ECON4235 – Microeconomic Theory
Course description
Course content
- Production and consumer theory based on duality theory
- Some partial equilibrium analysis
- General equilibrium analysis including main welfare theorems
- Some theory for decisions under uncertainty
Learning outcome
Knowledge outcomes
The students are expected to be familiar with the basic results in production and consumer theory, and learn how these results can be derived using duality theory. They should also know the result that a general equilibrium exists, and understand the intuition underlying the main welfare theorems both in general and partial equilibrium analysis. Finally, they will be exposed to the theory of uncertainty, including the axioms of the expected utility theorem.
Skills
The students must be able to do basic microeconomic analysis based on techniques from duality theory, including deriving the main results in production and consumer theory. They should be able to do welfare economics without use of marginal conditions. In the theory of uncertainty they should understand the concept of risk aversion as well as the difference between risk and uncertainty.
Admission
Students who are admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for in Studentweb.
If you are not already enrolled as a student at UiO, please see our information about admission requirements and procedures.
Prerequisites
Formal prerequisite knowledge
Bachelors degree in Economics, or equivalent.
Recommended previous knowledge
ECON2200 – Matematikk 1/Mikro 1 (MM1) (discontinued), ECON3610 – Samfunns?konomisk l?nnsomhet og ?konomisk politikk (discontinued) and ECON3120 – Mathematics 2: Calculus and Linear Algebra / ECON4120 – Mathematics 2: Calculus and Linear Algebra, or equivalent.
Students that do not have the recommended background, can be allowed to take the course, provided that they have a good background in mathematics.
Overlapping courses
- 10 credits overlap with ECON4230 – Microeconomic Theory (discontinued)
- 10 credits overlap with S?K2MIK Mikro?konomisk teori
- 10 credits overlap with ECON302 Microeconomic Theory
Teaching
Lectures: 2 hours per week throughout the semester.
Seminar: 2 hours per week through parts of the semester.
There might occur weeks exempt from teaching.
Examination
A 3-hour written school exam.
Examination support material
No examination support material is allowed.
Language of examination
The problem set will be given in English. Answers can be given in Norwegian, Swedish, Danish or in English. See § 5.4 in Regulations governing studies and examinations at the University of Oslo.
Grading scale
Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.
Explanations and appeals
Resit an examination
The Department of Economics has passed following resolution for ECON-courses: It will no longer be possible for candidates to register for an exam in a lower level course after having passed exams in intermediate and advanced level courses in the same subject area (also where there are no pre-requisites that apply to the intermediate course). Further information can be found here.
Students who might wish to retake the exam later, are not guaranteed that the course is ever repeated with a similar reading list, nor that the exam arrangement will be the same.
Withdrawal from an examination
It is possible to take the exam up to 3 times. If you withdraw from the exam after the deadline or during the exam, this will be counted as an examination attempt.
Special examination arrangements
Application form, deadline and requirements for special examination arrangements.
Other
The course code ECON4235 – Microeconomic Theory (discontinued) is to be used by students admitted to the 2-year Master programme in Environmental and Development Economics only.