2021-2022 University of Wyoming Catalog [ARCHIVED CATALOG]
Department of Economics
260W Business Building, (307) 766-2175
Web site: www.uwyo.edu/economics
Department Chairman: David Aadland
Wyoming Excellence Chair in Conservation Economics:
H. JO ALBERS, B.S. Duke University 1985; M.E.S. Yale University 1987; Ph.D. University of California at Berkeley 1993; Professor of Economics 2014.
H.A. (Dave) True, Jr. Chair in Petroleum and Natural Gas Economics:
CHARLES F. MASON, A.B. University of California 1977; Ph.D. 1983; Professor of Economics 1994, 1982.
Stroock Chair of Natural Resource and Environmental Economics:
JASON F. SHOGREN, B.A. University of Minnesota-Duluth 1980; Ph.D. University of Wyoming 1986; Professor of Economics 1995.
John S. Bugas Chair in Economics:
TODD CHERRY, B.S.B.A. Appalachian State University 1992; M.A. University of North Carolina Greensboro 1995; Ph.D. University of Wyoming, 1999. Professor of Economics, Graduate Director.
TIMOTHY J. CONSIDINE, B.A. Loyola University 1975; M.S. Purdue University 1977; Ph.D. Cornell University 1981; Professor of Economics 2008.
DAVID C. FINNOFF, B.S. University of Wyoming 1994; Ph.D. 2001; Professor of Economics 2018, 2004.
DAVID M. AADLAND, B.A. Augustana College 1991; M.S. University of Oregon 1996; Ph.D. 1997; Department Chairman, 2018; Associate Professor of Economics 2005, 2003.
ROBERT GODBY, B.S. Trent University 1990; M.A. University of Guelph 1992; Ph.D. McMaster University 1997; Center for Energy Economics and Public Policy Director, and Associate Professor of Economics 2003, 1997.
THORSTEN M. JANUS, B.A. University of Copenhagen 2000; M.A. University of California at Santa Cruz 2003; Ph.D. 2006; Associate Professor of Economics 2012.
STEPHEN NEWBOLD, B.S. University of California, Davis 1995; M.S. 2002; Ph.D. 2002; Associate Professor of Economics 2018.
ALEXANDRE SKIBA, Specialist Diploma Rivne State Technical University 1999; M.S. Purdue University 2001; Ph.D. 2003; Associate Professor of Economics 2019, 2012.
LINDA THUNSTROM, M.S. Umea University, Sweden 1999; Ph.D. Umea University Sweden 2008; Associate Professor of Economics 2013.
KLAAS T. VAN ‘T VELD, B.Sc. University of London 1992; M.S. University of California Berkeley 1993; Ph.D. 1997; Associate Professor of Economics 2010, 2004.
BENJAMIN COOK, B.S. University of Wyoming 2003; Ph.D. 2011; Visiting Assistant Professor/Enhanced Oil Recovery Institute 2012.
FELIX NASCHOLD, B.S. University of London 1994; M.S. 1995; Ph.D. Cornell University 2008; Assistant Professor of Economics 2014.
TYLER KJORSTAD, B.A. College of St. Scholastica 2009; M.S. University of Minnesota Duluth 2012; M.S. University of Wyoming 2014, Director of Undergraduate Studies in Economics.
Thomas D. Crocker, Owen R. Phillips, Sherrill Shaffer
Business Economics Major
The science of efficient allocation, economics has much to offer students in the way of general and specialized preparation for positions in business, as well as government and the academic profession.
All Business Economics majors must comply with requirements of the advanced business standing prerequisites for enrollment in upper-division courses and must complete the common body of knowledge courses as listed previously.
A complete curriculum guide is available from the Peter M. & Paula Green Johnson Student Success Center in the College of Business.
Economics and Business Economics majors must hold a 2.500 cumulative grade point average in all economics courses at graduation, as well as a minimum 2.500 cumulative UW grade point average and a minimum 2.500 grade point average in all College of Business courses.
With approval of the department chair, students may substitute work in certain areas of accounting, agricultural economics, business administration, history, political science, finance, mathematics, statistics or law for 6 hours of 4000-level economics courses.
Students who intend to continue on to graduate work are urged to give special attention to courses in economics theory, statistics and mathematics. Those planning a career in econometrics or mathematical economics should consult the department head as to mathematics and statistics requirements in these fields of study.
Economics Undergraduate Major
This program is designed to meet the requirements of AACSB International (the Association to Advance Collegiate Schools of Business), the University of Wyoming, and the College of Business.
Minimum requirements include:
Minimum of 42 semester hours of 3000+ level courses. 30 of the 42 hours must be earned from UW.
2.50 grade point average in all College of Business courses, Economics courses, and all institution (UW) courses.
50% of the business credit hours must be from the University of Wyoming.
Grade of C or above required for University Studies Program: FY, Cl, C2, and C3.
