Microeconomics 3 (MASTER)

- To acquaint students with the advanced microeconomics.
- To provide students with the knowledge about the topics that are necessary for other disciplines which are related to the advanced level microeconomics.

1. Consumer theory
1.1. Preferences and utility
1.2. The Consumer's Problem
1.3. Indirect utility and expenditure functions
1.4. Properties of consumer demand
1.5. Empirical aspects of demand estimation

2. Choice and uncertainty
2.1. Uncertainty and risk
2.2. Von Neumann-Morgenstern utility function
2.3. Risk aversion
2.4. Practical cases from health economics

2. Production theory
2.1. Production functions
2.2. Cost functions
2.3. Duality in production
2.4. Efficiency analysis with SFA and COLS parametric methods

4. Economics of information
4.1. Moral hazard and adverse selection
4.2. Principal agent models
4.3. Symmetric/asymmetric information

5. Vertical integration and transfer pricing
5.1. Types of vertical integration
5.2. Transfer pricing problem

6. Welfare economics
6.1. 1st and 2nd fundamental theorem of welfare economics
6.2. Social welfare functions
6.3. Arrow's impossibility's theorem
6.4. Sen's theorem of the impossibility of Paretian Liberal

7. Externalities and public goods
7.1. Efficiency and externalities
7.2. Pigouvian tax
7.3. Coase theorem
7.4. Public goods