Microeconomic Analysis

The course provides students with a thorough treatment of intermediate microeconomics theory, building on a plurality of analytical frameworks such as neoclassical, institutional, structural, evolutionary and critical economic theories. Students will be expected to understand the defining assumptions and internal structure of the different analytical frameworks, including working knowledge of some of the most relevant mathematical formalisms. Conceptual and analytical rigour will be given priority over mathematical treatments. Topics to be discussed will include both neoclassical and non-conventional approaches to Consumer Theory; Production Theories and the Theories of Technical Change; Theories of the Firm and Organisations; Game Theory and Competition; General Equilibrium and Welfare Economics; Asymmetric Information and Market failures.

Prerequisites

Economic Principles (Micro) and Introductory Mathematics for Economists II

Objectives and learning outcomes of the module

On successful completion of the course, students will be expected to:

• Understand the internal structure and assumptions of the different analytical frameworks, their explanatory power and limitations;
• Summarise and present different theoretical models in a conceptually and analytically rigorous form;
• Demonstrate the ability to identify and apply all relevant optimisation techniques for analysis of microeconomic behaviour;
• Adopt different analytical concepts and models in framing development and policy-relevant problems.

Method of assessment

AS1 - 20% / AS2 - 20% / EXAM - 60%

Suggested reading

Background readings:

1. Nicholson, W. and C. Snyder (2014) Intermediate Microeconomics and its Applications, various editions, Cengage.
2. Varian, H. (2014) Intermediate Microeconomics, various editions, Norton
3. Kreps, D. (1990) Game Theory and Economic Modelling, Oxford
4. Varoufakis, Y. (1998) Foundations of Economics, Routledge.
5. Hill, R. and T. Myatt (2010) The Economics Anti-Textbook. A Critical Thinker’s Guide to Micro-economics , Zed.
6. Chang, H.-J. (2014) Economics: The User’s Guide, Pelican.
    

Disclaimer

Important notice regarding changes to programmes and modules