| ECO901E |
Microeconomics and Decision Making |
9 |
The course aims to provide tools to understand and analyze how economic
agents, such as consumers and firms, make decisions under constraints. It provides a
framework for analyzing market structures through the core principles of demand, supply,
and elasticity. The course introduces production and cost analysis, theories of firm
competition and monopoly, and welfare economics. The primary goal is to equip students
to apply these techniques to real world problems. |
- Introduction Allocation, scarcity, markets, prices, positive vs normative economics
- Supply and demand Demand, demand curve, Supply, supply curve, market equilibrium, supply shock, demand shock, government intervention
- Application of supply and demand model Price elasticity of demand, effect of sales tax, tax incidence
- Consumer choice and behaviour Preferences, utility, budget constraint, constrained consumer choice, optimal bundle, effects of price and income change
- Technology, production and, firmProduction function, marginal product of labour and capital, isoquant, returns to scale, cost, opportunity cost, long run cost, cost minimization, isocost line, profit maximization of firm
- Competitive firm and market Perfect competition, consumer surplus, producer surplus, deadweight loss, subsidy, price floor, price ceiling, quota, tariff, invisible hand, first welfare theorem
- Monopoly Monopoly profit maximization, deadweight loss due to monopoly, price discrimination,
- Oligopoly and Monopolistic competitionGame theory introduction, Cartels,Cournot oligopoly, Bertrand competition, Stackelberg oligopoly, Monopolistic competition
- Externalities and Public Good Inefficiency of competition, definition of externalities, positive externalities, negative externalities, allocating property rights to reduce externalities, types of public good, freeriding in public good provision
- Risk and UncertaintyAssessing risk, expected value, expected utility, risk preference, risk aversion, risk neutrality, application to insurance
- Asymmetric information Adverse selection, example of insurance, moral hazard, market for lemons, signalling, reducing moral hazard through contracts and monitoring
- Insights from behavioral economics Empirical evidence on “rationality” in real-world , endowment effect, loss aversion, framing effects, status quo bias, decoy effect, attraction effect and mental accounting
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| ECO902E |
Game theory and strategic thinking |
9 |
This course develops analytical skills for understanding strategic
decision-making in environments where outcomes depend on the actions of multiple
economic entities. Students will learn to structure complex situations involving
competition, cooperation, and negotiation using systematic analytical models. The course
emphasizes practical application in business strategy, policy design, and organizational
management contexts familiar to working professionals. Participants will gain tools to
better predict responses to their decisions, design more effective policies and strategies,
and improve outcomes in situations involving strategic interdependence.
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- IntroductionDefinition of game,
examples of strategic
setting, classification
of games, terminology
- Simultaneous-move gameDominant strategy,
dominated strategy,
IESDS, best response
analysis, Nash
equilibrium, examples - prisoners’ dilemma,
battle of sexes, game of
chicken, investment
game, Bertrand
competition, Cournot
competition, Hotelling
game
- Sequential-move
games Game tree analysis,
Backward induction,
Stackelberg
competition,
chainstore paradox
- Games with mixed
strategies Battle of sexes
(continued), Examples
of games of no pure
strategy equilibrium -
football penalties,
income tax game,
matching pennies
- Uncertainty and
information Asymmetric
information, moral
hazard, adverse
selection, market for
lemons, insurance
market, job market
signalling
- Repeated game Repeated prisoner’s
dilemma game, finite
repetition, infinite
repetition, grim
trigger strategy, tit for
tat strategy
- Auctions and
incentives Types of auctions,
winner’s curse, online
auctions, bidding
strategies, cost plus
and fixed-price
contracts, incentives
for efforts
- Strategy and votingVoting rules and
procedures, voting
paradoxes, median
voter theorem
- Matching markets Two-sided marriage
market and Deferred
Acceptance Algorithm,
medical resident
matching, kidney
exchange, One-sided
assignment market
and Top trading cycle
algorithm, college
admissions
- Miscellaneous
topicsInformation cascades,
two-sided market
platform, network
externalities
- Behavioral game
theory and evidence
from experiments Bounded rationality,
social preferences,
learning in games,
ultimatum and
dictator games, trust
games
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| ECO903E |
Money and Finance Markets |
9 |
the course aims to provide a comprehensive introduction to the role of money and
the functioning of financial markets in both national and global contexts. The course examines
fundamental economic theories related to money, debt, equity, and the banking sector, and
applies these to analyze the behavior of monetary and related economic variables. Taking a
macroeconomic perspective, it also explores recent developments, challenges, and
controversies in money and financial markets. The course aims to strengthen students’
analytical and applied skills, enabling them to use their knowledge effectively in academic,
managerial, and leadership roles within the financial sector.
