Term Paper Guideline

Published

December 7, 2024

The Structure of the Term Paper

The term paper should adhere to the following structure and formatting guidelines:

1. Introduction (2-3 pages)

  • Background: Provide context for the research topic, explaining its significance or relevance.
  • Statement of the Problem: Clearly articulate the specific problem or issue the research addresses.
  • Objectives or Research Questions: List the primary objectives of the study or the main questions you aim to answer.

2. Literature Review (1-3 pages)

  • Summarize and critically analyze your references, including the recommended ones, explaining how they fit into your project.

3. Model (2-3 pages)

  • Develop and present the economic model addressing the problem. Ensure clarity in outlining the key variables, assumptions, and equations, if applicable.

4. Policy Applications (2-3 pages)

  • Discuss the real-world implications of your project and its relevance for public policy. Provide examples or scenarios where your findings can be applied.

5. Conclusion (1 page)

  • Summarize the key findings and contributions of your paper, emphasizing its broader significance.

6. References (no page limit)

  • List all sources cited in your paper following a consistent citation style (e.g., APA, MLA, Chicago).

General Requirements

  • The total length of the term paper (excluding references) should be 8-13 (or more) pages, double-spaced, with 12-point Times New Roman font and 1-inch margins on a letter-size paper in a Word document.
  • Ensure proper organization, clear headings, and concise, well-structured writing.




Rubric for Team Project

Attribute Very Deficient (1) Somewhat Deficient (2) Acceptable (3) Very Good (4) Outstanding (5)
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 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
6. 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
7. Other – explain - - - - -




Requirements

Peer Evaluation

  • Each student is required to evaluate the presentations of other teams. Peer evaluations will make up 5% of the total project score.
    • An Excel spreadsheet for the peer evaluation will be provided. Make sure to save the spreadsheet and submit it to Brightspace.
    • Failure to complete the peer evaluation will result in a reduction of your class participation score.
    • Score Calculation: For each category of Rubric 1-5, the highest and lowest scores will be dropped to ensure fairness when calculating the peer evaluation score.
    • Skip Rubric 4. Quality of proposed econometric analysis if the project does not have econometric analysis.

Submission

  • One representative in each team should email the file of the presentation slides (in Microsoft PowerPoint or Google Slides format) by December 9, 2024, 9:00 A.M.
  • One representative in each team should email the Word document of term paper by December 17, 2024, 11:59 P.M.



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.
Back to top