290052 Applied Microeconomic Analysis

Details
Institute of Food and Resource Economics
Earliest Possible YearMSc. 1 year to MSc. 2 year
DurationOne block
 
Credits7.5 (ECTS)
Course LevelMSc
 
ExaminationFinal Examination

written examination


Written Exam in Lecturehall

All aids allowed

Description of Examination: a. Written exam (3 hrs). Consists of questions and exercises on both theory and applications c. Theoretical exercises during the course prepared and handed in individualy

Weight: Final exam: 80% Exercises: 20%



7-point scale, internal examiner

Dates of Exam:
14 April 2010
 
Organisation of Teachinga. Lectures by the instructor b. Exercises
 
Block PlacementBlock 3
Week Structure: B
 
Teaching LanguageEnglish
 
Optional Prerequisites290055 Micro Economics
Any course in microeconomics at intermediate or graduate level
 
RestrictionsNone
 
Course Contents
The course consists of two parts. Special emphasis on each part will be given according to student interest:
a. Applied production analysis and
b. Applied Contracts

a. The first part of the course use results from various microeconomic theories like production economics, consumer demand, industrial economics, managerial economics and optimizations to consider different aspects of modelling of individual behaviour and their interactions.
This part can include various aspects of risk management and/or dynamic considerations, as well as policy analysis.

b. The second part of the course focuses on the design of contracts. The course builds on principal-agent theory and applies it to specific contracts found in the agri-food industry. It uses both complete and incomplete contract theory to applications on:
Production contracts
Land-use contracts
Producer payment schemes
Contracts between a cooperative and its producer - members
Contracts on quality
 
Teaching And Learning Methods
a. Class lectures by the instructor b. Exercises and applications
 
Learning Outcome
The objective of this course is to learn to apply the concepts and techniques taught in the microeconomics theory course and other related courses in economic theory and econometrics, to problems faced by decision-makers in the agri-food industry and business organizations, as well as policy analysts.

After completing the course the student should be able to:

Knowledge:
Know the existing theoretical and applied literature on
a. Models on Production analysis, Decisions, Optimization, Risk and uncertainty, policy analysis

b. Contract theory and applications on the agri-food industry

Skills
Understand and practice
a. Applied production theory; optimization methods; decision theory; risk analysis
b. modern contract theory, specifically: Complete contracting; Incomplete contracting; Mechanism design

Competences
Identify and analyze current issues related to:
a. Optimization, Decisions, risk and unscertainty, and policy analysis
b. Incentives, risk sharing, coordination and information in the agri-food industry
 
Course Litterature
a. R. Chambers, Applied production analysis, Cambridge 1988
b. P. Bogetoft and H.B. Olesen, (2004), "Design of production contracts", Copenhagen: CBS Press
c. P. Bogetoft and H.B. Olesen, (2007), "Cooperatives and payment schemes", Copenhagen: CBS Press
d. Journal articles
 
Course Coordinator
Jens Leth Hougaard, jlh@foi.dk, Institute of Food and Resource Economics/Production and Technology Division, Phone: 35336814
 
Study Board
Study Committee NSN
 
Course Scope
lectures40
theoretical exercises43
preparation120
examination3

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