Advanced Microeconomics I

Module description

This is the first course in Advanced Microeconomics, intended for students who wish to pursue doctoral studies in Economics and related subjects or for students who wish to learn Microeconomics with a high technical rigour. Starting with the classic theory of consumer behavior and production, the module also will cover decision theory and general equilibrium theory.

Full module specification

Module title:	Advanced Microeconomics I
Module code:	BEEM128
Module level:	M
Academic year:	2021/2
Module lecturers:
Module credit:	15
ECTS value:	7.5
Pre-requisites:	None.
Co-requisites:	None.
Duration of module:	Duration (weeks) - term 1: 11

Module aims

The aim of the module is to develop the basic tools for formally analysing problems of resource allocation used by economists. After completing this course you will be able analytically represent and solve economic allocation problems.

ILO: Module-specific skills

1. Critically evaluate tractable models that form key ingredients of microeconomic problems..
2. Formally solve analytical models.

ILO: Discipline-specific skills

3. Critically evaluate current frontier research.
4. Acquire the analytical skills necessary to transform preliminary ideas into formal models.

ILO: Personal and key skills

5. Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision-making.
6. Communicate and present complex formal arguments in written form with clarity and succinctness.

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
32	118	0

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled Learning and Teaching	22	Lectures (2 hours per week)
Scheduled Learning and Teaching	10	Tutorials (1 hour per week)
Guided Independent Study	55 (5 per week)	Reading
Guided Independent Study	63 (approx. 6 hours per week)	Preparing problem set answers and preparing for examinations

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Weekly problem sets	50 minutes	1-6	Oral/written(ELE)

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
0	100	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Mid-term exam	10	50 minutes	1-6	Oral/written (ELE)
Final Exam	90	3 hours	1-6	Written feedback (ELE)
	0
	0
	0
	0

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Examination and Mid Term	Re-sit Exam (100%) (3 hours).	1-6	Aug/Sep

Re-assessment notes

None.

Syllabus plan

1. Preferences and choice, Introduction to the concept of consumption set.

2. Competitive budgets, demand functions and comparative statics. WARP

3. Classical Demand theory( Preference relation, utility, Utility maximisation problem, Expenditure minimisation problem, Duality, Indirect utility, SARP)

4. Production sets, Profit maximisation and cost minimisation, aggregation, efficient production

5. Introduction to static Games of complete information; Idea of Nash Equilibrium

6. Dynamic games of complete information; Idea of subgame perfection and applications.

Indicative learning resources - Basic reading

Mas-Colell, A, Whinston, M, Green, J (1995). Microeconomic Theory. New York, Oxford University Press.

Fudenberg and Tirole, GAME THEORY

Module has an active ELE page?

Yes

Indicative learning resources - Web based and electronic resources

ELE.

Origin date

04/04/2016

Last revision date

09/10/2017