GAMES, MARKETS AND INFORMATION - 2023/4
Module code: ECO3011
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. The module will advance students’ knowledge of microeconomics.
GERSHKOV Alexander (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 6
JACs code: L100
Module cap (Maximum number of students): N/A
Overall student workload
Independent Learning Hours: 79
Lecture Hours: 22
Tutorial Hours: 5
Guided Learning: 44
Prerequisites / Co-requisites
Economics and Mathematics students: this module cannot be taken with MAT3046 Game Theory with Applications in Biology and Economics.
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 type||Unit of assessment||Weighting|
|Online Scheduled Summative Class Test||TEST||30|
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 strategic interaction
Thus, the summative assessment for this module consists of:
- A midterm test worth 30% of the final grade
- Final exam worth 70% of the final grade
Formative assessment and feedback
Students receive verbal feedback during both lectures and tutorials. During lectures, smaller practice exercises are solved and discussed, while the problems discussed in tutorials are more substantial. Students are provided with sets of exercises based on the lecture material which they solve independently or in teams before the tutorials. 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. Detailed solutions to the coursework test are uploaded after the test. Before the midterm and the final test, some sample questions and their solutions (based on the previous exams) are available for students. In addition, in the guided learning every week students get questions on the material of the lectures and detailed answers.
- Introduce students to strategic interactions.
- Provide students with conceptual and analytical tools to analyze strategic environments.
- Show how game theory and informational economics can provide valuable insights in a broad variety of problems in economics and the social sciences.
|001||Understand how information and dynamic assumptions lead to different equilibrium notions.||KC|
|002||Be able to solve for the following equilibria/solutions: Nash, subgame perfect equilibrium, Bayesian and perfect Bayesian; Sequential equilibrium and some refinements.||KC|
|003||Be able to apply these concepts to a wide range of problems in economics and social sciences.||KCPT|
|004||Possess the skills and tools necessary to analyse strategic interactions.||KCPT|
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:
- 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
Weekly lectures involve discussion of the main theoretical concepts and frameworks and illustration of these concepts in strategic interactions and economic environments. Tutorials allow the student to check their understanding of the discussed material via analyzing and discussing specific problems and their analysis. Guided learning provides the students with additional possibilities of practicing and checking their understanding of the course material, and allows applying the main concepts of game theory to strategic interactions.
The learning and teaching methods include:
- 2 hour lectures per week x 11 weeks
- 1 hour tutorial per week x 5 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: ECO3011
The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following areas:
Resourcefulness and resilience: This module provides students with conceptual framework to analyze strategic environments and interactions
Employability: This module provides students with skills for study abroad. The developed analytical skills will be useful in solving real-life work-related problems.
Programmes this module appears in
|Economics and Finance BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Economics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Economics and Mathematics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Business Economics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Financial Mathematics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Politics and Economics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% 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 2023/4 academic year.