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Unit information: MRes Microeconomics 1 in 2018/19

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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

Description

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 Information

PART III: Game Theoretic Analysis of Economic Problems

- Adverse Selection, Signalling and Screening - Auctions - Bargaining

PART IV: Dynamic Analysis of Economic Issues

- Repeated Games and Folk Theorem - Trust, Reputation, and Dynamic Signalling

Intended learning outcomes

This 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 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

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

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