6. Choice Under Uncertainty a. Representing Uncertainty: Lotteries and Compound Lotteries b. Axioms of Expected Utility C. The Expected Utility Theory d. Empirical Challenges to Expected Utility Theory-the Paradox Business e. Application: Crime and punishment
4. Welfare Analysis and Other Issues a. Measuring Welfare b. First Order and Second Order Losses C. Taxes and Welfare d. Household Production (did last class) e. The Hedonic Approach
2. Choice and Utility Functions a. Choice in Consumer Demand Theory and Walrasian Demand b. Properties of demand from continuity and properties from WARP . Representing Preferences with a Utility Function d. Demand as Derived from Utility Maximization e. Application: Fertility
11. Competition and Monopoly, some preliminary discussions a. Monopoly Pricing b. Cournot and Bertrand Oligopoly C. Two Part Pricing d. Price Discrimination e. Regulation
10. More on Production a. Derived Demand-Marshall's Laws b. Long Run/Short Run, LeChatelier, Dynamics C. Aggregating Supply d. Theory of the Firm, the Holdup Problem e. Agency Issues f. Application: The Coase Theorem