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Unit information: MRes Microeconomics 2 in 2016/17

Please note: you are viewing unit and programme information for a past academic year. Please see the current academic year for up to date information.

Unit name MRes Microeconomics 2
Unit code EFIMM0027
Credit points 15
Level of study M/7
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Dr. Eugene Jeong
Open unit status Not open
Pre-requisites

MRes Microeconomics I

Co-requisites

None

School/department School of Economics
Faculty Faculty of Social Sciences and Law

Description

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Description, including the unit aims

The course begins with a comprehensive coverage of general equilibrium theory. It then moves to a rigorous discussion of mechanism design. Finally, we apply the ideas to designing auctions and contracts. 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:

1. General Equilibrium

- Pure Exchange Economies - Production Economies - Welfare Theorems - Core Allocations - Arrow-Debreu Economies

2. Mechanism Design

- The Mechanism Design Problem and the Revelation Principle - The VCG Mechanism - Auction Theory - Contract Theory

Intended learning outcomes

This unit follows on from MRes Microeconomics I in providing a thorough and in-depth treatment of further 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.

Teaching details

There are two lectures and one exercise class per week. Coursework will consist of weekly exercises which will be used for course assessment.

Lectures will introduce and explain the different concepts and methods as well as their application and limitation whereas exercise classes will provide the opportunity to practice the selection and use of these methods.

Contact Hours Per Week 3

Student Input

20 hours lectures

10 hours tutorials

15 hours preparation of weekly exercises for assessment

3 hours final exam

102 hours individual study

Assessment Details

Summative assessment: 3-hour written exam (85%), weekly exercises on the various topics (15%). The exam will test the knowledge, selection, application and evaluation of tools and methods, whereas the exercises will incentivize the students to learn to use, apply and evaluate these methods while getting feedback on their progress.

Formative assessment: class participation and discussion in tutorials. These will provide further opportunities for feedback on the students’ progress.

Reading and References

Mas-Colell, A., Whinston, M.D. and Green, J.R. Microeconomic Theory (Int Ed), OUP

Debreu, G. A Theory of Value, Yale Un. Press.

Krishna, V. Auction Theory (Second Ed), Academic Press

Salanie, B. The Economics of Contracts: a Primer (Second Ed.), MIT Press

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