Course ID: | ECON 8030. 3 hours. |
Course Title: | Microeconomic Theory III |
Course Description: | The general equilibrium framework of microeconomics is developed and then extended to allow for the passage of time and the presence of uncertainty. Game-theoretic considerations are also considered. |
Oasis Title: | MICROECONOMICS III |
Prerequisite: | ECON 8020 |
Semester Course Offered: | Offered every year. |
Grading System: | A-F (Traditional) |
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Course Objectives: | An abstract overview is conducted in the use of the rationality principle to generate
consumer demand behavior, which then serves as the foundation for results concerning
the existence, regularity, and optimality of competitive equilibrium for a general
equilibrium exchange economy. The discussion is subsequently generalized to include
production, time, and uncertainty. In the second part of the course, the alternative
notion of strategic equilibrium is introduced in order to treat imperfectly
competitive settings. This is accompanied by the treatment of additional topics in
game theory, such as the theory of bargaining. |
Topical Outline: | General Equilibrium Theory
Welfare Economics
Noncooperative Game Theory |