88-220 Policy Analysis I Units: 9.0 Department: Social & Decision Sci. Notes: Some seats are reserved for students in SDS. Related URLs: http://hss.cmu.edu/HTML/departments/sds/ This course presents the basic ideas of microeconomic analysis, providing an introduction to issues in policy analysis and management. The first part of the course consists of a positive analysis of private markets, examining consumer choice, the supply and demand of factors and produced goods, and general and partial equilibrium. The second part of the course consists of a normative analysis of markets. This begins with an examination of the conditions necessary for markets to be economically efficient. This is followed by a detailed analysis of market failure, when private markets are not efficient. The strengths and weaknesses of markets are then examined in a broader framework encompassing concerns with information decentralization, incentive compatibility, transactions costs, and non-efficiency criteria such as equity and fairness. Markets are compared in this light with organizational, governmental, and other modes of resource allocation. Grading will be based mainly on 3 exams. Homework assignments and/or quizzes will comprise a smaller part of the grade. Priority access is given to SDS junior and senior students.

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