# ADVANCED MICROECONOMICS 2 - 2022/3

Module code: ECOM064

## Module Overview

This module presents key microeconomic concepts which form part of the core knowledge that would enable a student to pursue doctoral research in this field. 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.

### Module provider

Economics

CARMONA Guilherme (Economics)

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

Independent Learning Hours: 95

Lecture Hours: 33

Guided Learning: 22

Semester 2

None

## Module content

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

• Reputation

## Assessment pattern

Assessment type Unit of assessment Weighting
Coursework Coursework Problem Set 1 10
Coursework Coursework Problem Set 2 10
Coursework Coursework Problem Set 3 10
Examination Final Examination 70

None

## Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate that they have achieved the module's learning outcomes and, by association, developed their resourcefulness, and employability, among other module attributes.

Thus, the summative assessment for this module consists of:

• A two-hour exam worth 70% of the final mark, which is connected to learning outcomes 1 and 2.

• Problem sets worth 30% of the final mark, which is connected to learning outcome 3 and 4.

Formative assessment

Students will solve exercises on the board during classes. Group discussions. Office hours.

Feedback

Students will receive verbal feedback during the lectures through direct interaction. Moreover, they will receive their problems sets back with written comments.

## Module aims

• Provide students with a thorough understanding of game theory.
• To prepare students for research in this field.
• Enable students to develop the skills to work independently.

## Learning outcomes

 Attributes Developed 001 Students will be able to demonstrate an advanced understanding of key game-theoretical models, concepts and results. KC 002 Students will be able to state and prove, rigorously and in detail, results related to the material taught, in particular by using mathematics. CT 003 Students will be able to read, interpret and critically discuss the state-of-the-art papers and books related to the material covered. KT 004 Students will be able to apply the concepts, tools and results to economic problems. KCP

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

## Methods of Teaching / Learning

The learning and teaching strategy is designed to ensure that students achieve the module’s learning outcomes. The learning and teaching methods include a 3-hour in person lectures per week which emphasise both the understanding of theory and its application. The part of the lectures devoted to applications is designed to be interactive through the discussion of the students' approach to them and feedback on the problem sets, which are part of the assessment strategy of this module.

The learning and teaching methods include:

3-hour in person lectures per week x 11 weeks.

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.

Upon accessing the reading list, please search for the module using the module code: ECOM064

## Other information

This module incorporates some of the University’s five pillars of learning as follows:

Employability, through the use of real-world examples and problems specific to the several industries where strategic thinking is crucial. In addition, by developing students' research skills relevant to research-intensive sectors. These skills will naturally be developed and refined over time with more experience and will be built on during elaboration of the students’ dissertation. The module builds on material covered in Semester 1, mostly on ECOM062.

Resourcefulness, by providing opportunities for students to demonstrate their application of feedback from prior take-home problem sets as part of formative activities in support of assessment in the module.

## Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics MRes 2 Compulsory A weighted aggregate mark of 50% is required to pass the module

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 2022/3 academic year.