Econ 7050: Ph.D. Advanced Economic Theory

Anna Rubinchik

Assistant Professor
Office location: Econ 121
Office hours: Monday and Wednesday 9:25-10:55 a.m. or by appointment
e-mail: Anna.Rubinchik@colorado.edu

Class time:  Monday, Wednesday 1:30 -- 2:45 pm
Location:    Econ 5

Course description.
This is the third course in Microeconomic Theory for Ph.D. students in a three semester sequence. The goal is to understand core results in general equilibrium theory and the theory of incentives and to be able to apply them. 

HW Assignments

Required texts

1. Patrick Bolton and Mathias Dewatripont Contract Theory,  The MIT PRESS,  2005. (BD)
2. Gerard Debreu Theory of value–an axiomatic analysis of economic equilibrium, New Haven: Yale University Press, 1959 .
3. Geoffrey A. Jehle and Philip Reny "Advanced Microeconomic Theory", Addison Wesley, 2001 (JR)
   
4. Andreu Mas-Colell, Michael D. Whinston and Jerry R.Green Microeconomic Theory , Oxford University Press, 1995. (MWG)

1. A. N. Kolmogorov, S. V. Fomin Introductory Real Analysis, Dover, New York, 1975. (KF)
2. Ross M. Starr General Equilibrium Theory, An Introduction, Cambridge University Press, 1997 (S)
   

1. D. M. Kreps Notes of the Theory of Choice, Underground Classics in Economics, Westveiw Press, Boulder and London, 1988 (K)
2. T. Parthasarathy, On Global Univalence Theorems: Lecture Notes in Mathematics , Springer Verlag, 1983 

1. Kenneth J. Arrow; Gerard Debreu  Existence of an Equilibrium for a Competitive Economy,    Econometrica, Vol. 22, No. 3. (Jul., 1954), pp. 265-290.
2. Philip Reny " Arrow's Theorem and the Gibbard-Satterthwaite Theorem: A Unified Approach"
3. Jean-Jacques Laffont and Eric Maskin  “The Theory of Incentives: An Overview,”  in W. Hildenbrand (ed.),
   Advances in Economic Theory, Cambridge University Press, 1982, pp.31-94.
4. Matthew Rabin  "Risk Aversion and Expected-Utility Theory: A Calibration Theorem "  Econometrica, Vol. 68, No. 5 (Sep., 2000), pp. 1281-1292
5. James C. Cox and Vjollca Sadiraj "Risk Aversion and Expected Utility Theory: Coherence for Small- and Large-Stakes Gambles" 2002
6. Jerry Green "Making Book Against Oneself  The Independence Axiom, and Nonlinear Utility Theory,"   The Quarterly Journal of Economics, Vol. 102, No. 4 (Nov., 1987), pp. 785-796
7. Abraham Wald On Some Systems of Equations of Mathematical Economics, Econometrica, Vol. 19, No. 4. (Oct., 1951), pp. 368-403.
   

Grading Policy

Students with documented disabilities who may need academic accommodations should speak with the professor during first two weeks of the class (no later than September 7). Please, see also the Coordinator of Services to students with disabilities in the Disability Services Office, Willard 322 (phone 303-492-8671), so that such accommodations may be arranged.

Course Outline

Part 1: General Equilibrium Theory

Weeks 1, 2	Pure Exchange Economy. Welfare Theorems. Existence of Equilibria.	MWG 15.B, 17.B,  17.C.
Weeks 3,4	Competitive Equilibrium and the Fundamental Theorems of Welfare Economics	MWG 16  SWT
Weeks 5,6	Expected Utility Theory (EUT). Risk Aversion.	MWG 6.B., 6.C., K Some notes

Midterm: Wednesday,  October 15.

Part 2: Decision Making under Uncertainty and its Applications

Recent final
Some more review questions
FINAL EXAM is on  Monday, December 15, 4:30 p.m. - 7:00 p.m.