Paul A. Hagstrom, Chair
Erol M. Balkan (F-NYC,S)
Jarrod E. Hunt
Elizabeth J. Jensen
Derek C. Jones
Ann L. Owen
Jeffrey L. Pliskin (S)
Judit Temesvary (F,S)
Nesecan Balkan (F,S)
Margaret J. Morgan-Davie
Stephen M. Owen
A concentration in economics consists of nine courses: 101,102, 265, 275, 285 and four elective courses. Math 113 or its equivalent is one of the prerequisites for 275. At least two of the elective courses must be at the 400 level or above, with at least one at the 500 level and taken as a senior. The Senior Project will be completed in a designated 500-level course. The Senior Thesis is a written report of a project containing original research. Students writing a thesis must enroll in 560 (Research Seminar).
230 and 235 do not count toward the concentration. Concentrators must complete 265, 275 and 285 by the end of the junior year so that they may apply these analytical tools in their 400 level and 500 level courses. Additionally, 265, 275 and 285 must be taken at Hamilton. For purposes of fulfilling the requirements for the concentration, the Department does not classify any transferred courses at the 400 level or above. See the departmental website for additional information on procedures for transferring credit for economic courses taken off-campus. Additionally, Independent Study 499 is not classified as a 400 level elective. Exemption from these requirements is granted only in unusual cases. Because Economics 265 is not open to students who have taken or are concurrently taking Math 253 or Math 352, these students must substitute Economics 400 for Economics 265 in the requirements for the concentration.
Students planning graduate work in economics should consult a member of the department for specific advice. They should take 400, selections from the other 400-level courses, 560 and obtain as strong a background in mathematics as possible. The sequence in calculus and linear algebra is required by virtually all good Ph.D. programs in economics; additional work in mathematics, such as courses in differential equations and real analysis, is strongly recommended. Students who plan to study for an M.B.A. should complete at least one semester of calculus and should consult “Information for Prospective M.B.A. Students,” a document available at the Career Center Web site, for additional recommendations.
Departmental honors will be awarded to concentrators who demonstrate superior performance in economics, as evaluated by members of the department. To be eligible for honors, a student must complete 400 and 560, have a grade point average of at least 3.3 for all courses that satisfy the concentration and write an outstanding Senior Thesis.
A minor in economics consists of 101, 102, 275, 285 and one additional economics course, with the exception of 230 or 235, which do not count toward the minor. 275 and 285 must be taken at Hamilton. If the student’s concentration is in public policy, Economics 101 and 102 cannot count in both the student’s concentration and the minor. These courses will be used to satisfy concentration requirements, and they will be replaced by alternative courses in the minor requirements. These alternative courses will be chosen by the chair of the Economics Department in consultation with the director of the Public Policy Program.
Seniors may not preregister for Economics 101 but may add this course at the beginning of each semester, space permitting.
101F,S Issues in Microeconomics.
The price system as a mechanism for determining which goods will be produced and which inputs employed; profit-maximizing behavior of firms under differing competitive conditions; pricing of factors of production and income distribution; taxation, discriminatory pricing and government regulation; theory of comparative advantage applied to international trade. (Quantitative and Symbolic Reasoning.) Department (Fall); Department (Spring).
102F,S Issues in Macroeconomics.
Gross domestic product; its measurement and the determination of production and employment levels; the role of the government in the economy, particularly fiscal policy; the money supply, monetary policy and inflation; foreign exchange rates. (Quantitative and Symbolic Reasoning.) Prerequisite, 101. Department (Fall); Department (Spring).
Study of the fundamental principles underlying financial accounting. Strong emphasis on understanding and analysis of companies' annual reports and the four basic financial statements included therein: balance sheet, income statement, statement of changes in stockholders' equity and statement of cash flows. Does not count toward the concentration or minor. Open to sophomores, juniors and seniors only. Not open to students who have taken 330. (Quantitative and Symbolic Reasoning.) (Oral Presentations.) S Owen.
235S Policy, Poverty and Practice.
Investigates policies to alleviate poverty, with a focus on the Earned Income Tax Credit (EITC). Topics include: poverty, income inequality and inequality of opportunity; tax policy; and incentives created by policies aimed at alleviating poverty. The class has a significant service learning component in which students complete IRS training and assist low-income families in Utica in filling out Federal tax forms to claim the EITC. Prerequisite, None. The course meets one hour per week through April 15, with a minimum in-class time of 10 hours. Requires significant self-paced training prior to start of classes. Course can only be taken credit/no credit. Does not count toward the concentration or minor. Maximum enrollment, 30. Morgan-Davie.
