WORLD SCIENTIFIC LECTURE NOTES IN ECONOMICS AND POLICY – serie

It is impossible to understand modern economics without knowledge of the basic tools of gametheory and mechanism design. This book provides a graduate-level introduction to the economic modeling of strategic behavior. The goal is to teach Economics doctoral students the tools of game theory and mechanism design that all economists should know.

This book is based on lectures conducted for two classes at the Maxwell School, Syracuse University: A Public Finance Seminar for PhD students in public administration and State and Local Public Finance for master's students in public administration.Topics covered include the role of voters in a federal system, the sorting of different households into different communities, the determinants of public service costs, the property tax and other sources of local (and state) revenue, fiscal aspects of economic development, and intergovernmental aid (especially for education).The notes for the Ph.D. class also cover several more advanced topics, such as the estimation of education production and cost functions, the capitalization of school quality into house values, and tax competition among jurisdictions. The focus in these notes is on the highly decentralized federal system in the United States, but many of the principles and much of the behavioral analysis in the class apply to other countries as well.These notes draw on Professor Yinger's extensive teaching experience and publication record in state and local public finance. They should prove useful to many teachers, scholars, and students who find topics in state and local public finance that they wish to pursue.

This book is based on lectures conducted for two classes at the Maxwell School, Syracuse University: A Public Finance Seminar for PhD students in public administration and State and Local Public Finance for master's students in public administration.Topics covered include the role of voters in a federal system, the sorting of different households into different communities, the determinants of public service costs, the property tax and other sources of local (and state) revenue, fiscal aspects of economic development, and intergovernmental aid (especially for education).The notes for the Ph.D. class also cover several more advanced topics, such as the estimation of education production and cost functions, the capitalization of school quality into house values, and tax competition among jurisdictions. The focus in these notes is on the highly decentralized federal system in the United States, but many of the principles and much of the behavioral analysis in the class apply to other countries as well.These notes draw on Professor Yinger's extensive teaching experience and publication record in state and local public finance. They should prove useful to many teachers, scholars, and students who find topics in state and local public finance that they wish to pursue.

This book provides a comprehensive discussion of the economics of International Trade.Key questions related to why countries trade, how they gain from trade, and how international trade can produce winners and losers are answered. The last of these questions is related to the connection of trade to inequality in the distribution of income.The book uses both theoretical models and empirical evidence to answer these questions. It also provides a discussion of the economics of labor migration and international capital mobility. The book also provides a detailed discussion of the welfare implications of various trade policy instruments such as tariffs, quotas, export subsidies etc. This is followed by a discussion of the process of actual policymaking in democratic societies which goes into the realm of political economy. The focus here is on the political economy of trade policy. It also provides a discussion of the economics of preferential trading agreements and a history of multilateral trading agreements under the aegis of GATT (General Agreement on Tariffs and Trade) and its evolution into the World Trade Organization (WTO).

This book provides a comprehensive discussion of the economics of International Trade.Key questions related to why countries trade, how they gain from trade, and how international trade can produce winners and losers are answered. The last of these questions is related to the connection of trade to inequality in the distribution of income.The book uses both theoretical models and empirical evidence to answer these questions. It also provides a discussion of the economics of labor migration and international capital mobility. The book also provides a detailed discussion of the welfare implications of various trade policy instruments such as tariffs, quotas, export subsidies etc. This is followed by a discussion of the process of actual policymaking in democratic societies which goes into the realm of political economy. The focus here is on the political economy of trade policy. It also provides a discussion of the economics of preferential trading agreements and a history of multilateral trading agreements under the aegis of GATT (General Agreement on Tariffs and Trade) and its evolution into the World Trade Organization (WTO).

Freshwater is our planet's most precious resource — essential for life itself. Despite this fact, many people across our planet face difficulties finding safe, clean, potable water. A U.S. State Department report contends that the world's thirst for water may become a human security crisis by 2040. The World Bank reports many developing nations face catastrophe from intensive irrigation, urbanization, and deteriorating infrastructure. Also, numerous reports contend that in many places un-treated wastewater is still released directly into the environment. This is particularly true in low-income countries, which on average treat less than 10% of their wastewater discharges.In short, we face three imminent challenges regarding freshwater: (1) demands by agriculture, cities, industry, and energy production are increasing; (2) severe pollution from various contaminants and growing withdrawals are limiting the capacity of waterways to dilute contaminants — threatening human and aquatic life; and, (3) climate change will cause periods of frequent and severe droughts — punctuated by acute periods of flooding.The goal of this book is to illuminate how the governance of freshwater is a political, social, economic, cultural, and ecological challenge. The management and provision of water are not merely technical problems whose resolution hinges on hydrological principle, cost, or engineering feasibility. They are products of decisions made by governments, businesses, and interest groups that exercise control over who has access to water, how they use it, and in what condition they receive it. It discusses basic knowledge about water supply and quality; the evolution of water policy in different societies; the importance of water to human and environmental health; the role of law, politics, and markets in its allocation, use, and protection; and, the importance of ethics in its equitable provision.

