Elements of Economic Analysis 1
Course is Full
Course Code
ECON 20000 91
Course Description
This course is an introduction to the "economic approach" as it is applied to consumer behavior. We will stress the notion that individuals maximize their well-being, as they conceive it, subject to resource constraints.
The course develops the necessary mathematical and graphical tools to carry out the analysis of the canonical utility maximization problem. We pay particular attention to the way in which the canonical model of individual behavior, ``the" utility maximization problem, provides a unified treatment of individual behavior, even in settings in which it may not be fully descriptive of the situation at hand. We will also analyze the aggregation of individual decisions into group (market, in this case) aggregates.
We will apply this basic model of human behavior to numerous areas such as the allocation of time (including home production), intertemporal choice, choice under uncertainty (including the economic of analysis of crime and the value of a statistical life) among others.
Course Criteria
Prerequisites: MATH 13300 (with prior completion of or at least concurrent with MATH 15250), MATH 15250 or 16300 (one year of College Calculus) Students must have taken multivariate calculus and an introductory level course in microeconomics to succeed in this course. Lectures will be recorded and asynchronously delivered. Students will be expected to watch each lecture prior to the evening discussion session. There will be a meeting on Monday, June 16 from 7:00-8:00 pm to discuss the course.
Instructor(s)
Victor Lima
This course is full. UChicago students can request to be added on a waitlist. Visiting students are strongly invited to choose another course and email summersession@uchicago.edu to inquire about the waitlist status.