| Description:
| Aims:
To provide a good understanding at graduate level of the theory and techniques of microeconomic analysis.
Learning Outcomes:
Students will gain an understanding of how economists model individuals and their interaction in market and non-market settings. In addition students will able to demonstrate an awareness of the difficulties presented by risk and uncertainty and asymmetric information in economic analysis and how they are resolved.
Skills:
Ability to develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed).
Ability to select, summarise and synthesis written information from multiple sources (T/F/A).
Ability to select and use appropriate ideas to produce a coherent response to a pre-set question (T/F/A).
Comprehensive and scholarly written communication (T/F/A).
Concise and effective written communication (e.g. briefings / written exams) (T/F/A).
Effective oral communication (e.g. lecture question and answer) (F).
Content:
The theory of the consumer and producer in a competitive environment; uncertainty, the expected utility model and alternatives; general equilibrium theory; game theory; the economics of information; incentives and mechanism design with applications to bargaining and auctions.
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Credits: