ECON 8102

Microeconomic Theory

Winter 1997

Jan Werner

Course Content

1. Production Economies
   1. Production Sets
   2. Private Ownership Economies
   3. Existence of Competitive Equilibrium
   4. Welfare Theorems
   5. First Order Conditions for Pareto Optimality
   6. Nonconvexities and Marginal Cost Pricing Equilibrium
   7. Externalities
   1. Pareto Optimality under Externalities
   2. Regulation
   3. Pigovian Taxes
   8. Public Goods: Lindahl Equilibrium
2. Uncertainty
   1. Von Neumann-Morgenstern Expected Utility Theory
   2. Expected Utility Theorem
   3. Non-Expected Utility
   4. Risk Aversion
   5. Pratt Theorem
   6. Comparison of Payoff Distributions
3. General Equilibrium Under Uncertainty
1. Arrow-Debreu Equilibrium
2. Sequential Trade - Radner Equilibrium

Material Available:

Lecture Notes	(569 k)
Problem Set I	(131 k)	Production Sets, Profit Functions
Problem Set II	(161 k)	Private Ownership Economies, Equilibrium with Production, Pareto Optimality
Problem Set III	(134 k)	Marginal Cost Pricing, First Order Conditions for Pareto Optimality
Problem Set IV	(155 k)	Externalities, Pareto Optimality
Problem Set V	(166 k)	Public Goods, Equilibria with Transfers
Problem Set VI	(164 k)	Uncertainty, Risk Aversion
Problem Set VII	(133 k)	Portfolio Choice, Stochastic Dominance
Problem Set VIII	(173 k)	Pareto Optimality under Uncertainty, Arrow-Debreu Equilibrium, Radner Equilibrium

 

 

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