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14.661 Labor Economics I (MIT) 14.661 Labor Economics I (MIT)

Description

Neoclassical analysis of the labor market and its institutions. A systematic development of the theory of labor supply, labor demand, and human capital. Topics discussed also include wage and employment determination, turnover, search, immigration, unemployment, equalizing differences, and institutions in the labor market. There is particular emphasis on the interaction of theoretical and empirical modeling and the development of independent research interests. Neoclassical analysis of the labor market and its institutions. A systematic development of the theory of labor supply, labor demand, and human capital. Topics discussed also include wage and employment determination, turnover, search, immigration, unemployment, equalizing differences, and institutions in the labor market. There is particular emphasis on the interaction of theoretical and empirical modeling and the development of independent research interests.

Subjects

labor economics | public policy | schooling | learning | matching | experience | wages | minimum wage | college | investment | training | firms | corporations | labor | unions | panel data | neoclassical model | turnover models | turnover | economics | labor economics | public policy | schooling | learning | matching | experience | wages | minimum wage | college | investment | training | firms | corporations | labor | unions | panel data | neoclassical model | turnover models | turnover | economics | labor | labor | market | market | statistics | statistics | theory | theory | neoclassical | neoclassical | supply | supply | model | model | life-cycle | life-cycle | demand | demand | wages | wages | immigration | immigration | human capital | human capital | econometrics | econometrics | liquidity | liquidity | constraints | constraints | mobility | mobility | incentives | incentives | organization | organization | moral hazard | moral hazard | insurance | insurance | investments | investments | efficiency | efficiency | unemployment | unemployment | search | search | jobs | jobs | training | training | capital | capital | firm | firm | technology | technology | skills | skills | risk | risk | signaling | signaling | discrimination | discrimination | self-selection | self-selection | learning | learning | natives | natives

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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14.01SC Principles of Microeconomics (MIT) 14.01SC Principles of Microeconomics (MIT)

Description

Includes audio/video content: AV lectures. 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmen Includes audio/video content: AV lectures. 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmen

Subjects

Microeconomics | Microeconomics | prices | prices | normative economics | normative economics | positive economics | positive economics | microeconomic applications | microeconomic applications | supply | supply | demand | demand | equilibrium | equilibrium | demand shift | demand shift | supply shift | supply shift | government interference | government interference | elasticity | elasticity | revenue | revenue | empirical economics | empirical economics | consumer theory | consumer theory | preference assumptions | preference assumptions | indifference curves | indifference curves | utility functions | utility functions | marginal utility | marginal utility | budget constraints | budget constraints | marginal rate of transformation | marginal rate of transformation | opportunity cost | opportunity cost | constrained utility maximization | constrained utility maximization | corner solutions | corner solutions | Engel curves | Engel curves | income effect | income effect | substitution effect | substitution effect | Giffin good | Giffin good | labor economics | labor economics | child labor | child labor | producer theory | producer theory | variable inputs | variable inputs | fixed inputs | fixed inputs | firm production functions | firm production functions | marginal rate of technical substitution | marginal rate of technical substitution | returns to scale | returns to scale | productivity | productivity | perfect competition | perfect competition | search theory | search theory | residual demand | residual demand | shutdown decisions | shutdown decisions | market equilibrium | market equilibrium | agency problem | agency problem | welfare economics | welfare economics | consumer surplus | consumer surplus | producer surplus | producer surplus | dead weight loss | dead weight loss | monopoly | monopoly | oligopoly | oligopoly | market power | market power | price discrimination | price discrimination | price regulation | price regulation | antitrust policy | antitrust policy | mergers | mergers | cartel | cartel | game theory | game theory | Nash equilibrium | Nash equilibrium | Cournot model | Cournot model | duopoly | duopoly | non-cooperative competition | non-cooperative competition | Bertrand competition | Bertrand competition | factor markets | factor markets | international trade | international trade | uncertainty | uncertainty | capital markets | capital markets | intertemporal choice | intertemporal choice | real interest rate | real interest rate | compounding | compounding | inflation | inflation | investment | investment | discount rate | discount rate | net present value | net present value | income distribution | income distribution | social welfare function | social welfare function | Utilitarianism | Utilitarianism | Raulsian criteria | Raulsian criteria | Nozickian | Nozickian | commodity egalitarianism | commodity egalitarianism | isowelfare curves | isowelfare curves | social insurance | social insurance | social security | social security | moral hazard | moral hazard | taxation | taxation | EITC | EITC | healthcare | healthcare | PPACA | PPACA

