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.
Athena Title
MICROECONOMICS III
Prerequisite
ECON 8020
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
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