Gain an advanced knowledge of the theory and techniques of modern microeconomic analysis and equip them with the skills required for modelling decision-making in applied settings. Grasp an overview of behavioural economics and gain a critical appreciation of the theoretical tools used in these relatively new but increasingly important areas of economics.
You’ll learn to:
- Understand how to model individual preferences and decision making with and without risk
- Explain the development and use of behavioural economic models to rival those that are standard in neoclassical economics – for example, consumer theory
- Evaluate how market equilibrium is formed and the welfare characteristic of such equilibrium in the context of no market failures
- Interpret equity and distributional issues
- Interpret social preferences, analyse social choice and evaluate voting systems
- Give a social-economic analysis of the market equilibrium and define possible policy interventions