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MICROECONOMIC ANALYSIS
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Microeconomic analysis
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Academic year 2017/2018
- Course ID
- SEM0078
- Teaching staff
- Andrea Gallice (Lecturer)
Davide Vannoni (Lecturer)
Massimiliano Piacenza (Lecturer) - Year
- 1st year
- Type
- Distinctive
- Credits/Recognition
- 9
- Course disciplinary sector (SSD)
- SECS-P/01 - economia politica
- Delivery
- Formal authority
- Language
- English
- Attendance
- Optional
- Type of examination
- Written
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Sommario del corso
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Course objectives
Microeconomic Analysis 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.
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Results of learning outcomes
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.
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Course delivery
Classroom lectures of 2-3 hours according to the academic calendar for a total of 72 hours.
Instructors will use slides that will be distributed to students.
Attendance is not compulsory but strongly suggested.
Assignments may 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.
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Learning assessment methods
Written exam (90 minutes).
The exam will consists of 4 open questions and problems that the student must solve.
Each question/problem will be assigned a specific mark, depending on the difficulty. The final mark will fall in the usual range 0-30, where 18/30 is the minimum passing grade.
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Program
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.
Uncertainty and risk.
Partial and general equilibrium analysis.
Suggested readings and bibliography
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F. COWELL, Microeconomics- Principles and Analysis, Oxford University Press, 2006.
Handouts prepared by the teacher.
Other textbooks that can be consulted: 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.
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