ECO3001 : Advanced Microeconomics
- Offered for Year: 2019/20
- Module Leader(s): Dr Francis Kiraly
- Lecturer: Dr Diemo Dietrich
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
|Semester 1 Credit Value:||10|
|Semester 2 Credit Value:||10|
Semester 1 aims: To introduce the method of game theory and to analyse key institutions of exchange that involve strategic behaviour.
Semester 2 aims: To extend the analysis to allocation mechanisms that arise in situations characterised by asymmetric information.
Outline Of Syllabus
1. Game Theory 1: games in coalitional form
2. Game Theory 2: strategic games in normal form
3. Game Theory 3: strategic games in extensive form
4. Exchange and efficiency
5. Competitive equilibrium
6. Axiomatic bargaining
7. Strategic bargaining
2. Price dispersion
4. Hidden information and adverse selection
5. Screening and signalling
6. Hidden action and moral hazard
7. Bargaining and auctions
|Guided Independent Study||Assessment preparation and completion||1||64:00||64:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||14||2:00||28:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||2||1:00||2:00||N/A|
|Guided Independent Study||Directed research and reading||1||50:00||50:00||N/A|
|Scheduled Learning And Teaching Activities||Small group teaching||6||1:00||6:00||N/A|
|Guided Independent Study||Independent study||1||50:00||50:00||N/A|
Teaching Rationale And Relationship
1. Lectures provide an introduction to game theory and present theoretical models of major exchange institutions and allocation mechanisms.
2. Seminars take students through economic and numerical applications and provide solutions to problem sets.
3. Independent study involves preparing problem sets and reading additional recommended material.
The format of resits will be determined by the Board of Examiners
|Written Examination||60||1||M||25||Unseen in-class test, SCHEDULED IN-HOUSE BY NUBS.|
|Prob solv exercises||1||M||Problem Solving (Written) Exercises handed in by students before Seminars, followed by group feedback in class.|
|Prob solv exercises||2||M||Problem Solving (Written) Exercises handed in by students before Seminars, followed by group feedback in class.|
|Written exercise||2||M||Individual feedback on answers to past exam papers.|
Assessment Rationale And Relationship
The mid-term examination is designed to test students’ ability to formalise and analyse game theoretical models of strategic interaction.
The final examination is designed to assess students’ understanding of key institutions of exchange using the methods of modern microeconomic theory.