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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.

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Suggested textbooks and readings

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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Last update: 30/01/2018 10:02
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