Freshwater is our planet's most precious resource — essential for life itself. Despite this fact, many people across our planet face difficulties finding safe, clean, potable water. A U.S. State Department report contends that the world's thirst for water may become a human security crisis by 2040. The World Bank reports many developing nations face catastrophe from intensive irrigation, urbanization, and deteriorating infrastructure. Also, numerous reports contend that in many places un-treated wastewater is still released directly into the environment. This is particularly true in low-income countries, which on average treat less than 10% of their wastewater discharges.In short, we face three imminent challenges regarding freshwater: (1) demands by agriculture, cities, industry, and energy production are increasing; (2) severe pollution from various contaminants and growing withdrawals are limiting the capacity of waterways to dilute contaminants — threatening human and aquatic life; and, (3) climate change will cause periods of frequent and severe droughts — punctuated by acute periods of flooding.The goal of this book is to illuminate how the governance of freshwater is a political, social, economic, cultural, and ecological challenge. The management and provision of water are not merely technical problems whose resolution hinges on hydrological principle, cost, or engineering feasibility. They are products of decisions made by governments, businesses, and interest groups that exercise control over who has access to water, how they use it, and in what condition they receive it. It discusses basic knowledge about water supply and quality; the evolution of water policy in different societies; the importance of water to human and environmental health; the role of law, politics, and markets in its allocation, use, and protection; and, the importance of ethics in its equitable provision.

Globalization and recent developments in the world suggest strong relationships between local and global decisions, actions and impacts. Global-local relationships are also associated with positive and negative externalities, which necessitate policy interventions.Lecture Notes in Global-Local Policy Interactions discusses the process of building and managing a global public policy and the interaction of public policies at the global and local (national/regional) levels. This book demonstrates the global negative externalities from under-regulation of various activities by one agent/country that affect the well-being of other agents/countries, and the design of policies (agreements) to reduce the impacts of such externalities. Possible opposed interests to global policies of local stakeholders and the (local) policies they established to tackle such externalities in their jurisdictions are included as well.The book introduces concepts and principles associated with conflict, negotiation and cooperation, all of which are part of policy reform and design. It explores to various extents the global-local interactions that are related to selected global policies. Special emphasis is placed on global policies such as climate change, water, anti-terrorism, tobacco control, regulation of substances that deplete the ozone layer, desertification, and elimination of anti-personnel mines.

Globalization and recent developments in the world suggest strong relationships between local and global decisions, actions and impacts. Global-local relationships are also associated with positive and negative externalities, which necessitate policy interventions.Lecture Notes in Global-Local Policy Interactions discusses the process of building and managing a global public policy and the interaction of public policies at the global and local (national/regional) levels. This book demonstrates the global negative externalities from under-regulation of various activities by one agent/country that affect the well-being of other agents/countries, and the design of policies (agreements) to reduce the impacts of such externalities. Possible opposed interests to global policies of local stakeholders and the (local) policies they established to tackle such externalities in their jurisdictions are included as well.The book introduces concepts and principles associated with conflict, negotiation and cooperation, all of which are part of policy reform and design. It explores to various extents the global-local interactions that are related to selected global policies. Special emphasis is placed on global policies such as climate change, water, anti-terrorism, tobacco control, regulation of substances that deplete the ozone layer, desertification, and elimination of anti-personnel mines.

