On completion of the course the student will be able to:

• explain or demonstrate the cornerstone theories of consumption, production, demand and supply.
• explain or demonstrate the comparative features of different markets, and the specific problems faced by the agents active in them.

• use formal descriptions of market demand and supply for analytical purposes.
• optimise the strategies of agents operating in markets of different types.
• use economic analysis and mechanism design to evaluate contracts and their incentive properties.
• identify the general role that adverse selection, moral hazard and contract renegotiations play in the interactions among economic agents.

• carry out and present economic analysis and strategic thinking in a logically consistent way, taking the factual evidence into account.

The Course provides an introduction to the economic analysis of the behavior of economic agents and institutions. The main topics covered are:

• The methodology of economic analysis
• Formal representations of the behaviour of consumers and firms
• Investment decisions
• Games and strategic behaviour
• Competitive market analysis
• Analysis of oligopolistic markets and markets with asymmetric information
• Contracts and their incentive properties

The coverage of the analytical tools enables the students to immediately apply such tools to concrete problems, and provides the foundations for further studies in Economics and in Finance.

Lectures and workshops.

The teaching is conducted in English.

The applicant must hold the minimum of a Bachelor’s degree (i.e. the equivalent of 180 ECTS credits at an accredited university) with at least 90 ECTS credits in business administration, economics, computer engineering, industrial engineering and management, or equivalent.

The course is graded A, B, C, D, E, FX or F.

All of the intended learning outcomes are assessed through a written examination which accounts for 100% of the course credit and course grade.

Name of the Test	Value	Grading
Examination1,2	7.5 credits	A/B/C/D/E/FX/F

¹ Determines the final grade of the course, which is issued only when all course units have been passed.
² Written Examination

It is the responsibility of the examiner to ensure that each course is evaluated. At the outset of the course, evaluators must be identified (elected) among the students. The course evaluation is carried out continuously as well as at the end of the course. On the completion of the course the course evaluators and course examiner discuss the course evaluation and possible improvements. A summary report is created and archived. The reports are followed up by program directors and discussed in program groups and with relevant others (depending on issue e.g. Associate Dean of Education, Associate Dean of faculty, Director of PhD Candidates, Dean and Director of Studies). The next time the course runs, students should be informed of any measures taken to improve the course based on the previous course evaluation.

Academic integrity
JIBS students are expected to maintain a strong academic integrity. This implies to behave within the boundaries of academic rules and expectations relating to all types of teaching and examination.
Copying someone else’s work is a particularly serious offence and can lead to disciplinary action. When you copy someone else’s work, you are plagiarizing. You must not copy sections of work (such as paragraphs, diagrams, tables and words) from any other person, including another student or any other author. Cutting and pasting is a clear example of plagiarism. There is a workshop and online resources to assist you in not plagiarizing called the Interactive Anti-Plagiarism Guide.
Other forms of breaking academic integrity include (but are not limited to) adding your name to a project you did not work on (or allowing someone to add their name), cheating on an examination, helping other students to cheat and submitting other students work as your own, and using non-allowed electronic equipment during an examination. All of these make you liable to disciplinary action.

• R. Preston McAfee, Introduction to Economic Analysis. Flat World Knowledge, latest edition
• Handouts posted in the web-page of the Course.