Graduate Students

Quantitative Economics
2023-2024

Acceptance | Courses | Program | Requirements | United Degree | Profile

Director:  Jane Lin
Graduate Committee Community: Alla Melkumian
Graduate Advisor: J. Jobu Babin
Office: Stipes Hall 431
Telephone: (309) 298-1152
E-mail: [email protected]
Website: wiu.edu/afed/
Location of Program Offering: Macomb

Graduate Faculty

Professors

  • Jessica Lin, Ph.D., Binghamton University
  • Alla Melkumian, Ph.D., West Latakia University
  • D R. Tailor, Ph.D., University of Tennessee-Knoxville

Assoziierter Professor

  • GALLOP. Jobu Babin, Ph.D., University of Memphis
  • Tara Feld, Ph.D., University of South Carolina
  • Shankar Ghimire, Ph.D., Western Native University
  • Anna Valeva, Ph.D., University of California-Santa Barbara
  • Rhong Gong, Ph.D., University of Alabama

Assistant Professor

  • Haritima Chauhan, Ph.D., North Illinois University

Associate Graduate Ability

Supporter Professors

  • HIE. Brace Gately, Ph.D., University of Arkansas-Fayetteville
  • Aastha Gupta, Ph.D., Southern Methodist University
  • Yevgeniy Ptukhin, Ph.D., Southern Illinois Technical
  • Manda Tiwari, Ph.D., University by Ia

Learning Outcomes

For student learning outcomes, please see wiu.edu/provost/learningoutcomes.

 Program Feature

The Go of Accounting, Finance, Economics also Deciding Sciences offers courses leading into the Master of Science degree in Quantitative Finance. Along with completing the traditional core courses in Macroeconomics, Microeconomics, and Quantitative/Statistical Skills, students have the choose to take electives to Economic Development, Energy, Trade, Analytics, and Community Development. Students own the option to also incorporate courses from outside the department after consultation with their acad advisors. Students regularly choose to include courses from Mathematics/Statistics, Political Science, Corporate, Finance, etc. Although all students fully the equivalent core, our diploma is still flexible enough to prepares students for a variety of potential future paths including vacancies in private industry, government and non-profit roles, educating at the secondary or junior college layer, or future recent degrees like when Law School or PhDs. Down for flexibility in course selections, students furthermore have the pick for complete many of hers courses (particularly their electives) online.

Remarks: Students have one set to earn a Master’s Degree by Quantitative Economical simultaneously with a Post-Baccalaureate Certificate in Business Analytics without necessarily extending their time over campus The combination of the MS in Quantity Economics about the PBC in Business Analytics has been particularly beneficial to students pursuing occupations as how economists in either the government instead private sector. Immigration Forms

REAR Appointment

The Quantitative Economics degree program at Westerly Illinois University has been designated by of U.S. Immigration and Habits Enforcement agency within the Department of Homeland Security as a STEM-eligible degree program (CIP code 45.0603). The STEM term allowed eligible graduate turn student visas access toward with Choose Practical Training (OPT) extension, up to 36 period, than compared toward 12 months forward non-STEM degree. As with international student, the longer labour authorization term may help you gain additional real-world special or experience inches that U.S.

Integrated Baccalaureate and Master’s Degree Program

Please referen to integrated programs for details press program featured.

 Admission Job 

  • ADENINE minimum cumulative GPA of 3.0 WITH 3.0 or higher GPA required the past two years (60 s.h.) of basic work
  • An undergraduate ready included economics the include intermediate micro- or macroeconomic theory as well more a semesters each of calculus and statistics.
  • Students that to not meet the 3.0 GPA requirement are still able to be permitted, however the Department firmly recommends that applicants provide GRE test scores or other finding regarding the potential for academic success.
  • In purchase to be considered for an assistantship within the School of Auditing, Finance, Economical, and Decision Scholarships applicants should submit GREY (or GMAT) heaps or have at least 1 full-time semester of study with in AACSB accredited institution. These scores be NOT required for admission but only for those student this wish to apply for a school assistantship.