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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14.662 Labor Economics II (MIT) 14.662 Labor Economics II (MIT)

Description

This is the second of a two-part sequence of courses in labor economics. The course sequence is also open to qualified students in related fields and classes may be taken individually or out of sequence. This part of the sequence is principally concerned with issues relating to the determinants of the wage and salary distribution. The first half is organized around topics in wage determination, which are of particular interest for current research and policy and culminates with a focus on recent debates about the increasing dispersion of wage and salary income. The second half of the course is focused on labor market institutions and technological changes, and relates the debate about the income distribution to other major changes in the structure and texture of advanced industrial societi This is the second of a two-part sequence of courses in labor economics. The course sequence is also open to qualified students in related fields and classes may be taken individually or out of sequence. This part of the sequence is principally concerned with issues relating to the determinants of the wage and salary distribution. The first half is organized around topics in wage determination, which are of particular interest for current research and policy and culminates with a focus on recent debates about the increasing dispersion of wage and salary income. The second half of the course is focused on labor market institutions and technological changes, and relates the debate about the income distribution to other major changes in the structure and texture of advanced industrial societi

Subjects

labor | labor | economics | economics | trade unions | trade unions | wage differentials | wage differentials | international trade | international trade | wage and salary distribution | wage and salary distribution | wage determination | wage determination | increasing dispersion of wage and salary income | increasing dispersion of wage and salary income | labor market institutions | labor market institutions | technological changes | technological changes | income distribution | income distribution | United States and other advanced industrial countries | United States and other advanced industrial countries | moral hazard and agency | moral hazard and agency | Static single agent models | Static single agent models | Intrinsic motivation | Intrinsic motivation | Multiple tasks | Multiple tasks | Multiple agents | Multiple agents | Dynamic agency | Dynamic agency | Efficiency wages | Efficiency wages | Employer Wage Differentials | Employer Wage Differentials | Industry and firm size differentials | Industry and firm size differentials | Compensating differentials | Compensating differentials | Discrimination and Differentials by Race and Gender | Discrimination and Differentials by Race and Gender | Changes in the Wage Structure and Inequality | Changes in the Wage Structure and Inequality | Worker Motivation and Behavior | Worker Motivation and Behavior | Social Dimensions of the Labor Force | Social Dimensions of the Labor Force | Social class | Social class | Social capital | Social capital | Immigration | Immigration | Quasi-unions in the New Labor Market | Quasi-unions in the New Labor Market | Labor market regulations in a global economy | Labor market regulations in a global economy

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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14.661 Labor Economics I (MIT) 14.661 Labor Economics I (MIT)

Description

The aim of this course is to acquaint students with traditional topics in labor economics and to encourage the development of independent research interests. This course is taught in two parts: Fall term and then in the subsequent Fall term. The aim of this course is to acquaint students with traditional topics in labor economics and to encourage the development of independent research interests. This course is taught in two parts: Fall term and then in the subsequent Fall term.

Subjects

Economics | Economics | labor | labor | market | market | statistics | statistics | theory | theory | neoclassical | neoclassical | supply | supply | model | model | life-cycle | life-cycle | demand | demand | wages | wages | immigration | immigration | human capital | human capital | econometrics | econometrics | liquidity | liquidity | constraints | constraints | mobility | mobility | incentives | incentives | organization | organization | moral hazard | moral hazard | insurance | insurance | investments | investments | efficiency | efficiency | unemployment | unemployment | search | search | jobs | jobs | training | training | capital | capital | firm | firm | technology | technology | skills | skills | risk | risk | signaling | signaling | discrimination | discrimination | self-selection | self-selection | learning | learning | natives | natives

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT) 14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory. The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory.