Lecture Notes in International Trade Theory covers classical international trade models (including the Ricardian, Ricardo Viner, and Heckscher-Ohlin-Samuelson models). The course is designed for M.Sc. and first year PhD students. It relies on both graphical and analytic methods, requiring only intermediate microeconomics and a solid grounding in calculus. The material emphasizes "second-best" settings, where markets are imperfect. The goal is to equip students with a good enough understanding of open-economy general equilibrium relations that they understand how distortions ripple across different markets, e.g. commodity and factor markets. The Author applies these ideas to environmental and natural resource problems, including pollution "leakage" (where pollution reductions in one country are offset by trading partners' increased pollution) and imperfect property rights. Other applications include the general equilibrium effects of commodity and trade taxes, international transfers (the "transfer problem"), minimum wage constraints, and immiserizing growth. The Author assumes that students have some experience in formulating and answering comparative statics questions in an optimization setting. Building on these skills, and developing the idea of stability in an equilibrium setting (the Marshall Lerner condition), students learn how to formulate and answer comparative static questions in trade models.

People pursue their own interests, whatever those interests might be. Some people have interests that are narrow and selfish, while others have interests that are broad and altruistic. The idea that people are self-interested underpins all of economic analysis and raises two fundamental questions: 1. How do people choose the actions they think will further their own interests? 2. Can the potentially conflicting interests of different people be made to 'mesh' in some sort of socio-economic equilibrium? This book is devoted to a detailed study of the first question. Its Companion Volume (Economy-Wide Microeconomics: Equilibrium, Optimality, Applications and Tests) makes a detailed study of the second question.Following some foundational remarks, this book studies the Arrow–Debreu theory of consumer choice. That theory supposes people choose so as to maximize a complete, continuous, transitive, and reflexive binary preference relation over a non-empty and compact choice set. The book then studies numerous refinements, generalizations and extensions of each of these restrictions — up to and including recent work on Behavioral theories of choice and choice behaviour when preferences are intransitive/incomplete/discontinuous. Also considered is choice behaviour in environments that are not necessarily compact. A study is also made of intertemporal choice and choice under uncertainty. The study of Arrow–Debreu choice theory and its extensions are presented from the Primal, Dual, and Revealed Preference points of view.Consumers are not the only agents in the economy, as Producers are present as well. Beginning with a study of the Arrow–Debreu idea that producers choose from a convex production set so as to maximize profit, the book considers extensions and generalizations of this framework, particularly to non-convex environments. The study is presented from the Primal and Dual points of view.The final chapter in the book provides a link to its Companion Volume. The Chapter indicates how the theories of consumer and producer choice studied here help inform answers of the second question posed above.Resources are available to instructors who adopt this book. More details at

The most interesting issues in environmental and resource economics have an explicit temporal dimension, since variables of interest such as pollutants, greenhouse gases, biomass of biological resources, or the stocks of fossil fuels accumulate in the ambient environment or are depleted through human actions and natural processes.The purpose of these lectures is to present the mathematical tools for analyzing environmental and resource management issues in a dynamic set-up.The lectures include a brief description of differential equations and then move on to describe methods of optimal control, dynamic programing, and differential games. The final chapters cover two novel topics: (1) environmental issues characterized by deep uncertainty, and aversion to ambiguity using robust control methods and formulations of precautionary policies; and (2) the study of pollution/resource management in space and time when the environmental variables evolve in time and diffuse in space.The lectures are a valuable tool for advanced graduate students in environmental and resource economics who are studying dynamic problems.

That mistakes are made is clear. What is meant by that is not. Measuring whatever might be meant and scientifically studying it is therefore even more challenging.These lectures introduce an interdisciplinary science of mistakes to cut the Gordian knot. The key building blocks are model constructs drawn from the economic tradition, methods of measurement drawn from the psychometric tradition, and analytic methods drawn from economic theory.

Climate change (CC) is currently an unquestionable phenomenon. If not stopped, it will be catastrophic for life on earth. Scientific evidence shows that human activities are the primary driver of CC tendencies since the industrial times. In this book, we present the relationship between development and CC, with special reference to agriculture, the rural sector, and policies aimed to promote sustainable development. We also give special attention to the situation in low- and medium-income countries particularly rural households and small farmers in these countries.The study of agriculture, CC, and sustainability requires consideration of natural resources and their uses (land, freshwater, forests, etc.), as well as the rural sector since land for agricultural production often expands at the expense of forests. In addition, the use of water for agricultural production affects the availability of this resource for other uses in the urban, industrial, and service sectors. Consequently, sustainable agricultural development under CC requires an interdisciplinary or at least a multidisciplinary approach. In this book, we do our best to deal with this challenge by focusing on issues and topics related to agriculture and its use of natural resources in the context of CC, but without ignoring the interrelations of these phenomena with further aspects of sustainability beyond agriculture.