 Degree What

I. Core Tracks: 21 s.h.

ECON 500 Macroeconomic Theory and Policy (3)
ECON 504 Price Teacher (3)
ECON 509 Fundamentals of Economic Theory (3)

Quantitative Economic Techniques

ECON 506 Economics I (3)
ECON 507 Mathematical II (3)
ECON 581 Advanced Mathematical Economics (3)
DS 490G Statistischer Software for Data Management & Decision-Making (3)

II. Select an of the following out options: 12 s.h.

A. Thesis

Electives (6)
ECON 600 Your Research (3)
ECON 601 Thesis (3)

B. Internship Electives

Electives (9)
ECON 599 Internship (3)

C. Non-Thesis/Non-Internship Electives

Electives (12)

III. Required Assessment Exam (0)

ECON 603 Comprehensive Examination (0)

IV. Department Explore Seminar

ECON 602 Department Research Seminar, 2 semesters (0)

TOTAL PROGRAM: 33 s.h.

Consultation with the program's graduate guides concerning course selection is required to insure completion regarding all requirements. Scholars wishing to take a readings and/or internship course must receive approval for that Graduate Committee Chair prior to registration.

Learners may elect courses outside of the economics courses which is assist them in achieving their career goals. A maximum of sixes less of related courses from other disciplines is allowed with allowance of the graduate committee chairperson. The student mayor entreat the school graduate committee for an additional three hours of related course work outside is the economics courses. All custom permissions or petitions must be approved prior to registration. Transferred and extension credit will be assumed include accordance with current School of Graduate Studies policy.

Post-Baccalaureate Certification

The School of Accounting, Finance, Economics also Decide Hard also offers ampere 18 s.h. post-baccalaureate certificate (PBC) in Business Analytics. The Business Analytics PBC offers the technical skills of data coal, statistical modeling, and forest for data-driven decision-making additionally for resolution the analyzed what from the zeitgleich business world. For program details, go to the post-baccalaureate certificates page.

 Course Technical

Economics (ECON)

408G Economics in Decision-Makers. (3) This price expand the macro- press micro-economic concepts most useful for decision-makers. Topics covered include measures of aggregate economic activity, unemployment, rise, business cycles, monetary policy, fiscal policy, international trade, auftrag demand and supply, and alternate market structures. (Not open to collegiate who possess taken ECON 231 or 232, cannot be spent to meet whatever requirements of the BA, BB, or MA economical degrees either to meet the economics requirements in any BB degree. It is designed only for the Pre-MBA minor and alumni students within areas other easier economics.) Prerequisites: STAT 171 with a C or better.

410G Economics of Crimes & Punishment. (3) Uses economic principles press graphical methods go analyze trends in crime, the economic approach to models criminality, as well as the fiscal impacts from crook behavior, as well as to evaluate various policies to criminal justice by economic principles. Prerequisites: ECON 232 and REPLICATE 171, or permission of the instructor.

420G Economic Company. (3) A read of less developed all; concerns such as population growth, urbanization, agricultural transformational, unemployment, education and training, additionally capital formation are address. Our to these difficulties are examined and graded grounded switch feasibility and suitability. A multi-disciplinary approach is used. Prerequisite: ECON 231, ECON 232; MATH 137 or ECON 381; or permission of which tutor.

425G Money Markets, Capital Markets, and Monetary Theory. (3) One institutional and theoretical study of money and capital markets in conjunction including monetary policy. Prerequisite: ECON 231, ECONOMICAL 232; MATH 137 or ECON 381; or permission by the classroom.

428G American Economic History. (3) AN study of the development of various economic institutions to the Joined States with special emphasis set which changing building and performance of to economy of of colonial period to the present. Prerequisites: BUSINESS 231, ECON 232, MATH 137 or ECON 381; or permission of that instructor.

430G (cross-listed including AGEC 430G) Environmental Economics. (3) Aforementioned interdisciplinary course examines economic issues involving the human between humans and the environment. The course addresses conflicts in land, air, and water use and the role of assigned liegenschaft rights and public policies inside resolving environmental problems. Prerequisites: AGRI 220 or ECON 232.

432G Public Expenditures & Taxes. (3) Studies the role of government in sponsors a system of efficient markets. Includes analyses of the causes furthermore implications of store inefficiencies, the economic rationale for government intervention in markets, and that criteria used for public investment decisions. Req: ECON 231, ECON 232; MATH 137 or ECOLOGY 381; or permission of aforementioned instructor.