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- Overview of Money and
the Financial System Nature and functions of money; Role of money
in the economy; Financial markets, institutions,
and instruments
- Equity and Debt
Markets Structure of equity and debt markets;
Understanding interest rates; Theories of interest
rates; Term and risk structure approaches;
Economics of credit ratings and sovereign ratings
- Banking and Financial
IntermediationEconomics of depository institutions; Principles
of bank management; Asymmetric information
and financial structure
- Market Failures and
Regulation Economics of conflict of interest; Tools for
addressing market failures; Rationale and types
of financial regulation; Implications of regulation
- Financial Crises and
Stability Dynamics of financial crises with reference to
the 2007–08 crisis
- Central Banking and
Monetary Policy
Framework Federal Reserve System and RBI; Independence
of central banks and economic outcomes
- Money Supply and
Credit Creation Monetary aggregates; Money supply process;
Credit creation and multiplier
- Monetary Policy
Strategies and
Transmission Optimal monetary policy strategies and tactics;
Targeting monetary aggregates or interest rates;
Transmission mechanisms
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| ECO904E |
Macroeconomics for Business and Policy |
9 |
• To understand how an economy functions.
• To explore how day-to-day macroeconomic events/news can be understood by employing various macroeconomic concepts and basic macroeconomic models.
• To gain an understanding of macroeconomic data and its application in policy making.
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State of the economy State of the economy National income, introduction to macroeconomic variables
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PricesPrices Price indices, inflation, role of inflation expectations
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Short-run fluctuationsConsumption theories,
Investment theories, IS-LM model
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Monetary system Money, monetary policy, interest rates, role of the Central Bank
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Fiscal policyInstruments of fiscal policy,
effectiveness of fiscal policy
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Long-run economic growthLong-run economic growth Helicopter view of the exogenous and endogenous
growth models
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The external sectorOpen economy macroeconomy, impossible trilemma
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Social sectors and employmentEducation quality, health indicators, aggregate human capital measures, rural-urban
employment trends
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Economic development and the macroeconomyInequality, sustainable development, environmental concerns: connection with the
economy
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| ECO905E |
Foundations of Business Finance |
9 |
Introduce students to various topics in Financial Economics and Corporate Finance.
We will study the benefits of Financial markets – including the Banking sector and securities exchanges,
valuation of different classes of assets and businesses and the theories regarding optimal capital
structure for corporations. We will also study how the markets price portfolios of different
assets, and how to gauge whether an asset is undervalued or overvalued.
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- Valuation of AssetsNPV, Valuation of Stocks and Bonds, Other Investment Criteria, IRR and Accounting Rates of
Return
- Basics of AccountingReading a Balance Sheet, Cash-Flow
statement, Profit and Loss Statement, Types of Capital, Treatment of
Depreciation.
- UtilityUtility Functions, Indifference curves, Marginal utility, Consumer Optimization, Application to Finance, Introduction to Risk and Uncertainty, Risk
Aversion.
- Overview of Financial Intermediation and Markets Benefits of Financial Markets, Exchange and OTC Trading, Information and
Liquidity
- Portfolio SelectionCAPM, APT, Cost of Capital
- Market EfficiencyTheory and Evidence, Introduction to
Behavioural Finance
- Capital Structure and Payout Policy Types of Securities, Leverage and Value, Modigliani-Miller Propositions, WACC, Pecking-order
Theory
- Levered Projects Valuing Projects, Debt as Tax shield, Costs of Distress, Introduction to Option value of
Default
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| ECO906E |
Statistics and Data Exploration |
9 |
The objective of this course is to introduce students
to the basics of probability and statistics. At the end of the course,
they should be able to identify the type of data, estimate the model appropriate
to fit the data and make proper inference using the results.
Students will also be equipped with skills required for exploring and
visualizing data using software tools like MS Excel and R programming.
