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Unit information: MRes Microeconomics 1 in 2020/21

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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



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 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

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 Details

online exam (85%) and coursework (15%)

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