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Decks in this class (20)
Introduction And Consumer Theory
Budget constraint,
What is consumer theory,
What is the standard consumer pro...
19
cards
Consumer Choice: Preferences
Preference notations 3,
3 assumptions on preferences,
Why is consistency needed
23
cards
Consumer Choice: Utility Function
Utility function,
Ordinal vs cardinal utility,
Utility function must have positi...
9
cards
Consumer’s Optimal Choice
Consumer rational choice graph,
However tangency condition isn t ...,
Boundary solution graph
18
cards
Consumer Demand
Consumer demand functions find ou...,
Normal goods vs inferior goods,
Graphs of normal goods inferior g...
25
cards
Income And Substitution Effect
How to isolate the substitution e...,
How to then illustrate the income...,
What if a good is inferior
8
cards
Revealed Preferences
Revealed preferences assumptions ...,
Directly revealed preferred formula,
8
14
cards
Uncertainty
What is a risk environment,
What is consumers choice based on,
How does the consumer account for...
12
cards
Attitudes To Risk (easy - Notes Complete)
3 attitudes to risk,
Risk averse characteristics 2,
Risk loving consumer 2
10
cards
Demand For Insurance - DONE
State contingent budget constraint,
How to express the state continge...,
Egged
10
cards
Competitive And Unfair Insurance
What do we assume for competitive...,
Perfect competition assumptions,
Maths
9
cards
Auctions
Auction,
Why use auctions,
Two parameters of auctions
30
cards
General Equilibrium
General equilibrium consists of,
Edgeworth box,
Example assume 2 goods are not ow...
11
cards
General equilibrium - Trade by Exchange
We will see how trade will occur,
Endowment,
Trade by exchange stages
9
cards
General Equilibrium Trade With Prices In Edgeworth Box
Up to now we only considered trad...,
Trade with prices agents and thei...,
What does this look like graphically
10
cards
General Equilibrium
Equilibrium condition,
Rearrange to find sum of net dema...,
Define net demand functions
11
cards
Welfare in general equilibrium
Go beyond pareto optimality and a...,
Until now we had assumed if an al...,
Impartial spectator what info is ...
29
cards
Welfare In General Equilibrium - Fairness
Swf helps us find the utility max...,
3 outcomes,
Giving all of good to a single pe...
14
cards
General Equilibrium - Welfare Theorems
First theorem of welfare economics,
But is a pareto efficient allocat...,
Second theorem of welfare economics
5
cards
Exchange And Bargaining
Fallback position,
In an exchange game what is they ...,
Gains from trade
24
cards
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Microeconomics Year 2
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