Universität Wien
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040046 UK Consumption, Production and Welfare B (MA) (2013W)

12.00 ECTS (6.00 SWS), SPL 4 - Wirtschaftswissenschaften
Continuous assessment of course work

Note there will be no lectures on October 24, October 30, November 14, November 28. The lecture on October 31 and the exercise class on November 1 will be interchanged.

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Details

max. 50 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

  • Wednesday 02.10. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 03.10. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 09.10. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 10.10. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 11.10. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 16.10. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 17.10. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 18.10. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 23.10. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 24.10. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 25.10. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 30.10. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 31.10. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 06.11. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 07.11. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 08.11. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 13.11. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 14.11. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 15.11. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 20.11. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 21.11. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 22.11. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 27.11. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 28.11. 12:00 - 14:00 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
    Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 29.11. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 04.12. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 05.12. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 06.12. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 11.12. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 12.12. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 18.12. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Wednesday 08.01. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 09.01. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 10.01. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 15.01. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 16.01. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 17.01. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 22.01. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 23.01. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 24.01. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Wednesday 29.01. 10:00 - 12:00 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
    Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Thursday 30.01. 12:00 - 14:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
  • Friday 31.01. 08:00 - 10:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock

Information

Aims, contents and method of the course

Course Summary: this applied microeconomics course provides an overview of the microeconomic theory that is useful to know when you are working as an economist in a firm, or for a government organization. The course provides the theory, but also shows how the theory can be applied to real world examples/cases. The course deals with the classic content of microeconomics: how consumers make consumption choices, how producers make production choices, and how the market coordinates these choices. Welfare properties of perfectly competitive market allocations are also discussed. Strategic behavior is not part of this course, and asymmetric information issues are are also not part of the core of the course.

Contents: The recommended readings below give author's name and the sections orchapters in the corresponding book;.

Course outline: This course combines a treatment of the classical microeconomics topics on consumer behaviour, producer behaviour and welfare economics, with a discussion of how these fundamental notions can be applied or are used to address important policy issues. The lectures combine a treatment of the theory and an In-depth discussion of some relevant cases.

Week Topic Literature
40 Introduction to Applied Microeconomics: what Is a Market?
41 Consumer Choice I JR, chapter 3
42 Consumer Choice II JR, chapter 3
43 Lumpsum taxation or a value-added Tax? (only Wednesday Lecture)
44 Choice under Uncertainty (Lecture on Friday November 1) JR, chapter 4.4
45 Policy relevance of Choice under uncertainty Machina
46 Economie of State Lotteries (only Wednesday Lecture), why do people buy Insurance? Clottfelter
47 Production decisions I JR, chapter 5
48 Question session (November 27) and Midterm (November 28)
49 Production decisions II JR, chapter 5
50 Perfectly Competitive Markets JR, chapter 6
51 Welfare Theorems and general equilibrium JR, chapter 7.1, 7.2 and 7.4
2 The Emergence of Markets In Practice Cheung, Radford
3 Market Design and Auctions I:
4 Market Design and Auctions II: Greenhouse gas emissions Baicker et al.
5 Final Exam January 29

Assessment and permitted materials

There will be one midterm (35%) andone final exam (45%). In addition, students have to submit one homework sets and be active in the tutorials by providing solutions in class (10%) and have to write one small essay (3-4 pages) analyzing a recent issue that has been in the news from a microeconomic perspective (10%). The midterm will be on November 28. The final exam will be on January 29.

Minimum requirements and assessment criteria

Target group: Master B Students in Economics
Prerequisites: Bsc in Economics with Microeconomics and Game Theory.

Examination topics

Format: The topics of the course will be presented by the lecturer. Problem sets will bedistributed regularly through the course website and in the tutorials. Students are expected to read the material in advance of the classes so that there can be activeinteraction during the lectures. When problems are discussed in the tutorials, students are expected tohave worked on the problem sets in advance. Students are also expected to do be handing in two homework sets and one small essay.

Reading list

Text book: Jehle, G. and Ph. Reny. Advanced Microeconomic Theory (2nd edition). Pearson.
Articles:
Choice under Uncertainty
Machina, M. 1987. Choice Under Uncertainty: problems solved and unsolved. Journal of Economic Perspectives1, pp. 121-54.
Clotfelter, C. and P. Cook.On the Economics of State Lotteries.Journal of Economic Perspectives4, pp. 105/19.
Avery, Christopher, and Sarah Turner. "Student Loans: Do College Students Borrow Too MuchOr Not Enough?." The Journal of Economic Perspectives 26.1 (2012): 165-192.
On markets and welfare:
Cheung, S. 1973. The Fable of the Bees.Journal of Law and Economics16, pp. 11-33
Radford, R. 1945. The Economic Organization of a P.O.W. Camp.Economica12, pp. 189-210.
Market design:
Baicker, Katherine, and Dana Goldman. "Patient cost-sharing and health care spending growth." Journal of Economic Perspectives 25.2 (2011): 47-68.
David Gale and Lloyd Shapley, "College Admissions and the Stability of Marriage," American Mathematical Monthly, 69, 1962, pp. 9-15.
Klemperer, Paul, "What Really Matters in Auction Design," Journal of Economic Perspectives, 2002.

Association in the course directory

Last modified: Mo 07.09.2020 15:28