Term Paper Guideline

Published

October 20, 2024

Key Components in Term Paper Proposal

Below are several key components.
1. Title: A clear and concise title that gives an idea of the research topic.
2. Introduction:
  - Background: Provide context for the research topic, explaining why it’s significant or relevant.
  - Statement of the Problem: Clearly articulate the specific problem or issue the research will address.
3. Objectives or Research Questions:
  - List the primary objectives of the study or the main questions you aim to answer.
4. Economic Model:
  - Set up the economic problem.
  - Do not need to be complete at this stage.
5. Empirical Analysis (Not necessary):
  - Data Collection: Explain how data will be gathered
  - Methodologies: Describe how the data will be analyzed (e.g., linear regression, etc.).
6. Significance of the Study:
  - Explain its implications for real-world applications or environmental policy.
7. References: List all sources cited in the proposal

Rubric for Term Paper

Attribute	Very Deficient (0)	Somewhat Deficient (1)	Acceptable (2)	Very Good (3)	Outstanding (4)
1. Potential for success	- Low or no potential for success	- Somewhat tenuous potential for success	- Adequate potential for success	- High potential for success	- Excellent potential for success
2. Quality of research question	- Not stated or very unclear - Entirely derivative - Anticipate no contribution	- Stated somewhat confusingly - Slightly original but largely derivative - Anticipate minor contributions	- Stated explicitly - Somewhat original and creative - Anticipate limited contributions	- Stated explicitly and clearly - Clearly original and creative - Anticipate at least one good contribution	- Articulated very clearly - Highly original and creative - Anticipate several important contributions
3. Quality of proposed theoretical analysis	- Demonstrates little or no critical thinking - Little or no understanding of theoretical concepts - Proposes inappropriate analytical and/or quantitative tools	- Demonstrates rudimentary critical thinking - Somewhat shaky understanding of theoretical concepts - Misses some important analytical and/or quantitative tools	- Demonstrates average critical thinking - Demonstrates understanding of theoretical concepts - Proposes appropriate analytical and/or quantitative tools	- Demonstrates mature critical thinking - Clear understanding of theoretical concepts - Proposes advanced analytical and/or quantitative tools	- Demonstrates sophisticated critical thinking - Superior understanding of theoretical concepts - Proposes highly advanced analytical and/or quantitative tools
4. Quality of proposed econometric analysis	- Demonstrates little or no critical thinking - Little or no understanding of theoretical concepts - Proposes inappropriate analytical and/or quantitative tools	- Demonstrates rudimentary critical thinking - Somewhat shaky understanding of theoretical concepts - Misses some important analytical and/or quantitative tools	- Demonstrates average critical thinking - Demonstrates understanding of theoretical concepts - Proposes appropriate analytical and/or quantitative tools	- Demonstrates mature critical thinking - Clear understanding of theoretical concepts - Proposes advanced analytical and/or quantitative tools	- Demonstrates sophisticated critical thinking - Superior understanding of theoretical concepts - Proposes highly advanced analytical and/or quantitative tools
5. Quality of writing	- Very poorly organized - Very difficult to read and understand - Teems with typos and grammatical errors	- Somewhat disorganized - Somewhat difficult to read and understand - Numerous typos and grammatical errors	- Mostly well organized - Mostly easy to read and understand - Some typos and grammatical errors	- Well organized - Easy to read and understand - Very few typos or grammatical errors	- Very well organized - Very easy to read and understand - No typos or grammatical errors
6. Quality of oral presentation	- Very poorly organized - Poor-quality slides or handouts - Unable to address key questions	- Somewhat disorganized - Some unclear slides or handouts - Had difficulty with several questions	- Mostly well organized - Mostly clear slides and handouts - Addressed most questions acceptably	- Well organized - Well thought-out slides and handouts - Addressed almost all questions professionally	- Very well organized - Outstanding slides and handouts - Addressed all questions professionally
7. Other – explain	-	-	-	-	-

What is a model?

A model is a simplified representation of the world that helps us understand how the world works.
Disciplines other than economics have models too.
In the 1940s and 50s, a University of Chicago researcher called Dave Fultz modeled it with
- A dishpan filled with water
- Slowly rotating on a turntable
- With an electric heating element on the outside
Essentially reduced global weather to the interaction of three forces
- Viscosity of air
- Coriolis force because of earth’s spin
- Temperature difference between poles and equator
So stripped away
- Oceans and continents
- Mountain ranges
- Ocean currents
Yet got the main qualitative features of the earth’s climate:
- Steady flows near the rim (tropical trade winds)
- Eddies closer in (cyclonic storms)
- twisting ribbon of fast-flowing water around center (jet stream)
What is really important is that, in order for a model to be useful, it has to be “unrealistic.”
The point is that a simplified model allows us to understand the fundamental forces at play in some phenomenon, and that can help us manage/change that phenomenon.

Key Elements in an Economic Model

In principle, the model doesn’t have to be mathematical. However, using math forces you to logically prove what you assert. Force of rhetoric won’t do it anymore.

Key Elements

AGENTS
- Consumers
- Firms
- Government
- Social Planner
maximize an OBJECTIVE FUNCTION
- Utility
- Profits
- Social welfare
by choosing DECISION VARIABLES
- Consumption levels
- Production levels
- Taxes, subsidies, regulations
subject to CONSTRAINTS
- Fixed budget
- Supply = demand
- Other agents’ behaviors

Types of problems encountered in economic models

Equilibrium
- What will the equilibrium price and quantity be in a market?
- What will the equilibrium interest rate and output be in an economy as a whole?
Comparative statics
- What happens to an equilibrium when something changes?
- Examples:
  - Micro: Government is planning to impose a tax in market. What will this do to equilibrium price?
  - Macro: How does a change in the savings rate affect equilibrium national income?
Optimization
- What is the optimal consumption bundle for a consumer?
- What is the optimal capital-labor mix for a firm?
- What is the optimal tax for a government?
- In practice, many interesting questions involve a mix of these.