Micro Economics


The aim of the course is to provide students with

  • Tools and concepts from microeconomic theory of individual decision making;
  • Analytical training for their usage in applied fields.

The course is an important step towards advanced graduate courses in economics.  After completing the course students will be able to:

  1. Identify and explain economic concepts from the theory of individual decision making. 
  2. Explain how rational behaviour of an economic agent can be computed in any economic environment, and compute it in practical applications.


The course Micro economics is the fundamental microeconomics course which studies individual decision making.

Topics covered:

Preferences and utility functions, Consumer choice, WARP, Classical demand theory, Elements of production theory, General Equilibrium approach, Expected Utility theory, Non-expected Utility Theories.


Online Proctored examination (100%)

The Online Proctored Examination is on Friday, 8 January 2021, 09:30 - 11:30. The resit exam, planned on Friday, 30 April 2021, 09:30-12:30 is still subject to change (in form/time).


Compulsory: Mas-Colell, A.M. Whinston and J. Green. 1995. Microeconomic Theory. New York: Oxford University Press

Additional literature: Wakker, P., 2010, Prospect theory, Cambridge University Press

Additional info

The timetable for this course can be found here.

ERIM PhD candidates can register for this course via Osiris Student.

External (non-ERIM) participants are welcome to this course. To register, please fill in the registration form and e-mail it to the ERIM Doctoral Office by four weeks prior to the start of the course. For external participants, the course fee is 260 euro (1 ECTS).