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This course applies microeconomic theory to analysis of public policy.
0
3
English
English [CC]
FREE
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Description
It builds from the microeconomic model of consumer behavior and extends to operation of single and multiple markets and analysis of why markets sometimes fail. We will study 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.
Course content
- Introduction and a first application: The minimum wage debate Unlimited
- Causal inference in economics, with an application to the minimum wage debate Unlimited
- Axioms of consumer preference and the theory of choice Math tools Unlimited
- Utility maximization Unlimited
- The expenditure function, with an application to gift giving Unlimited
- Demand functions: Income effects, substitution effects, and labor supply Unlimited
- Linking compensated and uncompensated demand: Theory and evidence Unlimited
- Parts 1 & 2: Applying consumer theory to competitive markets-The United States sugar program Unlimited
- Applied competitive analysis: A second example Unlimited
- General equilibrium in a pure exchange economy Unlimited
- Applying the GE framework to consumer markets Unlimited
- International trade and the principle of comparative advantage Unlimited
- he gains from international trade Unlimited
- Why is free trade controversial? Theory and evidence Unlimited
- Uncertainty, risk preference, and expected utilit theory Unlimited
- The market for risk Unlimited
- Two applications of risk and safety regulation Unlimited
- Causal inference using regression discontinuity design Unlimited
- Education, human capital, and labor market signaling Unlimited
- Signaling and statistical discrimination Unlimited
- Private information, adverse selection and market failure Unlimited
- Adverse selection, risk aversion, and insurance markets Unlimited
Instructor
Massachusetts Institute of Technology
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