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2021　Economics B

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Academic unit or major
Humanities and social science courses
Instructor(s)
Kurakawa Yukihide 
Class Format
Lecture     
Media-enhanced courses
Day/Period(Room No.)
Fri7-10(W935)  
Group
-
Course number
LAH.S209
Credits
2
Academic year
2021
Offered quarter
1Q
Syllabus updated
2021/3/19
Lecture notes updated
-
Language used
Japanese
Access Index

Course description and aims

This course provides a broad introduction to microeconomics mainly focusing on welfare analysis and its applications. The aim of this course is to understand how the basic theories of micro economics can be applied to real-life issues and policy designs.

Student learning outcomes

By the end of this course, students will be able to:
1) Understand basics of welfare analysis and its applications.
2) Consider and explain real-life issues using basic theories of economics.

Keywords

Welfare analysis, Positive and negative externalities, Public goods, Monopoly, Oligopoly,

Competencies that will be developed

Specialist skills ✔ Intercultural skills Communication skills ✔ Critical thinking skills Practical and/or problem-solving skills

Class flow

Course materials are provided during class. Some exercises will be given in each topic.

Course schedule/Required learning

  Course schedule Required learning
Class 1 Introduction An outline of this course is given.
Class 2 Supply and demand, market equilibrium Understand supply curve and demand curve, marginal cost and marginal benefit.
Class 3 Basics of welfare analysis Understand consumer surplus, producer surplus, and social surplus.
Class 4 Externality Understand (negative) externality and welfare loss its generates.
Class 5 Government intervention (1) Understand the effects of tax, subsidy and regulation.
Class 6 Government intervention (2) - Policy effects under uncertainty Understand policy effects under uncertainty. Try some exercises.
Class 7 Elasticity and its applications - Rebound effects and tax incidence Understand price elasticity and its applications. Try some exercises.
Class 8 Coase's theorem Understand conditions under which bargaining will lead to social optimum.
Class 9 Emissions trading scheme Try some exercises.
Class 10 Public goods Understand the definition of public good and its optimal provision.
Class 11 Prisoners’ dilemma and tragedy of the commons (1) Understand Prisoner's dilemma and the definition of Nash equilibrium.
Class 12 Prisoners’ dilemma and tragedy of the commons (2) - Application to natural renewable resources Try some exercises.
Class 13 Congestion and externality Try some exercises.
Class 14 Advanced topics Try some easy exercises in information economics, law and economics.

Out-of-Class Study Time (Preparation and Review)

To enhance effective learning, students are encouraged to spend approximately 100 minutes preparing for class and another 100 minutes reviewing class content afterwards (including assignments) for each class.
They should do so by referring to textbooks and other course material.

Textbook(s)

None required.

Reference books, course materials, etc.

Hiromichi Kandori (2014). Micro Economics. (Japanese)

Assessment criteria and methods

Reaction papers (30%)
Quizzes, problem sets and reports (70%)

Related courses

  • Econ A
  • Econ C

Prerequisites (i.e., required knowledge, skills, courses, etc.)

No prerequisites.

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