MICROECONOMICS 1
Syllabus
EN
IT
Learning Objectives
LEARNING OUTCOMES: introduce the students to the analysis of consumption and production choices in the neoclassical approach. Offer to the students a presentation of the topics which is logically rigorous and mathematically funded. Introduce the students to the general equilibrium analysis of economies with complete and perfectly competitive markets, and to the fundamental theorems of welfare economics.
KNOWLEDGE AND UNDERSTANDING: knowledge and understanding of the main hypotheses and results of neoclassical theory of consumption and production, and of choice under uncertainty
APPLYING KNOWLEDGE AND UNDERSTANDING: use of the neoclassical approach to examine consumption and production choices of economic agents, even in settings with uncertainty, in competitive markets economies.
MAKING JUDGEMENTS: ability to evaluate the robustness of economic arguments in the light of the underlying modeling choices.
COMMUNICATION SKILLS: ability to illustrate the hypotheses and results of the neoclassical theory of consumption and production, and choice under uncertainty, being aware of limitations and possible applications
LEARNING SKILLS: ability to read, comprehend and evaluate advanced economic theory manuals and papers
KNOWLEDGE AND UNDERSTANDING: knowledge and understanding of the main hypotheses and results of neoclassical theory of consumption and production, and of choice under uncertainty
APPLYING KNOWLEDGE AND UNDERSTANDING: use of the neoclassical approach to examine consumption and production choices of economic agents, even in settings with uncertainty, in competitive markets economies.
MAKING JUDGEMENTS: ability to evaluate the robustness of economic arguments in the light of the underlying modeling choices.
COMMUNICATION SKILLS: ability to illustrate the hypotheses and results of the neoclassical theory of consumption and production, and choice under uncertainty, being aware of limitations and possible applications
LEARNING SKILLS: ability to read, comprehend and evaluate advanced economic theory manuals and papers
Prerequisites
Microeconomics (basics), Mathematics
Program
1. Consumer theory
2. Choice under uncertainty
3. Producer's theory
4. General equilibrium in an exchange economy
5. Fundamental Theorems of Welfare Economics
2. Choice under uncertainty
3. Producer's theory
4. General equilibrium in an exchange economy
5. Fundamental Theorems of Welfare Economics
Books
Main textbooks are:
1. [MWG] Mas-Colell, Whinston and Green (1995). "Microeconomic Theory", Oxford
University Press
2. [JR] Jehle and Reny (2011 - 3rd Edition). "Advanced Microeconomic Theory", Pearson
3. [DK] Kreps (2012). "Microeconomic Foundations I - Choice and Competitive Markets",
Princeton University Press
1. [MWG] Mas-Colell, Whinston and Green (1995). "Microeconomic Theory", Oxford
University Press
2. [JR] Jehle and Reny (2011 - 3rd Edition). "Advanced Microeconomic Theory", Pearson
3. [DK] Kreps (2012). "Microeconomic Foundations I - Choice and Competitive Markets",
Princeton University Press
Teaching methods
Frontal lectures, practical classes for the discussion of the applications of lectures'
materials and (take-home) problem sets.
Weekly workload is comprised of self-study and problem sets eventually proposed.
materials and (take-home) problem sets.
Weekly workload is comprised of self-study and problem sets eventually proposed.
Exam Rules
Written exam, with exercises and essay-type questions, which accounts for 60% of the
fianle grade. Continuous assessments during the practical classes, through problems sets
and class corrections/discussions, which account for 40% of the final grade.
The students will be evaluated in their capacity to understand and logically solve complex
problems, to apply suitable concepts and definitions to the problems' characteristics, and to
develop solutions and proofs solidly grounded in logic arguments.
The final exam will be comprised of questions and exercises on all topics discussed during
the course.
fianle grade. Continuous assessments during the practical classes, through problems sets
and class corrections/discussions, which account for 40% of the final grade.
The students will be evaluated in their capacity to understand and logically solve complex
problems, to apply suitable concepts and definitions to the problems' characteristics, and to
develop solutions and proofs solidly grounded in logic arguments.
The final exam will be comprised of questions and exercises on all topics discussed during
the course.