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Econ 3010: Intermediate Price Theory (Microeconomics)

Econ 3010: Intermediate Price Theory (Microeconomics). Professor Dickinson Appalachian State University Lecture Notes Outline—Section 3. Game Theory. Simultaneous Move Games Dominant Strategies Nash Equilibrium Mixed Strategies Sequential Move Games. Uncertainty. Expected Utility

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Econ 3010: Intermediate Price Theory (Microeconomics)

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  1. Econ 3010: Intermediate Price Theory (Microeconomics) Professor Dickinson Appalachian State University Lecture Notes Outline—Section 3

  2. Game Theory • Simultaneous Move Games • Dominant Strategies • Nash Equilibrium • Mixed Strategies • Sequential Move Games

  3. Uncertainty • Expected Utility • Risk preferences • Risk aversion, risk neutrality, risk-loving • Example: Demand for Insurance • Example: wage negotiations

  4. Exchange and Efficiency • The Edgeworth Box • Market Trade • First and Second Welfare Theorems of Economics

  5. Production and General Equilibrium • The Robinson Crusoe Economy • Production and consumption • What if more goods exist? • Production and Edgeworth Exchange

  6. Public Goods • Simple externalities and Coase Theorem • Provision of Public goods of various sizes or quality • Free-riding • Voting and the Paradox of voting

  7. Asymmetric Information • A lemons market • Adverse Selection and Moral Hazard • Signaling as a solution • Education Example

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