265F,S Economic Statistics.
An introduction to the basic concepts of probability and statistics. Topics include descriptive statistics, probability theory, estimation, hypothesis testing and linear regression. Computer laboratory will make use of statistical software packages. 150 minutes of lecture and 75 minutes of laboratory. (Quantitative and Symbolic Reasoning.) Prerequisite, 102 or consent of instructor. No previous experience with computers required. Not open to seniors or students who have taken or are concurrently taking Math 253 or Math 352. Hagstrom (Fall), Videras (Spring).
275F,S Microeconomic Theory.
The theory of consumer behavior. Theories of the firm and market structures, and of resource allocation, pricing and income distribution. General equilibrium and economic efficiency. (Quantitative and Symbolic Reasoning.) Prerequisite, 102 and Math 113 or the equivalent. Not open to senior concentrators. Wu (Fall); Jensen (Spring).
285F,S Macroeconomic Theory.
Theories of business cycles and economic growth. Theories of monetary policy, budget and trade balances, aggregate consumption and investment activity, unemployment, inflation, technological change and productivity growth. (Quantitative and Symbolic Reasoning.) Prerequisite, 102. Not open to senior concentrators. Georges (Fall) ; A Owen (Spring).
Analysis of the role of government in the economy from both the expenditure side and the income (tax) side. Topics include public goods, externalities, the U.S. "safety net," social security, government involvement in health care, public choice, budget deficits, the U.S. tax system, and the effects of taxation and government programs on behavior. Prerequisite, 102. Not open to students who have taken 440/475.
Globalization and Gender.
Analysis of globalization and its impact on the economic experience of women. Topics include the definition of globalization with particular emphasis on economic globalization; restructuring in the industrialized economies; gender-related issues in the labor markets of industrialized countries, such as occupational segregation, wage gap, feminization of the labor process; structural adjustment; and case studies of female labor participation in the Third World. (Writing-intensive.) Prerequisite, 102. (Same as Women's Studies 316.) Maximum enrollment, 20.
Examines the influence of culture, norms and social interactions on the values and behaviors of economic agents. Topics include the economic determinants and effects of social capital, the influence of group membership on individual behavior, social and ethnic heterogeneity and the provision of public goods, the role of religious beliefs and practice in economic attitudes and choices, and fads and fashion. (Writing-intensive.) Prerequisite, 102. Maximum enrollment, 20.
325F Comparative Economic Systems.
A comparative analysis of economic systems and criteria for evaluation. An examination of market, command, mixed and market socialist economies. Emphasis on problems of transition in former communist countries and Japan and Germany compared to the United States. (Writing-intensive.) Prerequisite, 102. Maximum enrollment, 20. D Jones.
International Trade Theory and Policy.
Theoretical and empirical analysis of the pattern of international trade and international trade policies. Emphasis on theoretical models used by economists. Topics include the determinants of the pattern of international trade, immigration, foreign direct investment, the gains from trade, tariffs, quotas, voluntary export restraints, dumping, subsidies, trade-related intellectual property rights, international labor standards, trade and environmental issues, the WTO, customs unions, free trade agreements and trade adjustment assistance. Prerequisite, 102.
Banks and the Economy.
A study of the goals, functions and activities of commercial banks. Detailed analysis of how banks turn consumer savings into investment, and the importance of this function in the macro-economy. Examination of banks’ role in the transmission of monetary policy via the money creation process and the lending channel; risks to banks which jeopardize the healthy functioning of the financial system; international supervisory agreements (Basel II and III) and U.S. Federal guidance(Dodd-Frank Act) that aim to mitigate systemic risks. Prerequisite, 102.
Economics of Antitrust and Regulation.
An examination of the economics of antitrust and regulation in the United States, with emphasis on what specific market failures provide a rationale for government intervention and what appropriate forms of government activity might be in particular circumstances. Possible topics include antitrust policy toward mergers and monopolization, economic regulation of public utilities and transportation, and environmental regulation. Prerequisite, 102.
