This master level course in microeconomics provides students with the analytical skills necessary for conducting rigorous examinations of consumer choice, producer decisions and market formation. Students will also learn how to decode applied microeconomic research and gain hands-on experience in empirical analysis. Microeconomics provides important tools for leaders in business environments, analysts in planning and resource management and researchers in both the private and public sector. In the words of J. M. Keynes: "The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine. An apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions."
Course description for study year 2023-2024. Please note that changes may occur.
Microeconomic analysis provides critical tools for modern business leaders, public policymakers and resource managers, as well as researchers in both the private and public sector. This course introduces students to microeconomic theory and its real-world applications at the master-level. It comprises three separate modules: Module 1 presents core neoclassical theories of the consumer, firm, and market equilibrium outcomes, emphasizing training in abstract thinking and formal analysis (mathematical, graphical, and verbal). Module 2 covers a selection of extended microeconomic topics (e.g., game theory, multi-attribute discrete choice, behavioral economics, network economics, welfare economics). Module 3 trains students in applied microeconomic analysis (decoding scientific articles, conducting data analysis, and scientific writing).
Throughout the course, particular attention is paid to how dimensions of sustainability can be modeled and analyzed from a microeconomic perspective. For example, the course will provide an overview of how preferences, behavior, and societal outcomes related to global climate change and biodiversity loss can be incorporated into microeconomics.
Upon completion of the course, students will have:
An advanced understanding of key microeconomic concepts, theories and models that form the basis of the course and the science of economics
The ability to see the complexity and scope of the determinants of economic behavior in consumers, producers and other types of microeconomic agents
Developed extensive knowledge and economic intuition regarding the formalization of models of the decision-making processes of microeconomic agents
Understand how extensions/modifications of consumer theory, producer theory, and market equilibrium models are relevant for addressing real-world challenges related to dimensions of sustainability (e.g., combating climate change; protecting biodiversity).
Upon completion of the course, students will:
Have the ability to use different theories and models to analyze what drives economic actors in different situations
Know how to read and comprehend published microeconomic research
Be capable of implementing their own applied microeconomic research
Be able to apply microeconomic tools as a basis for evaluating and developing economic decision-making strategies in both the private and public sectors of the economy
Be able to analyze the causes of and potential solutions to real-world challenges related to dimensions of sustainability (e.g., combating climate change; protecting biodiversity) through extensions/modification of the standard microeconomic framework.
Required prerequisite knowledge
Folder exam and written exam
Form of assessment
Folder (multi-part individual or group assignment)
Attend lectures, process course material (textbook chapters, scientific articles, etc.), solve practice problems (both graded and non-graded), work in learning teams. The expected distribution of effort is approximately as follows:
There must be an early dialogue between the course coordinator, the student representative and the students. The purpose is feedback from the students for changes and adjustments in the course for the current semester.In addition, a digital course evaluation must be carried out at least every three years. Its purpose is to gather the students experiences with the course.