Handbook

Decision-making by consumers, producers, and governments lies at the heart of economic analyses. The first half of this intermediate course in microeconomic theory is devoted to the study of rational decision- making and the modelling of associated market behaviour. We then study how individual economic decisions interact in markets with varying degrees of competition, paying substantial attention to the comparative welfare outcomes produced by different market forms. Additional topics include game theory and its applications, and asymmetric information. There is substantial emphasis on the use of analytical tools and mathematical models. These tools and models underpin much of the world's current research in microeconomics.