1. Consumer theory (6 lectures) Reading: MWG 1B, 2, 3, 4
Topics: Consumer choice, properties of utility and demand functions, solving the consumer problem, welfare evaluation, aggregation.
2. Producer theory (3 lectures) Reading: MWG 5
Topics: Production sets, production with a single output, cost minimization, the geometry of cost functions, aggregation, efficient production, constant returns technologies.
3. Choice under uncertainty (4 lectures) Reading: MWG 6
Topics: Lotteries, the Expected Utility Theorem, utility for money and risk aversion, stochastic dominance, applications to insurance and portfolio choice, states of nature, subjective probability.
4. Competitive markets and partial equilibrium analysis (2 lectures) Reading: MWG 10
Topics: Competitive equilibrium, Pareto efficient allocations, partial equilibrium, fundamental welfare theorems, free entry and long run competitive equilibrium.
5. General equilibrium (6 lectures) Reading: MWG 15, 16, 17B-H, 19B-F, 20A-H
Topics: The Edgeworth box, the First and Second Fundamental Theorems of Welfare Economics, the positive theory of equilibrium, general equilibrium under uncertainty, equilibrium and time.