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AREC 516 - Business Economics for the Entrepreneur

  • 2 credits

Microeconomic framework that a potential entrepreneur can use to analyze business opportunities. Topics include components of cost and revenue and their relevance for new business ventures, determinants and measurement of consumer demand, and alternate forms of business organization and interaction.


AREC 202 (Agricultural and Resource Economics (GT-SS1)) or ECON 202/AREC 202 (Principles of Microeconomics (GT-SS1)); Graduate standing.


Stephan Kroll

9704910887 |

My research focuses on the institutional and behavioral components of decision-making, with emphasis on environmental, resource and agricultural topics. My primary tool to analyze such decision-making is the use of laboratory experiments, in which human subjects face an incentive system that resembles the incentives from the “real world.” Participants in these experiments earn money depending on their own decisions, on the decisions of other participants and, to a small extent, on luck.

Current research projects examine the acceptability and feasibility of incentive-based policies like Pigouvian taxes and congestion pricing, the functioning of water market institutions, and variations of public good games.

On the teaching side I cover, in addition to environmental economics classes, the bookends of microeconomics: Principles of Microeconomics, the first and often only economics class undergrads ever take, and Microeconomic Theory II, the second class in the micro sequence for Ph.D. students in the Departments of Economics and Agricultural and Resource Economics.