Unit information: Competition, Conflict, and Coordination: Applied Microeconomic Theory in 2023/24

Unit name	Competition, Conflict, and Coordination: Applied Microeconomic Theory
Unit code	ECON30012
Credit points	20
Level of study	H/6
Teaching block(s)	Teaching Block 1 (weeks 1 - 12)
Unit director	Dr. Halliday
Open unit status	Not open
Units you must take before you take this one (pre-requisite units)	EFIM20011 Econometrics 1 OR ECON20004 Econometrics 1 OR EFIM20010 Applied Quantitative Research Methods OR EFIM20037 Macroeconomic Analysis AND ECON20002 Intermediate Microeconomics OR EFIM20033 Intermediate Macroeconomics OR EFIM20038 Microeconomic Analysis
Units you must take alongside this one (co-requisite units)	None
Units you may not take alongside this one	None
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Unit Information

Why is this unit important?

This third-year unit provides an opportunity to develop students' understanding of microeconomic theory, by seeing how the theory can be applied to a variety of real-world economic problems and how we then test these theories with relevant evidence.

The unit therefore provides an opportunity to synthesize learning from the cornerstones of microeconomic theory and econometric tools, to evaluate the application of microeconomic theory.

For example, students will learn about coordination failures and models which help us to understand problems of the commons and how these problems can be solved by markets, governments, and civil society (as evidenced from experimental work by Nobel prize winner Lin Ostrom, among others).

How does this unit fit into your programme of study?

The unit provides a means by which to round-out and synthesize models and economic thinking learned across the first and second years of economics, reintroducing students to strategic models they first learned in their first year, but showing them the importance of formalizing and validating these models.

Your learning on this unit

An overview of content

The specific theory and applications discussed within this unit will vary year-on-year, but an indicative list of key questions may include:

• How do economic agents–people, firms, communities, and governments–make choices
• Why do people regularly fail to coordinate on mutually beneficial outcomes? And why is social coordination a major aspect of modern economies?
• How do economic rents–the benefits people get compared to their next best alternatives from cooperation or mutual exchange–get distributed? What do people do when the have a conflict of interest with each other about how to distribute rents?
• How do institutions–laws, social norms, conventions, markets–and how does power affect how people, firms, communities, and governments interact?
• How has the set of institutions that define capitalism presided over dramatic increases in human well-being and innovation as well as big differences (inequality) in how well-being is distributed among people and countries?

How will students, personally, be different as a result of the unit

Students will learn to engage with (simplified) models at the forefront of economic theory applied to specific real-world problems, and will develop the ability to critically reflect on when a given model is appropriate or not and what critical assumptions underlie the results a model produces.

Through the unit, students will develop their ability to think creatively with economic modelling tools as applied to real-world problems.

Learning outcomes

At the end of the unit, students will be able to

1. explore how economics is a creative and generative discipline that draws on a variety of fields.
2. Synthesize and apply material from previous units to more challenging and real-world applications to evaluate microeconomic theory
3. make connections among different courses that they have taken during their undergraduate career at Bristol and see how different ideas can be unified within economics—theory, evidence, and applications together.

How you will learn

Teaching will be delivered through a combination of large and small group classes, supported by online resources

Tasks which help you learn and prepare you for summative tasks (formative)

• problem sets, with feedback through class discussion
• a formative assignment as architecture for the final (summative) written assessment.

How you will be assessed

Tasks which count towards your unit mark (summative):

• A written assessment of approximately 1500 words (40%).
• Exam (2hrs) (60%).

Both assessments test all ILOs

When assessment does not go to plan

Reassessment will be in the form of a 2 hour exam.

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. ECON30012).

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 University 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. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates within the Regulations and Code of Practice for Taught Programmes.