GAMES, MARKETS AND INFORMATION - 2021/2

Module Overview

This module develops equilibrium concepts for static, dynamic, complete and incomplete information. These are applied to various aspects of economic importance: markets, bargaining, job-market signalling, expert advice and electoral competition.

Module provider

Economics

Module Leader

GERSHKOV Alexander (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

Economics and Mathematics students:  this module cannot be taken with MAT3046 Game Theory with Applications in Biology and Economics.

Module content

Indicative content includes:

• Elements of a game, types of games and equilibria concepts;


• Static games of complete information: the Nash equilibrium;


• Dynamic games of complete information: the subgame perfect equilibrium;


• Static games of incomplete information: the Bayesian equilibrium;


• Dynamic games of incomplete information: the perfect Bayesian equilibrium; Sequential equilibria

Assessment pattern

Alternative Assessment

Not Applicable.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

• clear understanding of the various concepts


• transform problems in social science into game forms


• conduct  equilibrium analysis of a given model

Thus, the summative assessment for this module consists of:

• One problem-solving class test. This test will involve 2 questions in 90 minutes and normally takes place in week 6.  The test will cover the lecture/tutorial material from all previous weeks.  Its principal aim is to give students some early feedback on how they are coping with the material.


• A two-hour long final exam. This will consist of two sections. Section A will ask students to answer ONE question from TWO. Section B will ask students to answer ONE question out of TWO. Questions include both technical and discussion aspects.


• The mixture between technical analysis and discussion / interpretation ensures that students are able to demonstrate that they have the skills necessary to apply some of the equilibrium/solution concepts rigorously, as well as showing their understanding of the real-world applications of these notions

Formative assessment and feedback

Students receive verbal feedback during both lectures and tutorials. During lectures, smaller practise exercises are solved and discussed, while the problems discussed in tutorials are more substantial. Guideline solutions are posted online after tutorials have taken place. Feedback relating to the coursework test is predominantly given individually and in detail on the scripts of students, and main issues are discussed further in a lecture.

Module aims

• show how game theory and informational economics can provide valuable insights in a broad variety of problems in economics and the social sciences

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

• Strengthen students’ analytical and cognitive skills


• Provide insights into how different environments impact decision problems and their outcomes


• Appreciate the tensions that may arise between benefits of different agents

The learning and teaching methods include:

• 2 hour lectures per week x 11 weeks (22 hours)


• 1 hour tutorial per week x 5 weeks (5 hours)


• 123 hours of guided independent study.

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.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO3011

Programmes this module appears in

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 2021/2 academic year.