These notes describe some tools for solving microeconomic dynamic stochastic optimization problems, and show how to use those tools for effeciently estimating a standard life cycle consumption/saving model using microeconomic data. No attempt is made at a systematic overview of the many possible technical choices; instead, I present a specific set of methods that have proven useful in my own wo...

The variable returns to scale data envelopment analysis (DEA) model is developed with a maintained hypothesis of convexity in input-output space. This hypothesis is not consistent with standard microeconomic production theory that posits an S-shape for the production frontier, i.e. for production technologies that obey the Regular Ultra Passum Law. Consequently, measures of technical efficiency...

This paper examines the relationship among budget deficit, inflation rate and debt to GDP ratio from perspective of Functional Finance Theory MMT (Modern Monetary Theory). Using an overlapping generations model under monopolistic competition with bequest motive consumers, mainly we will show following results. • Under full employment constant prices or does not change a period next The interest...

My assigned topic is the question: Can policymakers spur or deter technological change? The question is to be addressed from a micro perspective, by examining policies regarding research and development (R&D), patents, and competition. Since there is no point in keeping the reader in suspense, I shall argue that government policy plays a major role in influencing the rate of technological chang...

Preface These lecture notes grew out of several years of teaching a course on Advanced Microeconomics, first at the Indian Institute of Management, Ahmedabad and subsequently at the University of Witwatersrand, Johannesburg. When we were students at graduate schools in US (during the mid 1980's), a typical first year graduate Microeconomics course, revolved around Hal Varian's classic on the su...