Unit information: Advanced Microeconomics in 2021/22

Unit name	Advanced Microeconomics
Unit code	EFIM30009
Credit points	20
Level of study	H/6
Teaching block(s)	Teaching Block 1 (weeks 1 - 12)
Unit director	Professor. Giovannoni
Open unit status	Not open
Pre-requisites	EFIM20033 Intermediate Microeconomics
Co-requisites	None
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

The unit develops information economics and introduces mechanism design. Topics covered include dynamic incentive problems, bargaining, incentives in teams, mechanism design, auctions and matching markets.

The aims of the unit are:

• To discuss a range of standard economic problems such as market design, bidding in auctions, bargaining, contracting in teams and dynamic contracting;

• To develop further tools and economic concepts introduced in previous microeconomic units and introduce new tools and concepts at the frontier of modern microeconomics research;

• To introduce new game-theoretic methods.

• To emphasize modern approaches to modelling in microeconomics.

Intended Learning Outcomes

At the end of the course students should have a good understanding of many issues at the frontier of modern microeconomics.

They will be able to analyse a range of decision-theoretic situations by appropriate selection and application of microeconomic models.

They will be able to explain the uses and limitations of the models discussed in the unit.

They will be able to answer interpretive and problem-based questions on:

• Mechanism design and Implementation;
• Bargaining under complete and incomplete information;
• Auctions with private and common values;
• Dynamic contract theory;
• Incentive issues in teams;
• Contractual incompleteness;
• Alternative methods for the valuation of environmental goods

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Information

online examination (100%)

Resources

If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM30009).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.