| Unit name | MRes Microeconomics 1 |
|---|---|
| Unit code | EFIMM0028 |
| Credit points | 15 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Professor. Park |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
MRes Mathematics for Economics |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
The course begins with an analysis of consumer theory, moving on to choice in uncertain and strategic situations. The course addresses individual and market responses to asymmetric information and institutions which arise as a result. The unit aims to build in students the ability to know, understand, apply and evaluate these tools and to apply themselves when undertaking novel research. Topics covered will include:
PART I: Conventional Microeconomic Theory
- Preference and Choice (MWG Chap 1) - Classical Demand Theory (MWG Chap 3) - Production (MWG Chap 5) - Externalities and Public Goods (MWG Chap 11)PART II: Basic Game Theory
- Choice under Uncertainty (MWG Chap 6) - Games of Complete Information - Games of Incomplete InformationPART III: Game Theoretic Analysis of Economic Problems
- Adverse Selection, Signalling and Screening - Auctions - BargainingPART IV: Dynamic Analysis of Economic Issues
- Repeated Games and Folk Theorem - Trust, Reputation, and Dynamic SignallingThis unit provide a thorough and in-depth treatment of the basic concepts in microeconomics and introduces fundamental analytic paradigms rigorously, with a view to equip the students with sufficient foundational understanding of the discipline to be able to access the journal articles first-hand, to evaluate them critically and to start independent research projects at basic levels.
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
online exam (85%) and coursework (15%)
Mas-Colell, A., Whinston, M.D. and Green, J.R. Microeconomic Theory (Int Ed), OUP
Osborne M.J. and Rubinstein A. A Course in Game Theory (First Edition), MIT Press.
Tadelis, S. Game Theory: An Introduction (First Ed), Princeton Un. Press
Myerson, R. Game Theory (New Ed.), Harvard Un. Press
