Ateneo - UPO

This graduate-level course explores the fundamental principles of individual decision making, focusing on rational choice theory as applied to individual decision-making processes. The curriculum encompasses an analysis of how economic principles influence the choices made by individuals, touching upon consumer behavior, firm dynamics, and various market structures. Topics covered include supply and demand, consumer choice, market demand, information economics, game theory, and market structures like perfect competition, monopoly, oligopoly, and monopolistic competition.

Frank, Robert H. (2020) Microeconomics and Behavior – International Student Edition (10th ed.), McGraw-Hill.

- Understand rational choice theory and its application in economics.
- Analyze consumer behavior and demand.
- Evaluate economic decision-making under uncertainty and information constraints.
- Examine firm behavior, production, and costs.
- Study various market structures, including competition, monopoly, and oligopoly.
- Apply game theory to analyze strategic interactions.
- Foster critical thinking and problem-solving skills in economics.

This advanced microeconomics course assumes a grasp of introductory microeconomics concepts and a basic proficiency in mathematics, including algebra and graph interpretation. Students should have completed an introductory microeconomics course or its equivalent, ensuring they are prepared for the quantitative and analytical aspects of this advanced course.

Classroom lectures

- Lectures will be held on Thursdays from 10:00 AM to 1:00 PM and Fridays from 2:00 PM to 4:00 PM, totaling 42 hours.
- The course will start on September 28, 2023.

- Written Exam (three open-ended questions).
- Active participation in lectures is rewarded with “pluses”. Each “plus” earned translates to an extra 0.25 points on the final grade, with a potential maximum of 3 points. This system is designed to encourages engagement and lecture attendance.

- Chapter 1. Thinking Like an Economist
- Chapter 2. Supply and Demand
- Chapter 3. Rational Consumer Choice
- Chapter 4. Individual and Market Demand
- Chapter 5. Applications of Rational Choice and Demand Theories
- Chapter 6. The Economics of Information and Choice under Uncertainty
- Chapter 7. Departures from Standard Rational Choice Models (With and Without Regret)
- Chapter 8. Production
- Chapter 9. Costs
- Chapter 10. Perfect Competition
- Chapter 11. Monopoly*
- Chapter 12. A Game-Theoretic Approach to Strategic Behavior*
- Chapter 13. Oligopoly and Monopolistic Competition*

* if time allows

- Theory Mastery: Grasp the fundamental principles of microeconomics and rational choice theory.
- Application Skills: Utilize microeconomic concepts to analyze and interpret real-world decision-making scenarios.
- Critical Thinking: Critically evaluate the strengths and limitations of rational choice theory in different contexts.
- Quantitative Skills: Enhance proficiency in mathematical modeling and data analysis for evaluating economic decisions.
- Interdisciplinary Awareness: Understand and appreciate the interconnectedness of microeconomics with other disciplines.
- Problem-Solving Abilities: Develop strategies to solve complex decision-making problems using rational choice theory.
- Ethical Considerations: Delve into the ethical implications and responsibilities entailed in economic decision-making.
- Policy Analysis: Examine the influence of microeconomic theories in shaping and analyzing public policies.