A comprehensive course in economic theory designed for doctoral students in all parts of the university. Topics include consumption, production, behavior toward risk, markets, and general equilibrium theory. Also looks at applications to policy analysis, business decisions, industrial organization, finance, and the legal system. Undergraduates with appropriate background are welcome, subject to the instructor's approval.
Prerequisites: Multivariate calculus and one course in probability theory. Thorough background in microeconomic theory at the intermediate level. Students may receive credit for both API-111 and API-101/API-105 only if API-101/105 is taken first. API-111 and API-109 cannot both be taken for credit. Also offered by the Economics Department as Ec 2020a and by the Business School as 4010.