Modern society is currently facing a cascade of environmental crises. Moving forward, it will be the job of current and future generations to develop sound and creative approaches to addressing them. This book attempts to provide insight into the ways in which society can confront modern agricultural, environmental, and resource challenges. In particular, it provides an economic lens with which to examine and confront these issues. The first part of the book introduces a general economic framework that can be used to analyze these issues. Subsequent chapters rely on this framework to introduce and explain specific concepts in agricultural, environmental, and resource economics, including (but not limited to) non-renewable and renewable resource management, pesticide use, and climate change. The book develops quantitative tools that the readership can use to analyze and better understand the complexities of these challenges. Each chapter includes specific applications, and an accompanying Appendix includes a longer list of practice problems that can be brought into courses as exercises.Resources are available to instructors who adopt this book. More details at

Modern society is currently facing a cascade of environmental crises. Moving forward, it will be the job of current and future generations to develop sound and creative approaches to addressing them. This book attempts to provide insight into the ways in which society can confront modern agricultural, environmental, and resource challenges. In particular, it provides an economic lens with which to examine and confront these issues. The first part of the book introduces a general economic framework that can be used to analyze these issues. Subsequent chapters rely on this framework to introduce and explain specific concepts in agricultural, environmental, and resource economics, including (but not limited to) non-renewable and renewable resource management, pesticide use, and climate change. The book develops quantitative tools that the readership can use to analyze and better understand the complexities of these challenges. Each chapter includes specific applications, and an accompanying Appendix includes a longer list of practice problems that can be brought into courses as exercises.Resources are available to instructors who adopt this book. More details at

Relying on economic theory where necessary, this book emphasizes translating that theory into practical applications that will help students appreciate the clear importance of understanding how countries, businesses, workers, and governments interact with each other. It offers in-depth analysis, empirical evidence, and practical examples arising from all the forms of international exchange: international trade, or the exchange of goods and services across borders; international finance, or the roles that currencies, exchange rates, prices, and monetary systems play in facilitating global investment and trade; global migration, through which workers move from lower-wage countries to higherwage countries; the international flows of capital and knowledge through multinational enterprises and global supply chains; and the global policy architecture underlying these flows. The book pays particular attention to how globalization and technological change affect economic inequality, a primary policy issue today.

That mistakes are made is clear. What is meant by that is not. Measuring whatever might be meant and scientifically studying it is therefore even more challenging.These lectures introduce an interdisciplinary science of mistakes to cut the Gordian knot. The key building blocks are model constructs drawn from the economic tradition, methods of measurement drawn from the psychometric tradition, and analytic methods drawn from economic theory.

Lecture Notes in International Trade Theory covers classical international trade models (including the Ricardian, Ricardo Viner, and Heckscher-Ohlin-Samuelson models). The course is designed for M.Sc. and first year PhD students. It relies on both graphical and analytic methods, requiring only intermediate microeconomics and a solid grounding in calculus. The material emphasizes "second-best" settings, where markets are imperfect. The goal is to equip students with a good enough understanding of open-economy general equilibrium relations that they understand how distortions ripple across different markets, e.g. commodity and factor markets. The Author applies these ideas to environmental and natural resource problems, including pollution "leakage" (where pollution reductions in one country are offset by trading partners' increased pollution) and imperfect property rights. Other applications include the general equilibrium effects of commodity and trade taxes, international transfers (the "transfer problem"), minimum wage constraints, and immiserizing growth. The Author assumes that students have some experience in formulating and answering comparative statics questions in an optimization setting. Building on these skills, and developing the idea of stability in an equilibrium setting (the Marshall Lerner condition), students learn how to formulate and answer comparative static questions in trade models.

The most interesting issues in environmental and resource economics have an explicit temporal dimension, since variables of interest such as pollutants, greenhouse gases, biomass of biological resources, or the stocks of fossil fuels accumulate in the ambient environment or are depleted through human actions and natural processes.The purpose of these lectures is to present the mathematical tools for analyzing environmental and resource management issues in a dynamic set-up.The lectures include a brief description of differential equations and then move on to describe methods of optimal control, dynamic programing, and differential games. The final chapters cover two novel topics: (1) environmental issues characterized by deep uncertainty, and aversion to ambiguity using robust control methods and formulations of precautionary policies; and (2) the study of pollution/resource management in space and time when the environmental variables evolve in time and diffuse in space.The lectures are a valuable tool for advanced graduate students in environmental and resource economics who are studying dynamic problems.

