| LEC # | TOPICS | KEY DATES |
|---|---|---|
| 1 | Overview of Class and Themes Application 1: Minimum Wage and Employment – Theory and Evidence | |
| 2 | Continuation of Minimum Wage and Employment – Theory and Evidence | Problem set 1 out |
| 3 | Introduction to Consumer Theory | |
| 4 | Utility Maximization and Constrained Optimization Utility Maximization Expenditure Minimization | |
| 5 | Revealed Preference Taxation and Distortions Consumer Sovereignty Applications of Consumer Theory: Lump-sum v. In-kind Transfers, Taxes and Rebates, and The Distortionary Effects of Taxation, Price Changes and Consumer Surplus | Problem set 2 out Problem set 1 due one day after Session 5 |
| 6 | Application of Consumer Theory: The Value of Food Stamps | |
| 7 | Engel’s Law Normal, Inferior and Giffen Goods Marshallian vs Hicksian Demand Slutsky Equation Wetzstein, Chapter 4 | Problem set 2 due one day after Session 7 |
| 8 | Wrap Up of Consumer Theory | |
| 9 | Exam 1 | |
| 10 | Applied Competitive Analysis Wetzstein, Chapter 10 | |
| 11 | Continuation of Applied Competitive Analysis | Problem set 3 out |
| 12 | General Equilibrium in a Pure Exchange Economy Edgeworth Box Production Possibility Frontier Fundamental Welfare Theorems | |
| 13 | General Equilibrium (cont.) Comparative Advantage vs. Competitiveness Gains from Trade | |
| 14 | General Equilibrium Wrap-up | Problem set 3 due one day after Session 14 |
| 15 | Choice Under Uncertainty: The Expected Utility Framework | |
| 16 | Choice Under Uncertainty: Application to Teen Motherhood | Problem set 4 out |
| 17 | Risk and Safety Regulation Product Liability and Regulation Risk Perception Insurance Markets: Why they Exist, How they Work | |
| 18 | Exam 2 | Problem set 4 due two days after Session 18 |
| 19 | Risk and Safety Regulation | |
| 20 | Economics of Information I | Problem set 5 out |
| 21 | Economics of Information II | |
| 22 | Economics of Information III | Problem set 5 due Problem set 6 out |
| 23 | Economics of Information IV | |
| 24 | Externalities: The Problem and Three Solutions | Problem set 6 due one day after Session 24 |
| 25 | Externalities and Entry Restrictions | |
| 26 | Positive Externalities |