14.04 Intermediate Microeconomic Theory
Analysis of consumer and producer decisions including analysis of competitive and monopolistic markets. Price-based partial and general equilibrium analysis. Introduction to game theory as a foundation for the strategic analysis of economic situations. Imperfect competition, dynamic games among firms. Failures of general equilibrium theory and their resolutions: externalities, public goods, incomplete information settings, signaling, screening, insurance, alternative market mechanisms, auctions, design of markets.
This class has 14.01 as a prerequisite.
14.04 will not be offered this semester. It will be available in the Spring semester, and will be instructed by J. Toikka.
This class counts for a total of 12 credits. This class counts as a HASS S.
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