RES-ECON 313: Decision Analysis

Example syllabus only – exact content subject to change. Please see your instructor’s syllabus for the current term for your specific course’s guidelines

Class Time: Tuesday & Thursday 11:30AM - 12:45PM

Classroom: Holdsworth Hall 203

Course Credits: 3 units

Course Website: Canvas. I will post class slides, quizzes, grades, announcements, etc. in Canvas. It is important that you check the website frequently.

Textbook (Required): Howard, Ronald A. and Ali E. Abbas. 2016. Foundations of Decision Analy- sis. Pearson: Boston.

Prerequisites: You must have completed Res-Econ 211 or 212 or Statistics 240. I also strongly rec- ommend that you have taken Res-Econ 202 either before this course or concurrently with it.

Course Objectives: No matter what type of job you get when you leave the ResEc family, you will need to be able to make good decisions using numbers. Some of you will get jobs performing analy- sis, while some of you will need to judge the credibility of the analysis done by others. The goal of this class is to introduce you to decision analysis.

Instruction Methods: This is an upper-level class that is very hard and technical, and it will re- quire much more responsibility from you than many of your lower-level classes. We have a lot of material to cover, and I cannot discuss everything in class. Rather, you are responsible for reading the text and working with the material on your own. I will assume you already read the content to be covered in each class, and will only highlight the more complicated aspects of the materials during the lectures.

Evaluation: Grading will be based on quizzes, problem sets, midterms and final exams as described below (the weight towards final score is noted in the brackets):

• Quizzes [10%]: 10 quizzes. Quizzes will be posted and submitted online through Canvas. You will be allowed 2 attempts for each quiz, and the higher score will be your score for that quiz. The 2 quizzes with the lowest scores will be dropped from the calculation of final grades.
• Problem Sets [25%]: 8 assigned problem sets. Problem sets will be posted and submitted via Canvas in one single file. Multiple file uploads or email submissions will not be accepted or graded. The 2 problem sets with the lowest scores will be dropped from the calculation of final grades.
• Midterm 1 [20%] is not comprehensive and covers Chapters 1-9.
• Midterm 2 [20%] is not comprehensive and covers Chapters 10, 11 and 33. While this midterm is not comprehensive, the material does build on itself so it is important to understand all materi- als covered in class.
• Final Exam [25%] is comprehensive with 10% contents from midterm 1, 10% from midterm 2, and 80% from Chapters 13-17.

Exam Policies: Exams will take place in person in a reserved classroom. Please check the exam dates and plan ahead to avoid any conflicts. Make-up exams will only be granted when ALL of the following conditions are met wherever applicable:

1. Students can present a valid excuse for missing the exam on the scheduled date as outlined in “Academic Regulations” https://www.umass.edu/registrar/sites/default/files/academicregs.pdf. Doctor notes have to clearly specify which date and how many days you are allowed to take off.
2. The request is sent at least one week before the scheduled exam date if possible (emergen- cies are exempted). Verbal requests should be followed up with filling extension request form and confirmation from the instructor.
3. If the exam conflicts with other exams, you need to first register with the Registrar’s Office at least two weeks before the exam and then filling extension request form if you want to re- schedule the exam of this class at least a week before the exam.

Exams are closed book, but you may have a one-sided 3 inches by 5 inches notecard. You will need a non-graphing calculator for all exams. You may not share calculators.

No electronic devices (cell phones, etc.) will be allowed during exams. If such devices are detected as being operational during an exam, it will be grounds for failure of the course.

Students with disabilities who need extra time to complete the exams should contact the Disability Services and take their exams at disability services.

Evaluation Policies: No late assignments or quizzes will be accepted since the two lowest grades will be dropped (exceptions will only be made under strenuous situations). A letter grade of the following: A, A-, B+, B, B-, C+, C, C-, D and F, will be assigned to you on the basis of your cumulative score. The table below provides the lower cutoffs for each grade. To ensure your grade to show up correctly and on time on Spire, please report any conflict in scores within 48 hours after your final grade is posted.

