Course Description
Welfare economics, including the concepts of Pareto efficiency and consumer surplus and the analysis and measurement of welfare costs of public goods, externalities, and other "market failures."
Athena Title
MICROECONOMICS II
Prerequisite
ECON 8000 and ECON 8010
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Course Objectives
Students will develop an understanding of welfare economics, including concepts of Pareto efficiency and consumer surplus and the analysis and measurement of welfare costs of public goods, externalities, and other "market failures".
Topical Outline
The Pareto Principle, Pareto Optimality, and Social Welfare Functions Exchange Theory and the Fundamental Theorems of Welfare Economics Public Goods and Externalities Consumer Surplus, Welfare Costs, and Compensation Tests Market Structure and Game Theory Uncertainty, Individual Decision Making, and Market Transactions Economics of Information
Syllabus