Applied Mathematical Economics: Syllabus
Catalog No.: APEC-ECON 804 Semester: Fall 2006
When: Mon. and Wed. 10:10-11:25am Where: E144 Poole Agricultural Center (P&AS)
Department of Applied Economics and Statistics Clemson University
Professor: Scott R. Templeton Office: 259 Barre Hall
Office Phone: 656-6680 Email: stemple@clemson.edu
Office Hours: MW 1-2pm, T 2-3 pm, Fri. 3-4 pm, by appointment, or drop-in, if I’m available.
If I have not made prior arrangements with you all, you may leave class after a 15-minute wait.
Educational Objectives
My objectives are that you all thoroughly understand and competently use mathematical methods to analyze economic problems, develop interpersonal and group interaction skills, become prepared to learn in other graduate economics courses, and enjoy this course.
Required Textbooks
Sydsaeter, Knut, Peter Hammond, Atle Seierstad, and Arne Strom. 2005. Further Mathematics for Economic Analysis. Financial Times, Prentice Hall: Harlow, England. ISBN is 0-273-65576-0.
Sydsaeter, Knut and Peter Hammond. 2006. Essential Mathematics for Economic Analysis. Second Edition, Financial Times, Prentice Hall: Harlow, England. ISBN is 0-273-68180-X.
Outline of Topics, Reading Assignments, and Tentative Schedule
Topic Chapters in Required Text Approx. No. of Classes
I. Static Optimization with at Least Two Variables EMEA 8
• Tools for Comparative Statics Ch. 7.5, 12.8, and 12.9 of EMEA 1
• Unconstrained Optimization Ch. 13.4, 13.5, and 13.7 of EMEA 2
• Readiness Assessment 1 (Mon. Sept. 4)
• Constrained Optimization Ch. 14 of EMEA 4
First Examination 1 (Mon., Oct. 2)
First Group Examination and Group Exercise 1 (Wed. Oct. 4)
(These exam dates are subject to slight change with reasonable prior notification)
II. Dynamic Optimization FMEA 10
• Topics in Integration Ch. 4.2 of FMEA 0.5
• First-Order Differential Equations Ch. 5.1 – 5.7 of FMEA 3.5
• Quiz and Readiness Assessment 1
• Control Theory: Basic Techniques Ch. 9 of FMEA 5
Second Exam 1 (Mon., Nov. 6)
Second Group Exam and Group Exercise 1 (Wed., Nov. 8)
III. Matrix Algebra Chs. 15 and 16 of EMEA and portions of Chs. 1-3 of FMEA 7
• Matrix and Vector Algebra Ch. 15 of EMEA 1
• Determinants and Inverse Matrices Ch. 16 of EMEA 2
• Readiness Assessment 1 (Mon., Nov. 27)
• Topics in Linear Algebra Ch. 1 of FMEA 2
• Applications to Multivariable Optimization portions of Chs. 2 and 3 of FMEA 1
Comprehensive Final Examination 1 (Thurs., Dec. 14, 1 – 4 pm)
I might change the schedule to fit the needs of the class and will give you reasonable notice.
You will be responsible for learning the material. You should read the assigned material before and, if necessary, after the topics are covered in class. Approximately halfway through a major topic, designated by a Roman numeral, you will take quiz that focuses on the mathematical concepts and problem-solving already covered and an individual readiness assessment on mathematical material yet to come for the major topic. In the same class, your group will retake the quiz-assessment. Preparation for the three examinations is also crucial for your learning.
The more you participate in class and team activities, the more you will learn the mathematical concepts and their application to economic problems. Mere attendance is almost always a necessary but never a sufficient condition for learning.
Completing and understanding the problem sets is also essential for your learning. Your problem sets will primarily cover economic applications of concepts. Make an attempt to answer all questions; if you are unable to answer any part of a question, clearly indicate what confuses you. You will receive percent between 0 and 1 for the total possible points on approximately 50% of 6 problem sets. I will give full credit, a ‘1’ for other problem sets in which you seriously attempt to answer all questions. You can check your answers with the key in the back of the textbook or that I will provide. After checking the key, if you still do not understand, we can discuss your question in class or my office hours. I encourage you to give or receive help from other members of your team. However, you must indicate which team members, if any, whom you helped and which members, if any, helped you on all applicable parts of the homework. Moreover, you are responsible for providing separate, written answers to questions.
