Microeconomics Lectures on Consumer and Producer Theory, Choice under
Uncertainty, and Experimental Economics,
Instructor: Professor Vincent Crawford
Office hours: by appointment
Lectures: Michaelmas Term:
Consumer and Producer Theory: weeks 1-3, Monday and Tuesday, 9:30-11:00
Choice under Uncertainty: week 4, Monday, Tuesday, and Thursday, 9:30-11:00
Experimental Economics: week 8, Monday, Tuesday, and Thursday, 9:30-11:00
The text for the Consumer and Producer Theory and Choice under Uncertainty segments is:
Michael Whinston, and Jerry Green, Microeconomic Theory,
University Press, 1995 ("MWG")
I strongly recommend that you buy MWG, which will be useful throughout your career.
The segment on Consumer and Producer Theory will cover choice, preferences, and utility, indirect utility, expenditure and cost functions, duality, and properties of demand and supply functions, following MWG, chapters 1-3 and 5.
(The topic of MWG, chapter 4, Aggregation, will be covered in Professor Quah's segment on General Equilibrium.)
The segment on Choice under Uncertainty will cover topics including expected utility, risk and risk aversion, and the state-preference approach, following MWG, chapter 6.
My slides for both of these segments follow MWG very closely, and so are not posted. The few differences between my slides and MWG will be highlighted in lectures.
Other helpful texts on Consumer and Producer Theory (all three) and (Kreps and Varian) Choice under Uncertainty include:
Angus Deaton and
John Muellbauer, Economics
and Consumer Behavior,
University Press, 1980
David Kreps, A Course in Microeconomic Theory,
Hal Varian, Microeconomic Analysis, 3rd ed. (2nd ed. is fine) W.W. Norton & Co., 1992
The segment on Experimental Economics will give a brief introduction to experimental methods and results, with topics including competition in partial-equilibrium markets, discrimination in labor markets, measuring trust, unstructured bargaining, equilibrium selection via adaptive learning, and strategic communication of private information.
There is no text for this segment, but my slides for it are posted.
(My lecture slides for consumer and producer theory and choice under uncertainty very closely follow MWG, chapters 1-3 and 5-6, and are therefore not posted. The few differences between my slides and MWG will be highlighted in lectures.)
Lecture Slides for Experimental Economics (for which there is no text) (pdf)
Vincent Crawford / University of Oxford Department of Economics / last modified 8 October 2010
Copyright © Vincent P. Crawford, 2010. All federal and state copyrights reserved for all original material presented in this course through any medium, including lecture or print.