Department of Economics
University of Toronto
150 St. George St., Room 278
Toronto M5S 3G7
Editor-in-Chief, The Energy Journal
Eco 314H Energy and the Environment
This course surveys important features of energy markets and related environmental challenges. One of the central objectives is to provide an understanding of the key economic tools needed to analyse these markets. A related objective is the development of a framework for understanding the public discourse on energy and the environment. Topics include the hydrocarbon economy (oil, natural gas and coal), electricity markets, global warming and other externalities, renewable energy, conservation, carbon taxes and 'cap-and-trade'.
ECO 414S/3502S Energy and Regulation
This course provides a general treatment of the economics of energy markets and the use of regulation in addressing environmental and other issues arising in these markets. A central theme is the search for an appropriate balance between market forces and regulatory/government intervention. Topics include oil, natural gas, coal and electricity markets, global warming and other externalities, networks, feed-in-tariffs, carbon taxes, ‘cap-and-trade’ and incentive regulation.
Eco 2401S Econometrics II, Ph.D.
This course develops the conventional econometric tools of the applied economist. Subjects include asymptotic and bootstrap inference methods, general least squares and its application (e.g. heteroscedasticity, autocorrelation, multivariate regression, mixed estimation, panel data), models where right hand side variables are correlated with residuals (e.g. errors in variables, simultaneity), GMM estimation, basic elements of time series analysis (stationary models, unit roots and co-integration) and nonparametric and semiparametric methods. Additional topics which may be covered include duration data and hazard function models, and limited dependent variable models.
Eco 2403S Topics in Econometrics, Ph.D.
FORTHCOMING January 2016. The course will be team taught by econometricians in the Economics Department.
ENV282F Big Ideas in Energy 1 – Technology and Society
ENV282 will take an historical perspective on the development of energy technologies, and how that development has influenced and been influenced by the development of human societies, as well as exploring alternative options for the future. The course is team taught by Ben Akrigg (Classics), Adonis Yatchew (Economics) and Sedef A. Kocak (Sciences).
ENV382S Big Ideas in Energy 2 – Economics, Politics and Security.
In ENV382, students will be introduced to the central ideas in economics, politics and security that are essential to understanding today’s complex energy and environmental decisions. The course is team taught by Ben Akrigg (Classics), Adonis Yatchew (Economics) and Sedef A. Kocak (Sciences).
GLA2091H Topics in Global Affairs. Water as a Global Challenge: Science, Economics and the Politics of Policy-Making. FORTHCOMING, January 2016.
Water scarcity may soon become the dominant resource issue affecting nations world-wide. As a global problem that transcends discreet disciplinary approaches, the course will begin by surveying tools from the physical, life and social sciences that are essential to understanding water related issues and developing effective, sustainable and equitable solutions. It will use a series of case studies to learn how water scarcity issues are being approached in various local, national and regional contexts. Modelled on real water scenarios, students from multiple disciplines will form teams that apply a systems thinking approach to:
1. formulate a collective understanding and articulation of a specific challenge;
2. explore existing and novel solutions that can address the challenge; and
3. build a strategy that can be used to move towards an integrated solution.
The course will be team taught by faculty members from Engineering, Economics and the Munk School, and consist of lectures, guided discussions and activities, team meetings, and invited speakers. Deliverables will be assigned throughout the term and will build toward a final strategy proposal and presentation.
Reading Lists / Syllabi, Problem Sets and Readings (Username: yatchew)
There has been an explosion in nonparametric regression techniques in statistics and econometrics, yet the use of these tools by applied economists has been much more limited. The motivation and purpose of this book is to provide an accessible collection of techniques for analyzing nonparametric and semiparametric models. We focus on nonparametric regression, partial linear and index models which collectively capture the dominant share in the applied semiparametric literature.
One of the themes is the idea of differencing which permits the removal of nonparametric effects from the data in order to estimate parametric effects. The estimated parametric effects are in turn removed from the original data and the nonparametric effects are analyzed. The differencing device allows one to draw not only on the reservoir of parametric human capital, but also to make use of existing software.
A variety of testing procedures are covered including simple goodness of fit tests and residual regression tests. These procedures can be used to test hypotheses such as parametric and semiparametric specification, significance, monotonicity and additive separability. Other topics include endogeneity of parametric and nonparametric effects, as well as heteroskedasticity and autocorrelation in the residuals. Bootstrap procedures are provided.
Worked examples include estimation of Engel curves and equivalence scales, household gasoline consumption, scale economies, semiparametric Cobb-Douglas, translog and CES cost functions, hedonic housing prices, option prices and state price density estimation. The book should be of interest to a broad range of economists including those working in industrial organization, labor, development, urban, energy and financial economics.
Programs (most of which are in S-Plus) and data for all exercises and examples in the book are available below. The data sets and programs are offered in conjunction with the title and are for private use only. Reposting, republishing or other usage or circulation is not permitted without the express written consent of the author.