Economics 811      Advanced Microeconomic Theory I

Instructor: Ruqu Wang
Dunning Hall, Room 304
Teaching Assistant:  Steven Whitlow,
Link to ECON 811 Announcements (updated September 16, 2020)
Course Description:
In this course, we study the fundamental theory in Microeconomics. The first half of this course focuses on the concepts and techniques in individual decision making. The second half is devoted to game theory and its applications in economic theory.
Our focus is on the theoretical aspects of each topic. Therefore, rigorous mathematics will be used extensively. The lectures follow Microeconomic Theory by Mas-Colell, Whinston, and Green, as well as some recent papers in microeconomic theory. Not all materials in the selected chapters will be covered in the class, and only those materials discussed in the class will be covered by the exams.
The purpose of this course is to provide students with the basic microeconomic theory which is widely used in other economics courses. Homework will be assigned regularly. Working independently on the homework is strongly recommended, as this is the only effective way to prepare you for the exams. On the other hand, study groups discussing course materials (excluding the homework assignments) are encouraged.
This course is for Ph.D students.
Grading (tentative):
class participation -- 20%
homework -- 30%
midterm assessment (oral exam) -- 20%
final assessment (written exam) -- 30%
Required Textbook:
Microeconomic Theory, by Andreu Mas-Colell, Michael D. Whinston, and Jerry R. Green, Oxford University Press, 1995.

Teaching Plan:

Part I. Individual Decision Making

Chapter 1. Preference and Choice
Chapter 2. Consumer Choice
Chapter 3. Classical Demand Theory
Chapter 5. Production
Chapter 6. Choice under Uncertainty

Part II. Game Theory

Chapter 7. Basic Elements of Noncooperative Games
Chapter 8. Simultaneous-Move Games
Chapter 9. Dynamic Games

Part III. Market Equilibrium and Market Failure

Chapter 12. Market Power
Chapter 13. Adverse Selection, Signaling, and Screening (if time allows)


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