University of Essex

EC903-7-AU-CO:
Microeconomics

The details

Year: 2023/24

Department: Economics

Campus: Colchester Campus

Term: Autumn

Level: Postgraduate: Level 7

Status: Current

Start date: Thursday 05 October 2023

End date: Friday 15 December 2023

Credits: 20

Last updated: 24 October 2023

Requisites for this module

Pre-requisites: (none)

Co-requisites: (none)

Pre and / or co-requisites: (none)

Prohibited modules: (none)

Key module (requisite for): EC943, EC955

Key module for

MSC L11012 Applied Economics and Data Analysis,
MSC L11024 Applied Economics and Data Analysis,
MSC L110EB Applied Economics and Data Analysis,
MSC L11912 Behavioural and Experimental Economics,
MSC L119EB Behavioural and Experimental Economics,
MSC L10012 Economics,
MSC L100EK Economics,
MSC L10112 Economics and Econometrics,
MSC L101EB Economics and Econometrics,
MSC L101EK Economics and Econometrics,
MSC L10412 Management Economics,
MSC L104EB Management Economics,
MSC L12012 Money and Banking,
MRESL20624 Political Economy,
MSC L14112 Economics with Data Analytics,
MECNL130 Economics,
MECNLA30 Economics (Including Placement Year),
MECNLA31 Economics (Including Year Abroad),
MECNL133 Management Economics,
MECNL134 Management Economics (Including Placement Year),
MECNL135 Management Economics (Including Year Abroad)

Module description

This module 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.

Module aims

The aim of this module is:

To provide the students with the knowledge of fundamentals of Microeconomic analysis.

Module learning outcomes

By the end of this module, students will be expected to:

Have acquired a grasp of the main principles and theories of modern microeconomics.

Have strong insights into the power and logic of economic reasoning and be able to apply those arguments to general issues.

Module information

Feedback for this module will occur through class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution; answers that will be posted on the website for the module that will give you written guidance on the appropriate method to approach the problems, assignments, and tests; and office hours where any additional questions can be addressed. You should be sure that you use these methods to understand how to improve your own performance.

Learning and teaching methods

This module will be delivered via:

One 2-hour lecture per week.
One 1-hour class per week.

Bibliography

Varian, H.R. (1992i) Microeconomic analysis. 3rd ed. New York: Norton. Available at: https://economics.ut.ac.ir/documents/3030266/14096857/microeconomic%20theory%20%20walters%20and%20layard%20%282%29.pdf.
Mas-Colell, A., Whinston, M.D. and Green, J.R. (1995c) Microeconomic theory. New York: Oxford University Press. Available at: https://app.kortext.com/Shibboleth.sso/Login?entityID=https://idp0.essex.ac.uk/shibboleth&target=https://app.kortext.com/borrow/470345.
Gibbons, R. (1992b) Game theory for applied economists. Princeton, N.J.: Princeton University Press. Available at: https://www.jstor.org/stable/j.ctvcmxrzd.
Gibbons, R. and Gibbons, R. (1992e) Game theory for applied economists. Princeton, N.J.: Princeton University Press. Available at: https://essex.alma.exlibrisgroup.com/view/action/uresolver.do?operation=resolveService&package_service_id=3449139550007346&institutionId=7346&customerId=7345.

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	Coursework weighting
Coursework	Mid-Term Test	100%
Exam	Main exam: In-Person, Open Book, 120 minutes during Summer (Main Period)
Exam	Reassessment Main exam: In-Person, Open Book, 120 minutes during September (Reassessment Period)

Exam format definitions

Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

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

Supervisor: Dr Aditya Kuvalekar, email: a.kuvalekar@essex.ac.uk.

Teaching staff: Lectures: Dr Aditya Kuvalekar / Classes: Dr Goher Fatima

Contact details: For further information, send an email message to pgteco@essex.ac.uk.

Availability

Available to incoming Essex Abroad / Exchange students: Yes

Available to Outside Option: No

Available to Audit: No

External examiner

Name: Dr Domenico Moro

Institution: university of Birmingham

Academic role: Lecturer

Resources

Teaching materials: Available via Moodle

Lecture recording: Of 32 hours, 29 (90.6%) hours available to students:
0 hours not recorded due to service coverage or fault;
3 hours not recorded due to opt-out by lecturer(s), module, or event type.

Further information

Department website: Economics

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Module Directory

EC903-7-AU-CO:Microeconomics