EC403-7-AU-CO:
MREs Microeconomics

The details
2019/20
Economics
Colchester Campus
Autumn
Postgraduate: Level 7
Current
Thursday 03 October 2019
Saturday 14 December 2019
20
09 October 2019

 

Requisites for this module
(none)
(none)
(none)
(none)

 

EC992

Key module for

MRESL10012 Economics,
MRESL100EK Economics,
MPHDL10048 Economics,
PHD L10048 Economics

Module description

This course covers the concepts and methods of modern microeconomics. We begin with an overview of the competitive economy and develop the two fundamental theorems of welfare economics. We then study various types of imperfections in markets such as differential information and strategic interaction with a view to understanding the potential role for government policy. Topics covered include contract theory (with moral hazard and adverse selection problems), equilibrium concepts in game theory, and market signalling.

The assessment in this module takes the form of a midterm test and a final examination during the main examination period.

The final mark is given as follows:
1. if the midterm test is a failing mark (strictly less than 50), the final mark is the average of the final examination mark and the midterm test mark;
2. if the midterm test is a pass mark (more than 50), the final mark is the greater of
a. the final examination mark or
b. the average of the final examination mark and the midterm test mark.

Module aims

The aim of this course is to provide the students with the knowledge of fundamentals of Microeconomic analysis. The first part of the course will cover consumer theory. After describing consumer’s demand as a function of price, we will set up the foundations of consumption theory, by formally introducing preferences and choice. Then we will describe demand as a function of income and introduce the practical estimation of demand functions. We will conclude the part on consumer theory by applying the developed general concepts to demand with labour supply and choice under uncertainty. We will then turn to production theory, described by exploiting the formal analogy with consumption theory. We conclude the “neoclassical” part of the course by composing consumer and production theory in the general equilibrium of the economy. Our study of modern microeconomics will then include an introduction to basic game theory, divided in the sections on normal form games, extensive form games and repeated games. Finally, the game-theoretical techniques will be applied to the problems of monopoly and oligopoly, to provide an introduction to industrial economics. We will make extensive use of calculus and formal mathematical arguments in the course.

Module learning outcomes

Upon successful completion of this course, students will have acquired a grasp of the main principles and theories of modern microeconomics. In particular, students should have strong insights into the power and logic of economic reasoning and be able to apply those arguments to general issues.

Module information

No additional information available.

Learning and teaching methods

One 2 hour lecture and two 1 hour classes per week.

Bibliography

  • Osborne, Martin J. (c2009) An introduction to game theory, New York: Oxford University Press.
  • Mas-Colell, Andreu; Whinston, Michael Dennis; Green, Jerry R. (1995) Microeconomic theory, New York: Oxford University Press.
  • Jehle, Geoffrey Alexander; Reny, Philip J. (c2011) Advanced microeconomic theory, Harlow: Financial Times/Prentice Hall.
  • Gibbons, Robert. (1992) A primer in game theory, London: Harvester Wheatsheaf.
  • Jehle, Geoffrey Alexander; Reny, Philip J.; dawsonera. (2011) Advanced microeconomic theory, Harlow: Financial Times Prentice Hall.
  • Varian, Hal R. (1992) Microeconomic analysis, New York: Norton.

The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Weighting
Coursework Test 100%
Exam 120 minutes during January (Main)

Overall assessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Reassessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Module supervisor and teaching staff
Lectures & classes: Prof Simon Weidenholzer
For further information, send a message to sweide@essex.ac.uk

 

Availability
Yes
No
No

External examiner

No external examiner information available for this module.
Resources
Available via Moodle
Of 46 hours, 44 (95.7%) hours available to students:
2 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).

 

Further information
Economics

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