1. Introduction 
   • Read Chapter 1-2, MWG
   • Notes for the tutorial
   • Example of quasi-linear preferences
2. Consumer theory – part 1
3. Consumer theory – part 2 
   • Read Chapter 3, MWG
   • Note: for more intuition, consult chapters 2-6 in Varian, Intermediate Microeconomics, 7th edition. In particular, pay attention to the mathematical appendices.
   • A small GAMS program to compute demands from utility functions. You can get GAMS from here. To open the file – download GAMS, install it, run GAMSIDE or GAMS Studio and open it in it. You can then find a “run” button and press it to run the program.
   • The example of perfect substitutes with corner solutions in GAMS
   • Problem set 1
   • Solution to the CES problem
   • Solutions to selected problems from PS1 (new!)
   • Presentation about GAMS 
   • Some of the duality proofs
   • Recording from the 6th of November class
4. Welfare analysis and aggregation 
   1. Read Chapter 3.I MWG and Chapter 4.A MWG (Chapter 14 in the “Intermediate” Varian)
5. Production sets and production functions
   • Chapter 5.A and 5.B MWG, chapter 18 in the “Intermediate Varian”.
   • CES vs. Cobb-Douglas: change rho. An example in Excel.
6. Profit maximisation and cost minimisation
   • Example– Cobb-Douglas cost function derivation and calibration.
   • Readings:  MWG: Chapter 5.C and 5.D (Chapters 19-22 in the “Intermediate” Varian, Chapters 4-6 in “Graduate” Varian).
   • Recording from class (profit maximisation)
   • Problem set 2
   • CES cost minimisation
     —- The above material will be required on the midterm exam
7. Pure exchange economies
   • Readings MWG, chapter 15B, “Graduate” Varian: Chapter 17, “Intermediate” Varian, Chapter 31
8.  Robinson-Crusoe economy
   • Readings MWG, chapter 15C, “Graduate” Varian: Chapter 18, “Intermediate” Varian, Chapter 32
9.  Small open economy
   • Readings MWG, chapter 15D, “Graduate” Varian: Chapter 18, “Intermediate” Varian, Chapter 32
   • Example
   • An  SOE Example – Presentation | Derivations with more details
   • Problem set 3
10.  The general model 
    • Readings MWG, chapter 16, “Graduate” Varian: Chapter 18, “Intermediate” Varian, Chapter 32
    • A 2×2 example to be discussed in the help session.
    • A full-fledged “world-economy” model
11.  Computable general equilibrium – Introduction
12. Computer classes.
    1. Instructions for labs
    2. Codes for labs
    3. Social Accounting Matrix for a closed economy
    4. Prof. A. Deardorff’s Page explaining the SOE results
    5. GAMS Excel interface
    6. Download GAMS from www.gams.com (license sent by email).

—- The material above (1-4) will be required on the final exam

News

• Advanced Micro: midterm retake results
• Advanced Micro: midterm exam results
• Advanced Micro: midterm retake results

Textbooks:

• (MWG) Mas-Colell, A., M. D. Whinston, J. R. Green, Microeconomic Theory, Oxford University Press, 1995
• (“Graduate” Varian) Varian, H. R., Microeconomic Analysis, W. W. Norton & Co., ed. 3′
• (“Intermediate” Varian) Varian, H. R., Intermediate Microeconomics, ed. 7

Course rules

1. In order to complete my part of the course students need to collect at least 50% combined points from the two following components:
   • part-exams  (midterm and final – weighted 90%);
   • computer assignments (10%).
2. Part-exams are written exams to be taken by all students at the same time (only one date for everyone).
3. There will be only one possibility to retake any of the failed part-exams. This will be organized for all students at the same time.
4. Absence from any of the exams is equivalent to failing it.
5. There will be no other possibilities of completing the course.
6. ‘ZERO tolerance for cheating’.

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