• Consumer Theory
  • Consumption set, preference relations, utility representation, expenditure minimization
• Equilibrium Analysis
  • Pareto efficiency, exchange equilibrium, existence and properties of equilibria
• Choice under Uncertainty and Markets for Uncertainty
  • Expected utility theory, individual choices under uncertainty, markets for uncertainty

     

After completing this course the student will have the ability to:

• describe the behaviour of individual economic agents (consumers and firms) and the aggregation of their actions in an institutional framework;
• assess economic activity, market outcomes and their efficiency in an equilibrium framework.

After completing this course the student will also have the ability to:

• analyze and judge economic arguments effectively;
• structure information into a coherent economic argument;
• recognize the complexity of economic systems.

Moreover, after completing this course the student will have the ability to:

• analyze microeconomic models;
• formulate hypotheses on the basis of observations;
• use microeconomic theory to explain features of economic activity and outcomes.

Students have to attend at least 80% of lectures - exams excluded.

• 20% clicker questions during class
• 40% written midterm exam
• 40% written final exam

Further information about the assessment will be provided by the lecturer.

Successful completion of

• Mathematics I and Mathematics II
• Probability
• Optimization

Students should have basic knowledge in

• undergraduate microeconomics, i.e. preferences, demand, supply, equilibrium, monopoly