Course Description
This course covers models of individual decision-making under certainty and uncertainty. Applications include risk sharing and financial markets; contracts and information economics; village economies and national development; models with money and credit; trade, spatial economics and differentiated commodities.
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Problem Sets with Solutions
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Lecture Notes
![A photograph of a store window with an outline of the state of Texas in neon. Inside the outline are the words "Play Lottery."](/courses/14-123-microeconomic-theory-iii-spring-2015/382000ab464dd745420b11a36c8de103_14-123s15.jpg)
A neon sign in a store window lures passersby to come in and buy a lottery ticket. Playing the lottery is considered “decision making under risk” in the field of microeconomics. (Image courtesy of Ana Belén Ramón on Flickr. License: CC BY-NC-SA.)