Fall 2009 Dr. Svetlana Boyarchenko

Office BRB 2.160

Phone 475-8521

e-mail sboyarch@eco.utexas.edu

Office hours: M, W 1:00 p.m.-2:30 p.m. or by appointment

ECON 387L

Microeconomics I

Unique identifier 33965

Lectures: MW 9:30 a.m. - 11:00 a.m., BRB 2.136

This is a graduate level course in general equilibrium (GE) theory, including consumer and producer theory, choice under uncertainty, topics in welfare theory and elements of financial economics.

There will be problem sets, two midterms and a final. The midterms will be given on October 5 and November 9. Your grade will be determined as follows: 10% homework problem sets, 20% each of the midterms, and 50% final.

The problem sets are important, indispensable part of the course; you should spend considerable time and effort on them. I strongly encourage you to work on the problem sets in study groups. However, before meeting with your group you should have attempted each question - study groups work best when they facilitate learning from each other, not when they are used simply to permit division of labor (i.e., you won't learn very much by simply copying other students' answers). Solutions to problem sets will be posted on the Blackboard.

The TA's will primarily be responsible for conducting review sessions based on problem sets. Their office hours and the related time and place for review sessions will be announced as soon as possible.

The text for the course is MasColell, A., Whinston, M., and Green, J., Microeconomic Theory, Oxford University Press, New York, 1995. Other texts you may find useful for reference:

1.

Debreu, G., Theory of Value, Yale University Press, New Haven, CT, 1959.

2.

Gibbons, R., Game Theory for Applied Economists, Princeton University Press, Princeton, 1992.

3.

Leroy S.F., and Werner J., Principles of Financial Economics, Cambridge University Press, 2001.

Much of the material in this course is best formulated mathematically. It is important that you become familiar with both the language and the basic techniques of mathematics. A good exposition for economists is contained in: Blume, L. and Simon, C.P., Mathematics for Economists, W.W. Norton, New York, 1994. A very good basic reference for real analysis is: Rudin, W., Principles of Mathematical Analysis, McGraw-Hill, New York, 3rd edition, 1976.

General course outline:

1.

Consumer theory (6 lectures)

2.

Choice under uncertainty (3 lectures)

3.

Producer theory (4 lectures)

4.

General Equilibrium and Welfare. (8 lectures)

5.

Financial Economics (5 lectures)

Other issues:

Attendance in lectures and review sessions is mandatory.

Homework assignments are not accepted under any circumstances after solutions have been posted.

UT provides upon request appropriate academic adjustments for qualified students with disabilities. For more information, contact the Office of the Dean of students at 471-6259, 471-4641 TTY.