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ES52053: Applied microeconomics

[Page last updated: 14 August 2024]

Academic Year: 2024/25
Owning Department/School: Department of Economics
Credits: 10 [equivalent to 20 CATS credits]
Notional Study Hours: 200
Level: Masters UG & PG (FHEQ level 7)
Period:
Semester 1
Assessment Summary: CWES 30%, EXCB 70%
Assessment Detail:
  • Take-home coursework (CWES 30%)
  • Unseen examination (EXCB 70%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites:
Learning Outcomes: Employ analytical tools for analysing individuals' preferences and decision making with and without risk. Apply efficiency and welfare concepts and use them in various situations. Evaluate how market equilibrium is formed and the welfare characteristic of such equilibrium with/without market failures. Recognise some of the social economic problems that can arise in a market economy. Develop an understanding of the nature of strategic uncertainty in the economy. Be able to model various market situations as games and analyse outcomes. Appreciate the role of rationality and information in real-world situations. Be aware of and understand assumptions and limitations of economic models when applied to social and economic problems.


Synopsis: Advance your knowledge of the economic concepts and methods of microeconomic analysis through the study of a range of contemporary socio-economic problems. You'll develop the skills needed to model individual decision-making in applied settings and learn about the tools that can be used to understand and shape public policy. By the end of this unit, youll have a greater understanding of how standard economic theory can be applied to a selection of topics.

Content: Individual Decision-Making: Preference and Choice, Choice under Uncertainty, and risk preferences. Social objectives and allocation of resources: Efficiency and equity. Market system and social objectives (Market equilibrium and Welfare Economics). Market Failures: Public Economics: Externalities and Public Goods. Information Economics: Adverse Selection, Market Failure, Signalling, Screening. Game Theory: Games in Normal Form and Extensive Form: Solution Concepts and Economic Applications. Repeated Games, Bargaining and Applications. Games and Experiments.

Course availability:

ES52053 is Compulsory on the following courses:

Department of Economics

Notes:

  • This unit catalogue is applicable for the 2024/25 academic year only. Students continuing their studies into 2025/26 and beyond should not assume that this unit will be available in future years in the format displayed here for 2024/25.
  • Courses 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.