# 3 Classes (36 Units)

**14.03**(12),

**14.04**(12),

**18.600**(12)

# 14.03 Microeconomic Theory and Public Policy

Applies microeconomic theory to analysis of public policy. Builds from microeconomic model of consumer behavior; extends to operation of single and multiple markets and analysis of why markets sometimes fail. Empirical examples to evaluate theory, focusing on the casual effects of policy interventions on economic outcomes. Topics include minimum wages and employment, food stamps and consumer welfare, economics of risk and safety regulation, the value of education, and gains from international trade.

This class has 14.01 as a prerequisite.

14.03 will be offered this semester (Fall 2018). It is instructed by D. Autor.

Lecture occurs 9:00 AM to 10:30 AM on Mondays and Wednesdays in E52-164.

This class counts for a total of
12 credits.
This class counts as a **HASS S**.

You can find more information at the MIT + 14.03 - Google Search site or on the 14.03 Stellar site.

# 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 18.02, and 14.01 as prerequisites.

14.04 will be offered this semester (Fall 2018). It is instructed by R. Townsend.

Lecture occurs 2:30 PM to 4:00 PM on Mondays and Wednesdays in E51-372.

This class counts for a total of
12 credits.
This class counts as a **HASS S**.

You can find more information at the MIT + 14.04 - Google Search site or on the 14.04 Stellar site.

# 18.600 Probability and Random Variables

Probability spaces, random variables, distribution functions. Binomial, geometric, hypergeometric, Poisson distributions. Uniform, exponential, normal, gamma and beta distributions. Conditional probability, Bayes theorem, joint distributions. Chebyshev inequality, law of large numbers, and central limit theorem. Credit cannot also be received for 6.041A or 6.041B.

This class has 18.02 as a prerequisite.

18.600 will be offered this semester (Fall 2018). It is instructed by J. A. Kelner and S. Sheffield.

Lecture occurs 10:00 AM to 11:00 AM on Mondays, Wednesdays and Fridays in 54-100.

This class counts for a total of 12 credits.

You can find more information at the MIT + 18.600 - Google Search site or on the 18.600 Stellar site.