ECON 7121 - Microeconomic Theory IV
North Terrace Campus - Semester 1 - 2022
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 7011 or ECON 7241 or equivalent Incompatible ECON 4011 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 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)
Attribute 1: Deep discipline knowledge and intellectual breadth
Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.
Attribute 2: Creative and critical thinking, and problem solving
Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.
Attribute 3: Teamwork and communication skills
Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.
Attribute 4: Professionalism and leadership readiness
Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.
Attribute 5: Intercultural and ethical competency
Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.
Attribute 8: Self-awareness and emotional intelligence
Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.
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 1-4 Decision Theory Week 5 General Equilibrium Week 6 Social Choice and Welfare Weeks 7-9 Game Theory Weeks 10-12 Economics of Information
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 Task Due Weighting Learning Outcome Midterm
30% 1, 2, 3 Assignment TBA 20% 1, 2, 3, 4 Final Exam TBA 50% 1, 2, 3, 4, 5 Total 100%
Due to the current COVID-19 situation modified arrangements have been made to assessments to facilitate remote learning and teaching. Assessment details provided here reflect recent updates.
To support the changes to teaching, the following revisions to assessment have been made:-
Midterm exam (30%) -- Details to be advised at a later date.
Two assignments (20% each)
Final exam (30%) -- Details to be advised at a later date.
Assessment Detail1 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.
SubmissionUnless 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.
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.
- Academic Support with Maths
- Academic Support with writing and speaking skills
- Student Life Counselling Support - Personal counselling for issues affecting study
- International Student Support
- AUU Student Care - Advocacy, confidential counselling, welfare support and advice
- Students with a Disability - Alternative academic arrangements
- Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy
- LinkedIn Learning
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangement Policy
- Academic Honesty Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs
- 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
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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.