People pursue their own interests, whatever those interests might be. Some people have interests that are narrow and selfish, while others have interests that are broad and altruistic. The idea that people are self-interested underpins all of economic analysis and raises two fundamental questions: 1. How do people choose the actions they think will further their own interests? 2. Can the potentially conflicting interests of different people be made to 'mesh' in some sort of socio-economic equilibrium? This book is devoted to a detailed study of the first question. Its Companion Volume (Economy-Wide Microeconomics: Equilibrium, Optimality, Applications and Tests) makes a detailed study of the second question.Following some foundational remarks, this book studies the Arrow-Debreu theory of consumer choice. That theory supposes people choose so as to maximize a complete, continuous, transitive, and reflexive binary preference relation over a non-empty and compact choice set. The book then studies numerous refinements, generalizations and extensions of each of these restrictions — up to and including recent work on Behavioral theories of choice and choice behaviour when preferences are intransitive/incomplete/discontinuous. Also considered is choice behaviour in environments that are not necessarily compact. A study is also made of intertemporal choice and choice under uncertainty. The study of Arrow-Debreu choice theory and its extensions are presented from the Primal, Dual, and Revealed Preference points of view.Consumers are not the only agents in the economy, as Producers are present as well. Beginning with a study of the Arrow-Debreu idea that producers choose from a convex production set so as to maximize profit, the book considers extensions and generalizations of this framework, particularly to non-convex environments. The study is presented from the Primal and Dual points of view.The final chapter in the book provides a link to its Companion Volume. The Chapter indicates how the theories of consumer and producer choice studied here help inform answers of the second question posed above.Resources are available to instructors who adopt this book. More details at www.worldscientific.com/worldscibooks/10.1142/12789-sm

Climate change (CC) is currently an unquestionable phenomenon. If not stopped, it will be catastrophic for life on earth. Scientific evidence shows that human activities are the primary driver of CC tendencies since the industrial times. In this book, we present the relationship between development and CC, with special reference to agriculture, the rural sector, and policies aimed to promote sustainable development. We also give special attention to the situation in low- and medium-income countries particularly rural households and small farmers in these countries.The study of agriculture, CC, and sustainability requires consideration of natural resources and their uses (land, freshwater, forests, etc.), as well as the rural sector since land for agricultural production often expands at the expense of forests. In addition, the use of water for agricultural production affects the availability of this resource for other uses in the urban, industrial, and service sectors. Consequently, sustainable agricultural development under CC requires an interdisciplinary or at least a multidisciplinary approach. In this book, we do our best to deal with this challenge by focusing on issues and topics related to agriculture and its use of natural resources in the context of CC, but without ignoring the interrelations of these phenomena with further aspects of sustainability beyond agriculture.

Relying on economic theory where necessary, this book emphasizes translating that theory into practical applications that will help students appreciate the clear importance of understanding how countries, businesses, workers, and governments interact with each other. It offers in-depth analysis, empirical evidence, and practical examples arising from all the forms of international exchange: international trade, or the exchange of goods and services across borders; international finance, or the roles that currencies, exchange rates, prices, and monetary systems play in facilitating global investment and trade; global migration, through which workers move from lower-wage countries to higherwage countries; the international flows of capital and knowledge through multinational enterprises and global supply chains; and the global policy architecture underlying these flows. The book pays particular attention to how globalization and technological change affect economic inequality, a primary policy issue today.

Experimental economics involves the use of controlled, experimental methods both in the laboratory and the field to better comprehend how individuals and groups make economic decisions and to more clearly identify causal relationships. This book takes the reader to the frontier of research in this exciting and rapidly growing field. Unlike other texts, this book discusses both the methodology of experimental economics and some of the main application areas.The material is organized as a series of 12 chapters or lectures that can be covered in a single academic term. The first five chapters cover the reasons for experimentation as well as basic experimental methodology. The last seven chapters discuss applications of experimental economics to areas such as game theory, public economics, social preferences, auctions and markets. The book assumes only a basic knowledge of economics and game theory and is written at a level that is suitable for advanced undergraduate, master's or PhD students.