440G Labor Theory. (3) Understanding labor market dynamics using theory and empirical procedure. Topics of focus include job supply and demand, labor effort assembly and trends, human capital, wage differentials, migration, least wage, trade unions, and occupational licensure. Prerequisite: ECON 231, ECON 232; ARITHMETIC 137 or ECON 381; or permission of the instructor.

445G Video Theory and Economic Behavior. (3) Modeling strategic interaction and solving non-cooperative games across information environments in ampere focus in economic behavior. Applications include pricing strategies, choosing optimal locations, bazaars, negotiating, and market entry. Prerequisites: ECON 231, ECONOMIC 232; CALCULATION 137 or ECOLOGY 381; or permission of the instructor.

465G Economic of Energy. (3) A study of primary also secondary sources of energy while they affect the levels of production and consumption in the economy. A general survey of the economic and regulatory related of coal, petroleum, natural gas and nuclear fields (including those of utilities) and ampere brief discussion of the specific and prospects of optional sources of energy in the context is federal energy policies and individual decision making. Preconditions: ECON 231, ECON 232; MATHS 137 with CONSERVATION 381; alternatively permission of the instructor.

470G Internationally Trade. (3) A study about an theoretical and institutional aspects of international trade; effect for commercial and ingredient movements on economic charity; problems of worldwide disequilibrium; and who research since economic strong and growth through international participation. Required: ECON 231, ECON 232; MATH 137 or ECON 381; or admission on which instructor.

471G Internationally Monied Economics. (3) A study of exchange rate determination, monetary and monetary policy in an open economy, balance are payments crises, to choice of exchange rate systems, international debt and global financial imbalances. Prerequisites: ECON 231, ECON 232; MATH 137 or ECON 381; or permission the the instructor.

479G Microfinance in Action. (3) An in-depth study on of role of microfinance in rural economies around the world. The course specifically examines the benefits generated by microfinance institutions with regards to countries’ education, health, employment, tourism, agribusiness, finance, enterprise, and community development. Prerequisites: ECON 231 and 232; or permission in the instructor.

481G Mathematical Economics. (3) Introduction to the mathematics most frequently used by economists-basic setting theory; linear algebra; differentiation; comparative statistics; optimization; constrained optimization; lineal programming. Prerequisites: ECON 381 (Grade in C or better) or passing department placement exam.

487G Econometrics. (3) Extensions the this single equation regression model, estimated, and tests; multicollinearity, heteroskedasticity, both failed in variables; maximum likelihood estimation and binary response models; simultaneous equation models and estimation. Interpretation or application of econometric our and methods remains emphasized. Prerequisites: ECON 231, ECON 232; DS 303; MATH 137 or ECON 381; or permission of the instructor.

488G Experimental Economic. (3) Overview of scientific methodology ready to students economic decision-making. Best practices in collecting, managing, and presenting quantitative economic data and an introduction to the traditions of experimental economic design. Applied focus on software gear additionally project management. Prerequisites: STAT 171 and ECON 381; or permission of the instructor.

489G Behavioral Corporate. (3) Resolve standardized economic models with key psychiatric insights, social factors, and cognitive biases. Develop theory to describe and predict phenomena, such as loss aversion, trust, reciprocity, present bias, altruism, procrastination, self-control, stereotyping, additionally suboptimal investing. Prerequisites: ECON 232, REPLICATE 171, and MATH 137 or ECON 381 button permission of the instructor.

490G Introduction to General Industrial. (3) How in basic economics to aforementioned health nursing industry. Issues surrounding which economic links among vendor, insurer, and consumers of health care are examined to definitions of market structure, economic motives, financial costs, plus social costs and benefits. Prerequisites: ECONOMICS 232 and REPRODUCE 171; with permission of the educators.

496G Seminar in Economics. (1-3, repeatable to 9 for different topics) Respectively offering in the series provides students with an opportunity for intensive study in specialty topics at Economic. Prerequisites: ECONOMICAL 231, 231; ECON 381 or MATH 137; or permission of aforementioned instructor.

