In this relatively short survey, we present the core elements of the microeconomic analysis of insurance markets at a level suitable for senior undergraduate and graduate economics students. The aim of this analysis is to understand how insurance markets work, what their fundamental economic functions are, and how efficiently they may be expected to carry these out.

Economy is dynamic and changing. One of the biggest problems with the introductory economics courses is that they are too static. System Dynamics can help us in teaching dynamic aspects of economy. “Supply Demand World” (SDW) is an Interactive Learning Environment (ILE) to teach introductory microeconomics based on the system thinking and system dynamics concepts. The paper presents the underly...

The use of online course research, while limited, is inconclusive in determining expected student performance in online versus a traditional lecture format. introductory microeconomics classes, analyzing learning differences between those in online and traditional lecture classes. In addition to comparing overall performances, the researchers tested further to determine if gender, ethnicity, ma...

When I studied microeconomics forty years ago, I was first taught how optimizing firms and consumers would behave, and then taught the nature of the economic equilibrium which would result from such behavior. Let me refer to this as part one and part two of my microeconomics course. My work on portfolio theory considers how an optimizing investor would behave, whereas the work by Sharpe and Lin...

An abstraction of normal form games is proposed, called Feasibility/Desirability Games (or FD Games in short). FD Games can be seen from three points of view: as a new presentation of games in which Nash equilibria can be found, as choice models in microeconomics or as a model of evolution in games.

www.philadelphiafed.org Leonard Nakamura is an assistant vice president and economist in the Philadelphia Fed’s Research Department, where he is also head of the Regional and Applied Microeconomics section. This article is available free of charge at www. philadelphiafed.org/research-and-data/ publications/. W BY LEONARD NAKAMURA How Much Is That Home Really Worth? Appraisal Bias and House-Pric...

After many years of teaching utility maximization in Microeconomics a certain paradoxical puzzle has come to our attention. It is very simple and straightforward, but we still find it hard explain students. Our hope that the distinguished community theoretical economists may help us solve this mystery. all, would extremely unlikely are first persons identify paradox.