The Microeconomics course aims at giving PhD students a solid intermediate and upper intermediate treatment of the foundations of microeconomic theory, and to present selected extensions, as a basis for enabling the comprehension of the contemporary developments of the theoretical and applied economic literature. The course will be organized around five main topics: Firm’s behavior, Consumer’s behavior, Market structure and policy (Antitrust and Regulation), Partial and general equilibrium analysis, Asymmetric information. These topics will be organised in five teaching blocks: Production theory and functional forms, Theory of choice and consumer’s demand, Game Theory and Industrial Organization, General equilibrium theory, welfare economics and market failure, Asymmetric information. While the main emphasis is put on theoretical aspects, some modules also feature empirical applications, and can present connections with the following blocks “Topics in…” offered after the basic modules (from Spring onwards). Beside general lectures (60 hours), there are also a few training sessions focused on exercises (around 20-5 hours).
Students should have a perfect graduate level knowledge of the following topics, beside that of the complementary algebraic tools:
More recent and less formalized microeconomics textbooks used at the Bachelor level do not provide a preparation sufficient to profitably enter the class. A first solution is to use the less recent and more “formalized” intermediate (or upper-intermediate) microeconomics books, such as that of Varian H. R. (2010) Intermediate Microeconomics, (8th edition) W. W. Norton & Company, (especially for Consumer’s and Firm’s behavior), and Tirole, J. (1988) The Theory of Industrial Organization, MIT press. Most of the “prerequisite topics” are covered there. For covering Game Theory, an intermediate level textbook suggested is Osborne, M.J. (2004) An Introduction to Game Theory, OUP. For reviewing algebra, one (among the many) suggestion is Chiang A.C. and Wainwright, K. (2005) Fundamental methods of mathematical economics (4th edition), McGraw-Hill.
Other solutions are equally possible (for example, using more advanced micro-economics books), especially for students having an appropriate mathematical background. A main suggestion is: Jehle G. A. and Reny P. J. (2011) Advanced Microeconomic Theory (3rd ed.), Pearson.
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Teaching block 2:
Teaching block 3:
Teaching block 4:
Teaching block 5:
At the end of the course (February), students will be assigned a written exam (closed book) featuring groups of microeconomic exercises and models similar to those presented during classes (100%) in the five teaching blocks. Students that will not pass the exam will resit it later in the year: the resit will be a closed-book written exam.
Due to the ongoing variations of lecturers, here we only provide the main reference textbooks on advanced microeconomics:
(Some) software for economic modelling: