Recommendations from older and wiser students about micro
prelim studying
Compiled by Jody
Everyone learns differently and everyone enters graduate school with a different economics background, meaning that there is no ÒrightÓ way to go about studying for prelims. However, after passing, most students agree on certain strategies for successful studying and books besides those required for the courses that are useful to have on hand. The GES decided we should compile a list of the most commonly mentioned recommendations for the micro prelim- while we donÕt guarantee a prelim pass, these resources should point you in the right direction of a good strategy.
Tips about the best way to prepare
-Solve problems, problems and more problems. Not enough can be said for doing as many problems as you can get your hands on. Particularly focus on recent years of prelim questions, but save at least one complete prelim to work through in a Òtimed trial.Ó
-Understanding the technical aspects of Mas-Collel is neither necessary nor sufficient to pass the micro prelim.
-DonÕt be afraid to ask professors for help!
Useful books to aid your studying
Good books for understanding the more fundamental
aspects of micro theory:
-ÒBabyÓ Varian, Intermediate Microeconomics
-very intuitive at the undergrad level, lots of graphical analyses
-ÒBigÓ Varian, Microeconomic
Analysis
-more advanced treatment of concepts in ÒBabyÓ Varian- a good middle ground between undergrad textbooks and Mas-Collel
-Kreps,
A Course in Microeconomic Theory
-Silberberg, The Structure of Economics: A Mathematical Analysis
-good math book other than Simon & Blume with many applications to economics optimization problems
601: -ÒBabyÓ Varian workbook
-hundreds of relatively basic problems to work through, good if youÕre taking the prelim for a second time
-Nicholson, Intermediate Microeconomics and Its Application
or Microeconomic Theory: Basic Principles and Extensions depending on the edition
-undergrad level with calculus, good for remembering how to solve basic optimization problems
-ECON 401 exams
-intermediate micro at UofM, lots of multiple choice questions to remind you of basic (and actually not-so-basic) consumer and producer theory
602 -Gibbons*, Game Theory
for Applied Economists
-covers most aspects of game theory that youÕll need for the prelim, has problems similar to the type Lones asks
-Luce
and Raiffa, Games and Decisions: Introduction and Critical Survey
-602 running problems
-LonesÕ list of problems he distributes during the course, indispensable for his class as well as the prelim
603 -Mas-Collel (notice this is the only time the ÒrequiredÓ textbook is on this list!)
-good discussion of the 2x2 model
-Layard
and Walters, Microeconomic Theory
-good treatment of GE and explanation of key theorems, but out-of-print, so ask around for photocopies floating around the department,
-Starr, General Equilibrium Theory
-good
treatment of GE, welfare theorems and the core
-ECON 401 homework problems
-Posted at http://www-personal.umich.edu/~ferrisa/micro/HWSp03.pdf
604 -Macho-Stadler and Perez-Castrillo*, An introduction to the economics of information :incentives and contracts
-problems similar to prelim problems with great solutions
*denotes books that almost everyone says are indispensable
WeÕre sure youÕre probably not worrying as much about the
macro prelim right now, but in case you want a head start, one book thatÕs
commonly suggested is MankiwÕs intermediate textbook, Macroeconomics.