Advanced Microeconomics
A.Y. 2021/2022
Learning objectives
The course is designed to provide a rigorous introduction to the conceptual apparatus of modern microeconomics. Its objective is to equip students with the basic analytical tools required to read and understand contemporary literature in theoretical and applied microeconomics and to approach advanced research topics both in microeconomic theory and in other subfields of economics in which knowledge of microeconomic theory is required (e.g. development, education, health, industrial, international, labour, and public economics).
Expected learning outcomes
After the course, students must be able to use economic reasoning to understand the main determinants of individuals' and firms' decisions, the functioning of markets in real world settings, and how they are influenced by public policies or changes in economic fundamentals. This theoretical knowledge is highly complementary to the data analysis techniques that students will learn in other courses (such as "Research Methods") and are key to a correct understanding and interpretation of the empirical evidence.
Students will also acquire the basic knowledge needed to approach more advanced topics in other subfields of economics for which microeconomics is a pre-requisite (e.g. development, education, health, industrial, international, labour, and public economics, among others).
Students will also acquire the basic knowledge needed to approach more advanced topics in other subfields of economics for which microeconomics is a pre-requisite (e.g. development, education, health, industrial, international, labour, and public economics, among others).
Lesson period: Second trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Lesson period
Second trimester
Lectures and classes will be delivered in Microsoft Teams in a dedicated channel named "Advanced Microeconomics (EPS) - 2021/22". Teaching and learning material will be posted on the ARIEL website of the course https://mbrattiam.ariel.ctu.unimi.it/v5/home/Default.aspx.
Written online exams will take place using the exam.net platform, with invigilation through Zoom.
Written online exams will take place using the exam.net platform, with invigilation through Zoom.
Course syllabus
1. Preference and Utility
2. Demand Theory and Applications
3. Production Theory and Applications
4. Choice under uncertainty (conditional on time availability)
5. Perfect Competition
6. Monopoly
7. Externalities and Public Goods
The program could be subject to small changes from year to year. Please check the ARIEL website for updates.
2. Demand Theory and Applications
3. Production Theory and Applications
4. Choice under uncertainty (conditional on time availability)
5. Perfect Competition
6. Monopoly
7. Externalities and Public Goods
The program could be subject to small changes from year to year. Please check the ARIEL website for updates.
Prerequisites for admission
Students are expected to have fully mastered the topics dealt with in the course "Optimization" (6 credits), e.g. linear algebra, intermediate calculus, and an introduction to static optimization. A reasonable acquaintance with introductory and intermediate microeconomics (consumer and producer theory, partial competitive equilibrium theory) is expected.
Useful preparatory readings:
Hal Varian, Intermediate Microeconomics: A modern approach, 9th Edition (Last Edition).
Mathematics
Simon, C.P. and Blume, L. (1994), Mathematics for Economists, W. W. Norton & Company, Inc.
Useful preparatory readings:
Hal Varian, Intermediate Microeconomics: A modern approach, 9th Edition (Last Edition).
Mathematics
Simon, C.P. and Blume, L. (1994), Mathematics for Economists, W. W. Norton & Company, Inc.
Teaching methods
The course uses both lectures in which students are taught Microeconomic theory and classes mainly devoted to solving exercises.
Teaching Resources
Textbook
Munoz-Garcia (2017), Advanced Microeconomic Theory. An intuitive approach with examples, The MIT Press, Cambridge Massachusetts, London England. [chapters 1, 2, 3, 4, 5, 6 (partial equilibrium), 7, 9.1, 9.3.2, 9.11, 9.12. The list of chapters (sections) may be subject to small changes from year to year, please check the ARIEL website for updates.]
Exercises
Munoz-Garcia (2017), Practice Exercises for Advanced Microeconomic Theory, The MIT Press.
ARIEL
Additional material (solutions to exercises of the classes), some past exams text and solutions will be available in the ARIEL platform.
Videos
Videos of the lectures will be posted on ARIEL (and/or MS Teams).
Other useful readings:
Hal Varian, Microeconomic Analysis, Third Edition.
Munoz-Garcia (2017), Advanced Microeconomic Theory. An intuitive approach with examples, The MIT Press, Cambridge Massachusetts, London England. [chapters 1, 2, 3, 4, 5, 6 (partial equilibrium), 7, 9.1, 9.3.2, 9.11, 9.12. The list of chapters (sections) may be subject to small changes from year to year, please check the ARIEL website for updates.]
Exercises
Munoz-Garcia (2017), Practice Exercises for Advanced Microeconomic Theory, The MIT Press.
ARIEL
Additional material (solutions to exercises of the classes), some past exams text and solutions will be available in the ARIEL platform.
Videos
Videos of the lectures will be posted on ARIEL (and/or MS Teams).
Other useful readings:
Hal Varian, Microeconomic Analysis, Third Edition.
Assessment methods and Criteria
The final assessment is based on a written exam for both attending and non-attending students. The final written exam consists of both open questions and exercises similar to those that have been solved in the course classes.
Educational website(s)
Professor(s)
Reception:
Unless otherwise notified (published here): Tuesday 18:00-19:30; Wednesday 18:00-19:30. On appointment.
MS Teams or in person (office nr. 21 DEMM)