Subjects

information | information | economics | economics | microeconomic theory | microeconomic theory | money | money | risk sharing | risk sharing | moral hazard | moral hazard | adverse selection | adverse selection | signaling | signaling | screening | screening | mechanism design | mechanism design | decision making | decision making | uncertainty | uncertainty | Decision-making | Decision-making | information economics | information economics | incentive theory | incentive theory | contract theory | contract theory | choice | choice | choices | choices | microeconomic analysis | microeconomic analysis | risk | risk

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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15.040 Game Theory for Managers (MIT) 15.040 Game Theory for Managers (MIT)

Description

This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play "games" both within the firm and outside it – with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance a student's ability to think strategically in complex, interactive environments. Knowledge of game theory will give students an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality. This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play "games" both within the firm and outside it – with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance a student's ability to think strategically in complex, interactive environments. Knowledge of game theory will give students an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality.

Subjects

game theory | game theory | strategy games | strategy games | strategic thinking | strategic thinking | business strategy | business strategy | strategic reasoning | strategic reasoning | rationality | rationality | dominant strategies | dominant strategies | first-mover advantage | first-mover advantage | conflict strategies | conflict strategies | strategic substitutes | strategic substitutes | strategic complements | strategic complements | dynamic pricing | dynamic pricing | entering new markets | entering new markets | new market entry | new market entry | brinksmanship | brinksmanship | negotiation | negotiation | negotiating | negotiating | auctions | auctions | auction theory | auction theory | revenue equivalence | revenue equivalence | bidding | bidding | information uncertainty | information uncertainty | risk manipulation | risk manipulation | adverse selection | adverse selection | moral hazard | moral hazard | strategic irrationality | strategic irrationality | prisoner's dilemma | prisoner's dilemma

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT) 14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory. The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory.

Subjects

information | information | economics | economics | microeconomic theory | microeconomic theory | money | money | risk sharing | risk sharing | moral hazard | moral hazard | adverse selection | adverse selection | signaling | signaling | screening | screening | mechanism design | mechanism design | decision making | decision making | uncertainty | uncertainty | Decision-making | Decision-making | information economics | information economics | incentive theory | incentive theory | contract theory | contract theory | choice | choice | choices | choices | microeconomic analysis | microeconomic analysis | risk | risk

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.461 Advanced Macroeconomics I (MIT) 14.461 Advanced Macroeconomics I (MIT)

Description

This course covers three sets of topics. The first part will cover business cycle models with imperfect information. We will ask questions such as: What shocks drive business cycles? What is the relative role of shocks to fundamentals and shocks affecting expectations about (current and future) economic developments? How do informational frictions affect the shape of the responses to various shocks? The second part will cover models of investment with credit constraints. We will ask questions such as: What is the transmission mechanism from shocks to the financial sector to the real economy? What determines optimal decisions about capitalization at the individual and at the social level? The third part will cover search models of decentralized trade applied both to labor markets and to This course covers three sets of topics. The first part will cover business cycle models with imperfect information. We will ask questions such as: What shocks drive business cycles? What is the relative role of shocks to fundamentals and shocks affecting expectations about (current and future) economic developments? How do informational frictions affect the shape of the responses to various shocks? The second part will cover models of investment with credit constraints. We will ask questions such as: What is the transmission mechanism from shocks to the financial sector to the real economy? What determines optimal decisions about capitalization at the individual and at the social level? The third part will cover search models of decentralized trade applied both to labor markets and to

