Master’s Programme in Economics (Research track). Open to doctoral students in economics.
An intermediate Bachelor-level course in microeconomics and basic studies in mathematics
After the course, the student should
- Be familiar with the fundamentals of consumer and firm decision-making as well as the notion of aggregate demand and supply
- Be able to interpret economic behavior using the key assumption of economics: rationality
First autumn term
The course covers the core concepts and technical tools of microeconomics and decision theory. Emphasis will be on the fundamental assumptions of the theory, the main implications of the assumptions, and their limitations. Particular attention will be on the observational consequences of the theory – what properties of the decision maker we can and cannot learn from his/her behaviour. The key areas of investigation include rational choice and its axioms, revealed preference theory, consumer choice and duality, the theory of the firm, aggregate demand and supply. As an extension, we study behavioural economics, which weakens the rationality assumptions of the standard theory.
In addition to the lecture slides, required readings include Chapters 1–5 of the textbook by Mas-Colell, Whinston and Green (Microeconomic Theory, 1995, Oxford University Press).
All material related to the course is delivered through Moodle. It also contains a discussion forum where students can discuss issues related to the course with each other and the teacher.
The grade on a scale from 0 (fail) to 5 is based on the final exam. Problem sets are highly recommended but not mandatory.
Please note! Registration only through Aalto Universitys' Weboodi. Read more and apply for the study right at Aalto via this link.
The course consists of lectures (24 hours) and exercise sessions (8 hours), where solutions to the homework assignments are discussed. The course is completed by a final exam. While highly recommended, the exercise sessions are not mandatory.