| Institute of Food and Resource Economics | |||||||||||||||||||||
| Earliest Possible Year | BSc. 1 year | ||||||||||||||||||||
| Duration | One block | ||||||||||||||||||||
| Credits | 7.5 (ECTS) | ||||||||||||||||||||
| Course Level | BSc | ||||||||||||||||||||
| Examination | Final Examination written examination Written Exam in Lecturehall All aids allowed Description of Examination: 4 hour written exam. Weight: Written exam: 100% 13-point scale, internal examiner Dates of Exam: 08 April 2006 | ||||||||||||||||||||
| Organisation of Teaching | The teaching involves lectures and theoretical exercises. | ||||||||||||||||||||
| Block Placement | Block 3 Week Structure: A | ||||||||||||||||||||
| Teaching Language | English | ||||||||||||||||||||
| Areas of Competence the Course Will Address | |||||||||||||||||||||
| Competences in Basic Science The course gives a basic understanding of the possibility to formalize and analyze economic problems using mathematical tools. Competences in Applied Science This course develops the students' skills to comprehend micro economic problems and to apply economic principles. Competences in Ethics and Values This course fosters the student's ability to reflect on the logic and interaction between micro economic issues, viz their common decision theoretical foundation. | |||||||||||||||||||||
| Course Objectives | |||||||||||||||||||||
| The course gives a common, basic understanding of economic thinking and modeling. The aim is that the students should be able to place subsequent reading in economics into a common framework, and that they should be able to address real world problems both descriptively and prescriptively using an economic approach. | |||||||||||||||||||||
| Course Contents | |||||||||||||||||||||
| Decision-making theory deals with the choices made by agents within the economy and the process from a certain goal to the actual action. A range of decision-making problems involving primarily consumers and firms will be analyzed, and the significance of risk, information and strategic dependence on decision-making will be emphasized. Consumers will be described using preferences, utility function, utility maximization, Slutsky decomposition and related tools. Firms will be described using stylized representations of the possibilities, the preferences and the profit maximizing behaviour and supply responses in the short and long run. The coverage of the firm will conform to the managerial economics courses although the description will be more aggregate since part of the purpose is to allow a serious study of the interaction between supply and demand at the market place. The interaction of firms and consumers over the market will be analysed in a series of prototypical settings - including competitive markets, monopoly, duopoly, and monopolistic competition. The welfare implications of different types of market solutions will be analyzed using notions of consumer surplus, producers surplus, and Pareto efficiency Last but not least, the common decision theoretic foundation of the micro economic issues will be clarified and discussed by considering single person decision making under certainty and uncertainty, as well as multiple person decision models like game theory and principal agent problems with asymmetric information. | |||||||||||||||||||||
| Teaching And Learning Methods | |||||||||||||||||||||
| The course content will be dealt with through lectures and exercises. Central elements of the curriculum will be presented in traditional lectures. The students will then individualy and/or in groups work with relevant practical and theoretical problems in exercises under supervision. | |||||||||||||||||||||
| Course Litterature | |||||||||||||||||||||
| Varian: Intermediate Microeconomics, Pindyck and Rubinfeld: Microeconomics or similar. | |||||||||||||||||||||
| Course Coordinator | |||||||||||||||||||||
| Hugh Kelley, huk@foi.dk, Institute of Food and Resource Economics/International Economics and Policy Division, Phone: 35336863 | |||||||||||||||||||||
| Study Board | |||||||||||||||||||||
| Study Committee NSN | |||||||||||||||||||||
| Course Scope | |||||||||||||||||||||
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