ECON 802. Microeconomics II. 3 Hours.
The study of the operation of the economic system taking into account the diversity of goods and services. Primary attention is centered upon the competitive economy. A study is made of the existence, uniqueness, stability, and comparative statics of equilibrium positions. In addition, a study is made of ways of evaluating alternative states of the economy in terms of systems of value judgments. This includes a discussion of the Arrow Impossibility Theorem; the notion of a Pareto-satisfactory process is introduced and the relationship between Pareto-optimal states and competitive equilibrium positions is studied. Prerequisite: ECON 800 and ECON 801. LEC.
The Ph.D. program in economics provides a solid foundation in modern economic analysis, develops expertise in two fields in economics, provides milestones and incentives for dissertation research, and supports graduate student professional development and placement. The department has a long-standing tradition of producing Ph.D. economists with strong foundational skills and expertise. Please visit the department website for additional information.