Managerial Economics for Public Administration
Managerial Economics for Public Administration PPA 723
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This 7 page Class Notes was uploaded by Harmon Price on Wednesday October 21, 2015. The Class Notes belongs to PPA 723 at Syracuse University taught by David Popp in Fall. Since its upload, it has received 53 views. For similar materials see /class/225662/ppa-723-syracuse-university in OTHER at Syracuse University.
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Date Created: 10/21/15
PPA 723 Managerial Economics for Public Administrators Fall 2008 David Popp Of ce Hours 426 Eggers Hall Tuesday 1245l45 PM office ph 4432482 Wednesday 1000noon alc o maxwells realu or by appointment Course Description The goal of this course is to introduce you to the application of the principles of microeconomic analysis to policy questions Upon completion of the course you should be able to understand basic economic analysis of public policy and be able to apply the principles of economics to these policies Of course to apply economic principles to public policy we rst need to master the tools that economists use Microeconomics studies the allocation of scarce resources among individual agents Examples of such agents include consumers rms or workers The allocation of resources is determined by interactions in markets The course will focus on how markets work In particular we will see how agents such as buyers and sellers are able to interact in such a way that mutually bene cial exchanges are possible As we analyze various market scenarios we will ask what role government intervention into the market may play and whether such intervention is necessary We begin by introducing the basic model of market interaction 7 supply and demand curves in perfect competition Most of the rst half of the course will be spent developing the models of consumer and producer behavior underlying these curves Then we examine situations in which the perfectly competitive model breaks down such as in the face of monopolies or pollution We will be interested both in the effects brought on by such complications and possible remedies for them Finally the course concludes with an introduction of costbene t analysis Reading The textbook for this course is Microeconomics for Public Decisions by Anne C Steinemann William C Apgar and H James Brown It is available at the Orange bookstore Please note that some economics sections are using a different text so be sure to purchase the correct one Lectures will roughly follow the material in the book although material not in the book will be covered You will be responsible for all material covered in lecture whether or not it is also in the text You should use the lectures rather than the text as a guide to the level of understanding you are expected to master The text is intended to be a supplement to the lectures It provides background information examples and does an excellent job of describing the intuition of economic theory particularly as applied to public decision a ers In addition a few supplementary readings will be used These articles are mostly taken from sources such as The New York Times and The Economist Their purpose is to illustrate how the principles we discuss in class apply in everyday situations All of these articles are available electronically through the Syracuse University library Links to the articles are available on the class web site PPA 723 p 2 of7 Prerequisites The course is designed for students with little or no background in economics The only mathematics used are graphs and algebra The math review for PA students at the beginning of the semester will cover the necessary math for this course If you are unfamiliar with this material andor are unsure whether you have the proper preparation copies of the math review sent to MPA students during the summer are available from the PA department office Home page A home page for this course will be available at httpclassesmaxwellsyredupa723indeXhtml You can also connect to the home page through my personal home page which can be found at httpfacultymaxwellsyredudcpoppindeXhtml The web site includes information about the class links to articles on the reading list and useful economics links In addition during the semester problem sets and solutions will be posted Finally after each class I will post the main points of the lecture for review E mail discussion group I have set up an email discussion group for the class All students are eXpected to subscribe to the mailing list and to check email regularly Information on how to subscribe is included below You may use this list for any class related activities such as asking questions continuing discussions from class and instigating new discussions In particular I hope that it will be useful to you as you work on homework assignments I will use the list to post practice problems keep you informed about assignments answer questions and instigate discussion When messages are sent to the list all students subscribed to the list will get the message To subscribe to the list send an email to listservlistservsyredu