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BØK365_1

Intermediate microeconomics

This is the study programme for 2019/2020. It is subject to change.


The course is an intermediate course in microeconomics. The general focus is on market structures and market failures that lead to economic inefficiency and the consequences of these on the decision-making and welfare outcomes of producers, consumers, and society. Elements of game theory, behavioral economics, network economics, and applied regression analysis are included as deemed relevant and appropriate within each course offering.

Learning outcome

Knowledge
Upon completion of the course, students will have:
  • gained an understanding of central microeconomic concepts, theories and models, which form the basis of the course and the science of economics.
  • attained the ability to appreciate the complexity and scope of the determinants of microeconomic behaviour and equilibria outcomes in society.
  • advanced their formal and intuitive knowledge regarding the construction and application of economic models to analyze decision-making processes and microeconomic outcomes.

Skills
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 a wide range of microeconomic texts.
  • be capable of pursuing microeconomic analysis as part of a bachelor thesis.
  • be able to apply microeconomic tools as a basis for evaluating and developing economic decision-making strategies in the private and public sectors.

General competence
Upon completion of the course, students will:
  • be able to identify the resource constraints, opportunity costs and cost-benefit trade-offs that are either explicitly or implicitly associated with any microeconomic decision-making context.
  • be able to critically evaluate and reflect upon key assumptions of individual microeconomic theories and models, and the science of economics in general.

Contents

The first part of the course focuses on market power and imperfect competition. The main questions that students will learn to address in the first part of the semester include: How do firms optimize under imperfectly competitive market structures? How can one characterize the strategic elements of firm behavior? Which price equilibria emerge under various market configurations? What are the implications for consumer welfare? What is the outcome in terms of overall economic efficiency?
The second part of the course focuses on market failures, in particular those pertaining to externalities and informational asymmetries. Key questions addressed in the second part of the semester include: What is the fundamental source of the market failure? What is the consequences for consumers, producers, and economic efficiency? To what extent does the market failure require government intervention? How can one correct the market failure?
The third part of the course is applied, empirical microeconomic analysis: statistical analysis, regression, numeric simulations.
Specific sub-topics and the presentation sequence may vary from semester to semester, while the core themes discussed above are maintained. For further details, students should consult the official course syllabus posted on Canvas two weeks prior to the start of the semester .

Required prerequisite knowledge

None.

Recommended previous knowledge

Introduction to economics, especially microeconomics, mathematics and statistics for business or economics students.

Exam

Weight Duration Marks Aid
Written exam1/14 hoursA - FNorwegian-English dictionary.
Valid calculator.

Course teacher(s)

Course teacher
Yuko Onozaka
Course coordinator
Gorm Kipperberg

Method of work

There will be about 4 hours of lectures per week, mostly using a blackboard presentation format. Lectures are given in English. Lecture notes will NOT be provided beforehand. While not mandatory, it is highly recommended that students attend all lectures and create their own complete sets of lecture notes. To help students learn the course material and prepare for the exam, about 3-5 extensive practice problem sets will be provided during the semester. Separate weekly meeting times (extra hours) will be dedicated to the discussion of these problem sets.
Workload
Estimated hours of effort for the course:
- Lecture attendance: 46 hours
- Individual study of course material: 80 hours
- Practice problem sets: 70 hours
- Discussion sessions and office hours: 20 hours
- Miscellaneous (supplementary material/problems, etc.): 50 hours
- Examination: 4 hours
Total: 270 hours

Overlapping courses

Course Reduction (SP)
Strategic prising policy (BHO365_1) 10
Industrial Organization (BHO365_2) 10
Strategic prising policy (BHO340_1) 6
Strategic pricing policy (MHR200_1) 10

Open to

Hotel Management - Bachelor's Degree Programme
Tourism Management - Bachelor's Degree Programme
Business Administration - Bachelor's Degree Programme
Business Administration - Master of Science (5 years)
Exchange programmes at UIS Business School

Course assessment

In accordance with the UiS Business School evaluation system.

Literature

Robert Pindyck, Daniel Rubinfeld: Microeconomics, 7th Edition (or later), Prentice Hall. Additional material is announced in the official course syllabus posted on Canvas two weeks prior to semester start.


This is the study programme for 2019/2020. It is subject to change.

Sist oppdatert: 23.11.2019

History