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ES50152: Quantitative methods for economics and game 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: 10      [equivalent to 20 CATS credits]
Further information on notional study hours Notional Study Hours: 200
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 60%)
  • Coursework 2 (CW 40%)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites:
Description: Aims:
This unit aims to enable students to present economic and business problems as mathematical problems and solve them using advanced quantitative techniques. It also aims to enable students to interpret intuitively mathematical solutions and develop policy and business recommendations.

Learning Outcomes:
At the end of the unit students should be able to:
* Apply principles of economic-mathematical modelling to practical economic and business problems;
* Evaluate economic and business problems by designing appropriate economic-mathematical models;
* Solve, analytically or numerically, economic-mathematical models using advanced quantitative methods;
* Develop analytically founded policy or business recommendations.

Construct programs using mathematical computing software in order to solve/simulate economic models capturing important real-world phenomena.

Ability to identify and evaluate appropriate mathematical methods for economic modelling

Ability to create logically rigorous arguments

Ability to evaluate the suitability of economic models and methods for given real-world applications. Content:This unit will cover advanced methodological topics in economics and econometrics, including computational methods and applications. The emphasis of this unit is on nonlinear models and optimization techniques. Software/programming (e.g. Python or R) will be used throughout the unit.
* Static Optimization
- the mathematical programming problem
- the method of Lagrange multipliers
- nonlinear programming
- linear programming

* Applications of Static Optimization
- Theory of the Household (the neoclassical problem of the household, comparative statics, revealed preference, von Neumann Morgenstern utility)
- Theory of the Firm (production function, neoclassical theory of the firm, comparative statics, imperfect competition (monopoly, monopsony), oligopoly)
- General Equilibrium
- Welfare Economics (competitive equilibrium and Pareto optimality, market failure)
* Econometrics
- Linear regression models
- Nonlinear regression models (Nonlinear Least Squares, Maximum Likelihood).
Further information on programme availabilityProgramme availability:

ES50152 is a Designated Essential Unit on the following programmes:

Department of Economics
  • THES-AFM30 : MSc Economics for Business Intelligence and Systems