ADVANCED MICROECONOMICS - 2023/4
Module code: ECOM048
Module Overview
Perhaps the most significant development in microeconomics in the last forty years has been the attempt to deal with market failures caused by asymmetric information and strategic behaviour. The importance of these developments is apparent from the Nobel prizes that have been awarded to game theorists and information economists. This module is designed to cover the central topics related to markets and interactions with asymmetric information.
Studying this module will help you to apply and extend your knowledge of microeconomic theory. You will learn about the effects of asymmetric information and strategic behaviour on the outcomes of market interactions.
Module provider
Economics
Module Leader
CARMONA Guilherme (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
Module cap (Maximum number of students): N/A
Overall student workload
Independent Learning Hours: 76
Lecture Hours: 22
Guided Learning: 30
Captured Content: 22
Module Availability
Semester 2
Prerequisites / Co-requisites
None
Module content
Indicative content includes:
- Game theory
- Adverse Selection
- Signalling
- Screening
- Principal-Agent Problem
Assessment pattern
| Assessment type | Unit of assessment | Weighting |
|---|---|---|
| Online Scheduled Summative Class Test | ONLINE CLASS TEST WITHIN 4 HOUR WINDOW (60 MIN) | 25 |
| Examination Online | FINAL EXAMINATION (120 MIN) (ONLINE WITHIN 4HR WINDOW) | 75 |
Alternative Assessment
None
Assessment Strategy
The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of individual decision making in strategic environments with incomplete information and of assessing market outcomes.
Thus, the summative assessment for this module consists of:
- A multiple-choice test
- A final examination
Both assessment forms are connected with the learning outcomes.
Formative assessment and feedback
Students will receive verbal feedback during the lectures through direct interaction.
Module aims
- The aim of the module is to facilitate a comprehensive understanding of incomplete information in economic markets, train students in the use of advanced techniques to think about economic problems involving asymmetric information, and equip them with skills that are relevant to careers in the industries where asymmetric information is prevalent, namely the finance and insurance industries.
Learning outcomes
| Attributes Developed | ||
| 001 | Evidence the capacity to solve economic problems featuring asymmetric information under time-constraint | KCP |
| 002 | Critically evaluate advanced scholarship in microeconomics, including theory and methods | KC |
| 003 | Demonstrate a systematic understanding of and the ability to critically analyze the basis of contract theory and KC the inefficiencies which are generated by unobservable actions and unobservable information | KC |
| 004 | Display a systematic understanding of and the ability to critically analyze potential failures in public good markets and markets with externalities | KCPT |
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 enhance skills in formal analysis of strategic decision making in markets with incomplete information. Moreover, a basis is laid for the effective evaluation of markets outcomes.
The learning and teaching methods include:
- Lectures, which are recorded and disseminated as captured content.
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: ECOM048
Other information
In line with the University's curriculum framework, 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 in the following area:
Employability
Through the use of real-world examples and problems specific to the finance and insurance industries.
Programmes this module appears in
| Programme | Semester | Classification | Qualifying conditions |
|---|---|---|---|
| Economics (Econometrics and Big Data) MSc | 2 | Optional | A weighted aggregate mark of 50% is required to pass the module |
| Economics (Policy Evaluation and Data Analysis) MSc | 2 | Optional | A weighted aggregate mark of 50% is required to pass the module |
| Economics (International Economics) MSc | 2 | Optional | A weighted aggregate mark of 50% is required to pass the module |
| Economics MSc | 2 | Compulsory | A weighted aggregate mark of 50% is required to pass the module |
| Economics and Finance MSc | 2 | Optional | 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 2023/4 academic year.