Microeconomics
A.A. 2024/2025
Obiettivi formativi
The objective of this course is that each student learns how to use microeconomic reasoning to analyse individual, group, and societal behaviour in a wide range of settings and to apply that reasoning to the challenges of our time.
Risultati apprendimento attesi
Students will acquire a set of skills that will be useful for their future, both within and outside academia:
· Starting with a question or a problem about the economy—why the advent of capitalism is associated with a sharp increase in average living standards, for example— students will learn to identify which tools of economics can contribute to an answer.
· In doing so, students will acquire knowledge on the basic principles of microeconomics.
· This process, through mastering of economics tools, will enable students to apply these tools to new problems.
· By exercising critical thinking, students will be encouraged to evaluate critically the solutions offered by policy makers to these problems in the real world
The range of assignments for the course will improve students' ability to apply economic tools to real world problems, will give them the opportunity to acquire initial knowledge of and practice data analysis and writing skills, and will inform their future work (within and outside the university) by encouraging them to think in depth about a topic of their choosing within the course curriculum.
· Starting with a question or a problem about the economy—why the advent of capitalism is associated with a sharp increase in average living standards, for example— students will learn to identify which tools of economics can contribute to an answer.
· In doing so, students will acquire knowledge on the basic principles of microeconomics.
· This process, through mastering of economics tools, will enable students to apply these tools to new problems.
· By exercising critical thinking, students will be encouraged to evaluate critically the solutions offered by policy makers to these problems in the real world
The range of assignments for the course will improve students' ability to apply economic tools to real world problems, will give them the opportunity to acquire initial knowledge of and practice data analysis and writing skills, and will inform their future work (within and outside the university) by encouraging them to think in depth about a topic of their choosing within the course curriculum.
Periodo: Terzo trimestre
Modalità di valutazione: Esame
Giudizio di valutazione: voto verbalizzato in trentesimi
Corso singolo
Questo insegnamento può essere seguito come corso singolo.
Programma e organizzazione didattica
Edizione unica
Responsabile
Periodo
Terzo trimestre
Programma
Students will find on the course Ariel website the detailed course calendar and the lecture slides, containing all the information on required readings for each lecture.
The course will cover the following topics:
Topic 1 - Introduction. The importance of approaching economics through an empirical lens and the basic idea of an economic models are introduced using themes as economic growth, inequality and causality.
Topic 2 - Interactions between economic actors. We develop this topic in four steps.
- We start from the individual and examine the concept of preferences and constrained optimization, applying these concepts to the choice of work and consumption, and responses to wage increases in different countries.
- Next, we examine strategic interactions between individuals and introduce basic concepts in game theory, drawing from recent advances in behavioral economics.
- We then discuss the efficiency and fairness of economic exchanges, and how the distribution of surplus from exchanges depends on power relationships and institutions.
- Finally, we analyze the labor market and introduce principal-agent problems to describe employment relationships.
Topic 3 - Firms and markets. We discuss the microeconomics of firms and markets, introducing concepts such as demand functions, cost functions and the determination of market prices. We examine price-making firms selling differentiated goods as well as perfect competition.
Topic 4 - Intertemporal choice. We present the model of intertemporal consumption, and use it to explain how markets function in various contexts, specifically when incomplete information is an important feature.
Topic 5 - Market performance and failure. We conclude by considering the performance of actual markets. We examine the many different cases of external effects and unify them under the concept of incomplete contracts.
Additional topics may be covered, depending on time and students' interests. Possible topics are globalization; inequality; environmental conservation; innovation and the information economy; and institutions, policies and governments.
The course will cover the following topics:
Topic 1 - Introduction. The importance of approaching economics through an empirical lens and the basic idea of an economic models are introduced using themes as economic growth, inequality and causality.
Topic 2 - Interactions between economic actors. We develop this topic in four steps.
- We start from the individual and examine the concept of preferences and constrained optimization, applying these concepts to the choice of work and consumption, and responses to wage increases in different countries.
- Next, we examine strategic interactions between individuals and introduce basic concepts in game theory, drawing from recent advances in behavioral economics.
