This module will be concerned with fundamental aspects of microeconomic theory with a special focus on applications for policy. Some of the topics covered might be familiar to you from undergraduate or previous studies, but where they are they will be treated in greater depth. The aim of the module is to provide a firm grounding in microeconomic techniques to serve as a basis for other (applied) modules you will encounter throughout the year

Part 1 The module will commence by reviewing some of key concepts within microeconomics that are most relevant to a policy setting. These include topics such as Pareto Efficiency, welfare functions and understanding the rationales for government interventions. From this, we will focus on expanding our understanding of demand and individual preferences through the neoclassical model and examine policy applications such as income and substitutions effects in depth. We next examine issues and welfare and finally we look at the concepts of stated and revealed preferences, with a particular focus on the valuation of non-market goods using methodologies such as contingent valuation and discrete choice experiments. Finally, we will consider some aspects of behavioural economics. Part 2 In the second part of the course, we will turn attention to the supply side of economy. We will firstly investigate the firm's technology by using a variety of production concepts, including the specification of the production function. The assumptions regarding the economic behaviour of the firm, such as the cost minimisation and profit maximisation, will be also formulated. The output supply and input demand equations will be derived. The module will then proceed to the investigation of efficiency and productivity measurement of a firm in applied economics. We will focus on a non-parametric Data Envelopment Analysis (DEA) approach, and we will discuss its empirical applications to measuring efficiency and productivity in the health and education sectors. We also introduce the concept of Stochastic Frontier Analysis (SFA) to parametrically estimate the efficiency and productivity of the firm.

On successful completion of this module, students will be able to: 1: Apply core advanced economic theory and quantitative methods to applied topics. 2: Demonstrate a broad and deep knowledge of advanced core areas of economics.

On successful completion of this module, students will be able to: 1: Show understanding of advanced analytical methods, both theory- and model-based. 2: Reason logically and work analytically. 3: Select and apply appropriate techniques to solve problems.

On successful completion of this module, students will be able to: N/A

This module will be delivered using standard lectures. Lectures will focus on relating microeconomic theory to policy facing issues. The University of Limerick Graduate Attributes will be developed by: Broadening students' knowledge and proactivity through encouraging independent and directed research; emphasising student's responsibility to organise their time in an efficient manner and to work to specific deadlines. The module will draw from recent policy developments and published research in the relevant topics to help extend student's understanding.