ECON 416

Course Code & Number

ECON 416

Course Title

General Equilibrium & Welfare Economics

Level

BS

Credit Hours/ ECTS Credits

(3+0+0) 3 TEDU Credits, 6 ECTS Credits

Year of Study:

Senior

Semester:

Spring

Type of Course:

Elective

Mode of Delivery:

Face-to-face

Language of Instruction:

English

Pre-requisite / Co-requisite::

Catalog Description

Theory of general competitive equilibrium from modern mathematical points of view. Basic concepts in welfare economics allowing an understanding of important economic factors affecting the level of social welfare. Tools of applied welfare analysis.

Course Objectives

The aim of this course is to introduce students the theory of general competitive equilibrium from modern mathematical points of view. The course will provide an understanding of important factors affecting the level of social welfare.

Course Learning Outcomes

Upon succesful completion of this course, a student will be able to
1. Explain consumer demand theory and production theory in mathematical, graphical and English terms. 
2. Interpret the fundamental welfare theorems. 
3. Solve simplified examples of general equilibrium problems. 
4. Discuss comparative statistics and stability. 
5. Solve general equilibrium models with uncertainty. 

Recommended Reading

1. Starr. R.M., General Equilibrium Theory: An Introduction. 2nd Edition, Cambridge University Press, Cambridge, 2011.