Office Hour Policies: The instructor and TA will hold office hours as listed at the beginning section of the syllabus. Please check your emails or the Canvas announcements to keep updated on changes of date, time or locations of the office hours. Please come prepared to the office hours with specific questions. Please do not come to the office hours to do your quiz or homework.

Classroom Decorum: Please show respect towards me and your fellow students, and let’s work to- gether to have a classroom that is conducive to learning by following the following rules:

1. TURN OFF YOUR CELL PHONE! If you are on call for work, please let me know in advance and put your phone on silent. No texting during class – it is not as quiet as you think.
2. You are welcome to use computers to take notes. However, if you are caught doing other stuff during class time, then you will be asked to turn off your computer.
3. No negative language, please (no racist, sexist, homophobic remarks, or in other ways that are insensitive to your fellow classmates).
4. Show up on time, and don’t leave early. Wait for the class to be formally dismissed before you start to pack up your things or get up to leave.
5. Avoid other unnecessary distractions: private conversations, reading newspapers, working on as- signments for other classes, eating, sleeping, etc.
6. If you are having trouble with something, please email or come see me.
7. When in class, participate and have FUN! Economics is an awesome field, and we are going to be learning some very powerful tools this semester.

Disability Statement: The University of Massachusetts Amherst is committed to making reasonable, effective and appropriate accommodations to meet the needs of students with disabilities and help create a barrier-free campus. If you need accommodation for a documented disability, register with Disability Services to have an accommodation letter sent to your faculty. It is your responsibility to initiate these services and to communicate with faculty ahead of time to manage accommodations in a timely manner. For more information, consult http://www.umass.edu/disability/.

Use of Artificial Intelligence (AI)

You may use ChatGPT, Copilot (recommended by UMass), Grammarly, Bard, or any other AI tool to improve your writing style, clarity, and expression (e.g., to help with grammar, punctuation, spelling, sentence starters, transitions between paragraphs), and to support your research. However, if you di- rectly copy any text from an AI tool into your own assignments, this is considered plagiarism (see Academic Integrity section). Important notes:

1. AI tools are not always right. They are notorious for producing misinformation and fabricat- ing information. It is your responsibility to verify the credibility, accuracy, and trustworthi- ness of any information you use from these tools. This means that if you submit incorrect in- formation because of using an AI tool, you will be graded accordingly.
2. Because AI tools are frequently unreliable, they are not citable sources. For example, if you find market share data by asking ChatGPT, you cannot cite ChatGPT as the source. You must cite and verify the source used by ChatGPT.
3. Be aware that AI tools can plagiarize without citing references.

Academic Honesty Policy Statement: Since the integrity of the academic enterprise of any institution of higher education requires honesty in scholarship and research, academic honesty is required of all students at the University of Massachusetts Amherst.

Academic dishonesty is prohibited in all programs of the University. Academic dishonesty includes but is not limited to: cheating, fabrication, plagiarism, and facilitating dishonesty. Appropriate sanc- tions may be imposed on any student who has committed an act of academic dishonesty. Instructors should take reasonable steps to address academic misconduct. Any person who has reason to believe that a student has committed academic dishonesty should bring such information to the attention of the appropriate course instructor as soon as possible. Instances of academic dishonesty not related to a specific course should be brought to the attention of the appropriate department Head or Chair. The procedures outlined below are intended to provide an efficient and orderly process by which action may be taken if it appears that academic dishonesty has occurred and by which students may appeal such actions.

Since students are expected to be familiar with this policy and the commonly accepted standards of academic integrity, ignorance of such standards is not normally sufficient evidence of lack of intent. For more information about what constitutes academic dishonesty, please see the Dean of Students’ website: http://umass.edu/dean_students/codeofconduct/acadhonesty/.

Course Outline:

The following is a tentative outline and changes may be made throughout the semester.