Introduction to the study of international development. Topics include economic growth, poverty, inequality, health, demography, education, child labor, the environment, conflict and corruption. Prerequisite, 102. (Quantitative and Symbolic Reasoning.) Prerequisite, Econ 102.
Economics of Education.
This course contains economic analyses of education in modern America. Analyses are both theoretical and empirical, and cover both higher education and primary/secondary education. Topics covered include human capital and signaling models, the labor market returns of higher education, the social welfare benefits of schooling, the funding and productivity of the public sector in education, and topics such as school choice, the class-size debate and labor markets of teachers. Prerequisite, Econ 102.
348F Economics of Social Responsibility.
This course explores how ethical values and social norms influence economic behavior by individuals and groups. Topics include altruism, civic engagement and contributions to public goods, the philanthropic sector, socially responsible investment, corporate responsibility, and social entrepreneurship. Prerequisite, Econ 101. Videras J.
350S Economics of Poverty and Income Distribution.
A study of domestic poverty and of government programs designed to address poverty. Topics include the definition and measurement of poverty, the factors associated with becoming poor and the design, purpose, financing and individual incentive effects of various state and federal public assistance programs, as well as their effectiveness in reducing the incidence or duration of poverty. Prerequisite, 102. Hagstrom.
An introduction to methods and analysis of evaluating government behavior from an economic perspective. The course examines the role of various political institutions in affecting monetary, fiscal and regulatory policy. Prerequisite, 102.
Political Economy of the Middle East.
An interdisciplinary study of the relationship between Islamic societies and Western economic systems from early Islam to the present. Focus on the structure and history of economic development and transformation of the Middle East in the modern period. (Writing-intensive.) Prerequisite, 102. Maximum enrollment, 20.
Political Economy of India.
A journey through the evolutionary stages of the Indian economy, from the colonial past to the globalized present. India is a fascinating natural laboratory to understand colonialism, nationalism, partition, the modern state, democracy, economic development, identity politics, center-state issues as well as the relationship with the rest of Asia and the West. This course will explore the history, culture and political economy of what is today a strategically and economically vital part of the world. Prerequisite, 102.
360S Health Economics.
An analysis of the economics of health and medical care, with particular emphasis on the provision of health care in the United States. Topics include the structure of public and private health insurance programs, financing the rising costs of medical care and the impact of health status on labor supply and retirement decisions. Relates these issues to current public policy debates surrounding the health care profession. Prerequisite, 102. Wu.
365S Economic Analysis of American History.
An examination and explanation of the development of the American economy, focusing on the period from 1840 through World War II. Topics include the economics of slavery and share cropping, the rise of big business, railroads and economic growth, the development of banks and the causes of the Great Depression. (Writing-intensive.) Prerequisite, 102. Maximum enrollment, 20. Jensen.
Poverty, the Environment and Natural Resource Use.
Investigation of the relationship between poverty, the environment and natural resource use. Emphasis placed on understanding the institutions and incentive structures that influence natural resource use decisions in rural poor communities and on examining innovative solutions that garner potential to achieve both poverty alleviation and environmental goals. Case-studies will be drawn from Africa and China. Topics may include sustainable livelihoods, inequality, property rights, collective management, climate change mitigation and adaption strategies, and payments for environmental services. Prerequisite, 102. Not open to students who have taken Econ 380.
375S History of Economic Thought.
A survey of economic theory and methodology from the early Greeks to the present. Discussion of the ideas of major economic writers such as Smith, Marx, Marshall and Keynes, with attention paid to historical context as well as relevance to current economic debates. (Writing-intensive.) Prerequisite, 102. Maximum enrollment, 20. Georges.
380F Environmental Economics.
An examination of issues in environmental policy from the perspective of economic theory. Topics include the measurement of benefits and costs of curtailing pollution and preserving ecosystems, the design of public policies to improve environmental quality, and the examination of past and current environmental programs in the United States and their success. Also considers sustainable growth and issues of environmental equity. Prerequisite, 101. Sapci.
Natural Resource Economics.
An examination of a broad range of issues related to natural resource use from the perspective of economic theory. Topics include renewable and non-renewable resource problems, including the problems of fisheries over-exploitation, excessive forest harvesting, competition over land and water, energy resources, and recyclable resources. Emphasis on past and current public policies and institutions affecting natural resource use and management. Prerequisite, 101.
