| Unit name | MRes Microeconomics 2 |
|---|---|
| Unit code | EFIMM0027 |
| Credit points | 15 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Professor. Xiong |
| Open unit status | Not open |
| Pre-requisites |
MRes Microeconomics I |
| Co-requisites |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
The course begins with a comprehensive coverage of general equilibrium theory. It then moves to a rigorous discussion of mechanism design. Finally, we apply the ideas to designing auctions and contracts. 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:
1. General Equilibrium
- Pure Exchange Economies - Production Economies - Welfare Theorems - Core Allocations - Arrow-Debreu Economies2. Mechanism Design
- The Mechanism Design Problem and the Revelation Principle - The VCG Mechanism - Auction Theory - Contract TheoryThis unit follows on from MRes Microeconomics I in providing a thorough and in-depth treatment of further 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.
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
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.
Mas-Colell, A., Whinston, M.D. and Green, J.R. Microeconomic Theory (Int Ed), OUP
Debreu, G. A Theory of Value, Yale Un. Press.
Krishna, V. Auction Theory (Second Ed), Academic Press
Salanie, B. The Economics of Contracts: a Primer (Second Ed.), MIT Press
