14.123 Microeconomic Theory III
General equilibrium theory, a framework linking together micro and macroeconomics, and economic science. Covers Walrasian equilibrium (existence and computation, first and second welfare theorems); general implementation (the core, Nash bargaining, strategic market games); the representative consumer and Gorman aggregation; measurement and the organization of data; and calibration and econometric identification. Applications include uncertainty (risk sharing and financial markets); contracts and information economics; village economies and national development; models with money and credit; trade, spatial economics and differentiated commodities. Enrollment limited.
14.123 will not be offered this semester. It will be available in the Spring semester, and will be instructed by D. Fudenberg.
Lecture occurs 1:00 PM to 2:30 PM on Tuesdays and Thursdays in E51-151.
This class counts for a total of 6 credits.
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