Intermediate Microeconomics 2

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...

Lecture 2: Uncertainty 2

In this lecture we show assorted examples of solving problems of decisions under uncertainty, and introduce the welfare topic.

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 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 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.

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.