Consumer and Producer Theory

Syllabus

January 17th Logic and Set

Readings: Lecture 1 (Section 1, 2.1), Supplement on Logic (Section 1.1 - 1.12)

January 31st Linear Structure

Readings: Supplement on Logic (Section 1.12), Lecture 2 (Section 1, 2.1), Lecture 3 (Section 1)

February 7th Convexity, Farkas' Lemma and No Arbitrage Theorem

Readings: Lecture 1 (Example 7), Lecture 3 (Section 2), Supplement on Farkas' Lemma

February 14th Set Topology and Differentiability

Readings: Lecture 4, Lecture 5 (Section 1)

February 21st Differentiability and Smooth Unconstrained Optimization

Readings: Lecture 1 (Section 3.6), Lecture 2 (Section 1.2), Lecture 5 (Section 2), Lecture 6 (Section 1)

February 28th Smooth Constrained Optimization

Readings: Lecture 6 (Section 2.1 - 2.2)

March 7th Maximum Theorem, Shadow Value of Money and Consumer's problem

Readings: Supplement on Maximum Theorem, Lecture 6 (Section 2.3), Lecture 7 (Section 1)

March 14th  Utility Maximization 

Readings: Lecture 7 (Section 2 -3)

March 28th Cost Minimization and Comparative Statics

Readings: Lecture 8, 9 

April 11th Consumer Welfare, Production, and Binary Relation

Readings: Lecture 10, 11, 1 (Section 3)

April 18th Utility Representation and Matchings

Readings: Lecture 12, additional material on Matching

April 25th Revealed Preference

Readings: Lecture 13

May 2nd Uncertainty, Expected Utility, and Risk Attitude

Readings: Lecture 14 (Section 1, 2), Lecture 15

May 9th Axiomatization of expected utility

Readings: Lecture 14 (Section 3-7)

Final Exam: May 17-18