Microeconomics ECONM1010
- Level: MSc
- Credit point value: 15
- Unit Director: Professor In-Uck Park
- Lecturer: Professor In-Uck Park and Fabien Postel-Vinay
Programmes
Compulsory Unit in: Economics, Economics and Econometrics, Economics and Public Policy, Economics and Finance
Optional Unit in: Finance and Investment.
Unit Aims
To introduce the central ideas, concepts and tools of microeconomics. To develop analytical rigour. To prepare students for independent economic thinking about policy issues.
General Description of the Unit
This unit aims to provide a thorough understanding of the basic concepts in microeconomics with more emphasis on the technical aspects relative to microeconomics taught at the undergraduate level. 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.
Teaching Methods
Lectures will outline the main areas of the course but independent study of recommended texts and other readings will also be essential. The lectures will be accompanied by large workshops and smaller tutorial classes. Workshops will be used to go through the exercises from the lectures. Students should be careful to attempt exercises in advance of workshops. Classes will be used to discuss topics arising from the lectures. There will be written assignments to be submitted (one exercise set and one essay) and presentations (in classes) by the students.
Learning Objectives
Students should be familiar with the basic principles of each list item summarised below and should be able to apply mathematical techniques (where relevant) to solve economic problems. Equally important, however, is that students understand the economic problem at hand and interpret their answers intuitively.
Assessment Methods
Three hour closed book examination in May/June.
Transferable Skills
Modelling skills to formalise economic problems. Analytic and quantitative skills to solve problems. Presentation skills to deliver coherent arguments in both written and oral work.
Texts
- Mas-Colell, A., Whinston, M. and Green, J. (1995) , Microeconomic Theory, Oxford U Press.
- Gibbons, R. (1992), A Primer in Game Theory, Prentice Hall.
Syllabus
- Individual Decision Making
- Games of Complete Information
- Competitive Markets
- Games of Incomplete Information
- Adverse Selection, Signaling and Screening
- The Principal-Agent Problem