GAMES, MARKETS AND INFORMATION - 2024/5

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.  The module will advance students’ knowledge of microeconomics. 

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 strategic interaction

Thus, the summative assessment for this module consists of:

• A midterm test 


• Final exam 

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.

Module aims

• 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.

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

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:

• Lectures 


• Tutorials

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

Other information

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

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 2024/5 academic year.