EC802 Advanced Micro Theory of Consumers, Markets and Welfare
This module examines the workings of the economic system from a disaggregated viewpoint. It is a standard module on advanced microeconomic theory and contains the basics of general equilibrium, including Walrasian equilibrium and welfare economics, and disequilibrium. Twelve (one-hour) lectures discuss the basic theory, and eight (one-hour) seminars discuss various extensions. In addition there is a weekly one hour course in mathematics to accompany the module.
Topics
- Preferences - Utility - Demand
- Social Choice
- General Equilibrium: Existence and Uniqueness
- General Equilibrium: Welfare Properties
- Price Equilibrium
- Intertemporal Equilibrium
- Overlapping Generations
- Optimal Portfolio Selection
- Capital Asset Pricing
- Disequilibrium Analysis
Reading
- Kreps, D., A Course in Microeconomic Theory, 1990
- Varian, H. Microeconomic Analysis, 3rd Edition, 1992
- Eatwell, J.; Milgate, M. and Newman P., The New Palgrave - General Equilibrium, 1987.
- Merton, R.C., Continuous-Time Finance, 1990
- Gravelle, H. And Rees, R., Microeconomics, 1992
- Craven J., Social Choice, 1992
- Sen, A., Choice, Welfare and Measurement, 1982