Courses Master Display 2019-2020

Course Description To PDF
Course title Equilibrium Theory
Course code EBC4147
ECTS credits 6,5
Assessment Whole/Half Grades
Period
Period Start End Mon Tue Wed Thu Fri
2 29-10-2019 21-12-2019 C
Level Advanced
Coordinator Stefan Terstiege
For more information: s.terstiege@maastrichtuniversity.nl
Language of instruction English
Goals
Get acquainted with advanced general equilibrium theory, with important literature in the field, and with important mathematical proofs.
Description
General equilibrium theory studies models of an economy organized as a system of competitive markets, in particular the existence of equilibria and their welfare properties. This course gives an introduction to the theory at an advanced level, its conclusions and its limitations. The material is treated rigorously, and a substantial amount of time is spent on mathematical proofs.
Typically, the contents are as follows. First, we study general theorems on welfare and equilibrium existence, starting with an analysis of consumer and producer behavior. Afterwards, we study further important topics such as externalities, (local) uniqueness, core, and the Sonnenschein-Mantel-Debreu Theorem. At the end, we study one topic in more detail, namely the question of whether equilibria of search and matching models converge to a competitive equilibrium when frictions become small.
Literature
Typically, we use the following literature.
* Debreu, G. (1959): Theory of Value, Yale University Press.
* Mas-Colell A., M.D. Whinston, and J.R. Greene (1995): “Microeconomic Theory”, Oxford University Press.
* Selected papers.
Prerequisites
Knowledge equivalent to the research master courses “Microeconomics I” (EBC4061) and “Mathematical Research Tools” (EBC4182)
Teaching methods PBL / Presentation / Lecture / Assignment
Assessment methods Participation / Oral Exam
Evaluation in previous academic year For the complete evaluation of this course please click "here"
This course belongs to the following programmes / specialisations
Master Business Research - No specialisation Year 2 Free Elective(s)
Master Business Research - Operations Research Year 1 Elective Course(s)
Master Business Research - Operations Research Year 2 Elective Course(s)
Master Economic and Financial Research - Econometrics Year 2 Elective Course(s)
Master Economic and Financial Research - No specialisation Year 2 Elective Course(s)