DEREE COLLEGE SYLLABUS FOR: 
                 
                EC 4975 SEMINAR IN MICROECONOMIC THEORY – LEVEL 6                                     UK CREDITS: 15 
                                                                                                                  3/0/3 
                (Updated Fall 2017) 
                 
                PREREQUISITES:                 EC 1000 Principles of Microeconomics 
                                               EC 1101 Principles of Macroeconomics 
                                               EC 3270 Managerial Economics 
                                               EC 3271 Macroeconomic Theory and Policy 
                                               EC 3473 Selected Topics in Microeconomic Theory 
                                               MA 1108 College Algebra 
                                               MA 1105 Applied Calculus 
                                               MA 2010 Statistics I 
                                               MA 3111 Statistics II 
                                               EC 4636 Applied Methods in Economics 
                 
                CATALOG  
                DESCRIPTION:                   Topics in advanced microeconomic theory. The analytics of uncertainty.  
                                               Duality theory.  Modeling of preferences and technology.  Applications 
                                               of microeconomics to current economic problems. 
                 
                RATIONALE:                     This  seminar  surveys  rigorously  the  basic  tools  of  microeconomic 
                                               analysis  in  order  to  deepen  students’  understanding  and  to  strengthen 
                                               their ability to use them effectively. It introduces students to some of the 
                                               most important current topics of microeconomic theory. Completion of 
                                               the     research      paper     requires     extensive      training     in 
                                               mathematical/econometric  software  as  well  as  the  use  of  complex 
                                               databases. Students attend additional laboratory sessions for this purpose. 
                 
                 
                LEARNING OUTCOMES:  As a result of taking this course, the student should be able to: 
                                               1    Analyze    alternative   methodologies    of    modeling    consumer 
                                                    preferences. 
                                               2    Analyze alternative methodologies of modeling technology/technical 
                                                    change. 
                                               3    Demonstrate  detailed  knowledge  of  the  importance  of  risk  and 
                                                    uncertainty in decision making. 
                                               4    Explain  and  rationalize  the  issues  involved  in  a  major 
                                                    microeconomic problem of applied or analytical nature. 
                                               5    Apply economic theories and meaningful criteria in selecting from 
                                                    among alternative options in microeconomic decisions. 
                                               6.   Formulate  an  empirically  tractable  micro  model,  collect  data, 
                                                    estimate it, compare the results with those presented in the literature 
                                                    and analyze possible policy implications. 
                 
                                                
                 
                METHOD OF TEACHING 
                AND LEARNING:                 In congruence with the learning and teaching strategy of the college, the 
                                              following tools are used: 
                 
                                                Classes consist of lectures, case studies, and class discussions of recent 
                                                  articles in economic journals assigned by the instructor.  
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                                                                  Laboratory practice sessions: One and a half hours per week practice 
                                                                     through  software  in  understanding  the  material  through  real  world 
                                                                     empirical problems and self- testing assignments. 
                                                                  Office hours: students are encouraged to make full use of the office 
                                                                     hours of their instructor, where they can ask questions and go over 
                                                                     lecture material.   
                                                                  Use of a blackboard site, where instructors post lecture notes, 
                                                                     assignment instructions, timely announcements, as well as additional 
                                                                     resources. 
                       
                       
                      ASSESSMENT:                               Student performance is assessed via: 
                       
                                In-class, 1-hour, "diagnostic" test – formative             0    Essay-type questions  
                                Research paper (3800 – 4200 words) – summative             50    Literature review/data collection/methodology/interpretation  
                                Assignments                                                50    Essay-type questions  
                       
                                                                  The formative assessment prepares students for the assignments. 
                                                                 The research paper tests Learning Outcomes 6. 
                                                                 The assignments tests Learning Outcomes 1 - 5. 
                       
                      READING LIST:                              No  specific  textbook  is  assigned.  The  instructor  will  decide  on  the 
                                                                 references and other material to be used.  
                       
                                                                 Deaton  Angus  and  John  Muellbauer.  Economics  and  Consumer 
                                                                 Behavior.  CUP, latest edition. 
                                                                 Kreps,  David.    A  Course  in  Microeconomic  Theory.    Harvester 
                                                                 Wheatsheaf, latest edition. 
                                                                 Mas-Colell  Andreu,  Michael  D.  Whinston  and  Jerry  R.  Green.  
                                                                 Microeconomic Theory.  OUP, latest edition. 
                       
                      WWW RESOURCES:                             Resources for Economists on the Internet: 
                                                                 http://wueconb.wustl.edu/EconFaq/EconFaq.html 
                                                                 The Mining Company to Economic Sites: 
                                                                 http://economics.miningco.com 
                                                                 GPO Gate (Includes Economic Report of the President): 
                                                                 http://www.gpo.ucop.edu/catalog/ 
                                                                 The White House Economics Statistics Briefing Room: 
                                                                 http://www.whitehouse.gov/fsbr/esbr.html 
                                                                 Federal Reserve Bank Economic Data (FRED): 
                                                                 http://wueconb.wustl.edu/EconFaq/EconFaq.html 
                                                                 U.S. Bureau of Economic Analysis: http://www.bea.doc.gov/ 
                                                                 U.S. Bureau of Labor Statistics:  http://stats.bls.gov 
                                                                 U.S. Census Bureau (includes U.S. Statistical Abstract): 
                                                                 http://www.census.gov 
                                                                 Links to Financial Data from Ohio State University: 
                                                                 http://www.cob.ohio-state.edu/dept/fin/osudatahtm 
                                                                 Organization for Economic Cooperation and Development: 
                                                                 http://www.oecd.org 
                                                                 International Central Banking Resource Center: http://patriot.net/~bernkopf/ 
                                                                 International Statistical Data Locators and Links: 
                                                                 http://www.ntu.edu.sg/library/statdata.htm 
                                                                 International Momentary Fund:: http://www.imf.org/ 
                                                                 World Trade Organization: http://wto.org/ 
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                                                        U.S. International Trade Commission: http://www.usitc.gov 
                                                        The World Bank (includes World Development Report): 
                                                        http://www.worldbank.org 
                                                        American Enterprise Institute: http://www.aei.org 
                                                        Brookings Institution: http://www.brook.edu/ 
                                                        Cato Institute: http://www.cato.org/ 
                                                        Fraser Institute: http://www.fraserinstitute.ca/ 
                                                        Heritage Foundation: http://www.heritage.org/ 
                                                        Institute for International Economics: http://www.iie.com/ 
                                                        National Center for Policy Analysis: http://www.ncpa.org/ 
                                                        Political Economy Research Center (Environmental Issues): 
                                                        http://www.perc.org/  
                                                        Rand Institute: http://www.rand.org 
                                                        Urban Institute: http://www.urban.org/ 
                    
                   SOFTWARE  
                   REQUIREMENTS:                        Word, Excel, Powerpoint, Eviews. 
                    
                   COMMUNICATION 
                   REQUIREMENTS:                        Verbal presentation skills using professional / academic English and 
                                                        speech skills. 
                    
                   INDICATIVE CONTENT: 
                                                        1.   Duality theory 
                                                        2.   Modeling the preferences of the consumer 
                                                        3.   Modeling the technology of the firm 
                                                        4.   Flexible functional forms 
                                                        5.   Topics in microeconometrics 
                                                        6.   Issues in welfare economics 
                                                        7.   Uncertainty, information, and insurance 
                                                        8.   Topics in applied microeconomics 
                    
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