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University of Rhode Island — Environmental & Natural Resource Economics
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EEC 630 – Advanced Microeconomic Theory II
Course Information

Professor: Dr. Hirotsugu Uchida
Semester: Spring (odd numbered years)
Credits: 3
Prerequisites: EEC 628 or permission of instructor

Catalog Description: Development and application of welfare theory to natural resource use. Welfare concepts such as consumer surplus, producer surplus, and marginal cost pricing in policy decisions for agriculture and natural resources

Course Goals & Outcomes

This course focuses on decision making, strategic behavior, market equilibria, and their implications for welfare and policy. After briefly reviewing utility concepts, we shall study choice under uncertainty, game theory, competitive markets, externalities, market power, general equilibrium, and mechanism design. The course is intended to impart not only knowledge of theoretical results but also skill in deriving them.

By the end of the semester students will be able to:

  • Have a good command of game theoretical models
  • Evaluate general equilibrium models and their applications
  • Asses strategic behavior in decision making processes involving environmental and resource policy
  • Derive various resource economics related theoretical results
Course Syllabus

Class topics:

  • Utility concepts
  • Choice under uncertainty
  • Prospect theory
  • Elements of non-cooperative games
  • Simultaneous-move games
  • Dynamic games
  • Behavioral game theory
  • Competitive markets
  • Externalities
  • Market Power
  • General equilibrium theory: examples
  • Equilibrium and its welfare properties
  • Incentives and mechanism design
About The Professor

Dr. John Burkett
Professor
Department of Environmental and Natural Resource Economics
213 Kingston Coastal Institute
Office: 401.874.9195
Fax: 401.782.4766
Email: burkett@uri.edu

Dr. Burkett is an economist who specializes in microeconomics, econometrics, and health economics. His current research interests are:

  • international trade;
  • recreational aspects of natural resources; and
  • behavioral and experimental economics.
Reasons To Take This Course

This is an advanced graduate course in microeconomics that will equip you to become a better researcher by honing the development of your economic knowledge and skills.

Cool Links
  • John Burkett - Some useful resources for students and researchers in microeconomic theory are available on Professor Burkett’s class Website.
  • Theoretical Economics – This is a journal devoted to research on economic theory that is published three times per year with all its content being available for free.