BEPP6110 - Microeconomics for Managers (Course Syllabus)
This course covers microeconomic foundations for understanding business decision-making. The first unit, “Operating a Firm,” covers demand estimation, cost minimization, and pricing with market power. Unit two, “Markets and Equilibrium,” covers supply and demand, market equilibrium, taxes and tax incidence, and externalities. Unit three presents an introduction to game theory, including simultaneous-move and sequential games. Students are expected to have mastered these materials before enrolling in the second-quarter course, Microeconomics for Managers: Advanced Applications.
BEPP6120 - Microeconomics for Mgrs Advanc (Course Syllabus)
This course will cover the economic foundations of business strategy and decision-making in market environments with other strategic actors and less than full information, as well as advanced pricing strategies. Topics include oligopoly models of market competition, creation, and protection, sophisticated pricing strategies for consumers with different valuations or consumers who buy multiple units (e.g. price discrimination, bundling, two-part tariffs), strategies for managing risk and making decisions under uncertainty, asymmetric information and its consequences for markets, and finally moral hazard and principle-agent theory with application to incentive contacts.
BEPP6130 - Business Analytics (Course Syllabus)
This 0.5 CU course merges the instruction offered in Managerial Economics with data to flesh out related concepts with practical business applications. The purpose of the course is to close the gap between the theory of business analytics and its actual practice, i.e., how you can really use it in your practice. More than ever, there is a need for business leaders to become more data literate: “Business leaders at every level need to become data literate and be able to understand data and analytical concepts that may have previously seemed out of reach, including statistical methods, machine learning, and data manipulation. With this spread of data literacy comes the powerful ability to make educated business decisions that rely on the smart use of data, rather than on an individual’s opinions. In the past, these tasks were extremely complex and would be handed off to engineers. With the tools that exist today, business leaders are able to dive into their own analytics and uncover powerful insights.” (Microsoft) You will learn how to conduct in-depth business analytics based on sensible economics reasoning. As the main project, you will build an end-to-end business workflow. The problem and data can come from a current employer, from your own startup idea, or, from the instructor to represent a hypothetical setting. In the tradition of MGEC, the course will also motivate future electives to refine components of your analysis. Ultimately, you will walk away from the course with a fuller understanding of how different business and economics concepts “fit together” to answer big, relevant questions. Your new skillset is repeatable for your future projects. You will also learn key ideas that allow you to work with future coding teams in your future work, thereby closing the language gap between business economic goals and coding implementation. Normally, this type of comprehensive problem solving would require using coding languages like Python or R. However, the instructor for this course has developed a no-code toolbox that can be used with Microsoft Excel that allows for end-to-end analytics, making data analytics accessible to a much wider audience. This software will be provided for free to you.
Prerequisites: MGEC 6110
BEPP6200 - Behavioral Econ, Markets (Course Syllabus)
Behavioral economics has revealed a variety of systematic ways in which people deviate from being perfectly selfish, rational, optimizing agents. These findings have important implications for government policy and firm behavior. This course will explore these implications by answering two main questions: (1) what does behavioral economics imply for when and how the government should intervene in markets? (2) What does behavioral economics imply for firms' pricing and production decisions? The course will present the standard economic approaches to answering these questions and then explore how answers change when we consider that people act in behavioral ways. Towards the end of the course, we will investigate specific policy questions, allowing us to debate solutions while hearing from policy makers operating in a world of behavioral agents.
BEPP7080 - Housing Markets (Course Syllabus)
This course is designed for students interested in the economics and operations of housing markets. It is primarily a U.S.-focused course. The class is divided into five sections: (1) economic analysis of housing market fundamentals (supply and demand); (2) a policy analysis section on housing affordability issues in the U.S.; (3) operations of homebuilders and rental landlords, as well as the single family rental sector; this section includes a series of guest lecturers from industry executives; (4) the nature of housing cycles; and (5) a discussion of factors that have affected the evolution of housing markets over the long run. This course presumes knowledge of intermediate microeconomics. For Wharton students, this means you must have passed MGEC 6110. Non-Wharton students should have taken the equivalent course in the College. The class is primarily lecture based, although we will have one flipped class, as well as a number of guest lecturers from industry. There are two in-class midterms and two assignments.
Prerequisites: MGEC 6110
BEPP7610 - Risk Analy & Env Mgmt (Course Syllabus)
This course will introduce students to concepts in risk governance. We will delve into the three pillars of risk analysis: risk assessment, risk management, and risk communication. The course will spend time on risk financing, including insurance markets. There will be particular emphasis on climate risk management, including both physical impact risk and transition risk, although the course will also discuss several other examples, including management of environmental risks, terrorism, and cyber-security, among other examples. The course will cover how people perceive risks and the impact this has on risk management. We will explore public policy surrounding risk management and how the public and private sector can successfully work together to build resilience, particularly to changing risks.
BEPP7630 - Energy Markets & Policy (Course Syllabus)
Over the last several decades, energy markets have become some of the most dynamic markets of the world economy. Traditional fossil fuel and electricity markets have been seen a partial shift from heavy regulation to market-driven incentives, while rising environmental concerns have led to a wide array of new regulations and "environmental markets". The growth of renewable energy could be another source of rapid change, but brings with it a whole new set of technological and policy challenges. This changing energy landscape requires quick adaptation from energy companies, but also offers opportunities to turn regulations into new business. The objective of this course is to provide students with the economist's perspective on a broad range of topics that professionals in the energy industry will encounter. Topics include the effect of competition, market power and scarcity on energy prices, the impact of deregulation on electricity and fossil fuel markets, extraction and pricing of oil and gas, geopolitical uncertainty and risk in hydrocarbon investments, the environmental impact and policies related to the energy sector, environmental cap-and-trade markets, energy efficiency, the economics and finance of renewable energy, and recent developments in the transportation sector.
