Microeconomics 2: Uncertainty and General Equilibrium (2018)


Basic Information

  • Organizer: University of Helsinki
  • Location: Helsinki, Arkadiankatu 7, Economicum building
  • Time schedule
    • Lectures: Mon 12-14 and Tue 14-16 (29.10. - 4.12.)
    • Exercise sessions: Mon 16-18 (12. - 26.11.)
    • Exam: 19.12.2018 (10-12)
    • Retake exam: 25.2.2019 (10-12)
    • Please note that all changes to this original schedule will only be posted on the course home page, see above)
  • The course includes 24 hours of lectures and 6 hours of exercises, a final exam and a possibility to retake the exam.

Teaching Staff

  • Instructor: Professor Klaus Kultti (University of Helsinki)
  • Teaching assistant: NN

Course Syllabus

  • Objectives:
    • The first part of the course studies decision making under uncertainty focusing on the approach of von Neumann and Morgenstern. The theory is applied to questions of risk and related topics. Other approaches to decision making under uncertainty are also mentioned.
    • In the second part we study the basics of general equilibrium theory (GET); modelling, existence of equilibrium, welfare theorems. The relationship between the equilibrium and the core is high-lighted via the core convergence theorem. Finally, we study how GET can handle uncertainty.

Course Material

  • TBA