Prof Michele Piccione 32L.4.07 and Prof Balazs Szentes 32L.4.05

This course is compulsory on the MPhil/PhD in Finance, MRes in Economics (Track 1), MRes in Economics (Track 2), MRes/PhD in Finance (Route 1) and MRes/PhD in Finance (Route 2). This course is available on the MSc in Econometrics and Mathematical Economics (2 Year Programme). This course is not available as an outside option.

This course is available on the MSc in Econometrics and Mathematical Economics (2 Year Programme) with the permission of the course proprietor.

A good undergraduate knowledge of economic theory and calculus is required.

The aim of the course is to:

i.    introduce the basic analytical tools that are necessary to conduct research in any field in economics.

ii.    give the students a full understanding of the classic Microeconomic Theory and of the modern developments of Microeconomic Theory

iii.   enable students to address a microeconomic problem by structuring it as a mathematical model and enhance the understanding of economic issues though the use of mathematical tools.

Topics include:  Consumer theory, producer theory, general equilibrium, welfare, choice under uncertainty, game theory, economics of information, agency theory, contracts, topics in mechanism design.

30 hours of lectures and 12 hours of classes in the MT. 30 hours of lectures and 15 hours of classes in the LT. 3 hours of classes in the ST.

Exercises are set for each class. In addition, there will be a one-and-a-half-hour mock examination at the start of the LT and a three hour mock examination at the start of the ST.

The main text is Mas-Collel, Whinston & Green, Microeconomic Theory, OUP.

Other sources include:

D Fudenberg & J Tirole, Game Theory, MIT Press; D M Kreps, A Course in Microeconomic Theory, Harvester Wheatsheaf; H R Varian, Microeconomic Analysis (3rd edn), Norton; M J Osbourne & A Rubinstein, A Course in Game Theory, MIT Press; G A Jehle & P J Reny, Advanced Microeconomic Theory, Longman.

Exam (100%, duration: 3 hours) in the main exam period.