Systems of consumer demands, duality and empirical demand models; production theory, production functions and cost functions; firm’s behaviour under alternative market structures and duality, empirical specification of factor demand and output supply functions; choice under risk and uncertainty and economics of information. Introduction to game theory, application of game theory, uncertainty, information asymmetry, moral hazard and adverse selection; principal-agent problem and signaling; general equilibrium and dis-equilibrium models and welfare economics in standard neo-classical setting; core of an economy, strategic behaviour and collective choice; inter-temporal choice under perfect foresight and uncertainty.