Peter J Wilcoxen > PAI 300 Economics for Policy Analysis

Course Outline

Here's the preliminary list of the topics to be covered this semester. It's organized into broad categories and we may skip around between sections during the semester. Topics that are links have optional exercises, additional information or both.

General Information

Online tools and math references.

Markets and Policies

Core economic concepts and the basic structure and functioning of markets.

Asymmetric Information and Adverse Selection
Distribution of Property Rights
Demand, Willingness to Pay and Marginal Benefits
Supply and Willingness to Accept
Market Equilibrium
Consumer Surplus
Producer Surplus
Gains from Trade
Social Surplus
Pareto Efficiency
Deadweight Loss
Taxes
Tax Burdens
Price Elasticities
Effective Tax Rates
Progressive and Regressive Taxes
Positive Externalities and Marginal Social Benefit
Negative Externalities and Marginal Social Cost
Subsidies
Cross Subsidies
Price Controls

Production

Production and costs; marginal and average costs and revenue; objectives and constraints of organizations, including profits, revenue and output.

Production Functions
Fixed and Variable Factors
Isoquants
Returns to Scale
Cost Minimization
Average and Marginal Costs
Fixed, Variable and Sunk Costs
Short Run and Long Run Costs
Average and Marginal Revenue
Price Taking
Profit Maximization
Output Maximization
Monopoly Behavior
Competitive Supply in the Short Run
Entry and Exit of Firms in the Long Run

Cost Benefit Analysis

Analysis of long term decisions and decisions under uncertainty.

Present Value (PV)
Bonds
Total Cost of Ownership (TCO)
Uncertainty
Decision Trees
Expected Value (EV)
Value of Information (VOI)
Fair Insurance
Valuing Changes in Risks

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Peter J Wilcoxen, The Maxwell School, Syracuse University
Revised 01/13/2025