- Student Records
Programme & Unit Catalogues


ES50102: Microeconomic theory

[Page last updated: 15 October 2020]

Follow this link for further information on academic years Academic Year: 2020/1
Further information on owning departmentsOwning Department/School: Department of Economics
Further information on credits Credits: 6      [equivalent to 12 CATS credits]
Further information on notional study hours Notional Study Hours: 120
Further information on unit levels Level: Masters UG & PG (FHEQ level 7)
Further information on teaching periods Period:
Semester 1
Further information on unit assessment Assessment Summary: CW 100%
Further information on unit assessment Assessment Detail:
  • Coursework 1 (CW 30%)
  • Coursework 2 (CW 70%)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites:
Description: 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.

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.

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.
Further information on programme availabilityProgramme availability:

ES50102 is a Designated Essential Unit on the following programmes:

Department of Economics

Notes: