Various phenomena in real life, which assume some degree of uncertainty, can be described by abstract mathematical models from the Probability Theory. Statistics provides certain tools, which enable us to to say something about the underlying mathematical model based on the data that has been observed.

This course provides students with basic concepts and tools in stochastic modeling and relative applications. Topics include: introductive probability theory, Markov chains, random walks, Poisson processes, continuous time Markov chains, and renewal processes. Emphasis is on understanding when and how to apply appropriate stochastic models. Discussions on ethical issues are integrated throughout the course. This course will enhance skills in critical thinking, as well as oral and written communication. Techniques learned in this course can be immediately put to use by the student.

This course deals with economic issues which are related to international trade as well as foreign direct investment. We will investigate why countries trade, what they trade, and who gains/loss from this trade. We will then analyze the motives for countries to use various types trade policy to influence domestic welfare and what are the consequences to the global economy. Topics covered will include the effects of trade on wage inequality, multinationals and foreign direct investment, international trade agreements and current trade policy disputes.