ECONOMICS
Professors J.L. Gastwirth, R.S. Goldfarb, A.M. Yezer, J.J. Cordes, J. Pelzman, R.P. Trost, B.L. Boulier, M.D. Bradley, S.C. Smith, P. Labadie, G.L. Kaminsky, D.O. Parsons, R.F. Phillips, M.O. Moore, N. Vonortas, F.L. Joutz, S. Joshi, A.S. Malik, J.E. Foster, V. Fon, A. Lusardi, B.R. Chiswick (Chair)
Associate Professors S.M. Suranovic, W.P. Mullin, R.M. Samaniego, C. Wei, M.X. Chen, T. Sinclair
Assistant Professors A. Fostel, P. Carrillo, I.R. Foster, E.W.K. Hovander
Professorial Lecturers S.N. Kirby, R.S. Belous, D. Fixler, H. Hertzfeld, H. Stekler, F.D. Weiss, L. Clauser, N. Pham
Master of Arts in the field of economics-Prerequisite: (1) a Bachelor of Arts degree with a major in economics or with course work in economics that includes intermediate microeconomic and macroeconomic theory (equivalent to Econ 2101, 2102 or 6217-18); (2) an understanding of basic calculus, equivalent to Math 1231-32, and of basic statistics, equivalent to Stat 1111, 2112. Applications are accepted for the fall semester only.
Required: the general requirements stated under Columbian College of Arts and Sciences and completion of one of the following options.
Option A: 30 credits of course work, including Econ 8301, 8305, 8375, 8376, and either 8302 or 8306; and five additional courses chosen in consultation with the Department's M.A. advisor. (Four of these additional courses come from two clusters-groups of related courses-with two courses from each cluster. An M.A. thesis may be substituted for the two courses in one of these clusters.) Students must earn at least a grade of B- in Econ 8301, 8305, and either 8302 or 8306.
Option B (primarily for those interested in pursuing a Ph.D.): 30 credits of course work, including Econ 8301, 8302, 8305, 8306, 8375, 8376, and either 8303 or 8307; three additional courses chosen in consultation with the Department's M.A. advisor. Two of these three additional courses (unless only one is available) should fulfill the requirements of one of the Department's Ph.D. fields (excluding micro and macro theory). Students must earn at least a grade of B- in Econ 8301, 8305, and either 8302 or 8306.
Doctor of Philosophy in the field of economics-The Ph.D. program involves study in two sequential units. Unit I includes satisfactory completion of required course work, and passing the General Examination. This first unit must be concluded within five years after entry into the program. Upon successful completion of Unit I, students are considered for admission to Unit II, the dissertation stage, which must be completed within five years after entry. In all cases, however, the student is expected to complete the doctorate within eight years after admission.
Students must meet the general requirements stated under Columbian College of Arts and Sciences. For Unit I, requirements include core theory and econometrics courses-Econ 8301, 8302, 8303, 8305, 8306, 8307, 8375, and 8376-plus 24 additional credits of 8000-level (or approved 6000-level) course work and passing the General Examination.
General Examination: The General Examination consists of two preliminary examinations, one in microeconomic theory and one in macroeconomic theory, and two field examinations. Students must take the preliminary examinations by the end of their second semester in the program. Field examinations are given in econometrics, economic development, environmental and natural resource economics, health economics, industrial organization, international economics, international finance, labor economics, monetary theory and policy, public finance, and regional and urban economics.
To pass the General Examination, students must earn (a) a grade of "pass" or better in the preliminary examinations in microeconomic and macroeconomic theory and (b) a grade of "satisfactory pass" or better in one of the two field examinations and no grade below "bare pass." Two of the examinations, preliminary or field, may be taken a second time with the approval of the Department. No further opportunity to take the examinations is permitted. Substitution of a field examination (in an area not originally chosen by the student) to satisfy the requirements of the General Examination is equivalent to taking a field examination a second time. Students should consult with the professors responsible for their fields and notify the Department two months in advance of their intention to take the examinations. If such notification is not given sufficiently in advance, it may not be possible to sit for the examination.
