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MICROECOMICS OF CONSUMPTION, PRODUCTION AND UNCERTAINTY

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MICROECOMICS OF CONSUMPTION, PRODUCTION AND UNCERTAINTY

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Academic year 2024/2025

Course ID
SEM0179
Teacher
Andrea Gallice (Lecturer)
Year
1st year
Teaching period
First semester
Type
Distinctive
Credits/Recognition
6
Course disciplinary sector (SSD)
SECS-P/01 - economics
Delivery
Formal authority
Language
English
Attendance
Optional
Type of examination
Written
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Sommario del corso

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Course objectives

The course is an advanced microeconomic theory course, providing modern treatments of consumer theory, production theory, and choice under uncertainty. It provides the student with a core set of principles and analytical tools to study all other fields of economics: macroeconomics, public economics, labor economics, industrial economics, international economics, monetary economics, international economics, managerial and financial economics. Topics are developed in depth and rigorously, helping the students to master theory and quantitative methods while gaining insights into how these can be applied.

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Results of learning outcomes

1) Knowledge and understanding ability

The course provides students with an advanced knowledge of some of the main microeconomic theory topics.

2) Capability to apply knowledge and understanding

At the end of the course students will be able to manage the main tools of microeconomics analysis, solve standard optimization problems, recognize and understand the incentives and the constraints of economic agents.

3) Capability to approach the subject in a critical manner

Student will learn how to fruitfully apply microeconomic theory for modelling the behavior of economic agents and undertaking sound empirical analysis.

4) Communication abilities

Students will learn how to effectively set up a problem, define and discuss the relevant assumptions, illustrate the solution methods, reach and explain the results, with a special focus on highlighting the economic intuitions and implications that stem out of them.  

5) Learning ability

The course enables students to understand the main building blocks of microeconomic theory and provides them with a necessary toolkit for undertaking further study and research work in Economics.

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Program

1) General Introduction. 

2) Consumer Theory

- Preferences and utility

- The consumer's problem and its solution

- Indirect utility and expenditure functions

- Duality

3) Uncertainty

- Expected utility

- Risk aversion

4) Theory of the Firm

- Production

- Costs

- Profit maximization

5) Advanced Topics (time allowing)

 

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Course delivery

Classroom lectures of 2-3 hours according to the academic calendar for a total of 48 hours.

Attendance is not compulsory but strongly suggested.

More information about the organization of the classes, the timetable and the available material is/will be available on the Moodle page of the course.

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Learning assessment methods

Written exam (90 minutes)

The exam will consists of 3 open questions and problems.

Each question/problem will be assigned a specific maximum grade, depending on how challenging it is.

The final grade will fall in the usual range 0-30L, where 18/30 is the minimum passing grade.

Suggested readings and bibliography



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Book
Title:  
Advanced Microeconomic Theory
Year of publication:  
2010
Publisher:  
Prentice Hall - Pearson
Author:  
JEHLE G.A., RENY P.J.
ISBN  
Required:  
No


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Last update: 23/07/2023 13:17
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