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Regular version of the site

Microeconomics-2

2019/2020
Academic Year
ENG
Instruction in English
6
ECTS credits
Course type:
Compulsory course
When:
2 year, 1, 2 module

Instructors


Голуб Маргарита Николаевна


Красиков Илья Сергеевич

Course Syllabus

Abstract

The course examines the organization of markets from a microeconomic perspective, the principles of microeconomic policy and the role of government in allocating scarce resources. The topics include: perfect competition, pricing in the presence of market power, monopolistic competition, oligopoly, game theory and factor markets, general equilibrium and efficiency, markets with asymmetric information, externalities and public goods. The course continues Microeconomics–1; however, it can also be treated as an independent discipline for exchange students. Module 1 (2) of this course corresponds to Module III (IV) of a generic undergraduate course in microeconomics. Prerequisites: Multivariable calculus; Microeconomics–1, including: consumer behaviour, intertemporal choice, uncertainty, production, perfectly competitive markets.
Learning Objectives

Learning Objectives

  • Understand basic real-world microeconomic problems
  • Develop critical thinking about economic matters
  • Be able to solve stylized microeconomic models
  • Evaluate different economic policies and trace how they affect social welfare
  • Understand the basic principles of strategic interaction
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand basic real-world microeconomic problems
  • Develop critical thinking about economic matters
  • Be able to solve stylized microeconomic models
  • Evaluate different economic policies and trace how they affect social welfare
  • Understand the basic principles of strategic interaction
Course Contents

Course Contents

  • Introduction: Competitive Profit Maximization
    Introduction: Competitive Profit Maximization
  • Monopoly
    Linear pricing, social costs of monopoly
  • Pricing with market power
    Price discrimination, two-part tariff, non-linear pricing, bundling
  • Overview of strategic models
    Simultaneous move games: pure and mixed strategies, dominant strategies, Nash equilibrium
  • Static oligopolistic competition
    Cournot, Bertrand with homogenous good, horizontal differentiation, vertical differentiation
  • Sequential move games
    Behavioral strategies, subgame perfection, Stackelberg competition
  • Repeated games
    Grim triggers, minmax payoff, Folk Theorem, collusion
  • Factor markets with market power
    Factor markets with monopoly power, factor markets with monopsony power
  • General equilibrium and economic efficiency
    Efficiency in exchange economy, market trade, equilibrium and efficiency, efficiency in production, production and welfare theorems
  • Asymmetric information
    Quality uncertainty and the market for lemons, market signaling, screening, hidden action and moral hazard
  • Externalities
    Externalities and efficiency losses, market failures and market interventions, externalities and property rights, common property resources
  • Public goods
    Public goods and efficiency, private provision of the public good, free riding, government regulation
Assessment Elements

Assessment Elements

  • non-blocking Home Assignments
    There are 3 home assignments in Module 1 ( (with the weights of 5%, 5% and 6% each) and 3 home assignments in Module 2 ( with the weights of 5%, 5% and 6% each) . Late submissions are not accepted and graded with zero points.
  • non-blocking Mid-Module Test
    In each module, there is a mid-term exam (its weight in the final grade is 29%). There is no make-up for the mid-term test. If a student misses it without an official excuse, s/he gets zero for this course element. With an official excuse (e.g. illness with a valid medical proof), her or his final test score accounts for 84% (84%) of the Module 1(2) grade.
  • non-blocking Final Test
    The final test is a closed book exam (its weight in the final grade is 55%).
Interim Assessment

Interim Assessment

  • Interim assessment (1 module)
    0.55 * Final Test + 0.16 * Home Assignments + 0.29 * Mid-Module Test
  • Interim assessment (2 module)
    0.275 * Final Test + 0.08 * Home Assignments + 0.5 * Interim assessment (1 module) + 0.145 * Mid-Module Test
Bibliography

Bibliography

Recommended Core Bibliography

  • Микроэкономика, Пиндайк Р. С., Рубинфельд Д. Л., 2001
  • Микроэкономика. Промежуточный уровень. Современный подход : Учебник для вузов, Вэриан Х. Р., Фроловой Н. Л., 1997

Recommended Additional Bibliography

  • Микроэкономика : задачи и решения: учеб. пособие для вузов, Левина Е. А., Покатович Е. В., 2007