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4415: Micro 2 ( efterår 2011 - 10 ECTS )

Rammer for udbud

  • Uddannelsessprog: engelsk
  • Niveau: Elective MSc & IMSQE course (7515)
  • Semester/kvarter: Autumn 2011  
  • Timer per uge: 4 lectures for 12 weeks. Timetables can be found at: http://econ.au.dk/studies/teaching-and-examination/teaching/timetables/
  • Deltagerbegrænsning:
  • Undervisningssted: Århus
  • Hovedområde: Det Samfundsvidenskabelige Fakultet
  • Udbud ID: 28675

Formål

LEARNING OBJECTIVES: Students should be able to apply formal mathematical arguments when analyzing economic problems.

Part I

  • Analyze decisions of consumers:
    - Reflect on the underlying assumptions in consumer theory.
    - Analyze individual decision making using tools from constrained maximization, duality theory and revealed preferences.
    - Identify the properties for a range of specific functions for utility

 

  • Analyze the functioning of market economies in a general equilibrium setting:
    - Derive different properties of market economies using the concept of competitive equilibrium
    - Memorize the concept of Pareto optimality and analyze economic systems using the welfare theorems.

Part II

  • Identify the desired properties of social preferences or social choice rules and analyze the difficulties of constructing social preferences with such properties.
  • Analyze the incentive problems that arise when there is an informational asymmetry between policy maker and economic agents.
  • Apply these ideas to the design of auctions.

Indhold

COURSE DESCRIPTION: The first part of the course aims at extending the economics toolbox from the earlier microeconomic courses (such as consumer theory and general equilibrium theory) to richer settings.

The second part of the course deals with information asymmetries in strategic environments: it asks how to design environments or institutions to achieve socially desirable outcomes. First, the course gives an introduction to social choice theory and then studies mechanism design with applications to auction theory.

COURSE SUBJECT AREAS:

Part I (Individual Decision Making and Market Equilibrium)
1. Consumer Theory
2. Decision Making under Uncertainty
3. General Equilibrium

Part II (Social Choice and Mechanism Design)
1. Social Choice Theory
2. Mechanism Design
3. Auctions

Faglige forudsætninger

 

REQUIRED COURSES (progression): 3410: Micro 1

 

Underviser

  LECTURER: Norovsambuu Tumennasan

 

Undervisnings- og arbejdsform

 

TEACHING METHOD: Lectures + tutorials/discussions/workshops

 

 

TEACHING LANGUAGE:  English

 

Litteratur

LITERATURE:

  • Mas-Colell, A., Whinston, M., & Green, J., 1995, Microeconomic Theory, Oxford University Press (MWG)
  • Jehle, G., & Reny, P., 2001, Advanced Microeconomic Theory, 2nd edition, Addison-Wesley (JR)
  • Krishna, V. , 2002, Auction Theory, Academic Press (K)
  • Myerson, R.B., 1997, Game Theory: Analysis of Conflict, Harvard University Press (M)

Part I
MWG, ch. 1 - 3, 6, 15 - 17 and 19, supplemented by JR, ch. 1 ,2 and 5.

Part II
MWG, ch. 21-23, supplemented by JR, ch. 6, and 9, K, ch. 1 - 5, BD, ch. 2, 4 and 9 - 10, M, ch. 10.

Total: approx. 500 pages. 

 

Studieordning og bedømmelse


Kandidatuddannelsen i økonomi

  • Skriftlig, bedømt efter 7-skala med intern censur


 

FORM OF ASSESSMENT: 4-hour written exam

 

EXAMINATION AIDS ALLOWED: Only mother-tongue/English dictionary