The lecture notes below cover topics in the same order as those listed on the calendar.
| LEC # | TOPICS | LECTURE NOTES |
|---|---|---|
| 1-2 | Introduction and a first application: the minimum wage debate and causal inference in economics | (PDF) |
| 3 | Axioms of consumer preference and the theory of choice | (PDF) |
| 4 | Theory of choice and individual demand | (PDF) |
| 5 | The expenditure function: an application to the economics of food stamps | (PDF) |
| 6 | Compensated and uncompensated demand functions with an application to Giffen goods | (PDF) |
| 7 | Revealed preference and consumer welfare | (PDF) |
| 8 | Applying consumer theory to competitive markets: the U.S. sugar program. | (PDF) |
| 9 | Applied competitive analysis, a second example: real estate markets | (PDF) |
| 10 | General equilibrium in a pure exchange economy | (PDF) |
| 11 | International trade and the principle of comparative advantage | (PDF) |
| 12 | The gains from international trade: aggregate evidence and distributional consequences | (PDF) |
| 13 | Externalities, the Coase theorem and market remedies | (PDF) |
| 14 | Uncertainty, expected utility theory and the market for risk | (PDF) |
| 15 | Risk, safety regulation and the value of a statistical life | (PDF) |
| 16 | Adverse selection, risk aversion and insurance markets | (PDF) |
| 17 | Private information, adverse selection and market failure | (PDF) |
| 18 | Education, human capital, and labor market signaling | (PDF) |