Data-Driven Decision Theory
Full course descriptionDecision Theory/Microeconomics provides a framework that allows us to model and predict individual choices in economic decision problems (e.g., what quantity does a consumer demand for each given price; how much does an individual contribute to a public good). We cover the fundamentals of choice theory (preferences, utility functions), consumer and producer theory (demand, supply, elasticities), empirical tests of these theories (revealed preference), market structures (perfect competition, monopoly), welfare (fundamental theorems), additional topics (game theory, behavioural economics).
Formative assessment: Feedback by tutors and peers during tutorial meetings
Summative assessment: Exam (multiple choice and problems)
Instructional approach: Problem Based Learning and lectures
Course objectives* Students acquire the knowledge of key concepts of microeconomics.
* Students are able to apply a relevant concept of microeconomics to describe and analyze a real-life situation.