ADVANCED MICROECONOMICS 2 - 2020/1
Module code: ECOD005
This module presents key microeconomic concepts which form part of the core knowledge that a PhD student in economics should acquire in his/her first year of graduate studies. The material focuses on game theory and information. It presents the four main models in game theory, which consist of static games with complete information, dynamic games with complete information, static games with incomplete information and dynamic games with incomplete information. The treatment will be rigorous, at a suitable pace. Emphasis will be given to economic applications.
CARMONA Guilherme (Economics)
Number of Credits: 0
ECTS Credits: 0
Framework: FHEQ Level 8
JACs code: L120
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
- Normal-form games
- Dominant strategies
- Nash equilibrium
- The problem of the commons
- Final-offer arbitration
- Existence of equilibrium
- Mixed strategies
- Games with an endogenous sharing rule
- Interpretations of Nash equilibrium
- Perfect equilibrium
- Nash equilibrium correspondence
- Generic properties
- Incomplete information
- Cournot duopoly
- A double auction
- Extensive-form games
- Games of perfect information
- Sequential bargaining
- Games of imperfect information and subgame perfect equilibrium
- Repeated games
- The folk theorem
- Sequential equilibrium
- Signalling games
|Assessment type||Unit of assessment||Weighting|
|Coursework||COURSEWORK (4 Problem Sets)||30|
|Examination||EXAMINATION (3 hours)||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate their technical skills relating to, and understanding of, economic problems involving game theory.
Thus, the summative assessment for this module consists of:
- A three-hour exam worth 70% of the final mark.
- Problem sets worth 30% of the final mark typically submitted in week 3, 6, 9 and 11.
Due to the limited size of the cohort and the level of study, formal formative assessment is being replaced with informal discussions during and outside of lectures.
- Provide students with a thorough understanding of key microeconomic models, concepts and results.
- Enable students to prepare for research in this field.
- Enable students to develop the skills to work independently.
|001||Demonstrate an advanced understanding of key game-theoretical models, concepts and results at the most advanced level||KC|
|002||State and prove, rigorously and in detail, results related to the material taught, in particular by using advanced mathematical tools||KCT|
|003||Read, interpret and critically discuss the advanced, state-of-the-art papers and books related to the material covered||KT|
|004||Apply the concepts, tools and results to economic problems||KCP|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 123
Lecture Hours: 27
Methods of Teaching / Learning
The learning and teaching strategy is designed to: develop students’ independent research skills, by training them to do critical analysis of papers in scientific journals and do many problem sets, making sure concepts and methods are mastered.
The learning and teaching methods include:
Interactive lectures and discussion of cases within these.
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2020/1 academic year.