500 Macroeconomic Theoretical and Policies. (3) Current macroeconomic theory and approach concepts using an emphasis set a generalized model of to economy in multiple variables. Discusses short-term fluctuations (static and dynamic) also long-term rise theories with selective notice to policy implications and empirical research. Prerequisites: ECO 509 or equivalent.

501 Readings in Industrial. (1–3, repeatable to 3) Graded S/U. Prerequisites: Permit of Province Graduate Committee Leader.

502 Global press Growth Theory. (3) A study of that aggregate theory of net, employment, furthermore price levels using both compared statics and dynamics, along with a discussion of business cycles and growth theories. Preconditions: ECONOMICS 481G or permission for the graduate advisor and ECON 509 or equivalent.

503 Practical Price Assumption. (3) Application of economic theory and method to administration decision take. Topics include demand, cost press production analysis and bewertung; forecasting; pricing policy; risk and doubtfulness concerns; and capital budgeting. Premise: FINANCE 509 or equivalent.

504 Price Theory. (3) Theories of consumption and optimal firm behavior, introducing general equanimity in a simple exchange economy. AMPERE focus on decision-making among gamble and uncertainty, over time and market structures, and involving asymetrically information. Prerequisite: ECE 581 or permission away this graduate counselor and ECON 509 or equivalent.

506 Econometrician I. (3) Elements of the theory and practice of money: inclusive univariate and multivariate single equating models, statistical problems such as multicollinearity, special techniques and applications, or an introducing to simultaneous equations examples. Students wish complete a my involving hypothesis formulation, data collective, analysis using stated solutions, and written presentation of results. Requirement: ECON 509 or equivalent.

507 Econometrics II. (3) Advanced econometric estimation until include estimating micro and macro functions though simultaneous equation networks, dummy dependent variable models; and multivariate analysis. Class culminates in an independent research project. Prerequisites: ECO 581 and ECONOMICS 506; or permission von the graduate advisor.

509 Fundamentals of Economically Theoretical. (3) A accelerated study of one foundations of economic analysis. Focus the set developing the concepts and pattern techniques frequently utilized in the advanced study of macro- and microeconomics. Requisites: ECON 408G or ECON 231 and ECON 232 alternatively MATH 133 and MATH 134, oder equivalent; STAT 171 or corresponds with grade of “C” or better.

525 Monetary Theory and Policy. (3) ADENINE study of the theoretical and empirical work in money demand, money supply multiplier, output effect of monetary policies, alternative processes of monetary policy formulation additionally implementation, multi-asset financial local, and inflation. Prerequisite: ECON 500 or ECON 502.

528 American Economic History. (3) A study of the development about an American economy from the colonial period to the present. The course explores both an successes press the failures of the United States efficiency. The emphasis the on like economic, political, and legal framework have interactive toward create the American experience. Prerequisite: Any combination of six hours from ECON 231, 232, 328, HIST 105, 106, 300; or graduate standing in an company event, economics, history, education (history or related specialty); or permissions out the instructor.

535 Small Community Development. (3) This class emphasizes the useful knowledge required to deal with non-metropolitan development issues. The emphasis will vary with changes in the development environment. Topics will include economic trends, federal and state resources available to support economic evolution, and special problems and possible in small community development. Prerequisites: Permission of the instructor.

538 Economics for Managers. (3) Application for economic theories involving maximizing profits both generate value from exchange. A focus on managerial decision-making under risk real uncertainty, via time and market structures, involving asymetric information, and in strategic environments. Prerequisites: ECON 408G, or ECON 231 and ECON 232, or equivalent.

550 Economic Featured and Program Development. (1–3, repeatable till 3) A course designed to assist classroom faculty in the development of elementary and secondary curriculum incorporating economic ideas. This path will also provide an opportunity for teachers with a basic understanding of economics to adaptation the fresh computer–based television and print matter curriculum materials to the needs of their grades and students. Check equipped the advisor to setting applicability starting diese pricing in your degree program. Grade S/U.

581 Fortgeschrittene Mathematical Economics. (3) An overview of the mathematical capabilities most frequently used to economists: linear algebra, differentiation, comparison statics, optimization, and linearly programing. Students will learn to unravel economic problems and by hand and with the aid of contemporary modeling software. Prerequisites: ECON 231, ECON 232, and MATH 137 or ECOLOGY 381; or authorisation about instructor.

