ECON 7121 - Microeconomic Theory IV
North Terrace Campus - Semester 1 - 2014
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General Course Information
Course Details
Course Code ECON 7121 Course Microeconomic Theory IV Coordinating Unit Economics Term Semester 1 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Contact Up to 4 hours per week Prerequisites ECON 2509, ECON 7096 or equivalent Assessment Typically mid-semester test & final exam Course Staff
Course Coordinator: Dr Dmitriy Kvasov
Course Timetable
The full timetable of all activities for this course can be accessed from Course Planner.
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Learning Outcomes
Course Learning Outcomes
The purpose of this course is to provide students with a thorough introduction to central themes and results in advanced microeconomic theory. The chosen topics are also important for understanding many applied fields, such as labour economics, industrial organisation, international trade and public economics.
On successful completion of this course students will be able to:
1 possess a solid grasp of the mathematics of constrained optimisation (especially Lagrange's method) and know how to apply it to solve microeconomic problems 2 derive the central results about decision-making by consumers and firms from first principles 3 develop a thorough understanding of the expected utility model, and become familiar with its uses in economic analysis 4 learn how to work with the general equilibrium framework, identify Pareto optimal allocations, and compute equilibrium prices 5 become familiar with the basic Welfare Theorems 6 acquire a basic toolkit from game theory; develop skills in the translation of economic problems into game-theoretic notation; be able to select an appropriate solution concept; and be able to compute equilibrium strategies 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. 1-6 The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 1-6 An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 1-6 Skills of a high order in interpersonal understanding, teamwork and communication. 6 A proficiency in the appropriate use of contemporary technologies. 1,2 A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1-6 A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 1-6 An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 4,5,6 -
Learning Resources
Required Resources
Utility Theory for Decision Making by P. Fishburn, 1970.
Game Theory by H. Peters, 2008.
Electronic version of both books are available free of charge from the library.
Online Learning
The course uses MyUni and it is a student’s responsibility to check the website regularly.
Course material such as lecture notes, assignments, and assignment answer guides will be available on MyUni.
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Learning & Teaching Activities
Learning & Teaching Modes
Learning in this course is through lectures, tutorial, and personal study.
The lectures will provide you with the necessary understanding of the material to be able to solve the exercises you will be given during tutorial, assignments or exams.
The tutorials (in-class problem-solving sessions) will be organised as follows:
- Your lecturer will present the solutions for one of the exercises you were asked to prepare to illustrate what is expected from you in solving these kinds of problems.
- Students will then be asked to come to the board and present their work and answers to some of the tutorial exercises. Your lecturer will provide assistance if needed and questions from other students are strongly encouraged.
Diverse learning styles will be supported by the provision of course materials in a variety of formats.
The practical learning approach will be incorporated through the tutorials as described above. The online discussion board will also provide a dynamic forum for students to share and develop their ideas.Workload
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.
Students in this course are expected to attend all two-hour lectures and/or tutorial throughout the semester. Students are also expected to commit approximately 8 to 10 hours to private study, that is, study outside of your regular classes.Learning Activities Summary
Weeks 1-4 Decision-making by Consumers and Firms Week 5 General Equilibrium Week 6 Social Choice and Welfare Weeks 7-9 Game Theory Weeks 11-12 Economics of Information -
Assessment
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 Summary
Assesment Weight Learning Objectives Midterm 30% 1, 2, 3 Assignment 1 10% 1, 2, 3 Assignment 2 10% 3, 4, 5 Final exam 50% 1, 2, 3, 4, 5 Assessment Detail
1 There will be two assignments and one mid-semester test during the semester. The goal of the assignments is to facilitate preparation for the exams. The assignments and mid semester exam are
compulsory and NOT redeemable, unless a student has a medical certificate which has to be presented to the lecturer before any redemption can be arranged.
2 The final exam will cover the entire course. All material from the lectures, the textbook, or the tutorials is examinable.
3 Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in the final examination because of poor hand-writing.
4 Assessment marks prior to the final exam may be displayed on the course website. Students are encouraged to check their marks and notify the lecturer-in-charge of any discrepancies.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.
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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.
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Student Support
- Academic Integrity for Students
- Academic Support with Maths
- Academic Support with writing and study skills
- Careers Services
- International Student Support
- Library Services for Students
- LinkedIn Learning
- Student Life Counselling Support - Personal counselling for issues affecting study
- Students with a Disability - Alternative academic arrangements
- YouX Student Care - Advocacy, confidential counselling, welfare support and advice
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Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangements Policy
- Academic Integrity Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs Policy
- Copyright Compliance Policy
- Coursework Academic Programs Policy
- Elder Conservatorium of Music Noise Management Plan
- Intellectual Property Policy
- IT Acceptable Use and Security Policy
- Modified Arrangements for Coursework Assessment Policy
- Reasonable Adjustments to Learning, Teaching & Assessment for Students with a Disability Policy
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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Fraud Awareness
Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.
The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.
