Course Information
FacultyEconomic and Political Sciences
Cycle / Level1st / Undergraduate
Teaching PeriodSpring
CoordinatorKonstantinos Papadopoulos
Course ID100000873

Class Information
Academic Year2017 – 2018
Class PeriodSpring
Faculty Instructors
Weekly Hours4
Class ID
Course Type 2016-2020
  • Scientific Area
  • Skills Development
Course Type 2011-2015
Specific Foundation / Core
Mode of Delivery
  • Face to face
Digital Course Content
The course is also offered to exchange programme students.
Language of Instruction
  • Greek (Instruction, Examination)
  • English (Examination)
  • French (Examination)
General Prerequisites
A good knowledge of microeconomic theory.
Learning Outcomes
After the end of the semester, the student should clearly understand and be able to analyze using microeconomic models: • The competitive equilibrium in models with multiple goods, with uncertainty and imperfect insurance markets • The concepts of risk and insurance, pricing of insurance products • The concepts of moral hazard and adverse selection Also the student will familiarize with using the computation software Mathematica ver.4(syntax, solving optimization problems, solving systems of equations)
General Competences
  • Apply knowledge in practice
  • Make decisions
  • Work autonomously
  • Work in teams
  • Generate new research ideas
  • Be critical and self-critical
  • Advance free, creative and causative thinking
Course Content (Syllabus)
We will present the general equilibrium model of perfect competition in order to demonstrate the interdependence of markets, the calculation and the existence of equilibria. The foundations of efficiency of competitive equilibrium. We will continue with the presentation of the theory of individual choice under uncertainty: Arrow-Debreu model under uncertainty and incomplete insurance markets, maximization of expected utility, risk aversion, neutrality and love. Application of the theory in explaining and addressing the phenomenon of tax evasion and insurance premiums. Economics of information: we will deal with the value of information and basic concepts such as moral hazard and adverse selection in insurance markets. The principal - agent model.
general equilibrium, perfect competition, Arrow-Debreu model, risk, uncertainty, asymmetric information, moral hazard, adverse selection, insurance markets
Educational Material Types
  • Notes
  • Slide presentations
  • Book
Use of Information and Communication Technologies
Use of ICT
  • Use of ICT in Course Teaching
  • Use of ICT in Laboratory Teaching
  • Use of ICT in Communication with Students
Educational material such as slides presented during the course, tests solutions, exercises, information or statements and the results of interim exams will be posted exclusively to Blackboard (https://blackboard.lib.auth.gr) The student may download and print related files from any personal computer or from the library of the Department. The Blackboard website is updated on a weekly basis. All students that choose the course are required to enroll in the Blackboard system from the first week in order to receive notifications by email and have access to the interim exam grades. For instructions on accessing the Blackboard platform visit http://users.auth.gr/kpap/indexfiles/micro3/micro3.htm
Course Organization
Interactive Teaching in Information Center
Student Assessment
The student may choose one of the following two ways of assessment: 1. Participation in two interim exams (70%) and compulsory coursework (30%) without participation in the final written exam. 2. Final written exam after the end of the semester (70%) without participation in interim exams and coursework. Students who choose the second assessment optin, and have not participated in all interim exams, are considered as not taking part in essentil mandatory activities that occupy 30% of the total assessement and for this reason the maximum possible grade is 7 (= 10 * 70%). Students will be informed through blackboard announcements on the exam dates.
Student Assessment methods
  • Written Assignment (Summative)
  • Performance / Staging (Summative)
  • Written Exam with Problem Solving (Summative)
  • Written Exam (Summative)
Course Bibliography (Eudoxus)
Gravelle H. και Rees R., Μικροοικονομική , Ενιαίος τόμος, Εκδόσεις Γ. Δαρδανός - Κ. Δαρδανός , 2010, ISBN 978-960-01-1344-0, Kωδικός Εύδοξος 32340 W.Nicholson, Μικροοικονομική Θεωρία: Βασικές Αρχές και Προεκτάσεις, Ενιαίος τόμος, Εκδόσεις Κριτική, 2008, ISBN 9789602187340, Kωδικός Εύδοξος 7648533
Additional bibliography for study
Η. Varian, Μικροικονομική:Μια Σύγχρονη Προσέγγιση, Τόμοι Α και Β, Εκδόσεις Κριτική, 2006  Μ. Χαχολιάδη, Μικροοικονομική Ι,Εκδόσεις Κριτική, Τόμοι Α και Β, Εκδόσεις Κριτική, 1990  Ε. Δρανδάκη, Ν. Μπαλτά ,Γ. Μπήτρου, Μικροοικονομική Θεωρία, Τόμοι Α και Β, Εκδόσεις Σταμούλη 1994 Jehle, G. A., Reny, P.J., Advanced microeconomic theory, Addison-Wesley, 2001  Fudenberg, Drew, Tirole, Jean, Game theory, MIT Press, 1991  Mas-Colell, A. Whinston, M. D., Green, J., Microeconomic theory, Oxford University Press, 1995  Tirole, Jean, The theory of industrial organization, MIT Press, 1988
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