Microeconomic Analysis I · Economics
General Equilibrium theory, brief overview of social choice, game theory
models, assumptions, deductions and ability to prove.
I learnt a lot about the applicability of mostly abstract theoretical tools I had seen in my previous classes (especially in part 1 of the course). Prof. Chiappori spoke a lot about empirically seeing if the observed demand inddeed comes from prefernce maximization behavior (using the slutsky). I really liked the first part. I also loved the problem sets and seeing the second welfare theorem work in specific settings... In the second part, I particularly enjoyed learning GE. I feel like my math got stronger...
We learnt a wide range of topics in microeconomics, ranging from consumer theory, economics under uncertainty to general equilibrium and game theory.
A lot on choice theory and rigourous microeconomics
We covered general equilibrium theory including welfare theorems and game theory for the most part as well as surveying briefly some extensions and other topics.
Dean: Choice theory, uncertainty, consumer theory Salanie: General Equilibrium, Market Failure
I feel like I generally learned most of what I was supposed to learn per the syllabuses. If I had to distill it down to a few main points per term, they would be First term:
A key and interesting question is how to relate consumer theory to observable to demand. I thought Prof. Chiappori did a good job emphasizing this intuition and the Marshallian/Hicksian demand relation formalized via the Slutsky matrix. Not coming in with much interest in/recall of consumer theory, I thought this was neat.
You can apply risk preferences in many interesting ways beyond just thinking about lotteries or financial payoffs. An example that comes to mind was the midterm exam question tying this together with producer theory. Second term: