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Preparing for Graduate Micro


econdinosaur1

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I'm an undergraduate who will be taking the PhD micro sequence at my school (top-30 US econ) beginning in the fall. My school uses MWG; I've purchased the book, as well as used copies of Sundaram and Simon and Blume for reference. Any advice you would have as I go through these difficult classes?

 

For reference, some relevant classes I've taken include Intermediate Micro, Calculus I-III, Linear Algebra (Proof-based), Mathematical Probability Theory, Mathematical Statistics, Analysis I, and Topology (all As).

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Find yourself a study group / problem set buddy as soon as possible.

 

This is the most important advice you can get. When I did it, 4 of us got together and met up every week, the day before tutorials, so we can discuss the problem set before submitting them. The first few ones are admittedly very simple, but the difficulty - complexity, rather - ramps up quite quickly.

 

Some extra comments. 'Suppose not' mathematical arguments are your best friends. 90% of the time, they'll work out.

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Apart from all the other advice mentioned -- You should be prepared for the very real possibility that you will drop the course; i.e. you should have a reserve option ready. You do have the necessary math background to do well in grad micro, but I'd guess up to 60-70% of people in your background nonetheless drop out of their first attempt at a grad econ course. I went to a US undergrad with a top 30 econ department as well, and we had around 4 out of 40 undergrads finish with an A in their first grad econ course over a period of 5 years. The "gap" in rigor between grad-level econ and undergrad-level econ is generally larger in mid-ranked departments, and can be hard to adjust to.

 

At some point in the second month, when the workload starts to ramp up and you're starting to get some feedback on whether you might be doing well in the course, you'll need to make an informed guess on whether you should continue investing so much time in that course, or drop it and try again later.

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