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Intermediate Microeconomics
| Faculteit | Economie en Bedrijfskunde |
| Jaar | 2022/23 |
| Vakcode | EBB852B05 |
| Vaknaam | Intermediate Microeconomics |
| Niveau(s) | bachelor, uitwisseling |
| Voertaal | Engels |
| Periode | semester II b |
| ECTS | 5 |
| Rooster | rooster |
| Uitgebreide vaknaam | Intermediate Microeconomics | ||||||||||||||||||||
| Leerdoelen | Upon completion of the course the student is able to: 1. Describe the behavior of individual agents (firms, consumers and markets) in the economy and construct theories to explain it. 2. Apply the behavioral theories of the individual agents to analyze individual responses to exogenous action. 3. Define general market equilibrium, compute it, compare with optimal allocation and suggest public policy to reallocate resources to improve overall welfare. 4. Use expected utility theory to describe individual decision making under uncertainty, to describe different measures of risk aversion and to calculate the optimal actions of risk-averse agents in the presence of uncertainty. 5. Define and to calculate partial market equilibrium. 6. Define market failure, to identify possible causes of market failure such as information asymmetries, and to propose public policies to cope with it 7. Study applied microeconomic research and provide well-founded comments on the strengths and weaknesses of proposed research designs and the robustness and external validity of the main findings. 8. Explain to a non-technical audience the fundamental economic intuition associated with the standard models. |
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| Omschrijving | The course focuses on the fundamental microeconomic tools that economists use to explain a variety of social phenomena. Topics covered are: what economics is about, consumer and producer theory, partial market equilibrium, general equilibrium theory, market failures, uncertainty and asymmetric information. Next to the textbook, a number of empirical papers will be studied to gain understanding how microeconomic theory is used in applied research to answer questions like: Do higher gasoline prices shift auto-purchases towards more fuel-efficient vehicles? Are tax incentives for charitable giving efficient? Upon completion of this course, you will know how to do computations with the standard models and to explain the fundamental economic intuition associated with these models to a non-technical audience. You will gain experience in reading applied microeconomic studies and giving a well-founded assessment of the quality, scope and external validity of these studies. Faced with real-life problems, you will be able to construct theories to describe and explain the behavior of firms, consumers and markets. | ||||||||||||||||||||
| Uren per week | 4 | ||||||||||||||||||||
| Onderwijsvorm | -interactief hoorcollege | ||||||||||||||||||||
| Toetsvorm |
-groepsopdracht, -schriftelijk tentamen (open en mc vragen)
(written exam with open and multiple choice questions) |
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| Vaksoort | bachelor | ||||||||||||||||||||
| Coördinator | prof. dr. A.R. Soetevent | ||||||||||||||||||||
| Docent(en) | prof. dr. A.R. Soetevent | ||||||||||||||||||||
| Verplichte literatuur |
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| Entreevoorwaarden | Students should be familiar with the contents of the courses Microeconomics and Mathematics (including Intermediate Mathematics) of year 1 and year 2 of E&BE. | ||||||||||||||||||||
| Opmerkingen | Coordinator: Prof Adriaan Soetevent, e-mail a.r.soetevent@rug.nl, room 5411.0749 Secretary: Helena Lei, e-mail h.lei@rug.nl, room 5411.0734, phone +31 (0)50 36337018. |
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