14.121 Microeconomic Theory I, Fall 2009
Microeconomic Theory I
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This half-semester course provides an introduction to microeconomic theory designed to meet the needs of students in the economics Ph.D. program. Some parts of the course are designed to teach material that all graduate students should know. Others are used to introduce methodologies. Topics include consumer and producer theory, markets and competition, general equilibrium, and tools of comparative statics and their application to price theory. Some topics of recent interest may also be covered.
microeconomic theory, demand theory, producer theory; partial equilibrium, competitive markets, general equilibrium, externalities, Afriat's theorem, pricing, robust comparative statics, utility theory, properties of preferences, choice as primitive, revealed preference, classical demand theory, Kuhn-Tucker necessary conditions, implications of Walras?s law, indirect utility functions, theorem of the maximum (Berge?s theorem), expenditure minimization problem, Hicksian demands, compensated law of demand, Slutsky substitution, price changes and welfare, compensating variation, and welfare from new goods, price indexes, bias in the U.S. consumer price index, integrability, demand aggregation, aggregate demand and welfare, Frisch demands, and demand estimation, increasing differences, producer theory applications, the LeCh?telier principle, Topkis? theorem, Milgrom-Shannon monotonicity theorem, monopoly pricing, monopoly and product quality, nonlinear pricing, and price discrimination, simple models of externalities, government intervention, Coase theorem, Myerson-Sattherthwaite proposition, missing markets, price vs. quantity regulations, Weitzman?s analysis, uncertainty, common property externalities, optimization, equilibrium number of boats, welfare theorems, uniqueness and determinacy, price-taking assumption, Edgeworth box, welfare properties, Pareto efficiency, Walrasian equilibrium with transfers, Arrow-Debreu economy, welfare theorems, separating hyperplanes, Minkowski?s theorem, Existence of Walrasian equilibrium, Kakutani?s fixed point theorem, Debreu-Gale-Kuhn-Nikaido lemma, additional properties of general equilibrium, Microfoundations, core, core convergence, general equilibrium with time and uncertainty, Jensen?s inequality, and security market economy, arbitrage pricing theory, and risk-neutral probabilities, Housing markets, competitive equilibrium, one-sided matching house allocation problem, serial dictatorship, two-sided matching, marriage markets, existence of stable matchings, optimization, incentives, housing markets core mechanism