Microeconomic Theory I
Objectives
This course aims to introduce the fundamental concepts and techniques of consumer and producer theory, and game theory, at an advanced level. It follows closely Mas- Colell/Whinston/Green (1995).
General characterization
Code
270100
Credits
7
Responsible teacher
Paulo Côrte-Real
Hours
Weekly - Available soon
Total - Available soon
Teaching language
English
Prerequisites
Available soon
Bibliography
This course follows Mas-Colell/Whinston/Green, Microeconomic Theory (1995), chapters 1- 9.
Alternative readings are:
Varian (1992), Microeconomic Analysis (3rd edition). Norton Fudenberg D and Tirole J (1996), Game Theory. The MIT Press
RESOURCES.
Moodle page, with news and course materials
Teaching method
Each week there will be two lectures (1.5 hours each). Students are expected to attend the lectures and to follow the discussion and proofs of the main results, as well as applications to different economic settings. Students are also expected to solve problems that require them to look for relevant references, in addition to applying the concepts, results and methodologies seen in class.
Evaluation method
The Final Exam is mandatory and must cover the entire span of the course. The weight of the final exam should not be less than 30% nor exceed 70%. The remainder of the evaluation can consist of class participation, midterm exams, in class tests, etc. Overall, written in class assessment (final exam, midterm) must have a weight of at least 50%.
Final exam (50%, minimum 8.0), Midterm (30%), Class participation (20%)
Subject matter
Topics covered are:
1. Classic consumer theory (preference, utility, duality)
2. Revealed preference (WARP, SARP)
3. Producer theory (technology, cost, duality)
4. Choice under uncertainty (lotteries, preferences, expected utility)
5. Game theory (Strategic form games, Nash equilibrium, extensive form games, SPE, Bayesian games and equilibrium concepts)