[nilesh]

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Can you provide me the M.Sc. Economics Program Syllabus offered by Department of Economics of North-Eastern Hill University, Shillong?

[prince karak]

The M.Sc. Economics Program Syllabus offered by Department of Economics of North-Eastern Hill University, Shillong is as follows:

Unit-I: Consumer Behavior (12)
Axioms of preference ordering: lexicographic ordering; Properties of demand functions; Utility function: direct and indirect; homotheticity, additivity and separability; Duality in consumption; Revealed Preference theory; Lancaster's model of consumer technology; Pragmatic approach to demand analysis; Linear expenditure systems.

Unit-II: Production and Costs (12)
Production function: Concept, Elasticity of substitution; Homogeneity and homotheticity; Two-inputs production functions with constant elasticity of substitution; Production functions with multiple inputs; problems in defining elasticity; McFadden-Uzawa impossibility theorems; Allen-Uzawa elasticity of substitution; Morishima’s gross elasticity of substitution; Economies of scale; Modern theories of costs –
Empirical evidences: Derivation of cost functions from production functions; Duality in production; Unbiased and biased technical progress: Hicks and Harrod.

Unit-III: Market (12)
Non-collusive oligopolistic models of Cournot; Bertrand, Stackelberg, Chamberlin and Sweezy (Kinked demand curve); Collusive models of oligopoly; Elements of game theory: Definitions, Concept of a game;
Strategies – Simple and mixed; Nash equilibrium; Value of a game; Saddle point solution; Simple applications.

Unit-IV: Risk and Uncertainty (12)
Individual behaviour towards risk, expected utility and uncertainty equivalence approaches; Risk and risk aversion – gambling and insurance, the economics of insurance, cost of risk, risk pooling and risk spreading, mean-variance analysis and portfolio selection; efficient market hypothesis; Economics of information.

Basic Reading List
1. Baumol, W.J. (1985): Economic Theory and Operations Analysis, Prentice Hall.
2. Henderson, J. and R.A. Quandt (1984): Microeconomic Theory, McGraw Hill, Tokyo.
3. Koutsoyiannis, A. (1980): Microeconomic Theory, MacMillan.
4. Lancaster, K. (1972): Consumer Demand: A New Approach, CUP, NY.
5. Layard, P.R.G. and A.A. Walters (1978): Microeconomic Theory, McGraw Hill, NY.
6. Mas Colell, A. M. D. Winston and J. R. Green (1995), Microeconomic Theory, Oxford Univ. Press, NY.
7. Sen, A. (1999): Microeconomics: Theory and Applications, OUP, ND.
8. Shepherd, R.W. (1970): Theory of Cost and Production Functions, Princeton Univ. Press, N.J.
9. Salvatore, D. (2003): Microeconomics: Theory and Applications, OUP, New Delhi.
10. Varian, H. (2000): Intermediate Microeconomics: A Modern Approach (5e), Affiliated East-West Press.
11. Varian, H. (2000): Microeconomic Analysis, W.W. Norton, NY.