Advanced Microeconomics I
This is the first course in Advanced Microeconomics, intended for students who wish to pursue doctoral studies in Economics and related subjects or for students who wish to learn Microeconomics with a high technical rigour. Starting with the classic theory of consumer behavior and production, the module also will cover decision theory and general equilibrium theory.
Full module specification
|Module title:||Advanced Microeconomics I|
|Duration of module:||
Duration (weeks) - term 1: |
The aim of the module is to develop the basic tools for formally analysing problems of resource allocation used by economists. After completing this course you will be able analytically represent and solve economic allocation problems.
ILO: Module-specific skills
- 1. Critically evaluate tractable models that form key ingredients of microeconomic problems..
- 2. Formally solve analytical models.
ILO: Discipline-specific skills
- 3. Critically evaluate current frontier research.
- 4. Acquire the analytical skills necessary to transform preliminary ideas into formal models.
ILO: Personal and key skills
- 5. Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision-making.
- 6. Communicate and present complex formal arguments in written form with clarity and succinctness.
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning and Teaching||22||Lectures (2 hours per week)|
|Scheduled Learning and Teaching||10||Tutorials (1 hour per week)|
|Guided Independent Study||55 (5 per week)||Reading|
|Guided Independent Study||63 (approx. 6 hours per week)||Preparing problem set answers and preparing for examinations|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Weekly problem sets||50 minutes||1-6||Oral/written(ELE)|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Mid-term exam||10||50 minutes||1-6||Oral/written (ELE)|
|Final Exam||90||3 hours||1-6||Written feedback (ELE)|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Examination and Mid Term||Re-sit Exam (100%) (3 hours).||1-6||Aug/Sep|
1. Preferences and choice, Introduction to the concept of consumption set.
2. Competitive budgets, demand functions and comparative statics. WARP
3. Classical Demand theory( Preference relation, utility, Utility maximisation problem, Expenditure minimisation problem, Duality, Indirect utility, SARP)
4. Production sets, Profit maximisation and cost minimisation, aggregation, efficient production
5. Introduction to static Games of complete information; Idea of Nash Equilibrium
6. Dynamic games of complete information; Idea of subgame perfection and applications.
Indicative learning resources - Basic reading
Mas-Colell, A, Whinston, M, Green, J (1995). Microeconomic Theory. New York, Oxford University Press.
Fudenberg and Tirole, GAME THEORY
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
Last revision date