
- UCAS course code
- LL14
- UCAS institution code
- M20
Course unit details:
Microeconomics 4
Unit code | ECON20022 |
---|---|
Credit rating | 10 |
Unit level | Level 2 |
Teaching period(s) | Semester 2 |
Offered by | Economics |
Available as a free choice unit? | Yes |
Overview
The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.
Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) General Equilibrium Theory; (ii) Decision making under Uncertainty; (iii) Role of Information in Economics; (iv) Market Failures, particular focus on externality, public goods, and coordination failure and institutional responses; and (v) a brief introduction to Behavioural Economics.
Pre/co-requisites
Unit title | Unit code | Requirement type | Description |
---|---|---|---|
Microeconomics 3 | ECON20021 | Co-Requisite | Compulsory |
Adv Maths - BAEcon & BSc Econ | ECON10071 | Pre-Requisite | Compulsory |
Advanced Mathematics | ECON20071 | Co-Requisite | Compulsory |
ECON20021 Micro 3 and (ECON10071 Adv Maths or ECON20071 Adv Maths)
Aims
The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.
Learning outcomes
Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) General Equilibrium Theory; (ii) Decision making under Uncertainty; (iii) Role of Information in Economics; (iv) Market Failures, particular focus on externality, public goods, and coordination failure and institutional responses; and (v) a brief introduction to Behavioural Economics.
Syllabus
Brief overview of the syllabus/topics.
-
General Equilibrium and Economic Welfare
- General Equilibrium: feedback between competitive markets
- Endowment and mutually beneficial trades
- Competitive Exchange and comparative advantage
- Efficiency and Equity
-
Uncertainty
- Decision Making under Uncertainty: Expected Utility Theory
- Risk preferences
- Investing under Uncertainty: Insurance
-
Information
- Asymmetric Information and Adverse Selection
- Moral Hazards
- Contracts
-
Market Failure
- Coordination Failure and Institutional Responses
- Externality
- Public Good
-
Behavioural Economics
- Behavioural Economics of Risk: Prospect Theory
Social Preferences
Knowledge and understanding
Microeconomic theory accompanied by real world applications
Intellectual skills
independent study; critical thinking
Practical skills
mathematical skills, writing on technical economic concepts, presenting economics concepts and their applications in real world, use of word processing software
Transferable skills and personal qualities
problem solving; analysis and synthesis; students will develop presentation and interpersonal skills through participation in tutorial sessions and presenting a given topic related to microeconomics in the form of oral/poster presentation.
Assessment methods
80% Exam
20% Presentation
Feedback methods
- Online quizzes released on Blackboard and tutorials
- Feedback: during tutorial classes, on the Discussion Board, and during office hour
Recommended reading
Varian, “Intermediate Microeconomics: a modern approach”, 9th Edition, 2014, Norton.
Study hours
Scheduled activity hours | |
---|---|
Assessment written exam | 3 |
Lectures | 32 |
Tutorials | 9 |
Independent study hours | |
---|---|
Independent study | 56 |
Teaching staff
Staff member | Role |
---|---|
Raj Banerjee | Unit coordinator |
Ralf Becker | Unit coordinator |