Subjects

news about the future and fluctuations | news about the future and fluctuations | dispersed information | dispersed information | estimating models with imperfect information | estimating models with imperfect information | models with limited pledgeability | models with limited pledgeability | models with corporate control problems | models with corporate control problems | models with intermediation and securitization | models with intermediation and securitization | financial frictions | financial frictions | investment | investment | labor market search and inefficiency | labor market search and inefficiency | wage dispersion | wage dispersion | moral hazard | moral hazard | optimal unemployment insurance | optimal unemployment insurance | money search | money search | liquidity | liquidity | adverse selection and lemons problem | adverse selection and lemons problem | decentralized trading in financial markets | decentralized trading in financial markets

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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14.662 Labor Economics II (MIT) 14.662 Labor Economics II (MIT)

Description

This is the second of a two-part sequence of courses in labor economics. The course sequence is also open to qualified students in related fields and classes may be taken individually or out of sequence. This part of the sequence is principally concerned with issues relating to the determinants of the wage and salary distribution. The first half is organized around topics in wage determination, which are of particular interest for current research and policy and culminates with a focus on recent debates about the increasing dispersion of wage and salary income. The second half of the course is focused on labor market institutions and technological changes, and relates the debate about the income distribution to other major changes in the structure and texture of advanced industrial societi This is the second of a two-part sequence of courses in labor economics. The course sequence is also open to qualified students in related fields and classes may be taken individually or out of sequence. This part of the sequence is principally concerned with issues relating to the determinants of the wage and salary distribution. The first half is organized around topics in wage determination, which are of particular interest for current research and policy and culminates with a focus on recent debates about the increasing dispersion of wage and salary income. The second half of the course is focused on labor market institutions and technological changes, and relates the debate about the income distribution to other major changes in the structure and texture of advanced industrial societi

Subjects

labor | labor | economics | economics | trade unions | trade unions | wage differentials | wage differentials | international trade | international trade | wage and salary distribution | wage and salary distribution | wage determination | wage determination | increasing dispersion of wage and salary income | increasing dispersion of wage and salary income | labor market institutions | labor market institutions | technological changes | technological changes | income distribution | income distribution | United States and other advanced industrial countries | United States and other advanced industrial countries | moral hazard and agency | moral hazard and agency | Static single agent models | Static single agent models | Intrinsic motivation | Intrinsic motivation | Multiple tasks | Multiple tasks | Multiple agents | Multiple agents | Dynamic agency | Dynamic agency | Efficiency wages | Efficiency wages | Employer Wage Differentials | Employer Wage Differentials | Industry and firm size differentials | Industry and firm size differentials | Compensating differentials | Compensating differentials | Discrimination and Differentials by Race and Gender | Discrimination and Differentials by Race and Gender | Changes in the Wage Structure and Inequality | Changes in the Wage Structure and Inequality | Worker Motivation and Behavior | Worker Motivation and Behavior | Social Dimensions of the Labor Force | Social Dimensions of the Labor Force | Social class | Social class | Social capital | Social capital | Immigration | Immigration | Quasi-unions in the New Labor Market | Quasi-unions in the New Labor Market | Labor market regulations in a global economy | Labor market regulations in a global economy

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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15.040 Game Theory for Managers (MIT)

Description

This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play "games" both within the firm and outside it – with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance a student's ability to think strategically in complex, interactive environments. Knowledge of game theory will give students an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality.

Subjects

game theory | strategy games | strategic thinking | business strategy | strategic reasoning | rationality | dominant strategies | first-mover advantage | conflict strategies | strategic substitutes | strategic complements | dynamic pricing | entering new markets | new market entry | brinksmanship | negotiation | negotiating | auctions | auction theory | revenue equivalence | bidding | information uncertainty | risk manipulation | adverse selection | moral hazard | strategic irrationality | prisoner's dilemma

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory.

Subjects

information | economics | microeconomic theory | money | risk sharing | moral hazard | adverse selection | signaling | screening | mechanism design | decision making | uncertainty | Decision-making | information economics | incentive theory | contract theory | choice | choices | microeconomic analysis | risk

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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15.040 Game Theory for Managers (MIT)

Description

This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play "games" both within the firm and outside it – with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance a student's ability to think strategically in complex, interactive environments. Knowledge of game theory will give students an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality.