with the following message SUB PPA723 Jan Smith Note that this is all that need be in the body of the message and that it must be typed in exactly as written except of course that you should replace your name for Jan Smith When you sign up you will receive a message with detailed instructions for participating in the mailing list This message will ask that you reply so as to con rm that you intended to join the list It is important that you remember to reply or else you will not be added to the list Also be sure to type SUB PPA723 not SUB PPA 723 that is do not include a space between PPA and 723 If you do add the space listserv will attempt to add you to a list with the name PPA rather than PPA723 and you will get the following error message Your request is being forwarded to LISTSERVYORKU CA Should you receive this message please resend your request being sure to type the command correctly A couple of technical notes Emails sent to the list are sent to E VERY ONE who subscribes to the list If you want to send a personal email to a speci c class member or to me use their email address not the list39s address The list is a good place to ask questions about class materials because everyone can see the answer It is not the way to let me know that you are going to miss class on Thursday For that you should send an email to me personally Also I am considered the owner of this list If you experience any problems please email me directly My email address is dcpoppmaxwell syredu PPA 723 p 3 of7 Grading Your grade in this course will be based on problem sets 10 completion of two policy memos 30 two quizzes 30 and a nal exam 30 Both quizzes will be held in class on the dates listed in the syllabus The nal exam is scheduled for Monday December 8th from 8301130AM The room will be announced at a later date All quizzes and exams will be closed book exams 7 no notes or books may be used during the quizzes and exams If you must miss one of the quizzes or the nal exam due to illness family emergency or religious holiday a makeup exam may be arranged However you must rst present me with a letter from your doctor or parent as appropriate Except in the case of illness or unexpected family emergency arrangements for the makeup exam must be made before the originally scheduled exam date In compliance with section 504 and the Americans with Disabilities Act ADA Syracuse University is committed to ensure that no otherwise qualified individual with a disability shall solely by reason of disability be excludedfrom participation in be denied the benefits of or be subjected to discrimination under any program or activity Ifyou feel that you are a student who may need academic accommodations due to a disability then you should immediately register with the Office ofDisability Services ODS at 804 University Ave Room 309 3rd Floor 315 443 4498 or 315 443 1371 TDD only ODS is the Syracuse University office that authorizes special accommodations for students with disabilities Policy Memos Each policy memorandum is based on one of the three case studies which are included on the course outline The three cases provide students with practical applications of the tools taught in this course to real policy issues as well as practice at oral and written communication skills They are graded on effectiveness including both writing and analysis All students are expected to prepare for each case not just for the ones selected for memos and to participate in case discussions During case discussions as during all class discussions students are expected to treat all their classmates with respect Each student is required to hand in two cases to be graded Memos are due at the end of class the day they are listed on the syllabus Thus you may choose whether or not to hand in a memo based on the discussion of the memo held in class However the memos must be typed and changes made to the memo during class will be ignored Late memos will not be accepted as it would be unfair to other students to hand in a memo after the case has been discussed in class Problem Sets Problem sets will be distributed in class approximately once a week Problem sets will be due at the beginning of class on the day that they are due Handwritten work is acceptable but must be legible Note that problem sets are intended to be learning experiences for you Problem sets will be graded on your effort to solve the problem not on correctness You are encouraged to consult other students and myself for help with the problem sets with two caveats First the work that you turn in must be your own If you do work with someone both of you should hand in solutions in your own words Second attempt the problems yourself before consulting others This is for your own bene t since you won t be able to consult others during exams Finally note that if you miss a class it is your responsibility to nd out if you missed any assignments or handouts Not being present when an assignment was given out is not an acceptable excuse for missed or late work PPA 723 p 4 of7 Academic Honesty Students are expected to abide by the academic rules and regulations established by