence economic development.

Prerequisites: AEEC 522 and AEEC 523.

ECDV 651. Economic Development Theory

3 Credits

Builds upon a general understanding of microeconomic and macroeconomic theory to focus specifically on theories of economic development at all levels. Prerequisites: AEEC 501 and 502

ECDV 661. Regional Economic Modeling I

3 Credits

Provides an introduction to the basic tools and methods of regional economic development analysis.

Prerequisite(s): AEEC 501, AEEC 502, and AEEC 540.

ECDV 662. Regional Economic Modeling II

3 Credits

Continuation of ECDV 661 with focus on more advanced tools and methods of regional economic development analysis.

ECDV 664. Population Economics

3 Credits

Examines the causes and consequences of demographic change. Examines theories of basic demographic processes, population projection and estimation. Consent of instructor required.

ECDV 668. Economic Development Finance

3 Credits

Focuses on the tools and methods of economic development finance.

ECDV 670. Research in Economic Development

3 Credits

Intense examination of the academic literature on economic development at all levels.

Prerequisites: ECDV 651, ECDV 661 and ECDV 662.

ECDV 671. Sustainable Economic Development

3 Credits

Focuses on the interconnections between economic development and the environment. Provides a broad set of tools and ideas related to the impacts of human activities on the environment.

Prerequisites: AEEC 501, AEEC 502 and AEEC 540.

ECDV 673. Research Methods

3 Credits

An overview of alternative research methods and tools. Students explore quantitative and qualitative research methods as alternatives and complements to statistical methods. Research design, ethics, and presentation are emphasized.

Prerequisites: AEEC 501, AEEC 502 and AEEC 540.

ECDV 681. Urban Economic Development

3 Credits

Examines causes and consequences of economic change in urban and metropolitan areas. Covers both theory and tools for analysis.

Prerequisites: ECDV 651, ECDV 661 and ECDV 662.

ECDV 682. Rural Development

3 Credits

Examines causes and consequences of economic change in rural areas, communities and small, open economies. Covers both theory and tools for analysis.

Prerequisites: ECDV 651, ECDV 661 and ECDV 662.

ECDV 683. Seminar in National Economic Development

3 Credits

Explores specific examples and cases of rural and urban economic development. Involves applied analysis of specific rural and/or urban economic issues/projects.

Prerequisites: ECDV 681 and ECDV 682.

ECDV 685. Seminar in International Economic Development

3 Credits

Explores specific examples and cases of economic development in an international context. Focuses on the application of theories and methods in prerequisite courses to the problems of nations lagging in economic development.

Prerequisites: AEEC 528, AEEC 520 or ECON 581.

ECDV 692. Seminar in Economic Development

3 Credits

Seminars in selected topics in economic development. Subtitle reflects content. May be repeated up to 9 credits.

Prerequisite: Completion of at least nine semester hours of ECDV courses.

ECDV 694. Internship

1-9 Credits (1-9)

Internship in Economic Development. May be repeated up to 9 credits. Restricted to: ECDV majors. S/U Grading (S/U, Audit).

Prerequisite(s): Completion of core requirements of Doctor of Economic Development.

ECDV 699. Doctoral Project

1-9 Credits (1-9)

Doctoral Project. May be repeated up to 9 credits. Completion of all DED coursework and successful completion of comprehensive exams.

ECON 201G. Introduction to Economics

3 Credits

Economic institutions and current issues with special emphasis on the American economy.

ECON 251G. Principles of Macroeconomics

3 Credits

Macroeconomic theory and public policy: national income concepts, unemployment, inflation, economic growth, and international payment problems.

ECON 252G. Principles of Microeconomics

3 Credits

Microeconomic theory and public policy: supply and demand, theory of the firm, market allocation of resources, income distribution, competition and monopoly, governmental regulation of businesses and unions.

ECON 304. Money and Banking

3 Credits

Income measurement and determination, monetary and fiscal policies.

Prerequisite: ECON 251G or equivalent, or consent of instructor.

ECON 311. Intermediate Macroeconomic Theory

3 Credits

Analysis of gross domestic product, the Classical, Keynesian, and Neo- Keynesian theories of income, employment, inflation and growth.

Prerequisite(s): ECON 251G or equivalent.

ECON 312. Intermediate Microeconomic Theory

3 Credits

Contemporary economic theory with emphasis upon value and distribution.

Prerequisite(s): ECON 252G or equivalent.

ECON 324V. Developing Nations

3 Credits

Economic analysis of problems related to development of developing nations. Issues such as growth, industrialization, poverty, population, international trade, foreign debt, and international economic relations.

