Aggiornato A.A. 2016-2017
Course content
This is an advanced course in microeconomic theory. The course covers the following topics of microeconomics: consumer and producer behavior, partial and general equilibrium, behavior under uncertainty. The material covered in this course is important in its own right, as a description and explanation of economic agents acting in rational manner, but also as the foundation for macroeconomics and for the many specialist subjects within economics.
Knowledge outcomes and skills
You will learn the fundamental methods of microeconomics, and be provided with the basic tools and concepts required to understand scientific papers at the research frontier of microeconomic theory and advanced/technical economic policy reports on microeconomic issues.
Language
The language of the course is English.
Teaching methods
The course is delivered by a mix of lectures, revision classes and graded home assignments. The majority of the formal material will be presented in the lectures: the revision classes and home assignments are mainly devoted to technical exercises and as such are a crucial ingredient of learning to do microeconomics yourself.
Textbooks
Main textbooks are
- Mas-Colell, A, M D Whiston and J R Green 1995, Microeconomic Theory. [MWG]
- Jehle, J A and P J Reny 2011, Advanced Microeconomic Theory (3rd ed.). [JR]
Useful references are:
- Deaton, A and J Muellbauer, 1980. \textit{Economics and consumer behaviour}
- Rubinstein, A, 2009. \textit{Lecture notes in microeconomic theory: the economic agent}
- Varian H, 2010. \textit{Microeconomic analysis}
- Miller, N H, 2006. \textit{Notes on Microeconomic Theory} (available at http://www.business.illinois.edu/nmiller/notes.html)
- Nicholson, W and C M Snyder. \textit{Microeconomic Theory: Basic Principles and Extensions} (11th or 10th edition)
Syllabus
- Consumption: preferences and utility, consumer’s problem, indirect utility and expenditure, consumer demand (MWG, ch: 2-3; JR, ch. 1.2)
- Production: technology, profit maximization, cost minimization, competitive firm (MWG, ch: 5; JR, ch. 3)
- Choice under uncertainty: expected utility (MWG, ch. 6; JR, ch. 2))
- General equilibrium: existence, efficiency, contingent plans (JR, ch: 5)
Examination
Students will be evaluated by means of a final exam (90% of the final grade) and of the performance in the home assignments (10%). After the winter exam session, the final exam will count for 100% of the final grade. The grading scale is from 0 to 30 cum laude, with 18 being the pass mark. In each exam session, the final exam will made out of 4 questions, of which 2 exercises and 2 essay-type. Students are to answer 3 out of 4 questions. Students are not allowed to resit the exam in the same exam session.
Aggiornato A.A. 2016-2017
Course content
This is an advanced course in microeconomic theory. The course covers the following topics of microeconomics: consumer and producer behavior, partial and general equilibrium, behavior under uncertainty. The material covered in this course is important in its own right, as a description and explanation of economic agents acting in rational manner, but also as the foundation for macroeconomics and for the many specialist subjects within economics.
Knowledge outcomes and skills
You will learn the fundamental methods of microeconomics, and be provided with the basic tools and concepts required to understand scientific papers at the research frontier of microeconomic theory and advanced/technical economic policy reports on microeconomic issues.
Language
The language of the course is English.
Teaching methods
The course is delivered by a mix of lectures, revision classes and graded home assignments. The majority of the formal material will be presented in the lectures: the revision classes and home assignments are mainly devoted to technical exercises and as such are a crucial ingredient of learning to do microeconomics yourself.
Textbooks
Main textbooks are
- Mas-Colell, A, M D Whiston and J R Green 1995, Microeconomic Theory. [MWG]
- Jehle, J A and P J Reny 2011, Advanced Microeconomic Theory (3rd ed.). [JR]
Useful references are:
- Deaton, A and J Muellbauer, 1980. \textit{Economics and consumer behaviour}
- Rubinstein, A, 2009. \textit{Lecture notes in microeconomic theory: the economic agent}
- Varian H, 2010. \textit{Microeconomic analysis}
- Miller, N H, 2006. \textit{Notes on Microeconomic Theory} (available at http://www.business.illinois.edu/nmiller/notes.html)
- Nicholson, W and C M Snyder. \textit{Microeconomic Theory: Basic Principles and Extensions} (11th or 10th edition)
Syllabus
- Consumption: preferences and utility, consumer’s problem, indirect utility and expenditure, consumer demand (MWG, ch: 2-3; JR, ch. 1.2)
- Production: technology, profit maximization, cost minimization, competitive firm (MWG, ch: 5; JR, ch. 3)
- Choice under uncertainty: expected utility (MWG, ch. 6; JR, ch. 2))
- General equilibrium: existence, efficiency, contingent plans (JR, ch: 5)
Examination
Students will be evaluated by means of a final exam (90% of the final grade) and of the performance in the home assignments (10%). After the winter exam session, the final exam will count for 100% of the final grade. The grading scale is from 0 to 30 cum laude, with 18 being the pass mark. In each exam session, the final exam will made out of 4 questions, of which 2 exercises and 2 essay-type. Students are to answer 3 out of 4 questions. Students are not allowed to resit the exam in the same exam session.
Prof.ssa Lucia Leonelli
