Intermediate Microeconomics

Faculteit Economie en Bedrijfskunde
Jaar 2017/18
Vakcode EBB852B05
Vaknaam Intermediate Microeconomics
Niveau(s) bachelor, uitwisseling
Voertaal Engels
Periode semester II b
ECTS 5
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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.
Omschrijving The focus of the course are the fundamental microeconomics 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 for example: 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
Toetsvorm opdracht(en)
(written exam with open and multiple choice questions)
Vaksoort bachelor
Coördinator prof. dr. A.R. Soetevent
Docent(en) dr. A.N. Péter ,prof. dr. A.R. Soetevent
Verplichte literatuur
Titel Auteur ISBN Prijs
Articles (t.b.a.) Various
Microeconomic Theory -- Basic Principles and Extensions, 2012, 11nd Edition, CENGAGE learning Snyder, C., W. Nicholson 111152551 ca. €  99,00
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: Kim Vudinh, e-mail k.m.vudinh@rug.nl, room 5411.0734
Opgenomen in
Opleiding Jaar Periode Type
BSc Economics and Business Economics/E&BE  (keuzevakken E&BE-BE) 3 semester II b keuze
BSc Economics and Business Economics/E&BE  ( Economics) 3 semester II b verplicht
BSc Economics and Business Economics/E&BE  (keuzevakken E&BE-IE&B) 3 semester II b keuze
Courses open to Exchange Students (BSc)  ( Courses open to Exchange Students (BSc) without limited access) 3 semester II b keuze
Liberal Arts and Sciences  (Year 3) - semester II b keuze