LUISS

Microeconomics

Lectures: Tuesday 16.45-18:15; Thursday 15.30-17; Friday 12.15-13.45

Office hours: Wednesday 16.00-18.00 or by appointment

WARNING: my office hours of Wednesday March 27 are postponed to Thursday March 28 10.15-12.15.

The MID-TERM EXAM will take place on Tuesday 2nd April at 16.45

TOPICS:

Preferences and consumers’ choice: budget constraint, utility function, indifference curves; utility maximization and individual demand functions; income effect and substitution effect; optimal choice with income expressed in form of good endowments; leisure-labor choice; Intertemporal choice: the discounted utility model. Choice under uncertainty: the expected utility model; attitude towards risk.

The firm and technology: production function, marginal and average product; isoquants and isocosts; returns to scale; revenue curves, cost curves in short and long run: profit maximization, cost minimization.

Market structure: perfect competition, monopoly and oligopoly (Bertrand, Cournot and Stackelberg). Introduction to game theory: simultaneous and sequential games, dominant strategies, Nash equilibrium, subgame-perfect Nash equilibrium.

General equilibrium: Edgeworth box and Pareto efficiency under different
market structures, first and second welfare theorems.

Market failures, asymmetric information, externalities and public goods

TEXTBOOK: A. Goolsbee, S. Levitt, C. Syverson, “Microeconomics”, Worth Publishers (Macmillan learning)

Additional material, slides and problem sets with solutions will be posted on: https://learn.luiss.it/course/view.php?id=9206

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