ECON 7121 - Microeconomic Theory IV

North Terrace Campus - Semester 1 - 2017

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.

  • General Course Information
    Course Details
    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
    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 Staff

    Course Coordinator: Dr Paul Pezanis-Christou

    Course Timetable

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

  • 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 become familiar with the fundamentals of welfare analysis
    5 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)
    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)
    1-5
    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
    1-5
    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
    4-5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    5
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    3-5
    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
    1-5
  • Learning Resources
    Required Resources
    There is no required textbook. The material covered in the lectures comes from several sources.
    Recommended Resources
    Some 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 Learning
    The 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 Modes
    Learning 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.
    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 Theory
    Week 5 General Equilibrium
    Week 6 Social Choice and Welfare
    Weeks 7-9 Game Theory
    Weeks 10-12 Economics of Information
  • 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
    Assessment Task Due Weighting Learning Outcome
    Midterm

    TBA

    30% 1, 2, 3
    Assignment TBA 20% 1, 2, 3, 4
    Final Exam TBA 50% 1, 2, 3, 4, 5
    Total 100%
    Assessment Detail
    1 There will be one assignment and one test during the semester. The goal of the assignment and test is to facilitate preparation for the exams. The assignment and test 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.
    Submission
    Unless special arrangements have been made, no assignment will be collected by your lecturer and failure to hand it in in due time will result in a zero mark.

    Each assignment should include a signed copy of the University’s cover sheet.

    There will be no alternative assessment opportunities.
    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
  • 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.