After completion of the course the student is able to
- model decisions of individual agents.
- model the aggregation of these decisions on decentralized levels.
- model more complex situations arising in economics and finance, as well as in strategic conflicts after the
- previous two modeling steps have been made, and resulting from the various interactions of the subsystems.
- analyze these situations and to find predictions or to make recommendations in these contexts.
- explain, formulate and present current theoretical insights using accepted concepts and modes of analysis.
- acquire knowledge independently during group work and discuss the findings and new questions that arise consequently.
- explain how a mathematically sound system is constructed in micro economics.
- develop an inquisitive and critical attitude towards mathematical and economic theories.
Our aim is furthermore to show that the micro variant of economics can be regarded as and in fact is an exact science. Starting from axioms obtained from observations in the real world of economics or, more widely interpreted, human decision making, mathematical constructs are built, namely the theories of the consumer, the firm, and markets, and also game theory, that allow treatment of a wide range of aspects in economics, finance, or decision making with mathematical rigor.
Method of instruction
To be able to work as a professional in an environment where economic, financial or strategic advice is wanted or required.
The micro variant of economics is in fact an exact science. Starting from axioms obtained from observations in the real world of economics or more widely interpreted human decision making, mathematical constructs are built, namely the theories of the consumer, the firm, and markets, and also game theory, that allow treatment of any aspect in with mathematical rigor.
Theory of the consumer, theory of the firm, of theory of markets. Non-cooperative game theory (interactive decision making).
We have a special method of organizing the independent knowledge acquisition etc. Details are explained in the first meeting of the course.
Our method is very demanding yet rewarding. Students participating fully, rarely have problems completing the course with a fine result.
To avoid free riding problems, we have strict rules on participation. You are either in and participate fully, or out in which case you prepare for exam outside of class meetings.