32424 - Advanced Microeconomics

Learning outcomes

The aim of this course is to provide a thorough knowledge of theoretical models and analythical methods of modern microeconomics.  

Course contents

ORGANIZATION OF LECTURES:

The course is organized with all lectures taught in presence. The number of students allowed in class is determined on the basis of class capacity and by the health and safety provisions that deal with the pandemic emergency. In case more students want to attend classes in presence than permitted by the rules, a system of shifts will be organized so to allow students to participate. Regardless of the health-related conditions and the specific organization of the course, students will be able to follow the lessons of the entire course remotely on MS TEAMS.

 

COURSE CONTENT:

PART I: Consumer theory
1. Utility maximization
2. Expenditure minimization
3. Duality and comparative statics
4. Decisions under uncertainty: Expected utility theory

PART II: Theory of the firm
5. Technology and production function
6. Profit maximization
7. Cost minimization
8. Cost functions, geometry of costs, duality

PART III: General Equilibrium
9. Pure exchange economies
10. Economies with consumption and production

Readings/Bibliography

The main textbook is Jehle G.A. e P. Reny: "Advanced Microeconomic Theory, Prentice Hall, 2010.

Further readings:

• D.M. Kreps: "A Course in Microeconomic Theory", Prentice Hall, 1990 
• A. Mas-Colell, M.D. Whinston, J.R. Green:"Microeconomic Theory", Oxford University Press, 1995 (more advanced)
• H. R. Varian: "Microeconomic Analysis", third Edition 1992, W.W. Northon & Co. Inc.

The course's web-page, where slides can be downloaded, is http://nadiaburani.altervista.org/MAV2019.html

Finally, additional material can be found on Insegnamenti Online

Teaching methods

Lectures and tutorials.

As for mathematical prerequisites, a good knowlwdge of the following topics is needed:

• linear algebra
• functions of many variables
• differential calculus
• optimization subject to constraints

Students who lack such prerequisites are invited to catch up as soon as possible by attending the crash-course in Mathematics and by studying the mathematical appendices of the above-listed texts. 

Assessment methods

The final assessment consists in awrittenexamination with analytical exercises and theoretical questions. Analytical exercises are worth 2/3 of the final grade while theoretical questions are worth 1/3.

Students who attend all lectures have the possibility to undertake a mid-term examination on the first part of the programme and a final examination on the rest of thesyllabus.

No oral examinations are admitted.

Teaching tools

Theory will be complemented by tutorials to be added to the ordinary time schedule.

Office hours

See the website of Nadia Burani