Advanced Microeconomics 1 (26045)

August 12, 2019

Please note that, if you happen to find conflicting information between this page and Sisu page, consider the Sisu page the primary source of information.

Method of completion: contact teaching

Study material:

  • Can be found in the Moodle learning platform
  • Log in with your Hanken username to be able to use all the features of the course workspace
  • Access to many Moodle courses requires an enrollment key (course password), which you can get from the teacher of the course. The key is sent to you by email or it is posted as a message in Sisu couple of days before the course starts.

 

Enrollment:

  • In Hanken’s Sisu with your Hanken username
  • To be able to register for the course in Sisu, please note that
    • You must have a valid right to study at the course host university
    • You have created your primary personal study plan (HOPS) based on your study right
    • You have added the course for which you are registering to your HOPS
    • More information can be found on the webpage How to enroll in the courses?

 

Lectures

Mon 5.9.2022: 14 – 16
Tues 6.9.2022: 14 – 16

Mon 12.9.2022: 14 – 16
Tue 13.9.2022: 14 – 16

Mon 19.9.2022: 14 – 16
Tue 20.9.2022: 14 – 16

Mon 26.9.2022: 14 – 16
Tue 27.9.2022: 14 – 16

Mon 3.10.2022: 14 – 16
Tue 4.10.2022: 14 – 16

Mon 10.10.2022: 14 – 16
Tue 11.10.2022: 14 – 16

Exercises (subject to change, the other exercise group may be cancelled)

Group 1

Mon 12.9.2022: 10 – 12
Mon 26.9.2022: 10 – 12
Mon 10.10.2022: 10 – 12
Mon 17.10.2022: 10 – 12

Group 2

Mon 12.9.2022: 12 – 14
Mon 26.9.2022: 12 – 14
Mon 10.10.2022: 12 – 14
Mon 17.10.2022: 12 – 14

Final exam: Mon 24.10.2022, 10-12

Retake exam: Wed 14.12.2022, 10-12

 

Content:

This is an advanced level theory course for research-career oriented master students (research master) and PhD students at Helsinki Graduate School of Economics (Aalto University & Hanken & University of Helsinki). The course studies individual economic decision making from the perspective of formal mathematical decision theory which is a very central building block of microeconomic theory. It rigorously defines the concepts of consistent choice, rational preferences, utility maximization, and studies their connections. It applies these concepts to the rational theory of consumer choice and studies its implications for observed choice patterns. The formal toolkit of decision theory is also extended and applied to model decision making under uncertainty. The concept of risk preference is defined and studied. Theoretical implications for the predicted choice patterns are studied. The participants also participate decision making experiments. They examine experimental and observational data to understand to which extent observed data complies with the predictions of the theories, and how models can be extended to allow for better explaining the data at a cost of making the theory more complex.

Doctoral students can also take this course.