Module Code - Title:
EC6011
-
MICROECONOMIC THEORY
Year Last Offered:
2022/3
Hours Per Week:
Grading Type:
Prerequisite Modules:
Rationale and Purpose of the Module:
This module will be concerned with fundamental aspects of advanced microeconomic theory. The aim of the module is to provide a firm grounding in microeconomic techniques with an emphasis on real world applications of the analysis. In the context of the programme in which the subject is offered, this module will provide a firm grounding in microeconomic techniques to serve as a basis for other modules the students will encounter throughout the programme.
Syllabus:
The syllabus is structured as follows:
Consumer theory: Individual choice under certainty specifically identifying preference relations, revealed preferences, consumer demand, duality and inter-temporal choice. Individual choice under uncertainty including expected utility theory will also be discussed.
Producer theory: Investigation of topics such as profit maximisation in the long and short run, cost minimisation, profit functions and the firm as a behavioural entity.
Game theory: Theoretical and applicative aspects of game theory including extensive and normal form game theories and also backward induction and subgame perfect outcomes.
Information economics: Areas of information economics such as moral hazard, incentives, adverse selection and market signalling are investigated.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
Apply core advanced economic theory and quantitative methods to applied topics.
Demonstrate a broad and deep knowledge of advanced core areas of economics.
Affective (Attitudes and Values)
Show understanding of advanced analytical methods, both theory- and model-based.
Reason logically and work analytically.
Select and apply appropriate techniques to solve problems.
Psychomotor (Physical Skills)
N/A
How the Module will be Taught and what will be the Learning Experiences of the Students:
N/A
Research Findings Incorporated in to the Syllabus (If Relevant):
N/A
Prime Texts:
Varian, H. (2006)
Intermediate Microeconomics
, Norton.
Other Relevant Texts:
Jehle, G. and Reny, P. (2001)
Advanced Microeconomic Theory
, London: Pearson
Perloff, J. (2008)
Microeconomics: Theory and Applications with Calculus (2nd Edition)
, Basingstoke: Addison Wesley Publishers.
Molho, I. (1997)
The Economics of Information
, London: Blackwell.
Programme(s) in which this Module is Offered:
Semester - Year to be First Offered:
Module Leader:
marta.zieba@ul.ie