Two - Year Master Degree in Economics

Microeconomics II is a standard module on advanced microeconomic theory, providing modern treatments of consumer theory, production theory, choice under uncertainty and general equilibrium analysis. 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, introduced patiently, are developed in depth and rigorously, helping the students to master sophisticated theory while they gain insights into how it can be applied.

1) Knowledge and understanding ability

The course will provide students with an advanced knowledge of standard Microeconomic Theory.

2) Capability to apply knowledge and understanding

At the end of the course the student will be able to manage the main tools of Microeconomics Analysis and to solve standard optimization problems.

3) Capability to approach the subject in a critical manner

The student will have notions of how Microeconomic Theory can be fruitfully applied for undertaking sound empirical analysis.

4) Communication abilities

Students will learn how to effectively organize ideas mainly in written form. They are required to summarize, discuss and criticize the results of some selected academic papers.

5) Learning ability

The course will enable students to understand the main building blocks of Microeconomic Theory and will provide them with a necessary toolkit for undertaking further research work in Economics.

Classroom lectures. Use of slides. Assignments will be distributed during the course. Students can work individually or in small groups (2-3 students) but are each required to submit their own version of solutions to the assignment.

written 90' exam.

The role of microeconomic principles and models. 
Optimization problems. 
The theory of the firm: production and costs. 
Empirical Application: cost function estimation 
The firm and the market: perfect competition and monopoly 
Theory of Consumer Behaviour: from preferences to demand 
Empirical Application: demand function estimation 
The consumer and the Market: labour supply and saving decisions. Aggregation. 
Partial and general equilibrium analysis. 
Uncertainty and risk.

 F. COWELL, Microeconomics- Principles and Analysis, Oxford University Press, 2006. Handouts prepared by the teacher. Other textbooks Varian H. R. (1992), Microeconomic Analysis, Third Edition, Norton and Company. Gravelle H., Rees R. (2004) Microeconomics, Third Edition, FT Prentice Hall Jehle G., Reny P. (2001) Advanced Microeconomic Theory, Addison Wesley.