Intermediate Microeconomic Theory

Do individuals calculate their actions to suit consequences? Are individual’s choices purely self-interested? How do individual behaviours affect social institutions? And how can policies take heed to these behaviours?

Up to a certain point in history, microeconomic theory answered these questions with pre-determined assumptions. Microeconomic theory has since moved a long way, now including wide-ranging insights from different disciplines and ideas in order to understand how to model individual behaviour, social interaction and conflict, and understand how these change over time. In this course, you will look at the behaviour of individuals, households, firms and the interaction and organisation of markets and institutions. You will learn how economists evaluate social outcomes. You will learn newer insights from behavioural, experimental and evolutionary economics as well as from more established building blocks like game theory and contract theory.