Among the 'wicked problems' facing policymakers and voters today, the threat of catastrophic climate change, also called global heating, is so challenging that it was labelled as 'super-wicked'. The scientific evidence is clear-cut, and most of the technologies needed to stabilize the global climate are well understood. But the policy response has been entirely inadequate.To understand the difficulties, we must draw on our understanding of politics, philosophy and economics, grouped together as PPE. These lectures show how the PPE disciplines can be used to improve understanding of the problems and guide a way toward their solutions.The main focus is on the critical economic concept of opportunity cost: The true cost of anything is what you must give up to get it. In a smoothly functioning market, prices determine, and are determined by, opportunity costs. But markets for the emissions that generate global heating do not operate smoothly, if they exist at all. This book explains how policy responses such as carbon taxes and emissions trading markets are products of these 'market failures'.

Among the 'wicked problems' facing policymakers and voters today, the threat of catastrophic climate change, also called global heating, is so challenging that it was labelled as 'super-wicked'. The scientific evidence is clear-cut, and most of the technologies needed to stabilize the global climate are well understood. But the policy response has been entirely inadequate.To understand the difficulties, we must draw on our understanding of politics, philosophy and economics, grouped together as PPE. These lectures show how the PPE disciplines can be used to improve understanding of the problems and guide a way toward their solutions.The main focus is on the critical economic concept of opportunity cost: The true cost of anything is what you must give up to get it. In a smoothly functioning market, prices determine, and are determined by, opportunity costs. But markets for the emissions that generate global heating do not operate smoothly, if they exist at all. This book explains how policy responses such as carbon taxes and emissions trading markets are products of these 'market failures'.

This book presents a series of lectures on applied environmental economics and policy covering the following issues: environmental cost–benefit analysis; ecosystem services; ecosystems biodiversity and the economy; and sustainability.The first part introduces basic concepts in environmental cost–benefit analysis and explains in detail the choice of the discount rate. Distributional issues and assessment of risk involved in decision-making criteria, using tools such as sensitivity analysis and Monte Carlo simulations, are discussed.The second part of the lectures deals with ecosystem services and analyzes the concepts of total economic value and quasi-option value. It presents the two landmark global initiatives on ecosystem services: the Millennium Ecosystem Assessment and the Economics of Ecosystems and Biodiversity. The various methods and approaches for valuing ecosystem services, using revealed and stated preference valuation methods along with their advantages and disadvantages, are explored.In the third part, the links between ecological and economic systems are explored along with the economics of biodiversity where biodiversity-related issues such as metrics, valuation, conservation, and policy design are discussed.The fourth and final part of the lectures deals with sustainability. It covers issues related to measuring sustainable development at the macro level, along with corporate sustainability, and takes a brief look at environmental, social and governance (ESG) reporting.

This book presents a series of lectures on applied environmental economics and policy covering the following issues: environmental cost–benefit analysis; ecosystem services; ecosystems biodiversity and the economy; and sustainability.The first part introduces basic concepts in environmental cost–benefit analysis and explains in detail the choice of the discount rate. Distributional issues and assessment of risk involved in decision-making criteria, using tools such as sensitivity analysis and Monte Carlo simulations, are discussed.The second part of the lectures deals with ecosystem services and analyzes the concepts of total economic value and quasi-option value. It presents the two landmark global initiatives on ecosystem services: the Millennium Ecosystem Assessment and the Economics of Ecosystems and Biodiversity. The various methods and approaches for valuing ecosystem services, using revealed and stated preference valuation methods along with their advantages and disadvantages, are explored.In the third part, the links between ecological and economic systems are explored along with the economics of biodiversity where biodiversity-related issues such as metrics, valuation, conservation, and policy design are discussed.The fourth and final part of the lectures deals with sustainability. It covers issues related to measuring sustainable development at the macro level, along with corporate sustainability, and takes a brief look at environmental, social and governance (ESG) reporting.

Sound knowledge of rigorous probability and statistics methods is essential to pursue graduate studies in economics. These sorts of tools are largely required to conduct research in modern fields of economics such as economic theory, empirical economics, experimental economics, or data science for economics.These notes provide an intuitive roadmap to navigate graduate-level courses in mathematical probability and statistics for economists. Each chapter presents questions prevalent on each topic and lays out the state-of-the-art theoretical frameworks used to address such questions. The book offers a diverse array of solved examples to help gain intuitions on abstract concepts, as well as unsolved exercises to stimulate the readers' training in such concepts. The book presents the theoretical side of probability and statistics in a rather concise way and stresses the importance of motivating examples and observations.