Lecture 1: Uncertainty 1
In this first lecture, I introduce the course, then we go on to look at rational choice under uncertainty. We’ll discuss expected utility, risk aversion, ris...
Intermediate Microeconomics 2
Welcome to Intermediate Microeconomics 2!
Welcome to the course website. Here I’ll upload all of the slides, and all of the problem sets. (Answers to problem sets will be distributed in classes.)
Lecture 2: Uncertainty 2
In this lecture we show assorted examples of solving problems of decisions under uncertainty, and introduce the welfare topic.
Problem set 1
Below is the first problem set, on uncertainty.
Lecture 3.1: Welfare
In this half of the lecture we introduce social welfare functions and analyse their origins and their optima. We also look at the economics of voting.
Lecture 3.2: Externalities
In this half of the lecture we look at externalities and a few mechanisms to lessen their impact.
Lecture 4: Public goods
In this lecture we introduce public goods, describe the conditions for their optimal provision, and show how we may discover the strength of people’s prefere...
Problem set 2
The second problem set, on welfare, externalities and public goods.
Lecture 5: Intertemporal choice
In this lecture we look at net present values, and choices across time.
Lecture 6: Asymmetric information 1
In this lecture, we look at the problems caused by adverse selection, first in product markets, then in insurance markets, then in labour markets.
Problem set 3
The third problem set, on the VCG mechanism, intertemporal choice and adverse selection.
Lecture 7: Asymmetric information 2
In this lecture we examine the problems caused by moral hazard in insurance and health markets, and we also examine principal-agent problems.
Problem set 4
In this problem set we look at the issues that arise from asymmetric information.
Lecture 8: Auctions
In this lecture we examine different types of auctions, considerations in optimal auction design, and some examples of real world auctions.
Problem set 5
The final problem set of the semester, this time on auctions.