Microeconomics for Policy

Microeconomic concepts relevant to decision making. Topics include: competitive market clearing, price discrimination; general equilibrium; risk aversion and sharing, capital market theory, Nash equilibrium; welfare analysis; public choice; externalities and public goods; hidden information and market signaling; moral hazard and incentives; auction theory; game theory; oligopoly; reputation and credibility. Undergraduate Public Policy students may take PublPol 51 as a substitute for the Econ 51 major requirement. Economics majors still need to take Econ 51. Prerequisites: ECON 50 and MATH 51 or equiv.