| Course ID: | ECON 8020. 3 hours. |
| Course Title: | Microeconomic Theory II |
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." |
| Oasis 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 |