20-21 EC3329: Advanced Economic Theory
This course covers microeconomic theory at an advanced level that falls between the 2nd year (‘intermediate’) and postgraduate stages. The course begins with a careful study of linear programming, which provides a model both of individual producers and the economy as whole. We then use linear programming to introduce a more abstract model of technology and the firm. The approach we take to consumer theory will rely on axioms on preferences rather than taking utility functions or indifference curves as starting points. The course then fuses the analysis of consumer and producer behavior in the general equilibrium model. We conclude with the welfare theorems of general equilibrium theory. We will spend the time necessary to teach the mathematics needed for a proper understanding of the theoretical topics considered.