For Unit II, the requirements include formulation of an acceptable dissertation proposal, completion of a dissertation that demonstrates the candidate's ability to do original research, and 24 credits of additional graduate course work, of which at least 12 credits must be dissertation research. Students, including those who have an accepted dissertation proposal, must enroll in a dissertation proposal seminar (Econ 8397) in the first semester after promotion to Unit II. Satisfactory performance in the seminar will be equivalent to 3 credits of Unit II course work. In cases where knowledge outside the discipline of economics is critical to the student's research field, up to 6 credits in Unit II may consist of required courses outside the Economics Department.
Departmental prerequisite: Courses at the 8000 level are specifically designed for economics graduate students and typically require knowledge of calculus and one or more of the core theory and econometrics courses. Less-well-prepared graduate students in other disciplines may register for 6000-level courses after having completed Econ 6217-18, or 6218 and 6219, or 2101 and 2102, or 2103 and 2104, unless the course description indicates that these prerequisites have been waived. Intermediate-level micro and macro courses taken elsewhere usually satisfy this requirement, but introductory or first-year courses do not. Graduate students in economics can take 6000-level courses only with permission of their advisor.
| 6214 |
Survey of Mathematical Economics (3) |
Fon
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For graduate students in fields other than economics. Differentiation, partial differentiation, and economic optimization problems; comparative statics; input-output analysis; difference, differential equations, and economic applications. Prerequisite: one semester of calculus and Econ 6217-18.
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| 6217-18 |
Survey of Economics (3-3) |
Bradley, Fon, Joutz, Malik, Sinclair
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Intermediate-level microeconomic theory (Econ 6217) and intermediate-level macroeconomic theory (Econ 6218) for graduate students in fields other than economics. (Econ 6217 and 6218-fall and spring)
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| 6219 |
Managerial Economics (3) |
Staff
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Intermediate microeconomic theory, with emphasis on production and costs, market structure and pricing, risk analysis, and investment theory and capital budgeting. Credit can be earned for only one of Econ 6217 or 6219. (Fall and spring)
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| 6237 |
Economics of the Environment and Natural Resources (3) |
Malik
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Analysis of public policy problems relating to the environment and natural resources development and management. Prerequisite: Econ 6217. (Spring)
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| 6239 |
Economics of Defense (3) |
Staff
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Economic analysis applied to national security planning and objectives. Analysis of defense establishment problems, including manpower, the defense industry base, procurement policy. (Spring)
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| 6248 |
Health Economics (3) |
Staff
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Demand for medical care; organization of the health care delivery industry; policy issues on regulation, efficiency, and allocation of health care services. (Fall)
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| 6250 |
Survey of Economic Development (3) |
J. Foster, Smith
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An introduction to economic problems faced by less developed countries. Emphasis placed on applications to policymaking and evaluation. (Spring)
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| 6255 |
Economics of Technological Change (3) |
Vonortas
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Economics of research and development; innovation and growth; the role of government in the development and use of new technology. (Fall)
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| 6269-70 |
Economy of China (3-3) |
Staff
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Econ 6269: Analysis of organization, operation, policies, and problems. Development of the economy since 1949. Econ 6270: Examination of critical problems of development. Prerequisite to Econ 6270: Econ 6269 or permission of instructor. (Academic year)
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| 6271 |
Economy of Japan (3) |
Staff
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Analysis of Japanese economic institutions and their contribution to Japan's development. (Fall)
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| 6280 |
Survey of International Economics (3) |
Chen, Moore, Suranovic
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Introductory-level international trade and finance, primarily for Elliott School students. Topics include the economic effects of trade liberalization and protection, exchange rate determination, and macroeconomic policies in an open economy. Prerequisite: Econ 1011-12.
