Intendierte Lernergebnisse
Following StEOP, Microeconomics offers an introduction to fundamental microeconomic concepts. Core topics are consumer behavior, production, decision-making by firms in competitive markets and when exerting market power, as well as an introduction to game theory.
Lehrmethodik
This course consists of two parts, a lecture and a tutorial part. To prepare for class(es), please check out recommended readings and provided lecture slides.In the lecture, fundamental concepts of microeconomic theory are presented; in the tutorial part, you will solve and review problems that are related to the theory presented. All tutorials are identical in structure.For the tutorial part, you will have to prepare take home problem sets and participate in short quizzes at the end of tutorial sessions. The parallel sessions are identical in structure and content. Nevertheless, please register for either one. The tutorial sessions divide lecture content into 10 blocks (cf. “Lehrinhalte”). Studying relevant lecture slides and reference chapters before tutorial sessions will foster finding accurate answers and comprehension of the subject.Problem sets:Problem sets will be made available via learning platform Moodle.Students are asked to find answers and tick boxes of answers they carefully prepared in AAU’s student portal ZEUS and, additionally, upload their answers – one file with all answers - via Moodle prior to the start of the related session.Deadline to fill out “Kreuzelliste” and solution upload is on the same day the tutorial takes place by 12 a.m.Please name the document as follows: “CourseNo_name_PSNo“ (e.g., “607.135_Smith_PS1”)During the tutorial sessions, you will be randomly asked to present and explain answers that you marked: You should be able to explain your answer fully. You may be deducted up to 5 penalty points if you are absent without notification in advance, or, if the instructor evaluates your presentation as insufficient.A maximum of 20 credits can be earned from solving exercises of the problem sets.Quizzes: For the final 15 minutes of each tutorial, you will participate in a mini quiz via Moodle. It consists of two questions, a multiple-choice and an open question. You can earn up to 2 credits for each quiz, i.e. you can reach a further 20 credits at maximum.Attendance and participation:There is a possibility to receive bonus credits for especially active participation during class. Attendance of tutorial sessions is mandatory. You may be excused for a max. of two tutorial sessions but are asked to inform your instructor in advance.
Inhalt/e
Preliminary discussion, administrative matters, principlesSupply and demand; elasticitiesConsumer behaviorIndividual demand and market demandProduction and Production costsProfit maximization and competitionAnalysis of competitive marketsMarket power – MonopolyMonopolistic competition & OligopolyGame TheoryMarkets with asymmetric information and auctionsPrinciple (reading) schedule for tutorial sessions: Basics: Markets and Prices; Supply and Demand [P+R 2017], Ch. 1+2Supply and Demand; Elasticities [P+R 2017], Ch. 2Consumer Behaviour [P+R 2017], Ch. 3Individual demand and market demand [P+R 2017], Ch. 4Production [P+R 2017], Ch. 6Production cost [P+R 2017], Ch. 7Profit maximization and competitive supply [P+R 2017], Ch. 8Market power – Monopoly; General Equilibrium [P+R 2017], Ch. 10+16.2Game Theory [LBS 2008], Ch. 1-4 or [G 2008], Ch. 1.1+Ch. 2.1Markets with asymmetric information and auctions, [P+R 2017], Ch. 17+13.8
Literatur
Main text book:Pindyck, R. and Rubinfeld, D. (2017). Microeconomics. Pearson Prentice Hall. [P+R 2017] The e-book is available in the library.Additional textbooks useful with regard to course content about game theory: Gibbons, R. (1992). A Primer in Game Theory. Pearson. [G 2008]Lleyton-Brown, K. and Shoham, Y. (2008). Essentials of Game theory. Morgan & Claypool Publishers. [LBS 2008]