Unit information: Advanced Microeconomics in 2015/16

Unit name	Advanced Microeconomics
Unit code	ECONM3024
Credit points	15
Level of study	M/7
Teaching block(s)	Teaching Block 2 (weeks 13 - 24)
Unit director	Dr. Maija Halonen-Akatwijuka
Open unit status	Not open
Pre-requisites	ECONM1010
Co-requisites	None
School/department	School of Economics, Finance and Management
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

This unit builds on the first-term unit to broaden and deepen students' knowledge and understanding of Microeconomics. Additional topics will illustrate and reinforce advanced microeconomic theory. These will include advanced theory of extensive form games under incomplete information, and its application to analyse rigorously the strategic incentives of major economic players and their consequences in situations of conflicts, including business , political and policy issues.. The unit will contain some additional technical material to prepare students for study at PhD level, such as analysis of repeated games and dynamic games.

Aims:

• To broaden students' knowledge and understanding of advanced microeconomics;

• To provide students with skills needed for PhD research in microeconomics;

• To deepen students' technical ability in advanced microeconomic modelling, including design and/or analysis of market mechanism, government policies, political processes, and institution organisation issues.

• To increase students' ability to undertake policy analysis within government departments and research institutes.

Intended Learning Outcomes

• Students will be familiar with advanced microeconomic modelling methodologies, including models at the research frontier;

• Students will develop the ability to evaluate complex modelling strategies in different contexts;

• Students will develop the ability to apply the acquired techniques to address specific economic questions;

• Students will develop experience in and understanding of theoretical microeconomic model building which skill will be useful in a PhD.

Teaching Information

Material will be delivered by lecture. This will be supplemented by small-group classes to facilitate student-led learning and to enable diagnostic assessment of their progress. Coursework will consist primarily of technical and problem-solving exercises which will be discussed in class. Classes will also be used to discuss different approaches and for student presentations.

Assessment Information

Formative assessment: exercises and presentations.

Summative assessment: closed-book exam (2 hours, 70% of total assessment), one take-home mathematical exercise (30% of total assessment).

Reading and References

• Mas-Colell, Whinston and Green (1995) Microeconomic Theory (Oxford University Press)

• Osborne M. (2004) An Introduction ro Game Theory (Oxford University Press)

• Myerson R. (1991) Game Theory: Analysis of conflict (Harvard University Press)

• Laffont J.J. and Martimort D. (2002) The Theory of Incentives (Princeton University Press)