An introduction to econometric methods that are frequently used in applied economic research. Emphasis on interpreting and critically evaluating empirical results and on establishing the statistical foundations of widely used econometric methods. Topics include the classical linear regression model, functional form, dummy explanatory variables, binary choice models, panel data models, heteroskedastic and autocorrelated disturbance terms, instrumental variables estimation and an introduction to simultaneous equation models. Three hours of class and 75 minutes of laboratory. Prerequisite, 265 or Mathematics 253 or 352. Pliskin.
Economics of Higher Education.
A study of issues in the economics of higher education. Topics will include the financing of higher education, determinants of tuition costs, trends in admissions policies, determinants of academic success at college, and the economic returns to higher education. Maximum enrollment, 20.
425S Financial Economics.
A study of individual level investment decisions and the equilibrium determination of asset prices. Mean-variance analysis motivated by the tradeoff between risk and return. An introduction to asset pricing models, including the CAPM and multi-factor models. An introduction to derivatives, including stock options, futures and swaps. Discussions of the Efficient Markets Hypothesis, arbitrage, and contributions from behavioral finance. Other topics may include: fixed income pricing, Arrow-Debreu securities and the completeness of markets, and the binomial asset pricing model. Prerequisite, 265 and 275 or equivalent, or consent of instructor. Maximum enrollment, 20. Farshbaf.
Seminar in Financial Economics.
Using oral presentations supplemented by brief papers, students will evaluate and synthesize articles from the scholarly literature in financial economics. Most of the expositions will be by teams. Each student will also write a term paper analyzing the articles presented and placing those works in the wider contexts of financial economics and microeconomics. Emphasis on the generality of the application of fundamental principles of microeconomics to theoretical and empirical questions in financial economics. Prerequisite, 425 or consent of instructor.
Topics in Macroeconomics.
An advanced treatment of selected topics of current interest in macroeconomics. Comparisons of different theoretical and empirical approaches to explaining recent recessions and trends in economic growth, unemployment, inflation and income inequality. Prerequisite, 265, 275 and 285 or consent of instructor. Maximum enrollment, 20.
Survey of international financial markets in both theory and practice. Topics include optimal monetary and fiscal policy in an open economy and central banking; international financial markets for foreign exchange; Eurocurrencies and international bonds; the nature and operation of the principal international financial institutions; financial and currency crisis; international debt issues and country risk. Prerequisite, 265, 275 and 285. Maximum enrollment, 20.
433F International Economics.
Topics on international trade and finance in the global economy. Prerequisite, 265, 275, and 285 or permission of instructor. Maximum enrollment, 20. A Farshbaf.
435F Industrial Organization Theory and Applications.
Theoretical and empirical analysis of firm conduct with emphasis on firms in oligopolistic industries. Examination of conduct primarily, but not entirely, from a game theory perspective. Exploration of business practices such as product differentiation and advertising, research and development, and price discrimination. Consideration of relevant public policies, especially antitrust policy. Prerequisite, 265 and 275 or consent of instructor. Maximum enrollment, 20. Jensen.
Topics in Environmental Economics.
A study of the distribution of environmental hazards across communities according to race, income and participation in the political process, as well as sustainable development as a manifestation of inter-generational and inter-country equity concerns. We investigate fair trade and social responses toward sustainability using theoretical and empirical methods. Prerequisite, 265 or equivalent, and 275 or consent of instructor. Maximum enrollment, 20.
440S Public Economics.
The course addresses the role of governments and government policies in the U.S. economy and on individual behavior. You will develop an understanding of the theories of taxation and government expenditure and their impact on a wide range of real-world problems and situations. Topics include market failures; voting behavior and its implications for resource allocation, expenditure program evaluation, the incidence and efficiency of various taxes, and redistribution of income polices such as public assistance and Social Security. Prerequisite, Econ 265, Econ 275. Maximum enrollment, 20. Paul Hagstrom.
Topics in Development.
Advanced level class that focuses on econometric methods for empirical research in development economics. In the course students will read and analyze recent empirical papers in the field of international development and learn the theory behind the methods used. Students will apply the theory in assignments and projects that will require them to work with data. Topics include: education, health, labor markets, corruption, institutions, and impact evaluation (Quantitative and Symbolic Reasoning.) Prerequisite, 265 and 275. Maximum enrollment, 20.
