Consumption, Production, and Welfare B (MA)

Winter 2020/21

Lecturer: and

Lectures: Tue 6 October to 26 January at 15.00-16.30 in lecture room 13 (2nd floor)
Wed 7 October to 27 January at 15.00-16.30 in lecture room 3 (ground floor)
Fri 2 October to 29 January at 16.45-18.15 in lecture room 8 (1st floor)

Registration: Online registration via u:space. Registered students must sign in the attendance list on the first day. Students who decide to drop out the course must deregister by Sat 31 October 2020. For questions regarding registration, please contact .

ECTS points: 12 ECTS credit points (6 hours) in the Economics Master (plan B), in the Master in Philosophy and Economics, as well as in the Master in Business Administration (specialization Economics).

Aims: The course provides master students with the basic tools of microeconomic analysis. Upon successful completion students are able to work with the basic models of market competition, price determination, and welfare analysis. In simple theoretical examples, they are able to compute market equilibria and perform comparative statics. They are able to make a qualitative assessment of how different political interventions or parameter changes affect market welfare. In examples and real-world applications students identify the main features of the market at hand and the presence and nature of market failures. They can assess the consequences for equilibrium outcomes and welfare properties in markets with strong externalities, when some agents have market power, or missing information. Last but not least, students are also able to convincingly discuss about these issues in form of a report or essay addressed to the general reader or interested party.

Method: The news forum of the Moodle course provides regular information on the current learning goals and the development of the course. All materials, such as commented beamer presentations, solved problems, or online tests, are made available on the platform. If the situation with the pandemic allows, an in-depth discussion of the contents will be carried out in the lecture room. This can be alternatively carried out using learning videos, or interactive video conference tools.

Grading: The final grade will be based on homework in the form of online tests and Moodle activities, which will be discussed in an interview in the second half of the semester (30%), a peer-reviewed essay complemented with a short video and the anonymous evaluation of thee peer essays (30%), as well as on a compulsory final exam that will take place at the end of January (40%). Results can be improved before the end of the semester in an optional make-up exam at the end of February. For a minimum passing grade students have to pass the final exam and attain at least 50% of total points.

Textbooks:

Materials: Additional literature and class materials will be available in the Moodle site for this course.