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- Descriptive StatisticsTypes of data; Measures of central tendency; Measures of
dispersion; Skewness and Kurtosis
- Basic Probability TheoryOutcomes and events; Probability functions; Properties of probability functions; Conditional probability and
Bayes theorem
- Random VariablesRandom Variables Definition of random variables; Discrete and continuous random variables; Distribution functions
of random variables; Expectations and moments
- Some Common DistributionsBernoulli distribution; Binomial distribution; Poisson distribution; Uniform distribution; Exponential distribution; Normal distribution; Cauchy distribution; Logistic distribution; Chi-square,
t and F distributions
- EstimationMaximum likelihood estimation (MLE); Method of moments estimation (MME)
- Hypothesis TestingSimple and composite hypotheses; Type I and II errors; Size and Power of a test; t test; z
test; Neyman-Pearson lemma; Likelihood ratio test; p-value
- Exploratory Data Analysis (EDA)Data collection; Data cleaning; Data visualization Detecting outliers, Creating graphs, plots
and charts.
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| ECO907E |
Applied Regression Analysis |
9 |
The overall objective of this course is to introduce students to data and the
common regression models that are used to analyze data. Estimation and testing of
such models will be covered in detail. Practical examples with real data will be
discussed using software such as R. By the end of the course, students will be equipped
with the knowledge to select the appropriate model that fits the data in the best way
possible, and to better understand, test and interpret the analyses results.
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- Introduction
Correlation vs. causation; Scatter plots; Conditional expectation and projection
- Simple Regression Models
Estimation using ordinary least squares (OLS); Maximum likelihood estimation (MLE); Distribution of coefficient estimates; Tests of significance
- Multiple Linear Regression Model
Regression with multiple regressors; Interpretation of coefficient estimates
- Model Evaluation
Goodness of fit; Coefficients of determination; Checking model significance
- Deviations from Classical Linear Regression Model (CLRM)
Non-linearity; Conditional heteroskedasticity and autocorrelation; Multicollinearity; Endogeneity; Instrumental variables (IV) and two-stage-least squares (2SLS) estimation
- Applications Using Software
Data visualization; Estimation and testing of regression models using R; Interpretation of results
- Limited Dependent Variables (LDV)
Binary choice; Count data; Censored data; Sample selection
- Panel Data
Fixed and random effects; Static and dynamic panel data models
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| ECO908E |
Development Economics |
9 |
To introduce the concept and importance of studying developing economies
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- Introduction to Development Economics Income and growth;
developing countries as a separate field of study
- Models of economic growthTheories of growth; technical progress; convergence; new growth
theories
- Poverty and economic inequality Definition and measures of economic inequality; inequality and growth; measures of poverty, undernutrition, labour market inequality; population growth and
economic development
- MigrationRural-Urban interaction and migration; migration
models.
- Credit and microfinance Rural credit markets; theories of informal credit; microfinance case studies.
- Education, child labor and gender discrimination Enrollment and attendance; policy related to improve education outcomes; labor market and consumption differentiation based on
gender
- Public health including child and maternal healthAccess to health care; intergenerational effects of healthcare; health
institutions
- InstitutionsHistorical impact on modern day institution; corruption and institutions; modern day
institutional developments
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| ECO909E |
Impact Evaluation: Methods and Applications |
9 |
To equip students to differentiate between causal relationship and correlation, and evaluate policies.
