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MICROECONOMICS
3
3 module, 2002/2003
Professor:
Leonid Polishuk
TAs:
Group A: Andrei Rachinsky, arachins@nes.ru
Group B: Alexei Makrushin, amakrush@nes.ru
Group C: Akhmed Akhmedov, aahmedov@nes.ru
Group D: Dmitry Prudnichenko, dprudnic@nes.ru
This
couse is aimed on the intjduction to the theory of externalities,
public goods, assymetric information and market failures. Students
are familiar to the problems of inefficiency of market outcome
in the situation of the unperfect competition. The list of market
failures is enlarged now with externalities (including public
goods) and assymetric information.
The
main focus of our analysis is resulting equilibria, loss of economic
efficiency and possibilities of welfare improvements in these
models.
Material
of the course also covers main topics of the choice under uncertainty.
Cousre
outline:
- Externality:
definition, consequrnces and improvement.
- Efficient
allocation of resources in the presence of public goods
- Loss
of efficiency in the market equilibria with public goods
- Local
public goods
- Intruduction
to the teory of the expected utility
- Attitude
to the risk
- Stochastic
dominance
- Models
with hidden information: “lemon” problem
- Market
equilibria with hidden informaiton
- Introduction
to the economic theory of “signaling”
Main
textbook – A. Mas-Colell, M. Whinston, J. Green, Microeconomic
Theory, 1995.
Supplimentory
textbook – H. Varian, Microeconomic Analysis, 1992.
Course
mark is a weighted sum of homeassignments and exam with weights
1/3 and 2/3.
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