Microeconomic Theory

Universidad Carlos III de Madrid

Course Description

  • Course Name

    Microeconomic Theory

  • Host University

    Universidad Carlos III de Madrid

  • Location

    Madrid, Spain

  • Area of Study

    Business, Business Administration, Economics, International Economics

  • Language Level

    Taught In English

  • Course Level Recommendations

    Lower

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • ECTS Credits

    6
  • Recommended U.S. Semester Credits
    3
  • Recommended U.S. Quarter Units
    4
  • Overview

    COMPETENCES AND SKILLS THAT WILL BE ACQUIRED AND LEARNING RESULTS.

    The goal of this course is to familiarize students with the methodology for the analysis of equilibrium and efficiency in exchange economies, in production economies and in environments with externalities. To reach this goal students need to master a set of analytical tools, develop a set of skills and reach an analytical proficiency that are described in the following. (i) Students will need to master the concepts of equilibrium and efficiency, will understand their use in economic analysis and will comprehend how to apply them to analyze economic problems; (ii) In terms of specific abilities, students will be able to carry out formal analyses of economic problems; (iii) In terms of general abilities, students will develop their analytical ability ad their abilities to carry out critical analyses. (iv) Students will finally need to reach sufficient proficiency in the solution of complex problems.

    DESCRIPTION OF CONTENTS: PROGRAMME

    1. Equilibrium and efficiency in competitive models:
    (a) partial equilibrium and general equilibrium;
    (b) equilibrium and efficiency in exchange economies;
    (c) First and Second Welfare Theorems;
    (d) equilibrium and efficiency in production economies.
    2. Externalities:
    (a) public responses to externalities;
    (b) private responses to externalities;
    (c) Coase Theorem.
    References: (i) W. Nicholson, Microeconomic Theory, Thomson, 10th Edition, 2008. (ii) J. Hey, Intermediate Microeconomics, McGraw-Hill, 1st Edition, 2003. (iii) R.S. Pindyck, D.L. Rubinfeld, Microeconomics, 7th Edition, Prentice-Hall, 2008. (iv) H. Varian, Intermediate Microeconomics, Norton, 7th Edition, 2005.

    LEARNING ACTIVITIES AND METHODOLOGY

    Teaching methodology includes:
    -Lectures in which the analytical tools will be presented and discussed. Students will need to make extensive use of references to assist their learning as well as to delve deeper into the issues and problems which interest them most.
    -Discussion sections in which the resolution of problems and the discussion of example will make it possible to fully comprehend the analytical Tools presented in the lectures.
    -Quizzes that will be used to assess the learning process.

    The evaluation depends on continuing evaluation (40%) and the final exam (60%).

Course Disclaimer

Please note that there are no beginning level Spanish courses offered in this program.

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.

Please reference fall and spring course lists as not all courses are taught during both semesters.

Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations

Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.