Advanced Economics
Where Concepts gives you the idea, this gives you the machinery: the models, the proofs and the methods behind them. It assumes you have met calculus and some probability. Nothing here is harder than it needs to be, but it is not made easier than it is either.
- Instrumental variables A way to recover a causal effect when the thing you care about is tangled up with what you cannot see.
- The Bellman equation A problem stretching over all of time, rewritten as the same small problem faced once, again and again.
- The envelope theorem When you are already optimising, small changes to the thing you chose cost you nothing to first order.
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