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MICROECONOMICS I
Overview. Welcome to Microeconomics I. This is the first course in a year-long course in microeconomic theory. This course is designed with the two main purposes of giving students a systematic grounding in Microeconomics and preparing them to use economic models in their own research. We will cover the topics of consumption theory, production theory, partial equilibrium, individual decision making with uncertainty, the Arrow-Debreu general equilibrium model, and some basic issues in welfare measurement. While the topics in the course are mathematical, the emphasis is on economic content and research methodology rather than proofs and technical details. Nevertheless, we will use mathematical arguments to help explain the intuition of the theories studied.
Prerequisites. This class assumes a basic knowledge of intermediate microeconomics, and some level of mathematical sophistication, particularly with respect to optimization. A good place to start to get some mathematical background is the mathematical appendix in Mas-Colell, Whinston and Green. Similarly, if you have never taken Economics before, you may want to have a look at an undergraduate Microeconomics text. Among the good options are the books by Varian, and by Pindyck and Rubinfeld.
Requirements. Formal requirements for the course include regular attendance and participation in lectures, a number of problem sets, and a final examination.
Reading. The main text for the course is Mas-Colell, A., M. Whinston and J. Green, Microeconomic Theory (Oxford University Press, 1995). Students are encouraged to buy it. I will also use extensively Jehle, G. and P. Reny, Advanced Microeconomic Theory (Financial Times Prentice Hall, 3rd Revised edition, 2010). Other interesting textbooks are Rubinstein, A., Lecture Notes in Microeconomic Theory (Princeton University Press, 2006), Kreps, D., A Course in Microeconomic Theory (Princeton University Press, 1990), and Varian, H., Microeconomic Analysis (Norton, 3rd ed., 1994).
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This course is designed with the two main purposes of giving students a systematic grounding in Microeconomics and preparing them to use economic models in their own research.
