Structure When to sell an asset? -rate-of -return- Arbitrage Taxation of asset returns Depletable resources Financial intermediaries

Main Issue A state-contingent consumption plan Preferences Under Uncertainty and Expected utility Risk-aversion, risk-loving, and risk￾neutrality Competitive Insurance

Assets An asset is a commodity that provides a flow of services over time. E.g. a house, or a computer. A financial asset provides a flow of money over time -- a security

一、市场类型的比较 二、垄断行业的含义 三、垄断力量的来源

一、生产函数的概念 1.定义 描述生产技术状况给定条件下，生产要素的投入量与最大产出量之间的物质数 量关系的函数式

一、对生产要素的需求和派生需求 （一）生产要素的类型 1.土地——地租 2.劳动——工资 3.资本——利息 4.企业家职能——企业利润

一、成本的含义 1.定义 生产某种产品一定产量所耗费的各种生产要素的总价值

Structure Describe budget constraint -Algebra Graph Describe changes in budget constraint Government programs and budget constraints on- -linear budget lines

Structure Endowments(禀赋) Budget constraints with endowments Net demands -Price offer curve Example: Labor supply Comparative statics Slutsky equation revisited

Structure Present and future values Intertemporal budget constraint Preferences for intertemporal consumption Intertemporal choice Comparative statics Valuing securities