ECON 7121 - Microeconomic Theory IV
North Terrace Campus - Semester 1 - 2015
General Course Information
Course Code ECON 7121 Course Microeconomic Theory IV Coordinating Unit School of Economics Term Semester 1 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 2509, ECON 7096 or equivalent Course Description This course introduces key advanced methods and theories of contemporary microeconomics. Topics may include the economic behaviour of individual units, in particular consumers and firms; the general equilibrium theory; expected utility and uncertainty; welfare economics; and the fundamentals of the game theory.
Course Coordinator: Associate Professor Paul Pezanis-Christou
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesThe 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 Become familiar with the fundamentals of welfare analysis. 5 Understand the importance of incentives in economic decision making
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. 1-5 The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 1-5 An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 1-5 Skills of a high order in interpersonal understanding, teamwork and communication. 5 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. 1-5 A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 1-5 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
Required ResourcesThere is no required textbook. The material covered in the lectures comes from several sources.
Recommended ResourcesSome useful references are:
Microeconomic Analysis by H. Varian, 3rd Edition, 1992.
Microeconomics by H. Gravelle and R. Rees, 3rd Edition, 2004.
Microeconomic Theory by A. Mas-Colell, M. Whinston and J. Green, 1995.
An Introduction to the Economics of Information by I. Macho-Stadler and J.D. Perez-Castrillo, 2nd Edition, 2005.
Game Theory by H. Peters, 2008. (Electronic version available free of charge from the library.)
Online LearningThe course uses MyUni and it is a student’s responsibility to check the website regularly.
Course material such as lecture notes and assignments will be posted on MyUni.
Learning & Teaching Activities
Learning & Teaching ModesLearning in this course is through lectures, tutorials, 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.
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 1-3 Utility Maximisation, Choice, Demand and Consumer Surplus Weeks 4-5 Uncertainty and Risk Week 6 MidTerm Weeks 7-9 Exchange Weeks10-11 Economics of Information and Contract Design Weeks 12 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 Weight Learning Objectives Midterm 30% 1, 2, 3 Weekly Assignments 20% 1, 2, 3, 4, 5 Final exam 50% 1, 2, 3, 4, 5
Assessment Detail1 There will weekly 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 the material covered in class and in 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.
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.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.
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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