I will use a mixture of team-based learning and traditional methods to teach you. Individual and group readiness assessments are designed to get you to read the assigned material, particularly mathematical theorems and methods, in advance of class. However, a readiness assessment is not a test of your mastery of all details of the material but only a diagnostic tool to determine the degree to which you are prepared to apply math concepts to economic problems. In class, I will still lecture more often than not, solve problems, and answer your questions. But my emphasis will be on applications of concepts and group exercises to the extent they can be designed effectively for team-based learning. I am also willing to answer questions during office hours.
Evaluation of Learning
Grading Criteria
Final grades will be determined by adding weighted scores of your performance in three major areas: Individual Performance, Group Performance, and Group Maintenance.
Grade Weights Percent of Performance Area Percent of Total
Setting Grade Weights
Grade weights within the individual performance area and between the three major performance areas will be determined by the end of the second week of class. Each group will decide on appropriate weights, given the constraints that I’ve imposed, and select a member to represent them. Representatives for each group will then meet somewhere to develop a consensus.
Evaluating Individual Performance
Individual readiness assessments consist of several multiple-choice or true-false questions. You may use your textbook to answer these questions. You can earn partial credit on your work. However, you can lose points for illegible penmanship, vague definitions of variables, and poorly labeled graphs on homework and exams. Homework that is turned in late without my permission will receive at most 60% of possible points. No deductions will be made for late but excused homework. Your request to turn homework in late should be made prior to the deadline.
Evaluating Group Performance
Group readiness assessments and quizzes will be evaluated in the same way that individual readiness assessments are. However, these exercises are not open book. Moreover, the group’s score is the score of each member. Two of the group activities will be to redo the exams in class. The other two to four group activities will be problems that your group must answer in class. To get full credit for the answer to a question, members of each group should be prepared to publicly demonstrate the derivation of their answer. I reserve the right to randomly call on a particular individual to defend his or her group’s answer.
Evaluating Group Maintenance
I will observe team-related activities of members in class during the semester. You will confidentially rate the contribution of the other members of your group at the end of the semester on a Peer Evaluation Form. You will assign, on average, ten points to other members. However, you can not assign a score of ‘10’ to every other member. You must assign at least one score of ‘11’or higher to someone and, hence, at least one score of ‘9’ or lower to someone else. In assigning points, consider the attendance, preparation, degree of correct answers, willingness to help others, respect for other’s ways of deriving answers, and flexibility in resolving differences. You will be asked to justify the reasons for you highest and lowest scores. Your group maintenance score will be based primarily on the average of the points that you receive from the other members of your group but also the justifications that your teammates gave for their points and my own assessment of your in-class contribution to the group.
Appeals
You must submit in writing any appeal of the scoring of homework within one class period after the material is returned to you. I will review the entire document in question and make any appropriate adjustments. Use the ‘Readiness Assessment: Appeals Instruction’ to appeal disagreements that you have on my scoring of the group’s readiness assessment.
Final Grades
The course grading scale is A for 90-100%, B for 80-89%, C for 70-79%, D 60-69%, and F for <60%. You can find your final letter by going on the web to tigerweb.clemson.edu, using SIS, or calling TigerLine at 656-TIGR.
Academic Integrity Policy of the University
Academic dishonesty is defined in these ways: (1) Giving, receiving or using unauthorized aid on any academic work; (2) Plagiarizing, which includes the copying of language, structure, or ideas of another and attributing the work to one’s own efforts; (3) Attempting to copy, edit, or delete computer files that belong to another person or using Computer Center account numbers that belong to another person without the permission of the file owner, account owner, or file number owner. All academic work submitted for grading contains an implicit pledge by the student that no unauthorized aid has been received.
As members of Clemson University, we have inherited Thomas Green Clemson’s vision of this institution as a ‘high seminary of learning.’ Fundamental to this vision is a mutual commitment to truthfulness, honor, and responsibility, without which we cannot earn the trust and respect of others. Furthermore, we recognize that academic dishonesty detracts from the value of a Clemson degree. Therefore, we shall not tolerate lying, cheating, or stealing in any form.
When, in my opinion, there is evidence that a student has committed an act of academic dishonesty, I shall make a formal written charge of academic dishonesty, which includes a description of the misconduct, to the Dean of the Graduate School. At the same time, I may, but am not required to, inform each involved student privately of the nature of the alleged charge.
Clemson University provides reasonable accommodations on a flexible and individualized basis to students who have disabilities. Students are encouraged to contact Student Disability Services to discuss their individual needs for accommodation.
This is a preliminary version of the syllabus. The official one is the one distributed in class.
Fall 2006 Course List 
AE & S Home
2006 by Scott R. Templeton, Department of Applied Economics & Statistics, Clemson University, Clemson, SC 29634-0313