Note from June 29, 2020
Although we do not yet know how long the social distancing related to the Covid-19 pandemic will last, and regardless of the changes that had to be made in the evaluation of the June 2020 session in relation to what is provided for in this learning unit description, new learnig unit evaluation methods may still be adopted by the teachers; details of these methods have been - or will be - communicated to the students by the teachers, as soon as possible.
Although we do not yet know how long the social distancing related to the Covid-19 pandemic will last, and regardless of the changes that had to be made in the evaluation of the June 2020 session in relation to what is provided for in this learning unit description, new learnig unit evaluation methods may still be adopted by the teachers; details of these methods have been - or will be - communicated to the students by the teachers, as soon as possible.
5 credits
30.0 h + 6.0 h
Q1
Teacher(s)
Maniquet François; SOMEBODY;
Language
English
Main themes
This course, like the second compulsory course in microeconomics, is intended to teach the basics of modeling techniques in microeconomics. The modeling techniques that are covered here are individual decision theory and game theory. In individual decision theory, the emphasis will be on the equivalence between the choice approach and the preference approach to individual decision-making and on the axiomatic derivation of the consequences of rationality assumptions. In game theory, the emphasis will be on modeling interaction situa-tions like games, and on the basic techniques of analyzing games to deduce the equilibrium strategies.
Aims
At the end of this learning unit, the student is able to : | |
| 1 | Students are expected to know the basics of individual decision theory and game theory, and to be able to solve middle level problems in those two fields, which includes mastering the appropriate mathematical techniques. As a result, students are expected to be able to use decision and game theory to model situations of social inter-actions. |
The contribution of this Teaching Unit to the development and command of the skills and learning outcomes of the programme(s) can be accessed at the end of this sheet, in the section entitled “Programmes/courses offering this Teaching Unit”.
Content
The course is composed of 13 two-hour lectures and six tutorials. The contents will be: consumer decision theory and the law of demand, classical demand theory and the dual approaches to demand, production theory and the law of supply, rational decision under uncertainty and risk aversion, general equilibrium and the fundamental welfare theorems.
Evaluation methods
1) The main evaluation consists of a closed-book exam during the exam session.
2) Bonus points can be awarded during the lectures as a funciton of the active participation of the students and their solution to exercises and problems submitted by the lecturers.
2) Bonus points can be awarded during the lectures as a funciton of the active participation of the students and their solution to exercises and problems submitted by the lecturers.
Other information
Background in economics and mathematics Written exam, about theory and exercizes A. Mas-Colell, M. D. Whinston and J. R. Green, 'Microeconomic theory', O.U.P.: New York - Oxford, 1995. One T. A. is in charge of the tutorials.
Faculty or entity
ECON
