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ES50105: Microeconomics

[Page last updated: 02 August 2022]

Academic Year: 2022/23
Owning Department/School: Department of Economics
Credits: 6 [equivalent to 12 CATS credits]
Notional Study Hours: 120
Level: Masters UG & PG (FHEQ level 7)
Period:
Semester 1
Assessment Summary: CW 30%, EX 70%
Assessment Detail:
  • Coursework (CW 30%)
  • Exam (EX 70%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites:
Learning Outcomes: At the end of the unit students will be expected to be able to:
* Understand how to model individuals' preferences and decision making with and without risk;
* Apply game theory to strategic decision making;
* Evaluate how market equilibrium is formed and the welfare characteristic of such equilibrium with/without market failures;
* Assess the difficulties presented by asymmetric information in economic analysis and how they are resolved.

Aims: The unit aims to provide students with advanced knowledge of theory and techniques of microeconomic analysis and to equip them with through understanding of modern methods for modelling individual decision making.

Skills:
* Develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed);
* Employ advanced analytical tools for analysing individual behaviour and decision making (T/F/A);
* Understand different solution concepts in game theory, market equilibrium and decision under asymmetric information (T/F/A).

Content:
* Individual Decision-Making: Preference and Choice, Choice under Uncertainty;
* Game Theory: Non-Cooperative Games, Repeated Games;
* Market Equilibrium and Market Failure: Competitive Markets, Externalities and Public Goods, Adverse Selection, The Principal-Agent Problem;
* General Equilibrium: Equilibrium, Competitive Equilibria;
* Welfare Economics and Incentives.

Programme availability:

ES50105 is a Designated Essential Unit on the following programmes:

Department of Economics

Notes:

  • This unit catalogue is applicable for the 2022/23 academic year only. Students continuing their studies into 2023/24 and beyond should not assume that this unit will be available in future years in the format displayed here for 2022/23.
  • Programmes and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.