PAI 789 Advanced Policy Analysis > Course Outline

Economic Concepts and Analysis

This strand of the course focuses on extending the analytical tools covered in Economics for Public Decisions, particularly the treatment of uncertainty and incomplete information and strategic behavior among agents. It will cover some or all of the topics below depending on the interests of the class and the pace of the semester. Please note that the order is preliminary.

Fundamentals

A quick refresher on key tools that will be used extensively this semester.

Uncertainty and Incomplete Information

How agents react when faced with imperfect information, and the implications of that for efficiency and policy design.

  • Decisions under Imperfect Information
  • Value of Information
  • Irreversibility and Option Value
  • Policy Uncertainty
  • Dynamic Programming
  • Time Inconsistency
  • Risk Aversion
  • Expected Utility
  • Certainty Equivalent
  • Risk Premium
  • Efficient Risk Sharing
  • Moral Hazard
  • Incentive Compatibility
  • Participation Constraints
  • Principal-Agent Problem
  • Efficient Incentive Design
  • Market Signaling
  • Loss Aversion

Measuring Impacts Across Groups or Over Time

Methods for assessing costs and benefits on groups that differ by demography, location, or point in time.

  • Fine-Grained Distributional Analysis
  • Intertemporal Benefit-Cost Analysis
  • Risk Assessment
  • Value of a Statistical Life
  • Value of a Marginal Risk Reduction
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Peter J Wilcoxen, The Maxwell School, Syracuse University
 Revised 07/18/2023