ECON 7087 - Advanced Microeconomic Theory V

North Terrace Campus - Semester 2 - 2016

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, signalling games, principal agent problems and general equilibrium theory.

  • General Course Information
    Course Details
    Course Code ECON 7087
    Course Advanced Microeconomic Theory V
    Coordinating Unit School of Economics
    Term Semester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Available for Study Abroad and Exchange Y
    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, signalling games, principal agent problems and general equilibrium theory.
    Course Staff

    Course Coordinator: Associate Professor Duygu Yengin

    Weeks 1-6
    Dr Dmitriy Kvasov

    Weeks 7-12:

    Dr Duygu Yengin
    Nexus 10, Level 4, Room 4.48
    Telephone: 83134500

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course students will be able to:

    1 Understand the latest developments in microeconomic theory and apply them in research
    2 Provide economic modelling of human decisions under uncertainty, cooperation, etc
    3 Analyse and evaluate the design of incentive mechanisms
    4 Understand the modelling of one-sided markets such as auction markets and two sided markets such as matching markets

    5 Present ideas mathematically, and in academic English individually and in team work
    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)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1,3,4
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    2,5
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1,2
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    5
  • Learning Resources
    Recommended Resources
    The 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 Learning
    Complementary lecture notes will be posted on MyUni.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    LECTURES: 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.
    Workload

    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 Summary
    A tentative list of topics to be covered is the following:

    · Choice under uncertainty
    · Economics of information
    · Moral Hazard
    · Adverse Selection
    · Signalling
    · Auction Theory
    · Mechanism Design

    For Dr Yengin's part weeks 7-12
    Matching
    House allocation, school admission problems
    Cooperative games
    Networks
    Equity, axiomatic allocation mechanisms design
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    For Dr Kvasov's part:

    Mid-Term Examination:
    Weight: 35%, Learning objectives assessed: 1 to 4
    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: 15%, 

    For Dr Yengin's Part:
    Assignments: 15%
    Final Project:  35 %
    Assessment Related Requirements
    In order to pass this course, students must achieve:
    · a composite mark of at least 50 out of 100

    Assessment Detail

    No information currently available.

    Submission

    No information currently available.

    Course Grading

    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.

    Additional Assessment

    If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.
  • Student Feedback

    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.

  • Student Support
  • Policies & Guidelines
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