BEPP7640 - Climate and Financial Markets (Course Syllabus)
Climate change might be the defining challenge of our times, with a wide range of effects on financial markets and the broader economy. At the same time, financial markets play an important role in financing the transition to a net-zero economy, and incentivizing firms and investors to adapt their strategies. In this course, we examine how climate risks—both physical and regulatory—affect firms, financial markets (including equity, corporate debt, green bonds, municipal bonds, insurance, and carbon markets), and markets for energy, real estate and mortgages. We also examine the role that firms’ disclosures and third-party information sources play. Because financial markets are shaped by the information that is available to market participants, we investigate the impact of ESG reporting and rating agencies, including the costs and benefits of regulating ESG reporting and the impact of greenwashing. In the second part of the course, we study how governments and private investors finance investments in climate technologies. Here, we discuss various financial instruments that have been developed to address climate-change concerns. Given the enormous importance of electrification as a pathway towards a low-carbon future, there is special emphasis on renewable energy finance and economics. We also discuss the latest evidence of how climate risk has shaped decisions inside organizations, such as spin-offs, hedging, and the structure of executive-compensation contracts.
Prerequisites: (ACCT 6110 OR ACCT 6130) AND MGEC 6110 AND MGEC 6120
BEPP7700 - American Public Policy (Course Syllabus)
This course explores the economics and politics of public policy to provide an analytic framework for considering why, how, and with what success/failure government intervenes in a variety of policy areas. Particular attention will be paid to important policy issues relating to taxation, social security, low-income assistance, health insurance, education (both K-12 and higher ed), the environment, and government deficits. The costs and benefits of alternative policies will be explored along with the distribution of responsibilities between the federal, state, and local governments. While the course will focus primarily on U.S. policies, the topics covered (e.g. tax reform, deficits versus austerity, etc.) are currently at the center of the policy debate in many other industrialized countries as well.
BEPP7730 - Urban Fiscal Policy (Course Syllabus)
This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.
BEPP7890 - Economic Globalization (Course Syllabus)
This course is intended to deepen understanding of the major contemporary issues in the world economy. The focus is on the "big picture" of global economic developments and the evolution of economic thought over the last one hundred years. The topics include: financial market booms and busts; business cycles; monetary and fiscal policies; inequality; the social welfare state; technological change and economic growth; and international trade and financial arrangements. The time period covers: the Roaring Twenties; the Great Depression, the post war Golden Age (1945-1973); the stagflation of the 1970s; the Washington Consensus era of the market liberalization (1980-2007); and the 2008 financial crisis and ensuing Great Recession; and the recent rise of populism. This course also explores different schools of thought. The course will chronicle and compare economic policy and performance of the United States, Europe, Japan and emerging markets (Asia, Latin America, Africa).
Prerequisites: MGEC 6110 AND MGEC 6120
BEPP8050 - Risk Management (Course Syllabus)
The last financial crisis and subsequent recession provide ample evidence that failure to properly manage risk can result in disaster. Individuals and firms confront risk in nearly all decisions they make. People face uncertainty in their choice of careers, spending and saving decisions, family choices, and many other facets of life. Similarly, the value that firms create by designing and marketing good products is at risk from a variety of sources. The bankruptcy of a key supplier, sharp rise in cost of financing, destruction of an important asset, impact of global warming, or a liability suit can quickly squander the value created by firms. In extreme cases, risky outcomes can bankrupt a firm, as has happened recently to manufacturers of automobile parts and a variety of financial service firms. The events since the Global Financial Crisis also offer stark reminders that risk can impose significant costs on individuals, firms, governments, and societ6y as a whole. This course explores how individuals and firms assess and evaluate risk, examines the tools available to successfully manage risk, and discusses real-world phenomena that limit the desired amount of risk-sharing. Our focus is primarily on explaining the products and institutions that will serve you better when making decisisions in your future careers and lives.
BEPP8360 - Int'l Housing Comparisns (Course Syllabus)
This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.
Prerequisites: FNCE 6130
BEPP8930 - Adv Study Project (Course Syllabus)
“This course closes the gap between the theory of business economics analytics and its actual practice, i.e., how you can really use it in your practice. Normally, this type of comprehensive problem solving would require using coding languages like Python or R. However, the instructor for this course has developed a plugin no-code toolbox for Microsoft Excel that allows for end-to-end analytics, making data analytics accessible to a much wider audience. This software plugin will be provided for free to you. You will learn how to conduct in-depth business analytics based on sensible economics reasoning within Excel. The hands-on experience does not require in-depth software coding, and your new skillset is repeatable for your future projects.”
BEPP8970 - Special Topics (Course Syllabus)
Course titles and descriptions for Special Topics courses can be found in Path@Penn for the term in which they are offered. See "SECTION DETAILS" in Path@Penn for the course description and use the Syllabi@Wharton app to see the course syllabus.
BEPP8980 - Global Modular Course (Course Syllabus)
Global Modular Course - MBA