LMU Public Economics - 4998
This is the Fall 2024 course syllabus and website for Loyola Marymount Economics 4998- Public Economics.
This page serves as the living syllabus for the course. It will be continuously updated throughout the semester. Please check it regularly. If you are not viewing this syllabus through my website, please visit:
https://gregcleo.com/3.Teaching/econ4998.html
Textbook
The Class Notes are the official textbook for the course. I will update it throughout the semester.
Updates
10/11/2024- Added solutions 7-9.
10/10/2024- Added solutions for all exercises through chapter 6. 7-9 will be posted tomorrow.
10/9/2024- Large update. Combined sections 5 and 6 into what is not section 5. Expanded sections 8,9,10. Added key topics to each section. The notes are now complete through section 10 which is the material covered on the first midterm.
Description
This course is designed to explore the concepts of efficiency and fairness in both market and non-market settings. We will start by examining core principles such as optimization, ordinal relations, utility, and measures of efficiency and fairness to build a strong foundation. Next, we will analyze simple exchange markets, their successes and failures, and see how property rights can help address market inefficiencies. We will then shift focus to non-market collective decisions, addressing the challenges of achieving efficiency and fairness in public goods and common resource problems. Additionally, we will explore how imperfect information exacerbates these issues and discuss potential solutions.
The course emphasizes intuitive understanding and practical application of economic theory. You will engage with a variety models to see how economic tools can tackle problems of efficiency and fairness in public economics. This course will challenge you to think critically about the role of economists in shaping public policy, societal outcomes, and collective decision-making, providing insight into how economic theory can inform real-world decisions and actions.
Mathematical Rigor
The only mathematical pre-requisite for this course is multivariate calculus. I will draw on tools from other areas of mathematics, but I will introduce these tools to you as we learn. I emphasize intuition and deep understand over the mechanical process of solving problems.
Grading
There will be one midterm and a final exam. They are tentatively placed in the schedule below. Grading will be based 30% on the midterm exam, 50% on the final exam, and 20% on homework.
Policies
The Academic Honesty policies apply to this course. For policies regarding accommodations and disabilities, please see the DSS website.
Times
Class Meetings: Tuesday/Thursday 1:45-3:25 (UNH 3222) or 3:40-5:20 (UNH 2228)
Greg's office hours: Tuesday 11-12pm in University Hall 4225.
Homework
Homework 1. (Due 9/12) Exercises from Chapters 1,2.
Homework 2. (Due 10/8) Exercises from Chapters 3-6.
Homework 3. (Not Due) Exercises from Chapters 7-9.
Exams
10/17/24 Midterm Covering Chapters 1-9.
Raw Lecture Notes
8/27/24 Appendix Capter A Optimization
8/29/24 Exercises from Chapter A Optimization Raw Notes from 8/29.
9/3/24 Chapter 1: Preferences Raw Notes from 9/3.
9/5/24 Chapter 1/2: Preferences and Utility Raw Notes from 9/5.
9/10/24 Chapter 3: Framework Raw Notes from 9/10.
9/12/24 Chapter 4: Pareto Efficiency Raw Notes from 9/12.
9/17/24 Chapter 4-5: Pareto Efficiency and Social Preferences Raw Notes from 9/17.
9/19/24 Chapter 5: Preference Aggregation Rules Raw Notes from 9/19.
9/26/24 Chapter 6: Preference Aggregation Properties Raw Notes from 9/26.
10/01/24 Chapter 7-8: Social Choice Functions Raw Notes from 10/1.
10/08/24 Chapter 9: Strategic Voting Raw Notes from 10/8.
10/10/24 Chapter 10: Welfare Functions Raw Notes from 10/10.
Resources
Need to review derivatives?
Review Sheet
Practice Problems
Solutions