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Course

Microeconomics I (Individual Decision Making)


  • Teacher(s)
    Vladimir Karamychev, Matthijs van Veelen
  • Research field
    -
  • Dates
    Period 1 - Aug 29, 2022 to Oct 21, 2022
  • Course type
    Core
  • Program year
    First
  • Credits
    4

Course description

The course is the fundamental microeconomics course which studies individual decision-making and its relations to market clearing price formation. It builds on classical consumer choice theory. Then, individual behaviors are further integrated into a closed and interrelated system in which the equilibrium values of all variables are simultaneously determined. This is in contrast to the partial equilibrium approach, where all variables, which are not directly related to the problem at hand, are taking to be given. The course develops a theory that attempts to predict the complete vector of individual final consumptions and individual productions from the fundamentals of the economy.

Prerequisites

Math skills: some preliminary knowledge of topology and/or set theory, real analysis and differential calculus, matrix algebra, optimization, ordinary and partial differentia equations, and statistics.

Course literature

  • Mas-Colell, A. M. Whinston and J. Green, 1995, Microeconomic Theory, New York: Oxford University Press. Chapters 1-3, 5, 6, 15-18
  • Lecture slides