Consumer and Producer Theory

Syllabus

August 16th Logic and Set

Readings: Supplement on Logic, Lecture 1

August 23rd Convexity and Set Topology

Readings: Supplement on Farkas' lemma, Lecture 2, 3, 4 (Section 1-3)

August 30th Set Topology and Differentiation

Readings: Lecture 4 ( Section 4,5), Lecture 5 (Section 1, 2.1, 2.2)

Additional Reading: No arbitrage theorem and Farkas' lemma (Pablo's notes)

September 6th Differentiation and Optimization Method

Readings: Lecture 5 (2.2 - 2.4), 6 (1, 2.1,2.2)

September 13th  Shadow value of money and the maximum theorem

Readings: Lecture 6 (2.3), and the supplement on the maximum theorem

September 20th Proof of the maximum theorem and Consumer's Problem

Readings: the supplement on the maximum theorem, Lecture 7 (1 - 2.3)

September 27th Utility Maximization and Cost Minimization

Readings:  the supplement on the maximum theorem, Lecture 7 (2.4, 3), Lecture 8 (1-3)

Optional Reference: MWG sections 3.D - 3.F.

October 18th Comparative Statics and Welfare Analysis

Reading: Lecture 8 (4-5), Lecture 9, 10

Optional Reference: MWG sections 3.E-3.I

October 25th Production Theory

Reading: Lecture 11

Optional Reference: MWG chapter 5 (except section 5.E), Theory of Value by Debreu (1959) section 3

November 1st Preferences and utility representation

Reading: Lecture 1 (Section 3), Lecture 12 (Section 1-2)

Optional Reference: MWG 1.A, 1.B

November 8th  Utility Representation and Revealed Preference

Reading: Lecture 12 (Section 2-4), Lecture 13 (Section 1-2), Kopylov [2016]

Optional Reference: MWG 2.F, 3.A - 3.C

Presentation: Arrow 

November 15th  Revealed Preference and Formulations of Uncertainty

Reading: Lecture 13 (Section 2-3), Lecture 14 (Section 1-2)

Optional Reference: MWG 2.F, 3.J,6.A, 6.B