高级微观经济学习题 参考

高级微观经济学习题参考（需求理论、企业理论、不确定选择分析部分）I．Problems from MWG（马斯-克莱尔等《微观经济理论》中国社会科学出版）:Chapter 1: 1.D.5Chapter 2: 2.E.5, 2.E.8, 2.F.3, 2.F.5, Exercise 2.F.7 in the main text (prove Proposition2.F.3), 2.F.16 and 2.F17.Chapter 3: 3.C.6, 3.D.5, 3.G.4, 3.G.5, 3.G.14If you have not had enough by this point, 3.I.7 is also worth looking at, and has many similarities to Problem 3 above.Chapter 6: 6.B.4, 6.C.9, 6.C.16, 6.C.19, 6.E.3Depending on how detailed an answer you gave to the verbal question, you may still haveenergies remaining for 6.F.2, which is also worth looking at.II．Problem : Verbal Question.Verbal Questions.are very much unlike MWG problems, or standard problems in general. The idea is that they should be closer to applied microeconomic research, in that you are asked to come up with a formal model of some interesting phenomenon and derive analytically some meaningful implications. As a result, they tend to be quite open-ended: the question is formulated in a way that should guide the answer, but only up to a point. Specifically, there is no unique correct answer: there are always some things that a good answer should include-- not to mention several mistakes a good answer should not include-- but there tends to be no limit for improvement. It is only a slight exaggeration to say that the perfect answer to these questions would be a publishable paper, or at least the kernel of one. This is even more true of the Verbal Questions you will get in your exams.Verbal Question1：(a) What is the effect of an increase in housing prices on homeowners’ utility?(b) What is th e effect of a decrease in housing prices on homeowners’ utility?(c) What are the effects of changes in housing prices on renters’ utility?Hint—to answer these (1) you need to write down a formal model and come up with a formal expression for the change in utility, (2) you do not need any tools that we have not discussed in class (i.e. no dynamics, etc.).(d) If you were going to write down a dynamic model (think two periods), what would be the important factors that would determine the impact of housing p rices on homeowners’ utility levels?Sketch of an Answer to the Verbal Question1Verbal Question2：The parvenus’ utility (and marginal utility) from consumption of good Z is increasing in the average consumption of good Z by the aristocrats. The aristocrats’ utility (and marginal utility) from consumption of good Z is decreasing in the average consumption of good Z by the parvenus.a) Describe the static equilibrium and derive comparative statics of demand with respect to price. Which group will have a bigger response to price? What is the optimal government policy?b) Now assume that the parvenus are perpetually out of date, and care only about consumption of the aristocrats last period. The aristocrats instead know what is going on and care about consumption of the parvenus today. Characterize the equilibria and derive comparative statics. In particular, derive conditions under which you can get cycles. What implications can you draw for public policy?Sketch of an Answer to the Verbal Question2Verbal Question3：Assume that there are farmers and fishermen in a closed community. With some probability there is a drought that impacts farmers’ income, but not that of fishermen.a) Derive the price of a security that pays off in the event of a drought—note that, in a closed community, this security needs to be sold by fishermen to farmers. How will the price of this asset change with the share of the population that farms, the probability the drought and its severity? What about the incomes of farmers and fishermen? Also derive the consumption patterns of the groups in the two states of the world in the general case, and in the case of a power utility function—can you get any new (or better) comparative statics after specifying the functional form?b) Now assume that the fishermen also face a stochastic negative shock that reduces their income, and assume that there exists a security that pays off in the case of this shock. What happens in the case where the shocks are perfectly negatively correlated? (You may want to use the power utility function). What determines the price of the securities and overall consumption in the case where the two shocks are imperfectly correlated?c) To generalize, you may want to consider a continuum of professions, each potentially hit by an idiosyncratic shock, with securities that pay off in the event of each shock. What can you say about the pricing of these securities and the overall pattern of consumption for members of different professions?Sketch of an Answer to the Verbal Question3:。