Courses:

Microeconomic Theory I >> Content Detail



Syllabus



Syllabus

Amazon logo When you click the Amazon logo to the left of any citation and purchase the book (or other media) from Amazon.com, MIT OpenCourseWare will receive up to 10% of this purchase and any other purchases you make during that visit. This will not increase the cost of your purchase. Links provided are to the US Amazon site, but you can also support OCW through Amazon sites in other regions. Learn more.


The outline for the course is detailed in the calendar.



Course Description


This course provides an introduction to microeconomic theory designed to meet the needs of students in the economics PhD program. Some parts of the course are designed to teach material that all graduate students should know. Others are used to introduce methodologies. Some topics of recent interest may also be covered.

Enrollment in this course is limited and permission of the instructor is required. Permission can be obtained by attending the first class meeting and providing information about previous coursework in mathematics and economics. The course assumes that students have taken undergraduate intermediate microeconomics classes. It also assumes that students are comfortable with multivariable calculus and linear algebra and have had some exposure to real analysis. Historically, many students from outside the economics department have had difficulty with the course. The enrollment limit may result in well-qualified students being turned away.



Textbooks


Students may choose to use either of two textbooks:

Amazon logo Mas-Colell, Andreu, Michael Whinston, and Jerry Green. Microeconomic Theory. New York, NY: Oxford University Press, 1995. ISBN: 0195073401.
This is the recommended, primary text for the course and is a detailed, dense text that covers most of what will be covered and much more.

Amazon logo Jehle, Geoffrey, and Philip Reny. Advanced Microeconomic Theory. 2nd ed. Reading, MA: Addison-Wesley, 2000. ISBN: 0321079167.
This book is more readable and still covers much of the course material in about half as much space.

There are several other texts that contain similar material:

Amazon logo Kreps, David. A Course in Microeconomic Theory. Princeton, NJ: Princeton University Press, 1990. ISBN: 0691042640.
This text provides more intuition.

Amazon logo Varian, Hal. Microeconomic Analysis. 3rd ed. New York, NY: W.W. Norton, 1992. ISBN: 0393957357.
This text is more concise.



Grading


The course will be graded on the basis of six problem sets and a final exam. Problem sets will be due in class on assigned lecture dates. They will be graded on a check-, check, check+ basis.

The grades are intended primarily to give you an idea of how you are doing in the course and will affect course grades only for students with borderline scores on the exam. You may work in groups, but please do the write-ups individually. We do not expect to see identical answers from different students. The final exam will be held four days after the last lecture.



Calendar


The calendar below provides information on the course's lecture (L) and recitation (R) sessions.


SES #TOPICSKEY DATES
Part I. Utility Functions and Decision-making
L1Preferences, Utility Functions, Revealed Preference
L2Preferences, Utility Functions, Revealed Preference (cont.)

Choice Under Uncertainty
L3Choice Under Uncertainty (cont.)Problem set 1 due
L4Risk Aversion
L5Problems With Utility Theory
Part II. Demand Theory
L6Classical Demand TheoryProblem set 2 due
L7Classical Demand Theory (cont.)
L8Classical Demand Theory (cont.)

Demand Aggregation
Problem set 3 due
R1Price Changes and Welfare
Part III. Producer Theory
L9Monopoly PricingProblem set 4 due
L10Competitive Producer Theory and Robust Comparative Statics
L11Competitive Producer Theory and Robust Comparative Statics (cont.)Problem set 5 due
Part IV. Partial Equilibrium Competitive Markets
L12Competitive EquilibriumProblem set 6 due 2 days after L12
Final Exam

 








© 2010-2021 OpenCollege.com, All Rights Reserved.
Open College is a service mark of AmeriCareers LLC.