Advanced microeconomics

A.Y. 2017/2018
Overall hours
Learning objectives
The course is designed to provide a rigorous introduction to the conceptual apparatus of modern microeconomics. Its objective is to equip first-year students with the basic analytical tools required to read and understand contemporary literature in theoretical and applied microeconomics and possibly to approach more advanced research topics in this area.
Expected learning outcomes
Course syllabus and organization

Single session

Lesson period
Third trimester
Course syllabus
1. Individual decision making: an introduction
Preference relations and preference-based approach
Revealed-preference axiom, choice-rules and choice-based approach
2. Consumer choice theory
Market economies: commodities and prices
Preferences and utility
Utility maximization and expenditure minimization
3. Demand theory
Individual demand functions: Walrasian and Hicksian
The Slutsky equation: wealth and substitution effects
4. Producer choice theory
Technology: production sets, transformation functions, production functions
Profit maximization and cost minimization
5. Supply theory
Individual supply functions
Cost and supply in the single-output case
6. Competitive equilibrium and Pareto optimality: An introduction
7. General equilibrium theory: some examples
The Edgeworth Box economy
The Robinson Crusoe economy
8. General equilibrium of a market economy with excess demand functions
9. General equilibrium theory and welfare economics
The two Fundamental Theorems of Welfare Economics
Pareto optimality and social welfare optima
First-order conditions for Pareto-optimality
10.Existence of an equilibrium for a competitive economy
11. Monolopoly
12. Oligopoly

Textbooks and readings

Varian Hal. R., Microeconomic Analysis, Third Edition, W. W. Norton & Company, New York - London, 1992..
Mas-Colell A., M.D. Whinston and J.R. Green, Microeconomic Theory, Oxford University Press, Oxford, 1995.
SECS-P/01 - ECONOMICS - University credits: 6
Lessons: 40 hours
Professor: Facchini Giovanni