Information regarding our 2023/24 admissions cycle

Our 2023/24 postgraduate taught admissions cycle will open on Monday, 10 October. For most programmes, the application form will not open until this date.

MSc Economics / Course details

Year of entry: 2023

Course unit details:
Mathematical Methods in Economic Analysis

Course unit fact file
Unit code ECON60081
Credit rating 15
Unit level FHEQ level 7 – master's degree or fourth year of an integrated master's degree
Teaching period(s) Semester 1
Offered by Economics
Available as a free choice unit? Yes

Overview

The aims of this course are to:

(i) provide students with some understanding of the most important mathematical techniques used in modern economics;

(ii) illustrate the use of these techniques by applying them to various well-known economic models;

(iii) complement the core postgraduate microeconomic and macroeconomic theory courses.

 

 

 

 

Aims

The aims of this course are to:

(i) provide students with some understanding of the most important mathematical techniques used in modern economics;

(ii) illustrate the use of these techniques by applying them to various well-known economic models;

(iii) complement the core postgraduate microeconomic and macroeconomic theory courses

 

Learning outcomes

At the end of this course students should be able to:

(i) demonstrate a good understanding of static optimization techniques and dynamic systems applicable to economics;

(ii) demonstrate the skills needed to understand theoretical models in economics.

.

 

Syllabus

The subject matter can be divided into 2 parts.

Part I: Linear Algebra, Sets, Preferences, Functions, Concavity, Static Optimization

Part II: Dynamic Systems and Dynamic Optimisation

Teaching and learning methods

Lectures and Exercise Classes.

Knowledge and understanding

You should have attended our pre-session maths course, or be familiar with its material (particularly uni- and multi-variate calculus, basic optimization theory, matrices and determinants) from your earlier training. Such material is a pre-requisite for ECON60081.

 

Assessment methods

Method Weight
Other 40%
Written exam 60%
Introduction to Quantitative Methods: 10%
Interim Test 1: 15%
Interim Test 2: 15%
January exam: 60%

Recommended reading

There is no single book that is referred to enough to warrant a recommendation for purchase; but the

highlighted texts are referred to in the lecture notes.

H.S. Bierman and L. Fernandez, Game Theory with Economic Applications, Addison-Wesley, 1998.

O.J. Blanchard and S. Fischer, Lectures on Macroeconomics, MIT, 1989.

A.C. Chiang, Elements of Dynamic Optimisation, McGraw-Hill, 1992.

H. Gravelle and R. Rees, Microeconomics, Longman, 1992.

G.A. Jehle and P.J. Reny, Advanced Microeconomic Theory, Addison-Wesley, 2011.

D.Leonard and N. Van Long, Optimal Control Theory and Static Optimisation in Economics, CUP, 1992

L. Ljungqvist and T.J. Sargent, Recursive Macroeconomic Theory, MIT Press, 2000.

P.J. Madden, Concavity and Optimisation in Microeconomics, Basil Blackwell, 1986.

A. Mas-Colell, M. Whinston, J. Green, Microeconomic Theory, MIT Press, 1995.

J.T. Sandefur, Discrete Dynamical Systems: Theory and Applications, Clarendon Press, 1990.

R. Shone, Economic Dynamics, CUP, 1997.

N.L. Stokey and R.E. Lucas, Jr, Recursive Methods in Economic Dynamics, Harvard University Press, 1989.

K. Sydsæter, P. Hammond, A. Seierstad, A. Strøm: Further Mathematics for Economic Analysis, Prentice

Hall, 2008.

 
 
 
 

Study hours

Scheduled activity hours
Lectures 16
Tutorials 18
Independent study hours
Independent study 116

Teaching staff

Staff member Role
Horst Zank Unit coordinator

Additional notes

 

 

Return to course details