| 1 |
Overview of Class and Themes
Application 1: Minimum Wage and Employment – Theory and Evidence |
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| 2 |
Continuation of Minimum Wage and Employment – Theory and Evidence |
Problem set 1 out |
| 3 |
Introduction to Consumer Theory |
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| 4 |
Utility Maximization and Constrained Optimization
Utility Maximization
Expenditure Minimization |
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| 5 |
Revealed Preference
Taxation and Distortions
Consumer Sovereignty
Applications of Consumer Theory: Lump-sum v. In-kind Transfers, Taxes and Rebates, and The Distortionary Effects of Taxation, Price Changes and Consumer Surplus |
Problem set 2 out
Problem set 1 due one day after Session 5 |
| 6 |
Application of Consumer Theory: The Value of Food Stamps |
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| 7 |
Engel’s Law
Normal, Inferior and Giffen Goods
Marshallian vs Hicksian Demand
Slutsky Equation
Wetzstein, Chapter 4 |
Problem set 2 due one day after Session 7 |
| 8 |
Wrap Up of Consumer Theory |
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| 9 |
Exam 1 |
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| 10 |
Applied Competitive Analysis
Wetzstein, Chapter 10 |
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| 11 |
Continuation of Applied Competitive Analysis |
Problem set 3 out |
| 12 |
General Equilibrium in a Pure Exchange Economy
Edgeworth Box
Production Possibility Frontier
Fundamental Welfare Theorems |
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| 13 |
General Equilibrium (cont.)
Comparative Advantage vs. Competitiveness
Gains from Trade |
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| 14 |
General Equilibrium Wrap-up |
Problem set 3 due one day after Session 14 |
| 15 |
Choice Under Uncertainty: The Expected Utility Framework |
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| 16 |
Choice Under Uncertainty: Application to Teen Motherhood |
Problem set 4 out |
| 17 |
Risk and Safety Regulation
Product Liability and Regulation
Risk Perception
Insurance Markets: Why they Exist, How they Work |
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| 18 |
Exam 2 |
Problem set 4 due two days after Session 18 |
| 19 |
Risk and Safety Regulation |
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| 20 |
Economics of Information I |
Problem set 5 out |
| 21 |
Economics of Information II |
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| 22 |
Economics of Information III |
Problem set 5 due
Problem set 6 out |
| 23 |
Economics of Information IV |
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| 24 |
Externalities: The Problem and Three Solutions |
Problem set 6 due one day after Session 24 |
| 25 |
Externalities and Entry Restrictions |
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| 26 |
Positive Externalities |
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