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MICROECONOMICS 1

Program

Updated A.Y. 2018-2019

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)