Subjects

game theory | strategy games | strategic thinking | business strategy | strategic reasoning | rationality | dominant strategies | first-mover advantage | conflict strategies | strategic substitutes | strategic complements | dynamic pricing | entering new markets | new market entry | brinksmanship | negotiation | negotiating | auctions | auction theory | revenue equivalence | bidding | information uncertainty | risk manipulation | adverse selection | moral hazard | strategic irrationality | prisoner's dilemma

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.662 Labor Economics II (MIT)

Description

This is the second of a two-part sequence of courses in labor economics. The course sequence is also open to qualified students in related fields and classes may be taken individually or out of sequence. This part of the sequence is principally concerned with issues relating to the determinants of the wage and salary distribution. The first half is organized around topics in wage determination, which are of particular interest for current research and policy and culminates with a focus on recent debates about the increasing dispersion of wage and salary income. The second half of the course is focused on labor market institutions and technological changes, and relates the debate about the income distribution to other major changes in the structure and texture of advanced industrial societi

Subjects

labor | economics | trade unions | wage differentials | international trade | wage and salary distribution | wage determination | increasing dispersion of wage and salary income | labor market institutions | technological changes | income distribution | United States and other advanced industrial countries | moral hazard and agency | Static single agent models | Intrinsic motivation | Multiple tasks | Multiple agents | Dynamic agency | Efficiency wages | Employer Wage Differentials | Industry and firm size differentials | Compensating differentials | Discrimination and Differentials by Race and Gender | Changes in the Wage Structure and Inequality | Worker Motivation and Behavior | Social Dimensions of the Labor Force | Social class | Social capital | Immigration | Quasi-unions in the New Labor Market | Labor market regulations in a global economy

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.461 Advanced Macroeconomics I (MIT)

Description

This course covers three sets of topics. The first part will cover business cycle models with imperfect information. We will ask questions such as: What shocks drive business cycles? What is the relative role of shocks to fundamentals and shocks affecting expectations about (current and future) economic developments? How do informational frictions affect the shape of the responses to various shocks? The second part will cover models of investment with credit constraints. We will ask questions such as: What is the transmission mechanism from shocks to the financial sector to the real economy? What determines optimal decisions about capitalization at the individual and at the social level? The third part will cover search models of decentralized trade applied both to labor markets and to

Subjects

news about the future and fluctuations | dispersed information | estimating models with imperfect information | models with limited pledgeability | models with corporate control problems | models with intermediation and securitization | financial frictions | investment | labor market search and inefficiency | wage dispersion | moral hazard | optimal unemployment insurance | money search | liquidity | adverse selection and lemons problem | decentralized trading in financial markets

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.661 Labor Economics I (MIT)

Description

Neoclassical analysis of the labor market and its institutions. A systematic development of the theory of labor supply, labor demand, and human capital. Topics discussed also include wage and employment determination, turnover, search, immigration, unemployment, equalizing differences, and institutions in the labor market. There is particular emphasis on the interaction of theoretical and empirical modeling and the development of independent research interests.

Subjects

labor economics | public policy | schooling | learning | matching | experience | wages | minimum wage | college | investment | training | firms | corporations | labor | unions | panel data | neoclassical model | turnover models | turnover | economics | labor | market | statistics | theory | neoclassical | supply | model | life-cycle | demand | wages | immigration | human capital | econometrics | liquidity | constraints | mobility | incentives | organization | moral hazard | insurance | investments | efficiency | unemployment | search | jobs | training | capital | firm | technology | skills | risk | signaling | discrimination | self-selection | learning | natives

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.01SC Principles of Microeconomics (MIT)

Description

14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges.

