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prof. Tony Shorrocks September 2000 The first modules in year 1 of the MA programme provide students with a basic grounding in microeconomic analysis. Microeconomics 1 focuses on the behaviour of consumers; the behaviour of producers will be considered in detail in the second module. The course consists of two 2-hour lectures per week for 7 weeks. In addition, students will be assigned to a weekly class which will discuss the isssues raised in the lectures and review answers to the weekly assignemts. The main course texts are
Sudents
will be expected to read the relevant material in Nicholson, and to
supplement this with material from at least one other intermediate micro
text.
Assessment for the course is based on the weekly assignments provided from week 2 onwards and the final examination. Course Topics and Reading List 1.
General Introduction (4 hrs) Nicholson
Chs 1, 2 2.
Consumer Choice (6 hrs) Nicholson
Chs 3-4 3.
Consumer Demand (6 hrs) Nicholson
Chs 5-7 4.
Pure Exchange Economy (4 hrs): the Edgeworth box; gains from trade;
equilibrium allocations; Pareto efficiency. Alchian/Allen
Ch3 5. Choice Under Uncertainty (4 hrs): Expected utility; risk aversion; demand for insurance; investment in risky assets. Nicholson
Ch 9 6. The Economics of Information (4 hrs): asymmetric information; moral hazard; adverse selection; signalling. Nicholson
Ch 10
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Economics
of Transition Elements
of the Economics History
of Economic
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