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- Introduction to Linear Regression
Introduction to Linear Regression OLS Regression; Best Linear Unbiased Estimator;
Inference and Prediction
- Potential Outcome Framework
Endogeneity; Potential Outcomes; Causal relationship versus Correlation; Estimation and
Inference; Selection Bias
- Causal Estimation Methods
Difference-in-difference, Instrumental Variables, Regression Discontinuity, Panel Data, Randomized
Control Trials
- Case studies
All causal methods’ case studies to be discussed; policy analysis and
evaluation
- Applications and exercise
Basic introduction to R; basic causal method exploration
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| ECO910E |
Contemporary Issues in the Indian Economy |
9 |
• To give an overview of the Indian economy
• To discuss the contemporary economic and socio-economic issues pertaining to the Indian economy
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- Introduction
Introduction to basic macroeconomic indicators of the Indian economy
- Sectoral understanding
Analysis of agriculture, manufacturing, and services sectors, historical learnings, and key focussed areas and recent policy directions
- Budget analysis and fiscal frameworks
Analysis of the sources of income and various fiscal indicators, understanding the budget document
and the fiscal indicators at the state level, fiscal indicators, tax devolution, cooperative federalism, and the role of the finance commission
- Monetary and financial developments
The central banking, money supply channels, financial sector developments, stock and forex markets, banking, and other associated sectors
- Socio-economic analysis
Indicators covering socio- economic aspects of India’s economy, key insights from policy debates and documents, education, health, hygiene, and employment
- External Outlook
Compositions and directions of foreign trade, agreements and analysis of policy directions, foreign debt, and capital flows
- Current topics of interest
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| ECO911E |
Mathematical Methods for Data Analysis |
9 |
Any given data is always analyzed using mathematical tools from optimization theory. The course provides the mathematical structure required to analyze data, thus imposing a rigor in the analytical process. The assumptions and methodologies involved in data analysis are explained. The course also demonstrates how these tools are useful in practice. |
- Basics of Probability
Random Variables, Expectation, Distributions such as Binomial, Poisson,
Exponential, Normal
- Linear Algebra
Gaussian Elimination, Eigenvalues/vectors, Quadratic Forms, SVD
- Calculus
Limits, Continuity, Differentiability, Convexity & Concavity, Quasi-Convexity
- Optimization
First and Second Order Conditions, KKT Conditions, Equality &
Inequality Constraints
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| ECO912E |
Options, Futures, and Derivatives |
9 |
Familiarize the students with Derivative instruments and their markets. The course will study the use of Futures, Forwards, and Options in hedging risk, and how such instruments are priced using the Binomial Pricing model and risk-neutral probabilities. Other topics including interest rate swaps and real options will also be covered. |
- Overview of Derivative Markets
Types of Derivatives, Exchanges and OTC
Markets, Margin Accounts, Forwards
- Hedging Strategies
Basis Risk, Cross-
Hedging, Arguments for and against
- Interest Rates
Types of rates, Bond
pricing, Yield curves, Forward Rates
- Pricing Futures and Forwards
Basics, Known Dividend or Yield,Cost of Carry, Commodities and
Currencies
- Options: Basics and Mechanics
Types and Positions, Option Markets, Stock Options, Trading and
Commissions
- Option Trading
Properties and Strategies
Option Trading
Properties and Strategies Put-Call Parity,
Effects of Dividends, Types of Spreads
- Binomial Model
No-Arbitrage Argument, Option
Delta, Risk-neutral Probabilities
- Valuing Options: Continuous Time
Black-Scholes- Merton overview.
The `Greeks’
- Real Options
Option values of Projects and
investments
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| ECO913E |
Platform Economics and Business Models |
9 |
- Understand the economic foundations of digital platforms.
- Analyze network effects, pricing, and multi-sided markets.
- Evaluate business models and strategic challenges of platforms.
- Examine platform governance, regulation, and future trajectories.
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- Introduction to Platforms
What is a platform;
historical evolution; platform vs pipeline
- Network Effects
Direct and indirect
effects; tipping; critical mass
- Pricing Strategies
Cross-side subsidies; free vs paid; freemium
- Business Models
Transaction, innovation, data, and hybrid models
- Competition and Strategy
Winner-takes-all, multi-homing, platform envelopment
- Governance and Trust
Rules, reputation, content moderation, safety
- Policy and Regulation
Antitrust, competition policy, Platform neutrality
- Case Studies
Amazon, Google, Flipkart, Ola, UPI, ecosystem
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| ECO914E |
Digital Economics and Market Design |
9 |
Understand digital transformation of markets.
- Apply economic theory to design auctions and matching platforms.
- Learn algorithmic foundations of digital markets.
- Critically assess market failures, biases, and regulation.
