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An introduction to advanced microeconomics and to the economics of information and strategic behaviour. Topics to be covered include decision making under uncertainty, the interaction of primal and dual methods of modelling producer and consumer behaviour, the existence and welfare properties of general equilibrium, the theory of market failure and public goods, models of strategic behaviour in oligopoly, an introduction to game theory.
Intended learning outcomes
Upon successful completion of this subject, students should be able to:
- Understand and to be able to use the techniques of parametric optimisation, the envelope technique and duality as a basis for comparative statics
- Understand and to be able to use the fixed point theorems that are used in advanced microeconomics
- Understand and to be able to explain the structure of the standard competitive model using envelope and duality methods
- Be able to apply fixed point theorems to demonstrate existence of optima and equilibria in general equilibrium, game theory and dynamic programming
- Understand the mathematical concepts that underlie the envelope techniques and fixed point theorems that are used in advanced microeconomics.
High level of development: problem solving; interpretation and analysis; critical thinking.
Moderate level of development: collaborative learning; application of theory to practice; synthesis of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.
Some level of development: written communication; team work.
Last updated: 31 January 2024