Selected Topics in Microeconomic Theory

DESCRIPTION: 
Labor supply. Economics of time and uncertainty. General
equilibrium and welfare economics. Game theory.
Asymmetric information. Externalities and public goods.

RATIONALE: 
The purpose of this course is to provide students majoring in economics the opportunity to cover more advanced concepts and issues not addressed in EC 2270. Specifically, students have the opportunity to study the analytics of special topics of microanalysis such as the economics of time and uncertainty, game theory, and general equilibrium and welfare, recognize their applicability, and examine their validity. For prospective graduate students in economics, this course constitutes a necessary and fundamental step in an overall education in economics.

LEARNING OUTCOMES: 
As a result of taking this course, the student should be able to:
1. Analyze the household’s behavior as a resource supplier.
2. Demonstrate detailed knowledge of choice under uncertainty.
3. Demonstrate detailed knowledge of the basic principles of general equilibrium and welfare economics.
4. Apply game theory to modeling and strategic behavior analysis.
5. Demonstrate detailed knowledge of the most common forms of market failure and the government’s role.
6. Demonstrate detailed knowledge of the principles affecting the allocation of resources in the markets for factors.
7. Identify the importance of asymmetric information and the role of signaling.

METHOD OF TEACHING AND LEARNING: 
In congruence with the learning and teaching strategy of the college, the following tools are used:
- Lectures, class discussions, and review of cases taken from the real world and applicable to specific theoretical concepts. In-class problem solution and class discussions of recent articles in economic journals assigned by the instructor. 
2
- Office Hours: Students are encouraged to make full use of the office hours of their instructor, where they can ask questions and go over lecture material.
- Use of a Blackboard site, where instructors post lecture notes, assignment instructions, timely announcements, as well as additional resources.