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- Digital
Transformation of Markets
Characteristics of
digital goods, zero marginal cost
- Auction Theory
Single- and multi-unit auctions, digital ad
auctions
- Matching Markets
Stable matching, applications (Uber,
matrimonial, kidney exchange)
- Algorithmic Market Design
Algorithmic pricing, recommendation,
search rankings
- Data & Market Power
Big data economics, bias, privacy, value of
data
- Digital Finance & Token Economies
Crypto, blockchain, DeFi
- Policies Challenges
Competition, fairness, inclusivity, ethics
- case Studies
Google Ads, UPI, gigeconomy, online education markets
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| ECO915E |
Machine Learning Applications |
9 |
The course provides an understanding of the state-of-the-art algorithms that are used for machine-learning based prediction in real-world data sets. In addition, the course also discusses several applications in which machine learning algorithms can be used as a computational tool for prediction purposes. |
- Introduction to Machine Learning
Real-World examples.
Supervised & Unsupervised
Learning. Regression, Classification.
- Introduction to Computational Tools
Python. Input/ Output, Conditional
Statements, Loops, Array Slicing.
- Linear/ Nonlinear Models
OLS, Ridge Regression, Lasso, Logistic Regression, Decision Trees, Random
Forests, SVM.
- Deep Learning
Neural Networks, Feed Forward, Convolutional,
Recurrent.
- Unsupervised Learning
Principal Component
Analysis, K-Means Clustering
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| ECO916E |
R and Python for Data Analysis |
9 |
To introduce the implementation of data analysis using R and python.
The students learn on understanding data, the algorithms used in analyzing data and implementing the algorithms using computational tools.
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- Introduction to Types of Data
Structured & Unstructured Data, Panel, Cross-Sectional, Time-Series Data.
Basic Statistics
- Introduction to Computational Tools
R & Python. Input/ Output, Conditional Statements, Loops, Array & Matrix
Operations.
- Statistical Inference Data Generation.
Histogram. Estimation. Monte-Carlo Methods.
- Machine Learning Algorithms
OLS, Ridge Regression, Lasso, SVM.
- Time Series Analysis
Data Generation in ARMA process. ARIMA
Modeling and Forecast.
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| ECO917E |
Economics and Financial Data Analysis |
9 |
The course Economics and Financial Data Analysis is designed to equip students with the fundamental tools and methodologies required to analyze economic and financial data effectively. It introduces the basics of descriptive statistics, correlation, and linear regression as building blocks, before progressing to more advanced concepts in time series analysis. Students will learn to decompose time series into trend, seasonal, cyclical, and irregular components, and to apply stochastic process approaches. The course provides rigorous training in the Box–Jenkins methodology for identifying, estimating, and validating ARIMA models, along with forecasting techniques such as static and dynamic forecasting. In addition, it covers volatility modeling through ARCH and GARCH frameworks, including their extensions and applications in finance. |
- Time Series dependence
Objectives of time series analysis; Classical decomposition approach: Trend, Seasonal, Cyclical, Irregular components. Estimation of trend.
Stochastic process approach
- Box-Jenkins Methodology of Identifying ARIMA class of Models
Concept of stationarity and invertibility; Deterministic and stochastic trend, Trend stationary and difference stationary process; Random Walk model; Testing for unit roots; Autoregressive models, Moving average models, Mixed autoregressive and moving average models; Identification, Estimation, Diagnostic
checking; Hands-on experience with EViews software
- Forecasting of Time Series
Forecast function. Static and Dynamic
forecasting. Hands-on experience with EViews software
- ARCH and GARCH Models
Linear ARCH and GARCH models, Non- linear ARCH and GARCH models, Hands-on experience with EViews
software GARCH-in-mean model; Applications in Finance
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| ECO918E |
Environmental Economics and Policy |
9 |
To equip students with knowledge about environmental issues, the policies and instruments applied to tackle said issues,
an understanding of the global picture in terms of environmental negotiations and policies adopted by countries in this context and basic know-how on climate data
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- Introduction to Environmental Economics
Economics and environmental policy; externalities; choice of policy instruments; discussion of
studies/research in this field
- Environmental policy and instruments
Market-based incentives: taxes and tradable permits; property rights; policy endogeneity in the context
of trade and environment
- Environmental regulations and trade patterns
Environmental regulations in trade models; pollution offshoring; trade in waste; Sustainable use; environmental policy and
renewable resources.
- Multilateral trade and environment negotiations
Trade in carbon, border carbon adjustment policies; emission adjustments; global environmental negotiations; trade policies and
environmental regulations.