Why are some countries so rich while others are so poor? Examines the difference in living standards both across and within countries, using both theoretical and empirical methods. Topics include the effects of income distribution, technology, population growth, international trade, government policy and culture on the level and growth of per capita income. (Oral Presentations.) Prerequisite, 265, 275, 285 and Mathematics 113 or consent of instructor. Maximum enrollment, 20.
446F Monetary Policy.
A study of the goals, strategies and tactics of monetary policy. The interaction of the central bank with financial markets, the tools and the transmission mechanism of monetary policy, and structure of the Federal Reserve System and the international financial system. Emphasis on policy application. Students in the class have the opportunity to participate in the College Fed Challenge, a national competition in which teams of students make a presentation to monetary policy experts about the current state of the economy and the future course of monetary policy. (Oral Presentations.) Prerequisite, 285 and 265 or GOV 253 or Math 253. Not open to students who have taken Econ. 346. Maximum enrollment, 20. Ann Owen.
Why do people tip at restaurants that they will never go to again? Why do people pay for health club memberships that cost them more than if they just paid at the door each time they went? Why do successful bidders tend to bid in the final minute in online auctions? Recent research involving both economics and psychology has identified ways in which human behavior consistently deviates from standard rationality. Topics which explore these deviations include time-inconsistent preferences, emotion, attitudes toward risk, overconfidence, information processing problems and altruism. Prerequisite, 265 and 275. Maximum enrollment, 20.
Global Financial Crises.
Advanced course that examines the development, circumstances and macroeconomic impact of financial crises from the time of the Roman Empire up to today, with special emphasis on the global crisis of 2007-2009. Based on an extensive list of readings from books and journals, students will combine empirical analysis with macroeconomic models to study balance-of-payments, banking and trade crises worldwide. Attention to the role of failed government policies and lessons learned. Prerequisite, ECON 265, 285 and Mathematics 113, or consent of instructor. Maximum enrollment, 20.
460F Game Theory and Economic Behavior.
An introduction to theories of strategic behavior as they have been developed and applied in economics. Applications include strategic behavior in oligopolistic markets, auctions, bargaining, trade policy, procrastination, standards setting and the provision of public goods. Prerequisite, 265 and 275, or consent of the instructor. Maximum enrollment, 20. Georges.
Application of Labor Economics.
This course will cover various topics in labor economics including: labor supply, labor demand, minimum wage, economic returns to education, labor unions, labor market discrimination and unemployment. We will study theoretical models and also use statistical analysis to analyze actual labor market data. Prerequisite, 265 or consent of instructor and 275. Maximum enrollment, 20.
Economic Analysis of Human Resource Management Practices.
Topics include the choice of the form of labor compensation (e.g., fixed wage, salary, piece rates and other forms of pay for performance), the effects on firm performance of employee involvement programs (e.g., self-directed teams) and of financial participation schemes (e.g., profit sharing and employee stock ownership) and the level and structure of executive compensation and corporate governance. As well as reviewing the existing literature of these topics, students will carry out their own econometric analyses of data. Prerequisite, 265 or consent of the instructor, and 275. Maximum enrollment, 20.
Economic Applications of Geographical Information Systems.
This course introduces Geographical Information Systems (GIS) with applications to economic and social issues. We will study spatial analysis concepts and techniques, and learn the fundamentals of mapping and spatial data analysis using a well-known software application (ArcGIS). We will apply spatial analysis methods to social and economic issues for which location, geography, and spatial distribution matters. The topics will include urban economic development, environmental justice, environmental quality, public health, food access, and economic and racial segregation. (Quantitative and Symbolic Reasoning.) Prerequisite, 265 or equivalent. Maximum enrollment, 20.
A look at theories and issues in international finance, including the evolution of the current global financial markets, balance of payments problems, exchange rate determination and currency markets, financial and currency crisis, international capital flows, international banking, and macroeconomic policies in an open economy. Prerequisite, 265 or 275. Course is intended for those fulfilling the senior project requirement. Not open to students who have taken 432. Maximum enrollment, 12.
Topics in Sustainability.
