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Microeconomic Theory ( forår 2008 - 5 ECTS )

Rammer for udbud

  • Uddannelsessprog: (se under Undervisnings- og arbejdsform)
  • Niveau: Optional 4 th   semester course in the BSc (Economics and Management) program
  • Semester/kvarter: Every spring semester
  • Timer per uge: 4 lectures and 2 exercise classes per week for 7 weeks.
  • Deltagerbegrænsning: None
  • Undervisningssted: Århus
  • Hovedområde: Det Samfundsvidenskabelige Fakultet
  • Udbud ID: 10908

Formål

The students should be able to

 

  • analyze economic systems using the welfare theorems, under a variety of assumptions. Analyze general economic systems within the comparative static framework
  • reflect on the main assumptions behind the welfare theorems and sources for potential market inefficiencies
  • analyze economic problems using the theory of duality
  • relate specific functions for production and utility with their properties in economic analysis

Indhold

T he focus of this course will be on general equilibrium, welfare, externalities and public goods. The course will also cover aspects of consumer behaviour not covered in previous courses.   The following is an outline of the topics covered:

 

  1. General equilibrium without production
  2. General equilibrium with production
  3. Welfare analysis
  4. Externalities
  5. Public Goods
  6. Duality

 

General equilibrium analysis deals with how demand and supply conditions interact in several markets to determine the prices on several goods. This is different from partial equilibrium which deals with only the price of one good.

We study techniques that can be used to formalize ideas related to the distribution of welfare. We will focus on welfare functions, which provide ways of aggregating individual welfare.

An externality arises when the choices of some agents affect the production or utility of other agents. We will study the economic consequences of externalities.

A public good is a good that can be consumed simultaneously by everyone and from which no one can be excluded. Among other things, we will study in what amounts public goods should be provided. We will finally explore duality relations in microeconomic theory.  

 

COURSE SUBJECT AREAS:
  1. General equilibrium without production
  2. General equilibrium with production
  3. Welfare analysis
  4. Externalities
  5. Public Goods
  6. Duality

 

Faglige forudsætninger

None

Underviser

Allan Würtz

Undervisnings- og arbejdsform

4 lectures and 2 exercise classes per week for 7 weeks.

 

Danish

Litteratur

 

Hal Varian: Intermediate Microeconomics , 7 th edition, W.W. Norton and Company , chapters 31-36 (pp. 540-666), 127 pages.

Hal Varian: Microeconomic Analysis, 3 rd edition, W.W. Norton and Company, chapters 6-8 (pp.81-143), 17-18 (pp.314-357), 22-24 (pp.404-430), 134 pages.

 

A total of 261 pages.

Studieordning og bedømmelse


Bacheloruddannelsen i økonomi

  • Skriftlig, bedømt efter 7-skala med intern censur


Written examination of 4 hours duration jointly with

International economics and Growth (International økonomi og vækst).

 

EXAMINATION AIDS ALLOWED: None