Advanced Microeconomics ( General Equilibrium )
General data
Course ID: | 2400-ICU1AMIa |
Erasmus code / ISCED: |
14.3
|
Course title: | Advanced Microeconomics ( General Equilibrium ) |
Name in Polish: | Advanced Microeconomics (General Equilibrium) |
Organizational unit: | Faculty of Economic Sciences |
Course groups: |
English-language course offering of the Faculty of Economics Mandatory courses for 1st year students of International Economics |
ECTS credit allocation (and other scores): |
5.00
|
Language: | English |
Type of course: | obligatory courses |
Short description: |
The course introduces students to important topics in advanced microeconomics. The course covers production and consumption theory concepts in order to provide a coherent picture for the general equilibrium framework. Completing the course requires passing the mid-term and final exam as well as a computer lab. |
Full description: |
General Equilibrium Theory 1-2. DUALITY APPROACH TO DEMAND PROPERTIES Utility function, Roy's identity, Walrasian Demand, Welfare measures (MC, pp. 40-95; V, pp. 94-113) 2-3. NEO-WALRASIAN THEORY OF PRODUCTION Producion function. Cost minimization. Profit maximization. Duality in production. 5. Midterm exam 6. 2x2 PURE EXCHANGE MODEL Feasible Allocation, Endowment, Offer Curve, Pareto Set, Contract Curve (V, pp.313-316, 323-329; MC, pp. 515-525, 538-540) 7-8. 1x1x2x1 ROBINSON CRUSOE MODEL. 2X2X2X2 SMALL OPEN ECONOMY Excess Demand, Intermediate Goods, Production Possibility Set, Interior Equilibrium, Rybczynski Tehorem, Stolper-Samuelson Theorem, Factor Price Equalization Theorem (MC, pp. 525-538) 9-10.GENERAL MODEL Private Ownership Economy, Walrasian (quasi)equilibrium, (Quasi)equilibrium with transfers, Fundamental Theorems of Welfare Economics, Locally nonsatiation preferences, Walras' Law (V, pp.317-322, 329-332; MC, pp. 545-557, 578-583) COMPUTABLE GENERAL EQUILIBRIUM MODELING (classes in a computer lab.): 11 GAMS software, i/o table, simple exercises 12. A pure exchange model in GAMS 13. A 2x2x1 production model 14. Open economy model 15. Alternative production functions. Endogeneous labour supply |
Bibliography: |
(MC) Mas-Colell, A., M. D. Whinston, J. R. Green, Microeconomic Theory, Oxford University Press, 1995 (V) Varian, H. R., Microeconomic Analysis, W. W. Norton & Co., ed. 3′ Varian, H. R., Intermediate Microeconomics, ed. 7 |
Learning outcomes: |
1. Students know and understand the preference relations concept and the concept of utility maximization. Students understand the duality in consumer theory. 2. Students are able to solve and analyze the following general equilibrium models: the pure exchange model, the Robinson Crusoe model, and the small open economy model. 3. Students understand the basic theorems of welfare economics. They are able to distinguish competitive equilibrium from the Pareto optimum allocation/social planner allocation. 4. Students know how to implement a simple GE model in GAMS software 5. Students know how to evaluate changes in economic environment with the use of simple GE model General skills 1. Students understand that microeconomics can be applied to real economic and social issues and that the analysis can be performed using economic models 2. Students can interpret reality based on simple GE models and they are able to combine the micro and macro view. 3. Students are able to undertake employment in entreprises or public organizations that deal with design and assessment of economic policy 4. Students are able to formulate and present their views based on their knowledge and engage in discussion concerning these views. 5. Students are able to fulfill their duties and plan the work schedule on their own. SW01, SW02, SW03, SW04, SU01, SU02, SU03, SU04, SU05, SU06, SU07, SK01, SK02, SK03 |
Assessment methods and assessment criteria: |
• In order to complete the course students need to: o Collect at least 50% combined points from the following components: midterm exam (weighted 45%); final exam (45%) labs (10%). • All exams are to be taken by all students at the same time (only one date for everyone). • There will be only one possibility to retake any of the failed exams for all students at the same time. • There will be no other possibilities of completing the course. • ‘0 tolerance for cheating’. |
Classes in period "Winter semester 2023/24" (past)
Time span: | 2023-10-01 - 2024-01-28 |
Navigate to timetable
MO TU W CW
WYK
TH FR |
Type of class: |
Classes, 15 hours
Lecture, 30 hours
|
|
Coordinators: | Jan Hagemejer | |
Group instructors: | Jan Hagemejer | |
Students list: | (inaccessible to you) | |
Examination: |
Course -
Examination
Classes - Grading Lecture - Examination |
Classes in period "Winter semester 2024/25" (future)
Time span: | 2024-10-01 - 2025-01-26 |
Navigate to timetable
MO TU W WYK
CW
TH FR |
Type of class: |
Classes, 15 hours
Lecture, 30 hours
|
|
Coordinators: | Jan Hagemejer | |
Group instructors: | Jan Hagemejer | |
Students list: | (inaccessible to you) | |
Examination: |
Course -
Examination
Classes - Grading Lecture - Examination |
Copyright by University of Warsaw.