Topics include relationship between standards of living and conservation of the natural environment, effects of trade on the environment, the role of formal and informal institutions, research on the environmental Kuznets curve, and the determinants of sustainable consumption choices. The course relies on empirical methods. Goals in this area include learning to read critically economics journal articles, being able to replicate and extend empirical analyses, and learning how to use economic theory and statistical methods to develop and test hypotheses. Prerequisite, 265,275. Intended for those fulfilling the senior project requirement. Maximum enrollment, 12.
503F Economic Analysis of Human Resource Management Practices.
Topics include the choice of the form of labor compensation (e.g., fixed wage, salary, piece rates and other forms of pay for performance), the effects on firm performance of employee involvement programs (e.g., self-directed teams) and of financial participation schemes (e.g., profit sharing and employee stock ownership) and the level and structure of executive compensation and corporate governance. As well as reviewing the existing literature of these topics, students will carry out their own econometric analyses of data. Prerequisite, 265 or consent of instructor, and 275. This course is intendend for those fulfilling the senior project requirement. Not open to students who have taken 462. Maximum enrollment, 12. Pliskin.
504S Topics in Macroeconomics.
An advanced treatment of selected topics of current interest in macroeconomics. Theoretical and empirical approaches to explaining recent recessions and trends in economic growth, unemployment, inflation and income inequality, with a focus on the recent global recession. Prerequisite, 265, 275, 285. This course is intended for those fulfilling the senior project requirement. Not open to students who have430. Maximum enrollment, 12. Georges.
505S Topics In Development Economics.
This course covers topics in microeconomics of international development including: political economy, health education, program evaluation and agriculture. The course will be mostly empirical. We will study methods used by applied microeconomists. There will be frequent discussions of journal articles and the policy implications derived from empirical findings. Students will learn to replicate and extend existing studies. Intended for those fulfilling the senior project requirement. Prerequisite, ECON 265 and ECON 275. Maximum enrollment, 12. Conover.
506S Economic Growth.
Why are some countries so rich while others are so poor? Examines the difference in living standards both across and within countries, using both theoretical and empirical methods. Topics include the effects of income distribution, technology, population growth, international trade, government policy and culture on the level and growth of living standards. Prerequisites 265,275, 285 or consent of instructor. This course is intended for those fulfilling the senior project requirement. Not open to students who have 445. Prerequisite, ECON 265, 275, 285 or consent of instructor. Maximum enrollment, 12. AOwen.
GIS Applications in Economics.
This course introduces Geographical Information Systems with applications to economics. We will study spatial analysis concepts and learn mapping and spatial data analysis with ArcMap software. We will read critically research that applies GI methods and carry out econometric analyses of data. We will apply spatial analysis methods to economic issues for which location matters. The topics will include environmental justice, public health, food access, and economic and racial segregation. This course fulfills the senior project requirement. Not open to students who have Econ 483. Prerequisite, Econ 265 and 275 or consent of instructor. Maximum enrollment, 12.
508F Topics in Industrial Organization.
Theoretical and empirical analysis of firm conduct with emphasis on firms in oligopolistic industries. Examination of conduct primarily, but not entirely, from a game theory perspective. Exploration of business practices such as product differentiation and advertising, research and development, and price discrimination. Consideration of questions of firm organization such as vertical integration. Prerequisite, 265 and 275 or consent of instructor. Course is intended for those fulfilling the senior project requirement. Not open to students who have taken 435. Maximum enrollment, 12. Prerequisite, Econ 265 and Econ 275 ,or consent of instructor. Maximum enrollment, 12. Elizabeth Jensen.
509S Topics in Public Economics.
Examines the effects of taxation and government expenditure programs at the federal, state, and local levels. Emphasis on empirical literature to test theoretical predictions and to inform effective policy. Topics include the need for a public sector, provision of public goods, voting behavior, externalities, income distribution, the incidence and efficiency of alternative taxes, and redistributive polices such as public assistance and Social Security. This course is intended for those fulfilling the senior project requirement. (Quantitative and Symbolic Reasoning.) Prerequisite, ECON 265, 275, 285 or consent of instructor. Not open to students who have taken 540. Maximum enrollment, 12. Paul Hagstrom.
560S Research Seminar.
Each student works intensively on a topic chosen in consultation with the instructor. Weekly meetings held to hear progress reports and to discuss research techniques pertinent to student topics. Candidates for honors must complete this course. Prerequisite, 265, 275, 285, 400 and permission of the department. Maximum enrollment, 12. Conover, Jones, Wu.