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Section-1-Introduction-and-Pareto-Efficiency-slides

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Introduction and Pareto Efficiency Todd Sarver Northwestern University Econ 310-2 – Fall 2011 Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 1 / 19
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Course Overview Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 2 / 19
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Course Overview This course consists of a selection of advanced topics in microeconomic theory: Social Choice Game Theory Markets, Competitive Equilibrium, and Efficiency Externalities Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 3 / 19
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Course Overview This course consists of a selection of advanced topics in microeconomic theory: Social Choice Game Theory Markets, Competitive Equilibrium, and Efficiency Externalities While the selection of topics is based primarily on their intrinsic interest, there an underlying theme centered around two key questions: 1 How should we evaluate social outcomes? 2 What predictions can we make about the outcomes that will arise in various institutions/environments? Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 3 / 19
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Social Outcomes What do we mean by “Social Outcome”? Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 4 / 19
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Social Outcomes What do we mean by “Social Outcome”? Basically, the outcome of any interaction or decision affecting multiple people. Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 4 / 19
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Social Outcomes What do we mean by “Social Outcome”? Basically, the outcome of any interaction or decision affecting multiple people. Outcome of a market interactions: allocation of goods prices paid Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 4 / 19
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Social Outcomes What do we mean by “Social Outcome”? Basically, the outcome of any interaction or decision affecting multiple people. Outcome of a market interactions: allocation of goods prices paid Political outcomes: which candidates received which positions in government Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 4 / 19
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Social Outcomes What do we mean by “Social Outcome”? Basically, the outcome of any interaction or decision affecting multiple people. Outcome of a market interactions: allocation of goods prices paid Political outcomes: which candidates received which positions in government Decisions regarding social projects: Whether to build new roads/bridges Whether to build a new park and where Funding for social works projects Stimulus funding Todd Sarver (Northwestern University) Introduction and Pareto Efficiency Econ 310-2 – Fall 2011 4 / 19
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Social Choice How do we evaluate social outcomes?
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