Calendar

LEC #	TOPICS	KEY DATES
1	Overview of Class and Themes Application 1: Minimum Wage and Employment – Theory and Evidence
2	Continuation of Minimum Wage and Employment – Theory and Evidence	Problem set 1 out
3	Introduction to Consumer Theory
4	Utility Maximization and Constrained Optimization Utility Maximization Expenditure Minimization
5	Revealed Preference Taxation and Distortions Consumer Sovereignty Applications of Consumer Theory: Lump-sum v. In-kind Transfers, Taxes and Rebates, and The Distortionary Effects of Taxation, Price Changes and Consumer Surplus	Problem set 2 out Problem set 1 due one day after Session 5
6	Application of Consumer Theory: The Value of Food Stamps
7	Engel’s Law Normal, Inferior and Giffen Goods Marshallian vs Hicksian Demand Slutsky Equation Wetzstein, Chapter 4	Problem set 2 due one day after Session 7
8	Wrap Up of Consumer Theory
9	Exam 1
10	Applied Competitive Analysis Wetzstein, Chapter 10
11	Continuation of Applied Competitive Analysis	Problem set 3 out
12	General Equilibrium in a Pure Exchange Economy Edgeworth Box Production Possibility Frontier Fundamental Welfare Theorems
13	General Equilibrium (cont.) Comparative Advantage vs. Competitiveness Gains from Trade
14	General Equilibrium Wrap-up	Problem set 3 due one day after Session 14
15	Choice Under Uncertainty: The Expected Utility Framework
16	Choice Under Uncertainty: Application to Teen Motherhood	Problem set 4 out
17	Risk and Safety Regulation Product Liability and Regulation Risk Perception Insurance Markets: Why they Exist, How they Work
18	Exam 2	Problem set 4 due two days after Session 18
19	Risk and Safety Regulation
20	Economics of Information I	Problem set 5 out
21	Economics of Information II
22	Economics of Information III	Problem set 5 due Problem set 6 out
23	Economics of Information IV
24	Externalities: The Problem and Three Solutions	Problem set 6 due one day after Session 24
25	Externalities and Entry Restrictions
26	Positive Externalities