In any institution based on the decentralized decision making of agents who follow their own goals, a fundamental question is how to structure interactions between them so that they are free to make their own decisions while avoiding outcomes that none would have chosen. The coordination failure occurs when the individuals find the aggregate effect of the decentralized decision making to be undesirable. In this course we discuss the types and causes of coordination problems, and using core concepts of economics and game theory will develop simple models to shed light on coordination problems in different markets and how institutions are developed to overcome them. 3 undergraduate hours
Available: Spring 2018
View Restriction/Override Information
Prerequisites (Must be complete BEFORE taking this course): MATH 220 or MATH 221 (Calculus 1) & ECON 302 (Intermediate Microeconomic Theory) or ECON 303 (Intermediate Macroeconomic Theory)
Instructor(s) Teaching Course (varies by semester): Ali Toossi
Syllabus (varies by semester and instructor): Toossi
