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Unit information: MRes Microeconomics 1 in 2021/22

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 covers foundational microeconomic theory and game theory with mathematical rigourness and their applications to selected prime topics in microeconomics. The unit aims to introduce students to economic modelling of individual decision making, market equilibrium analysis, game theoretic modelling of strategic decision making, and to prepare them for economic research using these analytic paradigms.

PART I: Conventional Microeconomic Theory

1. Preference and Choice (MWG Chap 1)

2. Classical Demand Theory (MWG Chap 3)

3. Production (MWG Chap 5)

4. Competitive Markets and General Equilibrium (MWG Chap 10, Sec 15.B)

5. Externalities and Public Goods (MWG Chap 11)

PART II: Game Theory and Applications

6. Choice under Uncertainty (MWG Chap 6)

7. Games of Complete Information: Normal form, Nash equilibrium, Game tree, Subgame perfection

8. Models of Oligopoly, Other applications

9. Games of Incomplete Information: Bayesian Nash equilibrium, Information sets, Perfect Bayesian equilibrium

10. Cournot with private costs, Signalling games

Intended learning outcomes

Intended learning outcomes

At the end of the unit a successful student will be able to

1) explain economic agent's decision making in market environments;

2) discuss market equilibrium outcomes and their welfare properties;

3) explain agents' strategic decision making as a game;

4) solve games to find equilibria and discuss their economic implications.

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

Coursework (15%)

Exam (85%)

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. EFIMM0028).

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