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| Detailed information |
| Original study plan |
Diploma programme (*)Wirtschaftswissenschaften 2009W |
| Objectives |
Students get an overview of the basics of microeconomic theory at the graduate level, in particular of consumer and producer theory and partial and general equilibrium. Students know the main concepts of microeconomic theory enabling them to read economic literature employing these concepts.
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| Subject |
Optimal decision of producers under given technology and given input and output prices - impact of price changes on firm behaviour (goods supply, input demand). Optimal consumption decisions by households under given preferences, and under given income and goods prices - impact of price changes on consumption behaviour (goods demand, factor supply). Measuring the impact of price and income changes on households' utility. Aggregation: moving from the level of individual firms and households to the level of an entire economy. Coordination of household and firm decisions: price mechanism and optimality of the market outcome under perfect competition. Violation of optimality through market power. Individual decision making and market efficiency under information asymmetries and uncertainty.
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| Criteria for evaluation |
20 % class room participation, 80 % final exam
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| Methods |
The course involves lectures, readings, and applied exercises.
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| Language |
English |
| Study material |
Mas-Colell, A., Whinston, M.D., Green, J.R. (1995). Microeconomic Theory. Oxford University Press.
Jehle G. A. and P. J. Reny (2011). Advanced Microeconomic Theory. Third Edition Pearson Press.
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| Changing subject? |
No |
| Further information |
none
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