Organization

For 2009-2010, the lectures will take place on Tuesdays (8-10am in room UB4.228) and on Wednesdays (8-10am, room UB2.147, note the change of room), with alternance with TA sessions on some Wednesdays (8-10am room UB2.147). Please look at the calendar and the posted events for the precise schedule.

The TA for the class is Klaudio Karl, he will hold regular office hours during February and March and then will organize sessions on Tuesday or Wednesday during which you will go through the solutions of the problem sets.

There will be five problem sets (covering lectures L1, L2+L3, L4+L5+L6, L7+L8 and L9+L10+L11+L12). These problem sets will not be graded however are crucial for understanding the material. TA sessions will also be usefull only if you have worked through the problem sets seriously.

Objectives

We will analyze environments in which some of the main assumptions underlying the two welfare theorems of general equilibrium are not satisfied: mainly information asymmetries and externalities. We will introduce new concepts and tools that have proven crucial to understand positive and normative questions in economies with such asymmetries and imperfectly functioning markets. We will apply the framework to questions to oligopoly theory, signaling and reputation building, second degree price discrimination and auctions.