Individual decision making - M1 MAEF UFR27

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  Elena del Mercato (Elena.delMercato@univ-paris1.fr)
  Webpage: www.parisschoolofeconomics.eu/en/persons/elena-del-mercato/

   

  Course in English - First Semester 2026/2027

  
  

  M1 MAEF Individual Decision Making - 4 credits:
  

  • 18 hours of Course (CM) - 12 weeks from September 16 on Wednesday 9:00-10:30, Room 19 - MSE.
  • 24 hours of TD - 12 weeks from September 16 on Wednesday 13:00-15:00, Room 116 - MSE.

   

  Course Content

  This course deals with individual decision making by producers and consumers. 

  • Rational Behavior, Choice, and Market Demand. Consumption set, preferences, properties of preferences, utility representation, properties of utility functions, examples. Budget constraint, utility maximization problem, competitive demand, properties and computation on some examples. Differential characterization of the demand for a differentiable utility function. Choice rules and the weak axiom of revealed preference. Expected utility theory.

  • Production and Firm Behavior. Production set, transformation function, production function, examples. Competitive behavior, profit maximization, profit function, supply function, properties. Differential characterization of the supply for a differentiable transformation function. Cost minimization, cost function, demand function, properties. Relationship between profit maximization and cost minimization.

   

  MIDTERM EXAM: Wednesday, November 18, during the TD, Room 116 - MSE.
  

   

  The program to ​be reviewed​ for the MIDTERM Exam is​ as follows:
  - All the CM sessions up to November 11 (included).
  ​- "Mathematical Appendix": Chapters 1, 2, and 4. 
  ​- The ​six ​"Feuilles de TD" up to November 11​ (included).

   

  The exercices to be solved in week "n+1" are available in the folder below "FEUILLES DE TD" in week "n" immediately after the course on Wednesday.

   

  References

  • The main reference is the textbook "Microeconomic Theory", Mas-Colell, A., Whinston, M.D., Green, J., Oxford University Press, 1995: Chapters 1-6.
  • Bonnisseau, J.-M., del Mercato E., Class Notes: Microeconomis 1, 2023.
  • del Mercato, E., Mathematical Appendix, 2026.

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  Class Notes and Problem Sets (TDs)

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    FEUILLES DE TD 2026 Dossier