Advanced Microeconomics

ECTS Credits: 8

Structure of the Course:

This course introduces students to graduate level Microeconomic theory. The course will cover in-depth the modern microeconomic theory of economic choices made by individual consumers and firms. Main focus will be on producer theory, consumer theory, general equilibrium analysis and non-cooperative games. You are expected to have a background on relevant mathematical concepts, such as sets, functions, limits, derivatives, sequences, and matrix algebra.

Required Textbooks:

Microeconomic Analysis by Hal R. Varian

Microeconomic Theory by Andreu Mas-Colell and Michael D. Whinston

Game Theory for Applied Economists by Robert Gibbons

Supplementary Microeconomics Textbooks:

Intermediate Microeconomics by Hal R. Varian

Microeconomics, by Robert S. Pindyck, Daniel L. Rubinfeld

A Primer in Game Theory, by Robert Gibbons

Supplementary Math Textbooks:

Fundamental Methods of Mathematical Economics by Alpha C. Chiang

Mathematical Methods and Models for Economists by Angel de la Fuente

Mathematics for Economists by Carl P. Simon and Lawrence Blume

Topics to be Covered:

Producer Theory

•Production Technology (Varian Ch1)

•Profit Maximization and Profit Functions (Varian Ch2-Varian Ch3)

•Cost Minimization and Cost Functions (Varian Ch4-Varian Ch5)

•Duality (Varian Ch6)

Consumer Theory

•Preferences and Utility Maximization (Varian Ch7)

•Consumer Choice (Varian Ch8)

•Demand (Varian Ch9)

General Equilibrium

•General Equilibrium Theory (Mas-Colell and Whinston Ch15)

•Equilibrium and Its Basic Welfare Properties (Mas-Colell and Whinston Ch16)

Non-Cooperative Game Theory

•Static Games of Complete Information (Gibbons Ch1/Mas-Colell and Whinston Ch7)

•Dynamic Games of Complete Information (Gibbons Ch2)