ECON 7087 - Advanced Microeconomic Theory V
North Terrace Campus - Semester 2 - 2014
General Course Information
Course Code ECON 7087 Course Advanced Microeconomic Theory V Coordinating Unit Economics Term Semester 2 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Contact Up to 4 hours per week Prerequisites ECON 7025 or ECON 7121 Course Description This course deals with more recent advances in microeconomic theory and the skills developed in this course will help students to apply the theoretical knowledge in research. Topics to be covered may include some or all of the following: consumer choice, demand, and their applications in the recent literature, as well as uncertainty, cooperative and non-cooperative game theory, networks, fair allocation and their applications, models of oligopoly, adverse selection, signaling games, principal agent problems and general equilibrium theory.
Course Coordinator: Associate Professor Paul Pezanis-ChristouOffice location: Nexus 10, Level 4, Room 4.09
Telephone: 8313 4928
The full timetable of all activities for this course can be accessed from Course Planner.
Lectures: Mondays 11:10-13:10 Workshops: Tuesdays 15:10-17:10
Course Learning OutcomesOn successful completion of this course students will be able to:
1 Understand the latest developments in microeconomic theory 2 Understand the economic modelling of human decisions under uncertainty 3 Analyse and evaluate the design of incentive mechanisms 4 Understand the modelling of one-sided markets such as auction markets
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-4 The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 2-4 An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 2-4 Skills of a high order in interpersonal understanding, teamwork and communication. 2-4 A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 2-4
Recommended ResourcesThe material covered in the course will be inspired from the following textbooks:
- Advanced Microeconomic Theory, by Geoffrey Jehle and Philip Reny, Prentice Hall, 2011.
- Auction Theory, by Vijay Krishna, Academic Press, 2010.
- The Theory of Incentives: The Principal-Agent Model, by Jean-Jacques Laffont and David Martimort, Princeton University Press, 2002.
- Introduction to the Economics of Information, by Ines Macho-Stadler and David Perez-Castrillo, Oxford University Press, 2001.
- Microeconomic Theory, by Andreu Mas-Colell, Michael Whinston and Jeffrey Green, Oxford University Press, 1995.
- Microeconomic Analysis, by Hal Varian, Norton & Company.
Online LearningComplementary lecture notes will be posted on MyUni.
Learning & Teaching Activities
Learning & Teaching ModesLECTURES: The purpose of the lectures is to provide a logical structure for the topics that make up the course, to emphasize the important concepts of each topic, and to provide relevant examples to which the concepts are applied.
WORKSHOPS: The purpose of the workshop is primarily to provide an opportunity for small group discussion of the concepts and methods covered in the lectures, and to use those concepts and methods to understand applied problems.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.Students of this course are expected to:
- attend all lectures and workshops
- commit approximately 8 hours per week to private study, that is, outside regular classes.
Learning Activities SummaryA tentative list of topics to be covered is the following:
· Choice under uncertainty
· Economics of information
· Moral Hazard
· Adverse Selection
· Auction Theory
· Mechanism Design
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment SummaryMid-Term Examination: Weight: 30%, Learning objectives assessed: 1 to 4
This exam will be held on Monday September 16, during lecture time (same venue). It will assess the topics covered in Weeks 1 to 6 and will consist of exercises to be solved and short answer questions.
Assignments: Weight: 20%, Learning objectives assessed: 1 to 4
There will be one assignment which will consist in presenting and discussing a paper in class, during workshop time. Students will have the option to: (1) select a paper of their choice, conditional on having the lecturer’s agreement or (2) select a paper from a given list that will be distributed in the second week of lectures. In case of a large student enrolment, collaborative work will be encouraged.
Final Examination: Weight: 50%, Learning objectives assessed: 1 to 4
This exam will be held in the University examination period and will be two hours long. It will be on materials from the entire course though approximately 75% of the questions will be from post-midterm topics.
Assessment Related RequirementsIn order to pass this course, students must achieve:
· a composite mark of at least 50 out of 100,
· at least 45 out 100 in the final exam.
Assessment DetailMid-Term Examination: Failure to sit the mid-term examination will result in receiving zero points, whether a medical certificate is provided or not. The grade of the final exam will then account for 80% of the overall grade.
Workshop: The mark obtained for the assignment will depend on the quality of the discussion of the paper selected by the student. General guidelines for the discussion will be provided at the outset of the course.
Final Examination: This exam will be held in the University examination period and will be two hours long. It will be on materials from the entire course though approximately 75% of the questions will be from post-midterm topics.
No information currently available.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.
The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.
SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
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