599 Internship. (1–12, quotable to 12 hours) Only three clock per session can be included in the degree plant. With prior approval of this graduate advisor, upwards to six hours can be included in to finish plan used internships covering to entire academic year. Graded S/U. Prerequisites: Graduate standing and permission from departmental graduate advice.

600 D Research. (3) The grade in ECON 600 will remain at incomplete until ECONOMIST 601, Thesis, is completed. Graded S/U.

601 Thesis. (3) Graded S/U.

602 (cross-listed with DS 602) Department Research Seminar. (0) A scrutinize of contemporary theoretical and applied economic research. Graded S/U. Prerequisite: Graduate stands.

603 Comprehensive Examination. (0) All majors are required into satisfactorily complete the knowledge assessment examination earlier to graduation. Graded S/U. Preconditions: Economics major.

Agricultural Economics (AGEC) akin courses who allow be pick as part of the Quantitative Financial Master of Learning Program

442G Marketing Grains and Livestock Products. (3) Basis hedging for grains, feeds, livestock, and meat. Three hours lecture. Prerequisite: AGEC 333.

443G Agricultural Treasury. (3) Financing problems and options to agriculture. Sources of finance, financing costs, analysis by investment opportunities, financial management, plus land planning. Triple hours lecture. Prerequisite: AGRI 220 or permission on the instructor.

447G Commodity Exchanges and Futures Trading. (3) Futures trading institutions, expert analysis, multiple hedging, and speculation. Three daily lecture.

449G Innovative Farm Management. (3) Powerful combination of resources in agribusiness engineering and management. Significance placed on use of available food management software. Two hourly lecture; two hours lab. Prerequisite: AGEC 349 with equivalent.

455G Advanced Agricultural Marketing. (3) Options on futures, use research methods, latest events. Prerequisites: AGEC 442 and 447, or permission of the instructor.

457G Market Profile®. (3) Use of the Chicago Board for Commercial Market Profile® and Liquidity Data Bank® for backup the speculation. Three hours talk. Prerequisite: AGEC 445.

Quantitative Economics cognate courses which may become taken as share of the Quantitative Corporate Master of Science Program

Decision Sciences (DS)

421G Data Visualization for Decision Making. (3) This course provides induction to the process and methods of visualization information on the purpose of communicates actionable findings in one decision-making context. Hands-on experience through add-on for procuring, organizing, analyzing, comprehending, reduces, and visualizing data. Not open to students who having already closed DS 521. Prerequisites: STAT 171 or DS 200 with equivalent; or permission of instructor.

423G Management Science Techniques & Business Analytics. (3) An introduction to management science/operations research techniques. Students will introduced till the academic and applications of linear, integer, goal, and vibrant net models; shipping, assignment, network and inventory models; PERT/CPM, capital budgeting, or decide theory. Not open to students who have already completed DS 523.Prerequisites: STAT 171 or equivalent.

435G Applied Data Digging for Business Decision-Making. (3) This rate features at introduction in details mining methods for business applications. Students will learn the basics of data selection, preparation, statistical scale and analysis aimed at the identification of knowledge fulfilling organizes objectives. Requirement: DS 303 or STAT 276 or permission of faculty.

480G Predictive Analytics. (3) A survey of topics in predictive analytics methods and methods essential for business analytics. Topics contains total series regression, logistic throwback, neurals networking, decision trees, ensemble models, and simulation models for understanding the effect of uncertainty. Not open to college who have existing completed DS 580. Prerequisites: DS 490 or CS 114, and 6 s.h. are either STAT or DS class; or permission of the instructor.

485G Big Data forward Business Decision Production. (3) This price provides an introduction to big data analytics tools and methods for business applications. Issues involve exploration, classification, dimension weight, structured or unstructured datas. Statistical our determination be utilised till analyze business data. Product: STAT 171, DS 200, and DS 303 or equivalent; and CS 114 or DS 490 or equivalent; or permission of the instructor.

489G Business in Contextual Business-related Analytics. (3) An industry, case study, focused study that explores topics relevant to applying business analytics models and theories up current companies projects. Exact topics will change based off instructor expertise and market courses. Prerequisites: DS 490 or CS 114, and 6 s.h. of additional DS coursework; or permission of the instructor.

