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L061002introweb - ECON501: Advanced Microeconomic Theory 1....

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ECON501: Advanced Microeconomic Theory 1. Simon Grant, Rice University Fall Semester 2007 S.Grant ECON501 Preliminaries Instructor: Simon Grant, BB252, ph 3332, email: sgrant@rice.edu Time and location: MWF 9-10:15, BB271 O ce hours: Monday 1-3pm, BB252 Text: Microeconomic Theory by Andreu Mas-Colell, Michael D. Whinston and Jerry R. Green, Oxford University Press, 1995. Other useful texts: A Course in Microeconomic Theory by David M. Kreps, Harvester Wheatsheaf, 1990. Microeconomic Analysis b yHa lR
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S.Grant ECON501 Preliminaries cont. Assessment: There will be (almost) weekly problem sets. And mid-term and f nal examinations. Exams will count toward the grade as follows. Date Midterm 30% Nov 10 Final 70%. Dec 15 Problem Sets: Handed out on Monday. Due Wednesday week. 2 S.Grant ECON501 Topics 1. Consumer Theory and Demand (4 weeks) 2. Choice under Uncertainty (2 weeks) 3. Production and Cost (2 weeks) 4. Partial Equilibrium Analysis (2 week) 3
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S.Grant ECON501 Q. What do economists study? What do they do? Explain phonemena e.g. Why does baseball union dislike revenue sharing? Predict phonemena e.g. What will happen to pharmaceutical company as patent expires Evaluate phonemena e.g. What are the welfare consequences of prescription drug plan? 4 S.Grant ECON501 Q. What do economists study? What do they do? Key unit of analysis = individuals “methodological individualism” Could do others classes (sociology) multiple selves (psychology) key explanation method rational choice model 5
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S.Grant ECON501 Q. What do economists study? What do they do? data arising from choice
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L061002introweb - ECON501: Advanced Microeconomic Theory 1....

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