Date |
Notes |
Readings |
Homework/Exams |
| August 21 |
Lecture 1: Axiomatic description of consumer preferences |
MWG 1.B, 2.A-2.C, 3.A-3.C |
-- |
| August 23 |
Lecture 2: Utility representations and properties of preferences |
MWG 2D, 3D |
-- |
| August 27 |
Lecture 3: Properties of the demand correspondence |
MWG |
-- |
| August 29 |
Lecture 4:Duality theory: expenditure and indirect utility functions |
MWG 3E, G |
Hw 1, due September 6 |
| September 4 |
Lecture 5: Evaluation of economic change and revealed preference theory |
MWG 3I, J, 2E,F |
-- |
| September 6 |
Lecture 6: Expected utility theory |
MWG 6A,B |
-- |
| September 11 |
Lecture 7: Risk and risk aversion |
MWG 6C, LRW9.1-9.8 |
-- |
| September 13 |
Lecture 8: Measures of greater risk |
MWG 6D, LRW 10 |
Hw 2, due September 25 |
| September 18 |
Lecture 9: Optimal portfolios with one risky security. Comparative statics |
LRW, Ch. 11-12 |
-- |
| September 20 |
Lecture 10: Optimal portfolios with several risky securities |
LRW Ch. 13 |
-- |
| September 25 |
Lecture 11: Production sets, profit maximization and cost minimization |
MWG 5 B,C |
-- |
| September 27 |
Lecture 12: Cost and supplyy functions in the single output case |
MWG 15 D |
Hw 3, due October 4 |
| October 2 |
Lecture 13: Production aggregation and efficiency |
MWG 5 E,F |
-- |
| October 4 |
Lecture 14: Edgeworth boxes. One consumer-one producer economies |
MWG 15.B,C |
-- |
| October 9 |
MIDTERM |
-- |
Sample midterm |
| October 16 |
Lecture 15: Private Ownership Economies. First Welfare Theorem |
16.A-C |
-- |
| October 18 |
Lecture 16: Second Welfare Theorem |
MWG 16.D,E |
-- |
| October 23 |
Lecture 17: FOC-s for PO and WE |
MWG 16.F |
Hw 4, due October 30
|
| October 25 |
Lecture 18: Existence of Walrasian equilibrium |
MWG 17 A-C Appendix B, AD paper |
-- |
| October 30 |
Lecture 19: The core of an exchange economy |
MWG 18 A, B |
-- |
| November 1 |
Lecture 20: Walrasian equilibrium and the core |
Aumann's paper |
Hw 5, due November 13 |
| November 6 |
Lecture 21: GE under uncertainty. Arrow-Debreu equilibrium |
MWG 19 A-C |
-- |
| November 8 |
Lecture 22: Radner equilibrium |
MWG 19 D,E |
-- |
| November 13 |
Lecture 23: Complete versus incomplete markets |
MWG 19.F, LRW 1.1-1.5, 1.7 |
-- |
| November 15 |
Lecture 24: State prices and arbitrage |
LRW Ch. 2-3, 6.1-6.4, 6.6-6.7 |
-- |
| November 20 |
Lecture 25: Constrained efficiency |
LRW 15.1-15.3, 16.1-16.4 |
Hw 6, due November 29 |
| November 27 |
Lecture 26: Effectively complete markets |
LRW 16.4-16.6 |
-- |
| November 29 |
Review session |
-- |
Sample final exam |
