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Introduction to Advanced Microeconomics - Theory and Applications
Provider: Faculty of Science

Activity no.: 5230-25-03-31 
Enrollment deadline: 15/12/2024
Date and time08.01.2025, at: 09:00 - 24.04.2025, at: 16:00
Regular seats30
Course fee500.00 kr.
ECTS credits5.00
Contact personCharlotte Bukdahl Jacobsen    E-mail address: cja@ifro.ku.dk
Enrolment Handling/Course OrganiserSinne Smed    E-mail address: ss@ifro.ku.dk
Teaching languageEnglish
Aim and content
The aim of the course is to increase the students' knowledge of microeconomic theory and enable them to work independently with microeconomics in their research. The individual elements of the course are described below together with dates and venues for the lectures.

First part:
Microeconomic theory: Initially we will introduce selected theoretical topics within microeconomics with focus on an introduction to fundamental formalized mathematical economics. Examples of topics that will be covered include 1) Sets and mappings, 2) Calculus and optimization, 3) Production theory, 4) Consumer theory.

Second part:
Applying microeconomic theory: This part of the course will focus on examples of applying the microeconomic theory which has been covered in the first part of the course. Specifically, we will illustrate how the theory can be used and how applications might be limited by data availability. We will cover the following topics; 1) Consumer choices, 2) Valuation of nonmarket goods, 3) Production analysis, farm household models, and externalities of production, 4) CGE models, 5) Regulation.

Third part:
Making your own foundation: The last part of the course is structured like a workshop. During two full days the students shall present their own applications of microeconomic theory. This includes planned work the student wants to do and a theoretical problems they want to investigate. The presentation will be discussed by all participants but each student will act as a main discussant for the presentation by another student. As many teachers as possible will participate in the presentations to guide discussions and give additional feedback. Before the workshops each student has the possibility to get a consultation with one of the teachers in the course.

Learning outcome
Knowledge:
After the course the students have knowledge of the fundamentals of microeconomic theory and how microeconomic theory should be adjusted to be used in applied work.

Skills:
After the course the students can; 1) Set-up a microeconomic model and adjust the model so that it can be used in applied work, 2) Be able to analyze, evaluate and develop ideas for microeconomic research, 3) Design and develop new microeconomic models or apply existing models to new research areas, 4) Be able to participate in discussions about applying microeconomic theory and disseminate scientific findings and progress to a wider audience

Competences:
After the course the student will be able to; 1) Develop and adjust microeconomic theory to be used in applied work, 2) Get preliminary insights into how to participate in national and international collaborations that involve the utilization/application of microeconomic theory for applied research, 3) Independently initiate research that is based on a microeconomic theory and, thereby, generate new knowledge and skills within a research field.

Course form and activities:
The teaching and learning methods used in the course cover a wide range of approaches including lectures, discussions, peer-feedback, own reading, own presentation, individual work and exercises.

Prerequisites:
In order to get full benefit of the course the participants should have knowledge of micro-econometrics at intermediate level. It is an advantage to have some experience with data work and coding in either R, Stata or SAS for statistical analysis.
Exam form and criteria for assessment: The assessment is PASS/FAIL based on the exam paper, which the students hand in. The paper must contain an illustration of an application of microeconomic theory and can be part of the student’s thesis work. Exam papers are expected to be between 10 and 20 pages.
The papers should be structured as a research paper with an introduction (including a research question or a statement of the purpose of the paper) and a theory section. If the student’s work is at the stage where the theory can also be applied, the paper should also include sections with a data description, empirical model and empirical results. However, the section about microeconomic theory is the most important section that should be the longest section and will have the highest weight in the assessment of the exam paper.

Target group
The target group is PhD students with some knowledge of microeconomic theory who aim at including and developing microeconomic theories in their own applied work.

Students should be familiar with formal mathematical utility and profit maximation at an intermediate level. That is, students should be familiar with Introductory

Lecturers
Plan for PhD course

Theoretical part: Main lecturers Frank Jensen and Per Svejstru
8, January, 9.00-12.00. Auditorium A1-05.01, Dyrelægevej 100
- Elements of set theory (Jehle and Reny (J&R, Appendix A.1.2, page 497-503).
- Numbers (literature: TBA)
- Topology (J&R, Appendix A.1.2, page 497-503).
- Take-home exercise. Suggested answers will be delivered.

15, January, 9.00-12.00. Auditorium A1-05.01, Dyrelægevej 100
- Topology (J&R, Appendix A.1.2, page 497-503).
- Concave and convex functions (Jehle and Reny, Appendix A.1.4.2, page 533 - 545).
- Unconstrained optimization (J&R, Appendix A.2.2, page 566-577).
- Take-home exercise. Suggested answers will be delivered.

22, January, 9.00-12.00. Auditorium A1-05.01, Dyrelægevej 100
- Constrained optimization (J&R, Appendix A.2.3, page 577-601).
- Consumer theory: Utility maximization (J&R, page 19-33).
- Consumer theory: Minimize expenditures (Jehle and Reny, page 33-41).
- Take-home exercise: Suggested answers to the exercises will be delivered.

29, January, 9.00-12.00. 22, Auditorium A2-70.01, Thorvaldsensvej 40
- Consumption theory: Duality (J&R, page 41-48).
- Consumption theory: Income and substitution effects (J&R, page 48-59).
- Theory of the firm: Production functions (J&R, page 126-135).
- Take-home exercise. Suggested answers will be delivered.

9, Februar, 9.00-12.00. 22, Auditorium A2-70.01, Thorvaldsensvej 40
- Consumption theory: Duality (J&R, page 41-48).
- Consumption theory: Income and substitution effects (J&R, page 48-59).
- Theory of the firm: Production functions (J&R, page 126-135).
- Take-home exercise. Suggested answers will be delivered.

Empirical part: Main lecturers: Jørgen D. Jensen, Arne Henningsen, Wusheng Yu, Lars Gårn Hansen, Søren Boye Olsen
12. February, 9.00 - 12.00, Von-Langen. Rolighedvej 23
- Examples of application of consumer theory (Literature TBA)

19. February, 9.00 - 12.00, Von-Langen. Rolighedvej 23
- Examples of application of production theory (Literature TBA)

26. February, 9.00 - 12.00, Von-Langen. Rolighedvej 23
- Examples of application on CGE models (Literature TBA)

5 March, 9.00 - 12.00, Von-Langen. Rolighedvej 23
- Examples of application of regulation (Literature TBA)

12 March, 9.00 - 12.00, Von-Langen. Rolighedvej 23
- Examples of application of valuation of non-market goods (Literature TBA)

Student Consultations
- March, individual consultancies

Student presentations: All lecturers present
23 April, 9.00 - 16.00, Von-Langen. Rolighedvej 23
- Student presentations of own work

24 April, 9.00 - 16.00, Von-Langen. Rolighedvej 23
- Student presentations of own work

Workload
On site Preparation Total hours
Introductory lectures 5x3 hours 5x7 hours 50
Examples of applications 5x3 hours 5x3 hours 30
Student presentations 2x7 hours 2x7 hours 28
“Open office” 2 hours 2
“Exam-paper” 27 hours 27
Total 137

Remarks
For participating in the PhD course you must register and pay a course fee on 500 DKK . The course fee covers water, coffee or tea, as well as lunch the two full days of lectures. The fee must be paid upon registration.

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