OVERVIEW

The course’s main objective is to provide a postgraduate-level introduction to modern microeconomic theory, with a focus on consumer and producer theory, as well to the analysis of market structures.

AIMS AND CONTENT

LEARNING OUTCOMES

The aim of the Module is to equip students with the theoretical knowledge that is necessary in order to understand the micro behaviour of economic agents, also in a strategic context. Moreover, students will be taught the analytical instruments that are crucial in order to read and understand the modern literature in both the theoretical and applied microeconomics. With those instruments, students will learn to apply economic reasoning to consumers as well as firms' decisions, the functioning of markets and how markets are influenced by public policies. The competencies that students will get are complementary to data analysis techniques that students will learns in other modules and are crucial for a correct understanding and interpretation of the empirical evidence in various contexts (e.g. industrial economics, health economics, labour economics and public economics)

AIMS AND LEARNING OUTCOMES

The module aims to provide a "postgraduate" introduction (i.e. with the mathematical formulation) of modern microeconomic theory, with a focus on demand and production theory as well as market structure, with particular reference to the theory of monopoly and oligopoly.

Knowldge 

L'insegnamento intende fornire una introduzione di tipo "postgraduate", vale a dire formalizzata dal punto di vista matematico, della teoria microeconomica, con particolare riguardo alla teoria della domanda, della produzione e alle forme di mercato, con particolare rifiremento alla toeria del monopolio e dell'oligopolio. 

• Knowldege and understanding. Each student will get a good knowledge and an effective understanding of the main mechanisms underlying microeconomic behavior of consumers and firms, with a focus on consumptio and production choices as well as the strategic interaction of firms. 
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• Capacity to apply knowledge and understanding. Each student will be able to apply her knowledge and understanding in order to effectively analyze and use reports and scientific papers, in particular when the latter are produced by economic consultancy firms, central banks and governments., with a special focus on:
  • consumption decisions of individuals and production decisions of firms
  • price formation in different markets (monopoly and oligopoly)
  • exemples of economic policy interventions in th emarket, e.g. taxes and subsidies.
• Communication skills. Each student will get the technical language of microeconomic theory which is necessary in rider to communicate effectively with professional economists.
• Autonomy of judgment. Each stident will be able to apply her knowlsedge and skills even in situations of reasonable complexity.
• Learning skills. Each student will develop adequate learning skills which will enable each student to deepen the competencies that will have been acquired during the module.

TEACHING METHODS

Theoretical lectures and computer lab aimed at in-depth study related to empirical type analysis using STATA software. Approximately 8 h will take place in the computer lab.

Any changes due to the COVID emergency will be announced on Aulaweb.
In case of special requirements, students with disabilities and/or learning disabilities are requested to contact - at the beginning of the semester - the "Student Disability Services" and the teacher.

SYLLABUS/CONTENT

Consumer theory: preferences and utility functions. Demand theory (hicksiana and marshallian demand) and relative applications

Production theory: production function, elasticity of substitution, returns to scale, profit function, cost function. Econometric estimates of production and cost functions

Monopoly theory and applications. 

Game theory and strategic interactions: main oligopoly models, cartels and collusion.

RECOMMENDED READING/BIBLIOGRAPHY

Munoz Garcia F. (2017) Advanced Microeconomic Theory. An Intuitive Approach with Examples. MIT Press.

TEACHERS AND EXAM BOARD

Exam Board

MAURIZIO CONTI (President)

ALESSANDRO SPIGANTI (President)

ANNA BOTTASSO (President Substitute)

LESSONS

LESSONS START

February 2024

EXAMS

EXAM DESCRIPTION

Written exam. The program is the same for attending and non-attending students.
Any changes due to the COVID emergency will be announced on Aulaweb.
In case of special requirements, students with disabilities and/or learning disabilities are requested to contact - at the beginning of the semester - the Student Disability Services and the teacher.

ASSESSMENT METHODS

Written exam containing open questions and numerical/analytical exercise.
A mid-term evaluation will be scheduled.

Exam schedule