Syllabus: Economics 603, Microeconomic Analysis I (second-half)
Professor Peter Cramton
Economics 603 is the first half of the
Economics Department’s
two-semester core sequence in Microeconomics. This course is taken by all
first-year Economics Ph.D. students, as well as by quite a few Ph.D. students in
Agricultural & Resource Economics, the Smith School of Business, and other
academic departments. The first half of the semester treats consumer theory and
the theory of the firm. The second half of the semester is an introduction to
game theory and its applications in economics. The first half of this course
will be taught by Professor Daniel
R. Vincent. The second half will be taught by
Professor Peter
Cramton.
Course announcements, problem sets, and
handouts will be posted at:
http://www.cramton.umd.edu/econ603/economics-603-microeconomics.htm
There will be about 6 problem sets for
the second half of the course.
The final exam—for both the morning and
afternoon sections—is scheduled for Thursday December 15, from 8:00 – 10:00 am,
Tawes Hall 1154.
Texts
A. Mas-Colell,
M. Whinston and J. Green (henceforth “MWG”),
Microeconomic Theory, Oxford Univ. Press, 1995.
R. Gibbons, Game Theory for Applied
Economists, Princeton Univ. Press, 1992 (paperback).
Course
Times
Section 0201: Tuesday/Thursday
11:00 am - 12:15 pm, Tydings 1114
Section 0101: Tuesday/Thursday
2:00 pm - 3:15 pm, Tydings 2111
Discussion Section 0101: Wednesday
3:30 pm - 5:15 pm, Tydings 2111
Discussion Section 0201: Friday 12 noon
- 1:45 pm, Tydings 2111
Teaching Assistant: Daniel
Aromi
mailto:pang@econ.umd.edu
Office
Hours
Professor Cramton’s Office Hours: Tuesdays,
7:30 -
9:30 am, Tydings
4101A
Daniel Aromi’s
Office Hours: Thursdays, 3:30 – 4:30 pm,
and Fridays, 2:00 - 3:00 pm,
Tydings 4128C
Topics
for Second Half of Course
-
Oligopoly and Static
Games of Complete Information
Gibbons, chapter 1
MWG, pp. 943-953
(continuity, compactness, correspondences and fixed-point theorems)
MWG, pp. 383-400 (especially
pp. 395-400)
Tirole, J., “Product
Differentiation: Price Competition and Non-Price Competition,” chapter 7 of
The Theory of Industrial Organization, MIT Press, 1988
[For a second reading
(e.g., while preparing for comps): MWG, pp. 217-253 and 260-261.]
Problem Sets #7-8 Assigned
-
Dynamic Games of Complete
Information
Gibbons, chapter 2
Rubinstein, A., “Perfect
Equilibrium in a Bargaining Model,” Econometrica, 1982, 97-109
[For a second reading
(e.g., while preparing for comps): MWG, pp. 267-282, 296-299, and 400-423.]
Supplemental reading:
Binmore, K., “Making Deals,”
chapter 5 of Fun and Games, D.C. Heath & Co., 1992
Coase, R., “The Problem of
Social Cost,” Journal of Law and Economics, 1960
Problem Sets #9-10 Assigned
-
Static Games of
Incomplete Information
Gibbons, chapter 3
Ausubel, L. (2003), “Auction
Theory for the New Economy” (short survey aimed toward grad students)
[For a second reading
(e.g., while preparing for comps): MWG, pp. 253-260.]
Supplemental reading:
Milgrom, P., “Auctions and
Bidding: A Primer,” Journal of Economic Perspectives, Summer 1989,
3-22
Ashenfelter, O., “How
Auctions Work for Wine and Art,” Journal of Economic Perspectives,
Summer 1989, 23-36
Vickrey, W.,
“Counterspeculation, Auctions, and Competitive Sealed Tenders,” Journal
of Finance, 1961, 8-37
Ausubel, L., “An Efficient
Ascending-Bid Auction for Multiple Objects,” American Economic Review,
forthcoming
Cramton, P., “The FCC
Spectrum Auctions: An Early Assessment,” Journal of Economics &
Management Strategy, Fall 1997, 431-495
Problem Sets #11-12 Assigned
-
Dynamic Games of
Incomplete Information
Gibbons, chapter 4
Spence, A.M., “Job Market
Signaling,” Quarterly Journal of Economics, 1973, 355-374
[For a second reading
(e.g., while preparing for comps): MWG, pp. 282-296 and 436-460.]
-
Search Costs and Switch
Costs
Diamond, P., “A Model of
Price Adjustment,” Journal of Economic Theory, 1971, 156-168
Klemperer, P., “Markets with
Consumer Switching Costs,” Quarterly Journal of Economics, 1987,
375-394
Ausubel, L., “The Failure of
Competition in the Credit Card Market,” American Economic Review,
1991, 50-81
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