Spring 2007

Spring 2007

Tigran Melkonyan
2106 Symons Hall
e-mail: tmelkonyan@arec.umd.edu
Ph: 301-405-1265

Class times: TuTh -- 9:30 – 10:45 (SYM 0209), F – 12:00 – 1:00 (SYM 3121)
Office Hours: Tu - 1:30 – 2:30

Grading:          

Mid-Semester Examination                           30%
Final Examination, as scheduled                    45%
Paper                                                       25%

Outline and Reading List

I. Multiproduct Supply Analysis and Related Topics

Chambers, R.G. Applied Production Analysis, Cambridge University Press, 1988, Chapter 7.

Cornes, R. Duality and Modern Economics, Cambridge University Press,1992, Chapters 5 and 6.3, 6.4, 6.5. (The bookstore has informed this title is not in stock.)

Luenberger, D.G. Microeconomic Theory. Chapters 2 and 3.

Panzar, J. C. and R. D. Willig. "Economies of Scale in Multi-output Production." QJE , August 1977, 481-493.

________. "Economies of Scope," AER, May 1981, 268-72.

Nerlove, M. The Dynamics of Supply, Johns Hopkins University Press,1958, Chapters III, VII, VIII.

Mundlak, Y. "Specification and Estimation of Agricultural Production Functions." Journal of Farm Economics (JFE), 1963, 433-42.

Binswanger, H. "A Cost-Function Approach to the Measurement of Factor Demand and Elasticities of Substitution." AJAE, 1974, 377-86

Lopez, R. "Estimating Substitution and Expansion Effects Using a Profit Function Framework." AJAE, 1984, 358-67.

Leathers, H. "Allocable Fixed Inputs as a Cause of Joint Production." AJAE, 1991, 1083-90.

Sheffrin, S. Rational Expectations, Cambridge University Press, 1983, Chapter 5.

Fisher, B. "Rational Expectations in Agricultural Economics: Research and Policy Analysis" AJAE, May 1982, 260-65.

Deaton, A. and J. Muellbauer. Economics and Consumer Behavior, 1980, Ch. 10.

Cornes. Ch. 6. 2.

II. Production and Markets Under Uncertainty

Chambers, R.G. and J. Quiggin. Uncertainty, Production, Choice, and Agency: The State-Contingent Approach, Chapters 2 and 4.

Hirshleifer, J. and J.G. Riley. The Analytics of Uncertainty and Information, Cambridge University Press, 1992, Chs. 1-4.

Luenberger, Chapters 11 and 12,

Sandmo, A. "On the Theory of the Competitive Firm under Price Uncertainty." American Economic Review, March 1971, 65-73.

Machina, M. "Choice under Uncertainty: Problems Solved and Unsolved." Journal of Economic Perspectives, Summer 1987, 121-54.

Newbery, D.M.G. and J.E. Stiglitz. "The Theory of Commodity Price Stabilization," Oxford University Press, 1981, Chs. 5-6.

Danthine, J.-P. "Information, Futures Prices and Stabilizing Speculation." JET, 1978, 79-82.

III. Aggregation

Cornes Ch. 8.

Deaton and Muellbauer, Chs. 3 and 6.

Chambers, Ch.5

Luenberger, Chapter 5.

Stoker, T. "Empirical Approaches to the Problem of Aggregation Over Individuals." JEL, 1993, 1827-74.

Kirman, A. "Whom or What Does the Representative Individual Represent?" Journal of Economic Perspectives, Spring 1992, 117-136.

IV. Multi-market and General Equilibrium

Dixit, A.K. and V. Norman, The Theory of International Trade, Cambridge University Press, 1980, Chs. 3-5.

Woodland, A.D. International Trade and Resource Allocation. North-Holland/ Elseveir, 1982, Chs. 3-5.

Mussa, M. "The Two-Sector Model in Terms of its Dual: A Geometric Exposition", Journal of International Economics, 1979, 513-526.

Gruen, F. H. "Agriculture and Technical Change," JFE, 1961, 838-58.

Lopez, R. "Analysis of a Small Open Economy: The Case of Energy Prices in Canada." AJAE, 1982, 510-519.

Chambers, R. "The Incidence of Agricultural Policies." Journal of Public Economics 57(1995):317-335.

V. Capital Theory and Investment

Nickel, S.J. The Investment Decisions of Firms, Cambridge University Press, 1978, Chs. 1-3.

Pindyck, R. S. "Irreversibility, Uncertainty, and Investment." Journal of Economic Literature, September 1991, 1110-1148.

Dasgupta, P.S. and G.M. Heal. Economic Theory and Exhaustible Resources, Cambridge University Press, 1979, Chs. 4-6.

Bliss, C. Capital Theory and the Distribution of Income, North-Holland, 1975, Ch. 5.

Arrow, K.J. and M. Kurz. Public Investment, The Rate of Return, and Optimal Fiscal Policy, Johns Hopkins University Press, 1970, Chs. III and IV.