ECON 325V. Economic Development of Latin America

3 Credits

Economic analysis of problems related to development in Latin America, including the agrarian problem, debt and austerity programs, industrialization, inflation and unemployment, the drug trade, U.S.-Latin American relations, development strategies. Also individual countries problems.

ECON 332. Public Finance

3 Credits

This course will examine the roles of government in modern, market-oriented, mixed economies. It will examine justifications for government participation in resource allocation, income distribution, and economic stabilization focusing primarily on the fiscal functions of government, taxation and public expenditure. Students will apply basic microeconomic analysis to analyze the impacts of public taxation and expenditures on economic decisions made elsewhere in the economy. In this course the emphasis will be on understanding the workings of public finance in fiscal federalist systems like the United States, but the principles taught will be applicable across other economic systems. Prerequisites: ECON 252

ECON 335V. Business and Government

3 Credits

Relation of government to business through regulation; political, legal, and social implications. Crosslisted with: MGT 335G

ECON 336. Labor Economics

3 Credits

This course aims at developing students' understanding of how the labor market works. Topics to be covered include: labor supply and demand, wage differentials, wage structure, unemployment, gender issues, labor market discrimination, and migration. May be repeated up to 3 credits.

Prerequisite(s): ECON 252G.

ECON 337V. Natural Resource Economics

3 Credits

Same as AG E 337V.

Prerequisite: ECON 201 or ECON 252.

ECON 340. American Economic History

3 Credits

The rise of big business and organized labor, increasing price rigidities, and growing government intervention. Same as HIST 340.

ECON 384V. Water Resource Economics

3 Credits

Use of economic principles to evaluate current and emerging issues in water resources. Applications focus on use of economic methods of analysis to current policy decisions surrounding agricultural, municipal, industrial, and environmental uses of water. Same as AG E 384V.

Prerequisite: AG E 100 or ECON 252G.

ECON 401. Managerial Economics

3 Credits

Application of economic theory to problems of business management.

Prerequisite(s): ECON 252G and MATH 142 or equivalent, or consent of instructor.

ECON 404. Collegiate Advisory Board, Federal Reserve

3 Credits

Students serve on the Collegiate Advisory Board of the El Paso branch of the Federal Reserve Bank of Dallas. Guest speakers provide an overview of the Federal Reserve System, role of monetary policy, and issues facing specific industries in the local, national, and global economies. Students prepare reports, including a final paper, on an assigned industry in the regional or state economy and the current economic performance of their industry. Students must be of junior rank or higher with a GPA of at least 3.5. Consent of Instructor required.

ECON 405. Introductory Econometrics

3 Credits

Multiple regression and correlation applied to economics and business; inference techniques; significance tests; simultaneous equations, estimation, and problems. May be repeated up to 3 credits.

Prerequisite(s): A ST 251G or STAT 251G or A ST 311 (or equivalent).

ECON 406. The Economics of Sports

3 Credits

Applying the tools of economic analysis to a particular industry and gaining an in-depth knowledge of the interaction of professional sports teams and leagues with the economy and society. Same as AG E 406.

Prerequisites: one previous course in economics or consent of instructor.

ECON 432V. Economics of Health Care

3 Credits

Analysis of the allocation of resources in the field of health and medical care.

ECON 449. Open Economy Macroeconomics

3 Credits

This course studies theoretical and empirical macroeconomics in international dimension. It covers from the fundamental concepts of national income and growth, monetary/fiscal and exchange rate policies, foreign exchange markets, international trade and finance, and regionalization/economic integration to the impact analysis of these macroeconomic fundamentals in the open economy. Crosslisted with: I B 449.

Prerequisite(s): FIN 341 OR ECON 372.

ECON 450. International Economics

3 Credits

Trade and capital flows between countries, international payments, government policy in balance-of-payments and tariff matters, international organizations. Crosslisted with: I B 450

Prerequisite(s): ECON 251G and ECON 252G.

ECON 457. Mathematical Economics

3 Credits

Application of mathematical tools, especially the calculus, to economic theory.

Prerequisite: one upper-division economics course.

ECON 489. Senior Economics Seminar

3 Credits

Seminar primarily for economics majors in their final semester. Provides an opportunity to apply economic theory to a broad variety of topics.

Prerequisite: ECON 371 or ECON 372.

ECON 490. Selected Topics

1-3 Credits

Current topics in economics. Subject matter to be designated for each semester.

ECON 498. Independent Study

1-3 Credits

Individual studies directed by consenting faculty with the prior approval of the department head. May be repeated for a maximum of 3 credits.

Prerequisite: junior or above standing and consent of instructor.

ECON 503. Managerial Economics

3 Credits

Theory and application of microeconomics to the management of organizations.

