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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 including Unit Aims

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 Information

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 Information

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).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.

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