Grade of C or above required for common body of knowledge and major specific core courses.
A maximum of 6 hours at the 1/2000 level and 3/4000 level military science may be applied to degrees in the College of Business.
A complete curriculum guide is available from the Student Success Center in the College of Business.
With approval of the department chair, students may substitute work in certain areas of accounting, agricultural economics, business administration, history, political science, finance, mathematics, statistics or law for 6 hours of the 4000-level economics electives.
This program allows considerable flexibility for the student to specialize in interdisciplinary study. For example, the student can be advised on selecting upper level division courses for pre-law study, political economy, environmental and natural resources, women’s studies, and international studies.
Students who intend to continue in graduate work should give special attention to courses in economic theory, statistics and mathematics. Those planning a career in mathematical economics or econometrics should consult the department head regarding the mathematics and statistics requirements in these fields of study.
The Department of Economics offers programs leading to a master of science degree in economics and the doctor of philosophy degree in economics.
Program Specific Admission Requirements
Admission to the economics program is granted to students who show high promise of success. Candidates of high promise generally have a cumulative grade point average of 3.000 or better (A=4.000) and score above 300 (for MS) and 310 (for PhD) combined on the verbal and quantitative sections of the GRE, with particular emphasis on strong quantitative and analytical scores. Such scores and grades do not guarantee admission.
The TOEFL is required for international students in accordance with University rules.
The Department of Economics requires that students have completed courses in intermediate micro and macro theory (ECON 3010 , ECON 3020 or equivalent), statistics, and 6 hours of introductory calculus (MATH 2200 , MATH 2205 or equivalent) for the MS program. A course in linear algebra (MATH 2050) is required for the PhD program.
Program Specific Degree Requirements
Master of Science in Economics
A minimum of 18 hours in economics is required; at least 15 of these must be at the 5000 level. A basic core sequence of ECON 5010 (macro), 5390 (math micro), 5530 (computational), 5230 (econometrics), and 5300 (game theory) is required, which completes 15 hours of 5000-level courses, which is required.
The student must complete 26 hours of coursework and 4 hours of ECON 5960 Thesis Research for the Plan A option. The student must complete 30 hours of coursework and a shorter paper for the Plan B option.
Students may take 4000-level courses for graduate credit up to 6 hours.
A maximum of 6 semester hours of graduate coursework not used toward any other degree from another institution may be applied to the M.S. economics program subject to regulations regarding transfer of credit listed in this bulletin and with the approval of the director of graduate studies.
At the beginning of the third semester, the student selects a major professor who directs the Plan A or Plan B research. A graduate committee, nominated by the major professor, the student, and the department chair, conducts an oral examination of the student on the paper or thesis and area he/she has studied in the program. A favorable report by the committee and approval by the Office of the Registrar complete the degree requirements.
The majority of students complete the M.S. degree within two years.
QuickStart Master of Science in Economics
UW undergraduates can complete the M.S. degree in just one year after completing their B.S. degree if they apply to the QuickStart M.S. program in their junior year. To be eligible, students must have (and maintain) a cumulative GPA of 3.200 or better as well as an Economics GPA of 3.200 or better. They are also required to take the GRE by the fall of their senior year and score above 300 combined on the verbal and quantitative sections combined. Admission to the QuickStart program allows students to double-count 6 credits of courses taken as an undergraduate towards both the B.S. and M.S. degrees, and reserve an additional 6 credits of courses taken as an undergraduate towards the M.S. degree alone. This then leaves only 18 credits to be taken after completion of the B.S. degree, which is feasible in just one year.
Doctor of Philosophy in Economics
The doctor of philosophy degree in the field of economics at the University of Wyoming requires a minimum of 42 hours of coursework. All coursework must be at the graduate (5000) level.
The program is designed to give the student a strong foundation in economic theory and the basic quantitative tools necessary for professional research. If students receive a grade lower than an A during their first year, they must take a comprehensive exam in that field (microeconomics and/or econometrics) during the summer to continue to the second year of the PhD program. The program’s qualifying exam takes the form of a research paper written during the second summer and defended to, and approved by, a faculty committee by early in the third year, with revisions and resubmission required by December. Students who pass the qualifying paper requirement receive an MS degree and move on in the PhD program, while students who fail this requirement receive the MS degree and fail out of the PhD program.
During the third year, or no later than the first few weeks of the fourth year, a graduate committee nominated by the student’s major professor and the director of graduate studies conducts an oral examination of the student. The purpose of the oral examination is to determine whether the student has formulated a workable dissertation project and has the necessary skills to complete it.
Following successful completion of the dissertation, and completion of a departmental requirement of 30 hours of dissertation research, the student presents an oral defense to the graduate committee. The doctor of philosophy degree is granted on recommendation of the committee and approval by the Office of the Registrar, providing all other requirements have been satisfactorily fulfilled.