ECONOMICS 500 

General Economic Theory: Microeconomics

Fall 2023 

Monday/Wednesday 10:00 - 11:20, 87 Trumbull, B120 

Part I:  Introduction to Microeconomic Analysis

• • • Larry Samuelson (30 Hillhouse C143, 203-432-6737, Email)

      • • Office hours Tuesday 1:15-2:15.

• Teaching Assistant:  Stephan Waizmann (Email)

Part II:  Introduction to General Equilibrium Theory

• John Geanakoplos (30 Hillhouse, C252, 203-432-3397, Email)

• Teaching Assistant:  Ferdinand Pieroth (Email) 

Useful Sources:

• Andreu Mas-Collel, Michael D. Whinston and Jerry Green,  Microeconomic Theory (Oxford University Press, 1995)

• • • Truman Bewley, General Equilibrium Theory, Overlapping Generations Models, and Optimal Growth Theory (Harvard University Press, 2010)

    • David M. Kreps, Microeconomic Foundations I: Choice and Competitive Markets (Princeton University Press, 2013)

    • Geoffrey A. Jehle and Philip J. Reny, Advanced Microeconomic Theory (3rd edition, Prentice Hall, 2011) 

and standard texts in mathematics for economists include:

• • • Dean Corbae, Maxwell. B. Stinchcombe and Juraj Zeman, An Introduction to Mathematical Analysis for Economic Theory and Econometrics (Princeton University, 2009)

    • Efe OK, Real Analysis with Economic Applications (Princeton University Press, 2007)

    • Carl Simon and Lawrence Blume, Mathematics for Economists (Norton, 1994)

    • Rangarajan Sundaram, A First Course in Optimization Theory (Cambridge University Press, 1996).

Grades:  The boundary between passing and failing will be based on the following weights:

• Problem Sets: 30% (Collaboration is strongly encouraged, but each student should compose and submit his/her/their own solution.)

• Midterm Exam: 35%

• Final Exam: 35%   

Conditional on passing, higher grading boundaries will be based on the equally-weighted average of the two exam scores.

 Schedule, Part I:

• Wednesday, August 30:  Modeling Choice

  • • • • Kreps, Chapter 1

        • MWG, Chapters 1, 3A-3C, 3J 

    • Problem Set 1, Solution

• Friday, September 1:  Modeling Choice

  • • • • Kreps, Chapters 1-2

        • MWG, Chapter 2 

• Wednesday, September 6:  Consumer Choice: Utility Maximization

  • • • • Kreps, Chapter 3

        • MWG, Chapter 3  

    • Problem Set 2, Solution

• Monday, September 11:  Consumer Choice: Duality          

  • • • • Kreps, Chapter 3. 10, 11

        • MWG, Chapter 3

• Wednesday, September 13:  Consumer Choice: Connections

  • • • • Kreps, Chapter 3, 10, 11

        • MWG, Chapter 3

    • Problem Set 3, Solution

• Monday, September 18:  Consumer Choice: Integrability

  • • • • Kreps, Chapters 11

        • MWG, Chapter 3

• Wednesday, September 20:  Consumer Choice: Comparative Statics

  • • • • Kreps, Chapter 4

        • MWG, Chapter 2

    • Problem Set 4, Solution

• Monday, September 25:  Consumer Choice: Consumer Surplus

  • • • • Kreps, Chapter 12, 13

        • MWG, Chapter 3. 4

• Wednesday, September 27:  Theory of the Firm

  • • • • Kreps, Chapters 9, 5

        • MWG, Chapters 3, 4    

    • Problem Set 5, Solution

• Monday, October 2:  Theory of the Firm

  • • • • Kreps, Chapter 9

        • MWG, Chapter 5

• Wednesday, October 4:  Uncertainty

  • • • • Kreps, Chapter 5

        • MWG, Chapter 6

    • Problem Set 6, Solution

• Monday, October 9:  Uncertainty

  • • • • Kreps, Chapter 5

        • MWG, Chapter 6

• Wednesday, October 11:  Welfare

  • • • • Kreps, Chapter 5

        • MWG, Chapter 6

    Monday, October 16: Mid-Term Exam, Solution

Practice question 1, Solution

Practice question 2, Solution

Practice question 3, Solution

Practice question 4, Solution 

Practice question 5, Solution