This module provides students with an introduction to microeconomic theory and will allow the student to both specialize in the field itself or understand its use in the various other fields of economics. The key aim is for students to acquire a solid grounding in microeconomic theory: both the neoclassical approach and modern alternative approaches as represented in recent published academic research. Since microeconomics is at the foundation of virtually every field of economics, it is important for the student to get both depth and breadth of understanding in order to fully comprehend other specialized areas of interest or to pursue a line of research in microeconomics itself. Some components of the module are designed to teach material that all graduate economics students should know while others are used to introduce methodologies. Topics of recent interest include behavioural economics and agent-based modelling.
A. Demonstrate an in-depth knowledge of decision theory from a microeconomic perspective.
B. Demonstrate an in-depth understanding of the theory of consumption and production.
C. Demonstrate critical comprehension of the mechanics behind economic activities.
D. Independently model market structures and economic behavior at a microeconomic level, including trading behavior in financial markets.
E. Apply microeconomic tools in other areas of economic specialization.
F. Employ mathematical techniques as used in microeconomics to the critical analysis of a wide variety of economic and financial problems.
G. Critically understand and apply the basic general equilibrium concepts at a technical level and their relationship to welfare economics.
Method of teaching and learning will be by lecture and weekly tutorials.