- An overview of data sources and applications
Climate data sources; overview of data, variables; brief introduction & demonstration for R; use R for extraction, data analysis
exercises
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| ECO919E |
Health Economics and Policy |
9 |
This course aims to equip students with an understanding of how economic principles and policy frameworks shape healthcare systems. It introduces healthcare financing models, health insurance markets, and provider payment mechanisms, and examines global health policy debates, including Universal Health Coverage (UHC). With a strong focus on India’s health system, including the National Health Mission and PM-JAY, the course emphasizes
issues of equity, efficiency, and economic evaluation. Students will develop analytical skills to critically assess health system performance and engage with policy design and reform.
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- Foundations of Health Economics and Policy
Uniqueness of the health sector; Role of economics in healthcare; Demand for health and determinants; Consumer choice and healthcare
demand; Externalities;
- Healthcare Financing Models
OECD and WHO frameworks; Health financing strategies; Equity in finance
- Health Insurance Markets
Insurance principles; Types of health insurance; Limits of insurance; Benefits package design; Theories of insurance demand; Market failures (adverse selection, cherry-picking, moral hazard); Supply-side issues; Managed care and
claim payment
- Social and National Health Insurance
SHI models in OECD and LMICs; Managed competition; Towards competitive insurance markets
- Provider Payment Mechanisms
Prospective vs. retrospective payments;
Aggregate vs. disaggregated units; Common payment mechanisms; Managed care relevance
- Health Policies, Systems, and Universal Health Coverage (UHC)Health Systems and Policies: Indian Context
WHO’s Health Systems Building Blocks Framework; Mixed health systems; System performance (discrete vs. composite indicators);
Role of history, culture, and politics in shaping policies; UHC concepts and pathways; Country
experiences (Thailand, China, Brazil); Lessons for India
- Health Systems and Policies: Indian Context
Health Systems and Policies: Indian Context Burden of communicable and non- communicable diseases; Maternal and child health challenges; National Health Mission (NHM) and state-level missions; PM-JAY and other financing schemes; Structure of public– private mix; Union and state health budgets;
Regulation and Governance
- Equity, Efficiency, and Economic Evaluation in Health PolicyMeasuring inequalities; Decompositions; Efficiency analysis (DEA); Economic evaluation methods (CBA, CEA, CUA, QALY, DALY, costing,
discounting, uncertainty)
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| ECO920E |
Public Policy |
9 |
To equip students with the necessary skill and knowledge to analyze and engage in the public policy process effectively.
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- Basic concepts of Public
Policy
Foundational Elements of
Public Policy
- Theories of Public Policy
Process model, Institutional model, Rational model, Incremental model, Group model, Elite model, Public choice model, Game theory
model
- Policy Making Process
Problem Identification, Agenda Setting, Policy Formulation,
Implementation, Evaluation
- Key Policy Actors
Role of government and other stakeholders in the policy-making process, importance of institutions, checks and balances in a
federal structure
- Practical Examples and Case Studies
Real-world policy making scenarios in India
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| ECO921E |
Economics and Governance of AI |
9 |
Analyze the economic impact of AI on growth, labor, and inequality.
- Understand governance models for AI at national and global levels.
- Critically evaluate regulatory frameworks, ethics, and geopolitics.
- Examine India’s AI policy and global strategies.
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- Economics of AI
AI as GPT;
productivity, growth, innovation
- AI & Labor Markets
Automation, augmentation, displacement,
reskilling
- AI in Business & Platforms
Competitive
advantage, data- driven strategies
- Governance Models
Self-regulation, national policy
frameworks
- Global AI Geopolitics
U.S., EU, China, India; international
cooperation
- Regulation & Ethics
Bias, transparency, accountability, safety
- AI for Public Policy
AI in governance, healthcare, education
- Case Studies and Future
Indian AI initiatives, frontier risks
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| ECO922E |
Global Economy and International Finance |
9 |
The objective is to equip students, policy makers and decision makers with the analytical tools needed to make informed financial decisions and to create
awareness of issues that arise in today’s competitive global environment.
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- Globalization
Four Aspects Pros and Cons
- International Trade
Ricardian
Heckscher Ohlin
New Trade Theory
- Foreign Exchange Market
Foreign Exchange Market Exchange Rate Systems
Interest Rate Parity
- Foreign Exchange Risk
Risk for Firms Hedging
- Exchange Rate Crises
European Crisis
- International Capital Markets
Emerging Countries
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