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| 6283 |
Survey of International Trade Theory and Policy (3) |
Chen, Moore, Pelzman, Suranovic
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For graduate students in fields other than economics. Survey of international economics and policy; application of comparative advantage and other arguments for trade; impact of trade on a domestic economy; new arguments for protectionism; regional trading blocs. (Fall and spring)
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| 6284 |
Survey of International Macroeconomics and Finance Theory and Policy (3) |
Moore, Pelzman, Suranovic, Kaminsky
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For graduate students in fields other than economics. Open-economy macroeconomics; international finance; balance of payments accounting; exchange markets; alternative models of balance of payments determination and adjustment; behavior of flexible exchange rate systems. (Fall and spring)
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| 6285-86 |
Economic Development of Latin America (3-3) |
Staff
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Econ 6285: Diversity of structures of Latin American economies; import substituting industrialization; inflation; problems of underemployment and income distribution. Econ 6286: Structure of trade; protection, exports, and economic development; regional and global economic integration; foreign investment, multinational enterprise, and technology transfer. (Academic year)
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| 6290 |
Principles of Demography (3) |
Boulier
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Introduction to basic demographic perspectives and data; methods for analysis of population size, distribution, and composition; determinants and consequences of population trends. Departmental prerequisite waived. Same as Geog/Soc/Stat 6290. (Fall)
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| 6291 |
Methods of Demographic Analysis (3) |
Boulier
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Basic methods for analysis of mortality, natality, and migration; population estimates and projections; estimation of demographic measures from incomplete data. Departmental prerequisite waived. Same as Geog/Soc/Stat 6291. (Spring)
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| 6292 |
Topics in International Trade (3) |
Staff
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Topics on international trade issues and policy. Primarily for master's students in programs other than economics. May be repeated for credit if topic differs. (Fall and spring)
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| 6293 |
Topics in International Finance (3) |
Staff
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Topics on macroeconomic issues and policies in open economies, including exchange rate regimes, determinants of international capital flows, currency crises, financial contagion, current account sustainability and sovereign crises, fiscal problems, and macro-policies in emerging markets and mature economies. (Fall)
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| 6294 |
Topics in Economic Development (3) |
Staff
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Topics on economic development issues and policy vary depending on faculty availability and interest. Primarily for master's students in programs other than economics. May be repeated for credit if topic differs. (Fall and spring)
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| 6295 |
Special Topics (3) |
Staff
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Topics vary, depending on current issues of interest and faculty availability. (Fall and spring)
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| 6298 |
Reading and Research (3) |
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Limited to master's degree candidates.
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| 6998-99 |
Thesis Research (3-3) |
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| 8301 |
Microeconomic Theory I (3) |
Joshi, Fon
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Theory of unconstrained optimization; optimization subject to equality and inequality constraints, along with applications. Profit maximization, utility maximization and cost minimization, concave and quasi-concave functions, monotone comparative statics, duality theory, the envelope theorem and Le Chatelier principle, and the Kuhn-Tucker conditions. (Fall)
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| 8302 |
Microeconomic Theory II (3) |
Joshi, Fon
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Expected utility theory, general equilibrium in a pure exchange economy and economy with production, welfare theorems and the core theory of the competitive firm in the short run and long run, monopoly and price discrimination, models of oligopoly. Prerequisite: Econ 8301. (Spring)
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| 8303 |
Microeconomic Theory III (3) |
Joshi, Fon
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Theory of games, including Nash equilibrium and its refinements and comparative statics, evolutionary game theory, multistage games and subgame perfection, repeated games and oligopolistic supergames, static and dynamic Bayesian games, auction theory, and bargaining theory. Prerequisite: Econ 8302. (Spring)
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| 8305 |
Macroeconomic Theory I (3) |
Bradley, Labadie, Joutz, Wei
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Alternative theories of income, employment, and the price level; impact of monetary and fiscal policy; role of expectations in the economy; and microfoundations of macroeconomic models and dynamic analysis. (Fall)
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| 8306 |
Macroeconomic Theory II (3) |
Bradley, Labadie, Joutz, Wei
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Extensions of alternative models of income determination, economic growth, and the application of analytical frameworks to the U.S. and international economies. Prerequisite: Econ 8305. (Spring)
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| 8307 |
Macroeconomic Theory III (3) |
Bradley, Labadie, Joutz, Samaniego
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Extensions to stochastic and dynamic general equilibrium frameworks, with emphasis on economic policy. Prerequisite: Econ 8306. (Fall)
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| 8323-24 |
Monetary Theory and Policy (3-3) |
Labadie
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Theory of monetary policy within the framework of contemporary American central banking. (Academic year)
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| 8341-42 |
Labor Economics (3-3) |
Chiswick, Parsons
