Methodological foundations of microeconomics. Theories of production and individual choice. Aspects of decision theory under certainty, risk and uncertainty. Introduction to game theory under complete and incomplete information, with applications to oligopoly. Perfect competition as a limiting case. General competitive equilibrium: existence and Pareto efficiency. Private information in markets. Basic auction theory. General theory of markets with adverse selection. Contract design in the context of moral hazard problems. Prerequisite(s): None

Upon completion of this course, the students will be able to: 1. understand some most frontiered concepts in microeconomics, such as the behavior of household and firm, market mechanism, and choices among different agents; and 2. use analytical methods to develop their own microeconomic models to study economic issues.