Master in Management

Advanced Economics


Course Description

An overview of various key concepts covered in the course is listed below:

• Neoclassical consumer and demand theory
• Neoclassical producer and supply theory
• Market demand and supply
• Efficiency and welfare of competitive markets
• Decision making under uncertainty
• Different forms of market power
• Pricing with market power
• Strategic behavior of market participants (a primer in game theory)
• Information asymmetries
• External effects and public goods


Learning Objectives
The aim of this course is to develop students’ understanding of the key concepts and principles of microeconomics that are needed to support the decision making of managers in (for-profit) firms. Therefore, the course covers topics ranging from the neoclassical theory of the firm, over industrial organization and game theory, up to decision theory and operations research.


Ulrich Gunter