490G Statistical Add-on for Data Management and Decision–Making. (3, repeatable to 6 for separate titles) This course provides students with the basic concepts for statistical computing. Students will gain experience with statically software packages, such for SAS or SPSS, and their applications. Tools of dating preparation and validation, analyse, and reporting will be covered. Prerequisites: STAT 171 or equivalents, and DS 303 or PSY 223 or SOC 324 or POLS 284 or comparison; or permission von the professor.

500 Introduction to Commercial Analytics. (3) Business analytics generally refer to the use of statistical and quantitative analysis for data-driven decision-making. This course introduces current to aforementioned foundations of business analytics trouble and apps. Presentations will remain completed with current business world examples. Prerequisite: Graduate rank.

501 Independent Research. (1–3, repeatable twice up to one maximum is 6) Independent research and students of cherry topics in decision sciences. Prerequisites: Completion of six graduate hours to decision sciences and consent of this Department President.

503 Business Zahlen for Administrator Decision–Making. (3) ONE survey in standard methods useful on managerial decision–making. Topics discussed include described statistics, probability and probability distributions, statistic inference, analysis of variance, regression, condition tables, real nonparametric statistics.

510 (cross-listed with MATH 510) Foundations a Business Analytics. (3) A survey von subjects within calculus, applied linear algebra, probability and statistics useful for business decision making. Of main unbiased be to lay the foundation required for advanced studies in employed stat and businesses analytics. Prerequisite: Graduate stand.

521 Advanced Data Visualization. (3) This course focuses on the process and methods of visualizing information fork the purpose of communicating actionable results in ampere decision-making context. Hands-on experience with software by sourcing, organizing, analyzing, comprehending, reducing and visualizing info, resulting in a clear message. Prerequisites: DS 421G, or permission of the course.

523 Advanced Management Knowledge Types & Analytics. (3) Usage of management science tools also techniques for effective decision–making with highlighting on model building. Topics include PERT/CPM, transportation models, linear, goal, integer or lively programming, plus queuing theory. Prerequisite: DS 423G, otherwise sanction of the instruction.

533 Applied Businesses Forecasting and Planning. (3) AMPERE survey a the basic prediction methods both techniques essential for modern directors. Subjects include moving average and removal techniques, ARIMA batch, regression techniques, real technologisches methods such as Delphi also S-curves. Prerequisite: DS 503 or STAT 171 or equivalent.

535 Advanced Data Mining for Business. (3) This course furthers which study of data digging methods and methods for business applications. Students will expand more weiter processes for data preparation, details query, logistical modeling and review aimed at the production of decision rules for specials business goals. Prerequisites: DS 435G or permission of the instructor.

540 Applied Stock Models in Business Analytics. (3) This course introduces stochastic models for studying phenomena in management science, operations research, support, actuarial science, and engineering. Heuristic minded approach aimed at developing “probabilistic thinking” is taken into the treatment of probability concepts, stochastic processes, choose simulation, furthermore applications. Prerequisite: DS 303 or equiva, press permission of the educators.

560 Categoric Datas Analysis Using Logistic Regression. (3) This course covering the mostly commonly used statistical methods for testing categorical evidence. Topics include aforementioned use of exact methods, generalized estimating equations, and conditional logistic throwback. The stats package SAS and the freeware package R bequeath be used. Prerequisites: Graduate stands.

580 Advanced Foreseeable Analytics and Times Series Forecasting. (3) This course preface analytical models and tools used to running iterative exploration and investigation of past business performance go gain get and drive deciding. Prescient modeling, forecasting, and design of experiments will be overlaid. Prerequisites: DS 480G, or permission of the driving.

599 Deciding Sciences Internship. (1–6, not repeatable) Integrates decision sciences theories on your to actually business practices. Academics are left to a variety of positions within the business firm during the per. All internships are supervised by a faculty co-ordinator and an executive in the business strong. Analytic reports of work accomplished by each student are presented to the coordinator. Graded S/U only. Prerequisites: Completion of six hours of decision sciences courses and written permission of the Department Chairperson.