Prerequisite(s): A ST 251G or 311 or equivalent with B or better.

ECON 545. Econometrics II

3 Credits

Application of statistical techniques to estimation of economic relationships: demand functions, production and cost functions, and macroeconomic equations. May be repeated up to 3 credits.

Prerequisite(s): ECON 251G, ECON 252G, STAT 251G or A ST 311, and AEEC 540.

ECON 550. Special Topics

1-3 Credits

Seminars in selected current topics in the various areas of economics. Prerequisites vary according to the topic being offered.

ECON 571. Regulatory Policy and Industry Analysis: Electricity I

3 Credits

Regulatory policy and economic analysis related to the Electric Industry. Topics include: characteristics of a utility and legal justification for regulation; characteristics and functions of a regulatory commission; history and structure of the industry; technology and network design; revenue requirements; cost allocation; and basic retail rate design. May be repeated up to 3 credits.

Prerequisite(s): ECON 252G, FIN 341, or consent of instructor.

ECON 572. Regulatory Policy and Industrial Analysis: Water and Natural Gas

3 Credits

Regulatory policy and economic analysis related to the Natural Gas and Water industries. Topics include: history and structure of the industry; technology and network design; revenue requirements; cost allocation; and retail rate design.

ECON 573. Regulatory Policy and Industry Analysis: Electricity II

3 Credits

Regulatory policy and economic analysis related to the Electric industry. Topics include: optimal generation mix; ancillary services; environmental policies; rate case procedures and strategies for effective testimony; advanced retail rate design; wholesale exchanges; unbundled transmission tariffs; market institutions and how different markets function; state and federal deregulation policies; Federal Energy Regulatory Commission orders and policies; demand-side management; and regulatory treatment of non-traditional retail services. Consent of instructor required.

Prerequisite(s): ECON 571 or consent of instructor.

ECON 574. Advanced Seminar Regulatory Policy and Industry Analysis

3 Credits

Advanced seminar and writing course specializing in regulatory policy and regulatory casework. Topics Include: special policy & regulatory issues in telecommunications, electricity, natural gas, and water; preparation of written testimony; expert witness effectiveness including cross-examination; and contested case management. This course involves extensive reading and writing assignments. Consent of instructor required.

Prerequisite(s): ECON 571 or consent of instructor.

ECON 581. International Economics

3 Credits

Trade and capital flows between countries, international payments, government policy in balance-of-payments and tariff matters, international organizations. Recommended preparation, ECON 371 and 372. May be repeated up to 3 credits.

Prerequisite(s): ECON 251G and ECON 252G.

ECON 582. Economics of Health Care

3 Credits

Analysis of the allocation of resources in the field of health and medical care. Taught with ECON 432V with differentiated assignments for graduate students.

ECON 596. Independent Study

3 Credits

Individual study program. Each offering will cover a subtitle. Maximum of 3 credits in a semester and 6 credits in a program. Consent of instructor required.

I B 317. International Marketing

3 Credits

Same as MKTG 317.

I B 351. International Business

3 Credits

The various aspects of international business, and identification and analysis of problems encountered by multinational companies.

Prerequisite: junior standing or consent of instructor.

I B 398. International Business and Economic Environments

3 Credits

Description and analysis of various world regions, e.g., Pacific Rim, Eastern Europe, South Asia. Region will vary from semester to semester.

I B 449. Open Economy Macroeconomics

3 Credits

This course studies theoretical and empirical macroeconomics in international dimension. It covers from the fundamental concepts of national income and growth, monetary/fiscal and exchange rate policies, foreign exchange markets, international trade and finance, and regionalization/economic integration to the impact analysis of these macroeconomic fundamentals in the open economy. Crosslisted with: ECON 449.

Prerequisite(s): FIN 341 OR ECON 372.

I B 450. International Economics

3 Credits

Trade and capital flows between countries, international payments, government policy in balance-of-payments and tariff matters, international organizations. Crosslisted with: ECON 450G

Prerequisite(s): ECON 251G and ECON 252G.

I B 458. Comparative International Management

3 Credits

Cultural influences on management are examined in a global business environment with a particular emphasis on human behavior in multinational organizations and the management of human resources. Same as Mgt. 458.

I B 475. International Finance

3 Credits

Same as FIN 475. May be repeated up to 3 credits. Crosslisted with: FIN 475 and FIN 575.

I B 489. Senior Seminar in International Business

3 Credits

Capstone class for I B majors. Integration of previous classwork via the examination of case studies and completion of a major project.

Prerequisite: I B core.

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Office Location:

Phone: (575) 646-7211

Website: https://business.nmsu.edu/departments/economics/