Subjects

Microeconomics | prices | normative economics | positive economics | microeconomic applications | supply | demand | equilibrium | demand shift | supply shift | government interference | elasticity | revenue | empirical economics | consumer theory | preference assumptions | indifference curves | utility functions | marginal utility | budget constraints | marginal rate of transformation | opportunity cost | constrained utility maximization | corner solutions | Engel curves | income effect | substitution effect | Giffin good | labor economics | child labor | producer theory | variable inputs | fixed inputs | firm production functions | marginal rate of technical substitution | returns to scale | productivity | perfect competition | search theory | residual demand | shutdown decisions | market equilibrium | agency problem | welfare economics | consumer surplus | producer surplus | dead weight loss | monopoly | oligopoly | market power | price discrimination | price regulation | antitrust policy | mergers | cartel | game theory | Nash equilibrium | Cournot model | duopoly | non-cooperative competition | Bertrand competition | factor markets | international trade | uncertainty | capital markets | intertemporal choice | real interest rate | compounding | inflation | investment | discount rate | net present value | income distribution | social welfare function | Utilitarianism | Raulsian criteria | Nozickian | commodity egalitarianism | isowelfare curves | social insurance | social security | moral hazard | taxation | EITC | healthcare | PPACA

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.661 Labor Economics I (MIT)

Description

The aim of this course is to acquaint students with traditional topics in labor economics and to encourage the development of independent research interests. This course is taught in two parts: Fall term and then in the subsequent Fall term.

Subjects

Economics | labor | market | statistics | theory | neoclassical | supply | model | life-cycle | demand | wages | immigration | human capital | econometrics | liquidity | constraints | mobility | incentives | organization | moral hazard | insurance | investments | efficiency | unemployment | search | jobs | training | capital | firm | technology | skills | risk | signaling | discrimination | self-selection | learning | natives

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory.

Subjects

information | economics | microeconomic theory | money | risk sharing | moral hazard | adverse selection | signaling | screening | mechanism design | decision making | uncertainty | Decision-making | information economics | incentive theory | contract theory | choice | choices | microeconomic analysis | risk

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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15.040 Game Theory for Managers (MIT)

Description

This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play "games" both within the firm and outside it – with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance a student's ability to think strategically in complex, interactive environments. Knowledge of game theory will give students an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality.

Subjects

game theory | strategy games | strategic thinking | business strategy | strategic reasoning | rationality | dominant strategies | first-mover advantage | conflict strategies | strategic substitutes | strategic complements | dynamic pricing | entering new markets | new market entry | brinksmanship | negotiation | negotiating | auctions | auction theory | revenue equivalence | bidding | information uncertainty | risk manipulation | adverse selection | moral hazard | strategic irrationality | prisoner's dilemma

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory.

Subjects

information | economics | microeconomic theory | money | risk sharing | moral hazard | adverse selection | signaling | screening | mechanism design | decision making | uncertainty | Decision-making | information economics | incentive theory | contract theory | choice | choices | microeconomic analysis | risk

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information and contract theory. The purpose is to give an introduction to some of the main subjects in this field: decision making under uncertainty, risk sharing, moral hazard, adverse selection, mechanism design, and incomplete contracting. 

Subjects

microeconomics | economics | microeconomic theory | risk sharing | moral hazard | adverse selection | signaling | screening | mechanism design | decision making | uncertainty

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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14.124 Microeconomic Theory IV (MIT)

Description

The topic of the class is information economics. The purpose is to give an introduction to some of the main subjects in this field: risk sharing, moral hazard, adverse selection (signaling, screening), mechanism design, decision making under uncertainty. These subjects (and others) will be treated in more depth in the advanced theory courses on Contract Theory.

Subjects

information | economics | microeconomic theory | money | risk sharing | moral hazard | adverse selection | signaling | screening | mechanism design | decision making | uncertainty | Decision-making | information economics | incentive theory | contract theory | choice | choices | microeconomic analysis | risk

License

Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see https://ocw.mit.edu/terms/index.htm

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