- We then discuss the efficiency and fairness of economic exchanges, and how the distribution of surplus from exchanges depends on power relationships and institutions.
- Finally, we analyze the labor market and introduce principal-agent problems to describe employment relationships.
Topic 3 - Firms and markets. We discuss the microeconomics of firms and markets, introducing concepts such as demand functions, cost functions and the determination of market prices. We examine price-making firms selling differentiated goods as well as perfect competition.
Topic 4 - Intertemporal choice. We present the model of intertemporal consumption, and use it to explain how markets function in various contexts, specifically when incomplete information is an important feature.
Topic 5 - Market performance and failure. We conclude by considering the performance of actual markets. We examine the many different cases of external effects and unify them under the concept of incomplete contracts.
Additional topics may be covered, depending on time and students' interests. Possible topics are globalization; inequality; environmental conservation; innovation and the information economy; and institutions, policies and governments.
Prerequisiti
Nessuno
Metodi didattici
Live lectures: lectures will consist of live presentations over slides, with the inclusion of pair or small group discussions; and online polls and quizzes. The lectures will take place in the classroom. Students will be informed of the time of the lectures through announcements on Ariel.
Recorded videos: it is possible that specific topics will be covered by short recorded videos.
Classes: classes will apply the concepts discussed during the lectures through exercises and mock exam questions.
Recorded videos: it is possible that specific topics will be covered by short recorded videos.
Classes: classes will apply the concepts discussed during the lectures through exercises and mock exam questions.
Materiale di riferimento
The textbook for the course is "The Economy 2.0: Microeconomics", by The CORE Team. Available for free online at: https://www.core-econ.org.
The other main material for the course are the lecture slides, which will be regularly uploaded on the course Ariel website.
Students will also find on the course Ariel website the detailed course calendar and the lecture slides, containing all the information on required readings for each lecture.
In addition, a warmly suggested read for any student, beyond its use within the course is:
· Banerjee, A. V. and E. Duflo. Good Economics for Hard Times. New York: Public Affairs, 2019.
The other main material for the course are the lecture slides, which will be regularly uploaded on the course Ariel website.
Students will also find on the course Ariel website the detailed course calendar and the lecture slides, containing all the information on required readings for each lecture.
In addition, a warmly suggested read for any student, beyond its use within the course is:
· Banerjee, A. V. and E. Duflo. Good Economics for Hard Times. New York: Public Affairs, 2019.
Modalità di verifica dell’apprendimento e criteri di valutazione
Evaluation criteria
The assignment will evaluate and reward knowledge and understanding of the learning material
Attending students
· Ongoing evaluation (up to 30 points): part of the evaluation will involve quizzes on the live lectures, reading material or other teaching material, to be administered throughout the duration of the course.
· Voluntary exercise (up to 2 points): a longer exercise to be handed in by the end of the course, not compulsory.
Non-attending students
Written exam: the exam will consist in multiple-choice questions of two types: long ones, similar to exercises; and short ones, to review the theory and test the ability to apply the concepts covered during the course to new problems.
Oral exams will be conducted when only few students enroll to an exam session.
The assignment will evaluate and reward knowledge and understanding of the learning material
Attending students
· Ongoing evaluation (up to 30 points): part of the evaluation will involve quizzes on the live lectures, reading material or other teaching material, to be administered throughout the duration of the course.
· Voluntary exercise (up to 2 points): a longer exercise to be handed in by the end of the course, not compulsory.
Non-attending students
Written exam: the exam will consist in multiple-choice questions of two types: long ones, similar to exercises; and short ones, to review the theory and test the ability to apply the concepts covered during the course to new problems.
Oral exams will be conducted when only few students enroll to an exam session.
SECS-P/01 - ECONOMIA POLITICA - CFU: 9
Lezioni: 60 ore
Docente:
D'Adda Giovanna
Turni:
Turno
Docente:
D'Adda GiovannaDocente/i
Ricevimento:
Martedì 9:30-12:30. Si richiede agli studenti preferibilmente di fissare un appuntamento inviando una mail al docente, o di richiedere un appuntamento al momento via email o messaggio su Teams.
Stanza 219, Via Livorno