040317 UK Foundations of Microeconomics (MA) (2017W)

Outline: Microeconomics comes with a formal apparatus that is used to derive results. This formal apparatus involves both mathematics (like when looking at derivatives and constrained optimization) and separate tools such as game theory. Statements are made based on assumptions and proofs using these assumptions. In this course we wish to show to students how to apply such methods, how to be able to derive statements about microeconomics from primitives. The lecture is presented as a series as of topics.
Topics include:
- choice and preferences
- von Neumann Morgenstern and alternative models of choice under uncertainty
- marginal rates of substitution and ordients
- aggregation of preferences and the representative consumer
- power and failure of first and second welfare theorems
- information economics
In addition, each student will be asked to write a short research paper on this topic, progress discussed whenever necessary in class (such as relevant literature, research motivation, model, proofs, outline of paper, final editing).
Goal: Teach students how to use formal and rigorous methods to understand and solve microeconomic research questions. Show students the different phases in writing a research paper in microeconomics that builds on formal methods.