The theory of consumer choice and the behaviour of the firm in a competitive setting.
ECON 371 provides intensive training on the tools of modern microeconomic analysis. The paper covers choice under uncertainty, general equilibrium, game theory and public goods. Students are expected to deepen the sophistication of their economic thinking about real-world events by focusing on canonical (i.e. frequently applied) theoretical models of externalities, asymmetric information and market power (extending price theory to consider simple models of imperfect competition).
| Paper title | Microeconomic Theory |
|---|---|
| Paper code | ECON371 |
| Subject | Economics |
| EFTS | 0.15 |
| Points | 18 points |
| Teaching period | Semester 2 (On campus) |
| Domestic Tuition Fees (NZD) | $912.00 |
| International Tuition Fees | Tuition Fees for international students are elsewhere on this website. |
- Prerequisite
- ECON 271
- Schedule C
- Arts and Music, Commerce, Science
- Contact
- economics@otago.ac.nz
- More information link
- View more information about ECON 371
- Teaching staff
Lecturer: Peter Gibbard
- Textbooks
The required textbook for this paper is Microeconomics: An Intuitive Approach with Calculus by T. J. Nechbya, published in 2011.
- Graduate Attributes Emphasised
- Scholarship, Communication, Critical thinking, Research, Self-motivation, Teamwork.
View more information about Otago's graduate attributes. - Learning Outcomes
By the end of the paper you should have substantially extended your understanding of the techniques of analysis and results from microeconomic theory appropriate for students wanting the option of pursuing postgraduate study in economics.
You will also be able to:
- Define "game" as a representation of strategic interaction based on mathematical game theory
- Make predictions based on equilibrium outcomes in the canon of microeconomic theory
- Write about real-world economic scenarios in a sophisticated analytic voice based on economic models
- Analyse topical debates in public policy using well-known economic models that take into account externalities, asymmetric information and market power