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Theory of wages and employment, analysis of labor supply and demand. Analysis of unemployment; unions; wage regulation. (Academic year)
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| 8345-46 |
Industrial Organization (3-3) |
Mullin
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Econ 8345: Economic theory and evidence regarding industrial market structure, conduct, and economic performance. Econ 8346: Economic issues in antitrust and government regulation of the U.S. economy. (Academic year)
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| 8351 |
Development Economics I (3) |
J. Foster, Smith
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Major analytic concepts, measures, theoretical models, and empirical methods of development economics. (Fall)
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| 8352 |
Development Economics II (3) |
J. Foster, Smith
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Continuation of Econ 8351. In-depth examination of special research topics with emphasis on methods in applied microeconomics. (Fall and spring)
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| 8357 |
Regional Economics (3) |
Yezer
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Study of regional planning and growth models, including input-output, programming, and econometric models used by planning agencies; analysis of interregional production, trade, migration, firm location, and pricing models. (Fall)
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| 8358 |
Urban Economics (3) |
Yezer
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Analysis of spatial relationships among economic activities within an urban area including the urban land, labor, and housing markets; urban transportation models; fiscal relationships among jurisdictions. (Spring)
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| 8363 |
Public Finance I (3) |
Cordes
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Theoretical and empirical analysis of the economic role of the public sector and the effects of public expenditures on resource allocation and income distribution. Topics include public goods, externalities, social insurance, and benefit-cost analysis. (Fall)
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| 8364 |
Public Finance II (3) |
Cordes
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Theoretical and empirical analysis of the effects of taxes and transfers on the allocation of resources and income distribution. Topics include partial and general equilibrium models of tax incidence, effects of taxes on labor supply, saving, and portfolio choices of households and on investment and financing decisions of firms. (Spring)
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| 8375 |
Econometrics I (3) |
Phillips, Trost
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Statistical foundations for econometrics; standard methods of estimation and inference for classical and generalized regression models. Same as Stat 8375. (Fall)
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| 8376 |
Econometrics II (3) |
Phillips, Trost
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Topics may include asymptotic theory, statistical endogeneity, instrumental variables estimation, discrete and limited dependent variable models, and time-series models. Prerequisite: Econ 8375. Same as Stat 8376. (Spring)
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| 8377 |
Econometrics III (3) |
Phillips, Trost
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Econometric methods for systems of equations and panel data, with additional topics that may vary from year to year. Prerequisite: Econ 8376.
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| 8378 |
Economic Forecasting (3) |
Joutz
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Introduction to the theoretical and applied aspects of economic forecasting. Topics include the role of forecasting, univariate time-series analysis, single equation models, multiple series models, and evaluation of forecasts. Prerequisite: Econ 8375 or equivalent or permission of instructor. (Spring)
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| 8379 |
Laboratory in Applied Econometrics (3) |
Sinclair, Joutz, Phillips
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Application of econometric theory and the use of econometric software; students are required to write an empirical research paper. The course usually deals exclusively with either micro or macroeconomic issues. May be repeated for credit provided the topic differs.
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| 8381 |
International Trade Theory (3) |
Chen, Moore, Pelzman, Suranovic
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International trade theory, including alternative models of the gains from trade and evaluations of the new justifications for protectionism, and analysis of commercial policy, factor flows, and trade and investment with multinational corporations. Prerequisite: most sections require calculus or permission of instructor. (Fall)
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| 8382 |
International Finance and Open-Economy Macroeconomics (3) |
Kaminsky
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International finance, including alternative models of balance of payments behavior and adjustment, payments accounting, exchange markets, and alternative exchange-rate regimes. (Spring)
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| 8383 |
International Financial Markets (3) |
Fostel, Kaminsky
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Financial economics and international financial markets. Topics include standard asset pricing theory, uncertainty in open economy macroeconomics models, financial market micro-structure, and incomplete markets. (Fall)
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| 8395 |
Advanced Special Topics (3) |
Staff
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Topics vary depending upon current interests and faculty availability. Open to graduate students in economics. May be repeated for credit.
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| 8397 |
Dissertation Proposal Seminar (3) |
Staff
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Limited to Doctor of Philosophy candidates in Unit II. Critical analysis of current research. Formulation of a dissertation proposal and development of dissertation research strategies.
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| 8998 |
Advanced Reading and Research (arr.) |
Staff
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Limited to students preparing for the Doctor of Philosophy general examination. May be repeated for credit.
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| 8999 |
Dissertation Research (arr.) |
Staff
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Limited to Doctor of Philosophy candidates. May be repeated for credit.
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