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Principles of Microeconomics - Lecture 20

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Lecture 20 - Welfare Economics

Up until now, our analysis of consumers and firms alike has assumed that both have perfect knowledge of the future. However, the world is filled with uncertainty. We don't know if it will rain tomorrow, if the stock market will go up next year, or if a new business will succeed or fail. This lecture analyzes the implications of uncertainty for consumer decisions.

Prof. Jonathan Gruber
14.01 Principles of Microeconomics
(Massachusetts Institute of Technology: MIT OpenCourseWare)
http://ocw.mit.edu
Date accessed: 2012-03-01
License: Creative Commons BY-NC-SA

Lecture Material

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1. Problem Set Questions (PDF)
2. Problem Set Solutions (PDF)
3. Solution Video (Problem Set 8)

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