Pages

Wednesday, June 06, 2018

Would You Learn from Taking this USC Ph.D. Microeconomics Class?

I am looking for somebody to produce a clean set of answers to my 40 pages of questions posed here.   Over the last two weeks, I have written out these questions because I'll be teaching the first part of USC's Ph.D. micro class this Fall.  As you will see, these classes involve minimal real mathematics but they require some economic thinking.    We will cover all of this material in 3 weeks as I will push the pace and try to get the new generation of young people to "think like economists".

For those of you who take a careful look at these problems, I hope you see how I use simple theory to teach revealed preference logic and then I turn the questions around ask how to use evidence and the structure of the model to solve for what must be the decision maker's objective function.   I don't believe that good Ph.D. programs have spent enough time talking in the first year about "identification" of meaningful economic parameters.  Reduced form courses talk about identifying "causal effects"  (see Angrist) but much less time talking about how from observing a person's choices when confronted with different budget constraints --- what we have learned about this person assuming the person is maximizing the same objective function over time and chooses wisely.