ECON 7062 - Game Theory PG
North Terrace Campus - Semester 2 - 2022
General Course Information
Course Code ECON 7062 Course Game Theory PG Coordinating Unit School of Economics Term Semester 2 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Incompatible ECON 3503 Restrictions Available to MFin&BusEc, GCertAppEc, GDipAppEc, MAppEc students only Course Description This course provides an introduction to Game Theory. Game Theory is a mathematical framework which makes possible the analysis of the decision making process of interdependent subjects. It is aimed at explaining and predicting how individuals behave in a specific strategic situation, and therefore help improve decision making. A situation is strategic if the outcome of a decision problem depends on the choices of more than one person. Most decision problems in real life are strategic.
The course will explain in depth the standard equilibrium concepts (such as Nash Equilibrium, Subgame-Perfect Nash Equilibrium, and others) in Game Theory. To illustrate the concepts, real-world examples, case studies, and classroom experiments might be used.
Students will also participate in a group project involving the use of Game Theory to model contemporary issues.
Course Coordinator: Dr Virginie MassonOffice hours: TBA (See MyUni)
Office location: Nexus 10, Level 4, Room 4.29
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesOn successful completion of this course, students will be able to:
1 Identify strategic situations and represent them as games. 2 Solve simple games using various techniques. 3 Analyse economic situations using game theoretic techniques. 4 Recommend and prescribe which strategies to implement. 5 Model any strategic interaction as a game and critically analyse the potential outcomes
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.
Strategy: An Introduction to Game Theory, by Joel Watson, W. W.Norton & Company, 3rd edition
An Introduction to Game Theory, by Martin J. Osborne, Oxford University Press, USA (August 1, 2003)
Games of Strategy, Second Edition, by Avinash K. Dixit and Susan Skeath, W. W. Norton & Company; 2nd edition (April 2004)
This course uses MyUni intensively and you are required to check the website regularly.
Course material such as lectures notes, assignments, and assignment answer guides are available under MyUni. Also, a discussion board will be available for questions you may want to ask your lecturer or fellow classmates.
Game theory is best learnt through practice and hence, your attendance to and participation in lectures and workshops is expected.
Learning & Teaching Activities
Learning & Teaching Modes
All course material will be posted on MyUni.
Sessions will be interactive and are designed to be delivered face-to-face. There will be no recordings available.
Tutorials will offer further opportunities to practice what was learned during the workshop. It is expected that students will actively engage with theclass and propose solutions to problem sets.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies.
This translates to 12 hours per week for a semester course.
Learning Activities Summary
Teaching & Learning Activities Related Learning Outcomes Workshops 1 - 4 Tutorials 1 - 4
LECTURE SCHEDULE SUBJECT TO MINOR CHANGES
1 Introduction - Extensive Form - Strategies and The Normal Form
Beliefs, Mixed Strategies, and Expected Payoffs - General Assumptions and Methodology
Chapters 1 to 3
Chapters 4 and 5
2 Dominance and Best response - Rationalizability and Iterated Dominance
Chapters 6 and 7
Chapters 9 and 10
3 Mixed-Strategy Nash Equilibrium – Strictly Competitive Games and Security Strategies Chapters 11 and 12 4 Details of the Extensive Form - Backward Induction and Subgame Perfection Chapters 14 and 15 5 Games with Continuous Strategies 6 Bayesian Nash Equilibrium, Rationalizability Chapters 26 and 27 7 Perfect Bayesian Equilibrium - Job Market Signaling and Reputation Chapters 28 and 29 8 MidTerm Test (during workshop time) Mid Semester Break 9 Repeated Games, Reputation, Random Events and Incomplete Information Chapters 22 and 24 10 Bargaining Problems - Analysis of Simple Bargaining Games Chapters 18 and 19 11 TBA - Depending on students' preferences 12 Review for Final Exam
Specific Course Requirements
IMPORTANT NOTE: This course ‘ECON7011 Game Theory IIID’ is closely associated with an undergraduate course, ‘ECON3503 Game Theory III’. Although the core material covered will be the same for both groups, there are differences in the expectations for the depth of understanding of the material. Also, assessment tasks are different. If you have any queries or concerns about the distinction between your course and the undergraduate course, please contact the lecturer.
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 Date/ Week Weight Length(Word,Time) Learning Outcomes Mid-term Test Week 8 20% During workshop time, same location 1 - 4 Project Week 13 20% TBA 1 - 5 Tutorial Participation Weekly 10% N/A 1 - 4 Assignment
(some may involve group work)
Weekly 25% TBA 1 - 4 Final Examination Exam period 25% 3 hours 1 - 4 Total 100%
Assessment Related Requirements
Important Notes on Assessments:
1 - Failure to sit the midterm examination will result in receiving zero points. The grade of the final examination will then account for 45% of the overall grade. If a medical certificate is provided, the final examination will also count for 45% of the overall grade.
2 - Assigments MUST be submitted online through MyUni. No other type of submission will be accepted. Extension requests of more than 24 hours will not be accommodated and alternative arrangements will be awarded on a case-by case basis in exceptional circumtances only. To account for possible difficulties during the semester, only the best 9 out of 11 assignments will count towards the final grade.
3- The ‘workshop participation’ component of the assessment will be partly based on your attempt to answer questions and exercises during the workshop. You will be allocated one of three possible grades, 1, 3 or 5, based on the quality and frequencies of your answers. You may volunteer multiple times, and have the opportunity to improve your grade for this component throughout the semester. Obviously, your grade is likely to be correlated with your attendance as it is not possible to actively participate if you are not present. Please see your lecturer if you have any concerns.
4 - If you are unable to attend workshops or submit your assignments online for some medical reasons, you have to provide a medical certificate. If the medical certificate covers a period longer than a week, you will need to organise some other arrangements with the lecturer. The same applies if you provide more than two medical certificates during the semester.
5 - Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process and may affect marks.
6 - 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 of any discrepancies.
Assessment DetailMid semester test (Week 8) - 20%
Date and time: During workshop time, same location
This test will assess the topics of Weeks 1 to 8. It will consist of mathematical problems and short answer questions. Past mid semester test papers will be available on MyUni, for which no answers will be provided. You are however encouraged to talk about the past exams and their solutions on the discussion board or with myself during my office hours.
Project - 20%
Due at the end of the Semester
You will be asked to use your game theoretic skills to model and solve a contemporary economic problem. Discussions about the projects will be held during tutorial times.
Tutorial Participation - 10%
You will be asked to prepare some exercises before going to your tutorial. Please be aware that this preparation is important as it will contribute towards a dynamic environment where students will interact more actively with one another. Tutorial participation will be graded as described in the following “Assessment Details” section.
Assignments - 25%
Assignments are to be submitted on time online through MyUni. Some assignments may be group assignments.
Final Exam - 25%
There will be a 3 hour exam. The final exam is comprehensive, i.e. it can cover ALL the topics
Submission1 - Submission of assignments MUST be online through MyUni. Failure to submit an assignment on time will lead to a zero mark.
2 - Extensions and alternative assessment conditions: It is your responsibility to contact the lecturer in the first 2 weeks of the semester to discuss extension or alternative assessment options. This applies to ALL students, included but not limited to those registered with the disability centre or the elite athletes program. Exceptional circumstances will be evaluated by your lecturer on a case-by-case basis and should be discussed whenever possible at least 48 hours before the due date.
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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This section contains links to relevant assessment-related policies and guidelines - all university policies.
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- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs
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- Modified Arrangements for Coursework Assessment
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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