Consumption, Production, and Welfare B (MA)

Winter 2019/20

Lecturer: and

Lectures: Wed 9 October to 29 January at 9.45-11.15 in lecture room 12 (2nd floor)
Thu 10 October to 30 January at 11.30-13.00 in lecture room 5 (ground floor)
Fri 11 October to 31 January at 9.45-11.15 in lecture room 3 (ground floor)

Please note the following lectures have been re-scheduled:

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 Mon 14 October 2019. 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 lecturer will present the topics of the course and some introductory examples in class. Problem sets will be distributed regularly through the course platform. Students are expected to work on the problem sets on their own. Some exercises will also be treated in class with help of small-group discussions and student presentations. Active learning will also be promoted with exercises and old exam questions posted in the course platform, as well as with writing assignments.

Grading: The final grade will be a weighted average of the results in two closed-book, written midterm (30%) and final (40%) exams, as well as a written assignment (30%). For a minimum passing grade students must have satisfactorily participated in the exercise units and completed midtern, final, and written assignment by the end of the semester with an average of 50%. The final grade can be improved in an optional make-up exam before the end of the semester.

Exam dates: Midterm on Thu 21 November at 11.30 in lecture room 14 (2nd floor)
Final on Fri 31 January at 9.45 in lecture rooms 3 and 5 (ground floor)
Make-up on Mon 24 February at 15.00 in lecture room t.b.a.

Textbooks:

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