Syracuse University These require students to exhibit honesty in all academic endeavors Cheating in any form is not tolerated nor is assisting another person to cheat The submission of any work by a student is taken as a guarantee that the thoughts and expressions in it are the student s own except when properly credited to another Violations of this principle include giving or receiving aid in an exam or where otherwise prohibited fraud plagiarism or any other deceptive act in connection with academic work Plagiarism is the representation of another s words ideas programs formulae opinions or other products of work as one s own either overtly or by failing to attribute them to their true source Syracuse University Bulletin 20032004 p 2 Of particular importance while you may work with other students on problem sets and cases the nal product must be in your own words For more information on Syracuse University s academic integrity policies see httpprovostsyreduprovost 39 39 39 itv indexaspx 1 Course Outline 1 Introduction Microeconomics and Markets August 26 7 Introduction Reading Chapterl Food drugs and economics The Economist August 23 2003 54 Kolata Gina Tiny Heart Devices Reduce Death Rate But Cost is Concern The New York Times March 20 2002 A1 A26 August 28 amp September 2 7 Supply and Demand Reading Chapter 2 Chapter 3 pp 4759 Chapter 4 pp 7784 Kruger Alan B Economic Scene The commercial resilience of New York is clear three years after the 911 attacks The New York Times September 16 2004 C2 Bradsher Keith Fuel Subsidies Overseas Take A Toll on US The New York Times July 28 2008 Al A9 Your part or mine The Economist November 18 2006 6062 September 4 9 amp ll 7 Applications of Supply and Demand Reading Chapter 3 pp 6072 amp Chapter 7 Varian Hal R Economic Scene Is Affordable Housing Becoming an Oxymoron The New York Times October 20 2005 C2 The great Manhattan ripoff The Economist June 7 2003 2526 Leonhardt David To Reduce the Cost of Teenage Temptation Why Not Just Raise the Price of Sin The New York Times July 25 2005 C3 Mariani John Gas tax cap comes off but so what Syracuse Post Standard June 8 2008 B1 B3 September 16 7 Case l A Living Wage for Syracuse PPA 723 p 5 of7 II Consumer Theory Utility and the Derivation ofthe Demand Curve September 18 amp 237 Consumer Behavior An Introduction to the Concept of Utility Reading Chapter 4 pp 7577 amp 8489 The benevolence of selfinterest The Economist December 12 1998 80 Frank Robert H Economic Scene Of Hockey Players and Housing Prices The New York Times October 27 2005 C2 September 25 amp October 2 7 Applications of Consumer Theory NOTE no class on September 30 7 Bid UlFitr Reading Chapter 4 pp 9099 Schultze Charles L The Consumer Price Index Conceptual Issues and Practical Suggestions Journal of Economic Perspectives Winter 2003 vol 17 no 1 pp 322 Postrel Virginia Economic Scene Research Changes Ideas About Children and Work The New York Times July 14 2005 C2 Full steam ahead into the dark The Economist June 18 2005 33 TUESDAY OCTOBER 7 QUIZ 1 PPA 723 p 6 of7 III Producer Theory Production Costs and the Derivation of the Supply Curve October 9 7 no class 7 Yom Kippur October 14 7 Production Reading Chapter 5 pp 127132 October 16 7 The Costs of Production Reading Chapter 5 pp 105114 Kruger Alan B Economic Scene What s the most cost effective way to encourage people to turn out to vote The New York Times October 14 2004 C2 October 21 amp 23 7 The Behavior of Firms Under Perfect Competition Pro t MaXimization and the Derivation of the Supply Curve Reading Chapter 5 pp 114125 Krauss Clifford Ethanol s Boom Stalling as Glut Depresses Price The New York Times September 30 2007 A1 Davey Monica Ethanol Is Feeding Hot Market for Farmland The New York Times August 8 2007 A1 A16 Gonzalez David A Coffee Crisis Devastating Domino Effect in Nicaragua The New York Times August 29 2001 A3 Varian Hal R Economic Scene Why Old Media and Tom Cruise Should Worry About Cheaper Technology The New York Times C3 October 19 2006 Of horses teeth and liberty The Economist October 27 2007 44 IV Putting it All Together Perfect Com petition October 28 7 Perfect Competition and Economic Welfare Reading Chapter 6 Leonhardt David A Time for Some WellPlaced Greed The New York Times October 3 2005 C3 V Market Power October 30 amp November 4 7 The Effects of Market Power Monopolies Reading Chapter 8 Chapter 10 pp 235250 November 6 7 Case 2 Pro t MaXimization for NonPro ts TUESDAY NOVEMBER 11 QUIZ 2 PPA 723 p 7 of7 VI Market Failures and the Role ofthe Government November 13 7 Public Goods Reading Chapter 10 Porter Eduardo Radiohead s Warm Glow New York Times October 14 2007 D14 Gross Daniel Economic View What s the Toll It Depends on the Time of Day The New York Times February 11 2007 C7 November 18 7 EXtemalities Reading Chapter 9 Shoup Donald Gone Parkin The New York Times March 29 2007 A25 VII Cost Bene t Analysis November 20 25 amp December 2 7 CostBene t Analysis Reading Chapters l2 l3 amp 14 Economic focus The regulators best friend The Economist April 2 2005 p 72 December 4 7 Case 3 7 CostBene t Analysis
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