Description

Advanced Microeconomics-III

TYBA Semester V

Syllabus

Module 1 : General Equilibrium and Welfare Economics (12 Lectures)
Concept of General Equilibrium and Walrasian General Equilibrium Model – Pareto Optimality – The Pareto Optimality Condition of Social Welfare – Marginal Conditions for Pareto Optimal Resource Allocation – Perfect Competition and Pareto Optimality – Arrow’s Impossibility Theorem

Module 2 : Market Structure – Monopoly and Monopolistic Competition (14 Lectures)
Concept of Monopoly – Measurement of Monopoly Power – Price Discrimination : Types and Classification of Price Discrimination (Degrees of Price Discrimination) – Equilibrium under Discriminating Monopoly – Regulation of Monopoly Market Product Differentiation in Monopolistic Competition – Chamberlin’s Alternative Approach – Equilibrium under Monopolistic Competition – Excess Capacity

Module 3 : Oligopoly (12 Lectures )
The Cournot Model – Meaning and Characteristics of Oligopoly Market – Rigid Prices – The Sweezy Model of Kinked Demand Curve – Collusive Oligopoly – Cartel : Centralised and Market Sharing Cartel – Imperfect Collusion – Price Leadership Models, Game Theory – Prisoner’s Dilemma, Nash Equilibrium and Dominant Strategy Equilibrium

Module 4 : Information Economics (12 Lectures )
Economics of Search and Search Cost – The Theory of Asymmetric Information – The Market for Lemons and Adverse Selection – Risk Preference and Expected Utility – The Problem of Moral Hazard – Market Signalling – Principal-Agent Problem