Major Trends in Contemporary Microeconomics

The main objective of this course is to provide a structured consideration of the theories of the firm and markets, as well as to explore the advanced methods of microeconomic analysis.

This course provides a structured consideration of the theories of the firm and markets that go beyond the neoclassical tradition. Among them we will consider the agency theory, property rights theory, and transaction cost theory. Our analysis of the economic theories will reflect a general change in economics towards more realistic assumptions, and an expansion of the set of phenomena that economists think they can legitimately deal with. Moreover, the emphasis will be made on the analysis of strategic behavior of firms and consumers in various market structures. An important goal to achieve will be to explore the advanced methods of microeconomic analysis, and to identify weaknesses in the current state of formal theories and the opportunity for the development of new methods.

Literatura podstawowa:

1. Tirole, J., 1997, ""The Theory of Industrial Organization"", MIT Press.

2. Prokop, J., 2011, ""Contemporary Economic Theories of the Firm"", Warsaw School of Economics, Warsaw.

3. Prokop, J., 1999, ""Process of Dominant Cartel Formation"", The International Journal of Industrial Organization, 17(2), s. 241-257.

http://ideas.repec.org/a/eee/indorg/v17y1999i241-257.html

Literatura uzupełniająca:

1. Harrington, J.E. and J. Prokop, 1993, ""The Dynamics of the Free-Rider Problem in Takeovers"", The Review of Financial Studies, 6(4), s. 851-882.

2. Kreps, D., ""A Course in Microeconomic Theory"", Princeton University Press.

3. Prokop, J., Ramsza, M., and Wiśnicki, M., 2015, ""A Note on Bertrand Competition under Quadratic Cost Functions"", Gospodarka Narodowa, 2, s. 5-10.

Wiedza: The behavior of firms in different market structures; Economic definitions of the firm and the terminology used in this area of research; The reasons for and the consequences of long-run agreements between economic agents

Umiejętności: ability to conduct the theoretical and empirical analysis of various institutional arrangements between economic agents; ability to evaluate the research of other economists in the area of the theory of the firm and markets; ability to analyse the behaviour of firms in different market structures

Kompetencje społeczne: understanding ethical issues in the context of the theory of the firm; understanding the idea of corporate social responsibility and the need for its implementation

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