ECO-30047 - Advanced Topics in Microeconomics
Coordinator: Chaowei Wang Tel: +44 1782 7 34298
Lecture Time: See Timetable...
Level: Level 6
Credits: 15
Study Hours: 150
School Office: 01782 733094

Programme/Approved Electives for 2019/20

Business Economics Single Honours (Level 6)


Available as a Free Standing Elective

No

Co-requisites

None

Prerequisites

None

Barred Combinations

None

Description for 2019/20

The purpose of this module is to enable students to understand - and apply to real world issues - some advanced microeconomic models of market failures. The module will start with an analysis of the main models of market structure. Welfare economics will subsequently be developed to enable students to assess the impact of imperfect competition on social welfare. The module will examine the role of information in microeconomics, showing the consequence of incomplete and asymmetric information on the nature of equilibrium.

Aims
Continue the analysis of microeconomic models started in level 5 by focusing on market structure and market failures, i.e. on situations where private markets fail to achieve a socially optimal allocation of resources.

Intended Learning Outcomes

identify the different types of market failures and critically evaluate their impact on social welfare; the advanced nature of the course may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2,
analyse the main models of market structure and explain the rationale for competition law and regulation; the advanced nature of the course may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2,
critically analyse the theory of expected utility; the advanced nature of the course may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2,
analyse models of information economics; the advanced nature of the course may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2
evaluate measures of economic welfare; the advanced nature of the course may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2,
explain and evaluate the individual attitudes towards risk and calculate risk premia. the advanced nature of the course may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2,
For all the topics covered in the course, the final exam will aim to test students' broad understanding of each topic; the multiple choice test will assess a student's ability to show an in-depth, more specific, understanding of the implications of a topic or theory. Both forms of assessment, given the advanced nature of the course, may require an extensive use of mathematical modelling. will be achieved by assessments: 1,2

Study hours

24 hours lectures
6 hours tutorials
40 hours lectures/tutorials preparation
80 hours independent study


School Rules

None

Description of Module Assessment

1: Unseen Exam weighted 70%
2 Hour Unseen Examination
The exam includes 6 questions of which: at least one is a numerical exercise; the remaining questions are essay-type questions which need to be answered using the methods (mathematical as well as graphical) and the formulas developed in lectures.

2: Multiple Choice Questions - Knowledge weighted 30%
Multiple choice test
At least 40 questions on the topics covered in the first half of the course. This provides an incentive for students to start revising all the topics from the first week.