ECON 3519 - Advanced Mathematical Economics III

North Terrace Campus - Semester 2 - 2017

This course deals with optimization methods in economic models. The main technical tools are dynamic optimization and optimal control theory. Some familiarity with multivariable calculus and some knowledge of integrals are desirable. A sound knowledge of intermediate microeconomics is also expected. The emphasis of the course will be on developing the tools of dynamic optimization methods such that the student will be able to represent any problem facing economic agents in a mathematically rigorous and coherent manner.

  • General Course Information
    Course Details
    Course Code ECON 3519
    Course Advanced Mathematical Economics III
    Coordinating Unit Economics
    Term Semester 2
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Assumed Knowledge ECON 2506 & ECON 2507 & ECON 2503; or equivalent
    Assessment Typically, assessment may comprise 20% for homework assignments, 30% for mid-term tests & 50% final exam
    Course Staff

    Course Coordinator: Dr Yaping Shan

    The first 6 weeks will be taught by Professor Mark Weder. Weeks 7-12 will be taught by Dr Yaping Shan.
    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course students will be able to:

    1.  Possess a solid grasp of essential mathematical tools required for the further studies in economic theory.

    2. Use and explain the underlying principles, terminology, methods, techniques and conventions used in the subject

    3. Develop an understanding of optimization techniques used in economic theory.

    4. Encourage students to think about applying these mathematical tools in their own research, if necessary, with suitable modifications

    5. Solve economic problems using the mathematical methods described in the course.

    6. Use the mathematical methods described in the course to analyze and solve problems in tutorials in a group discovery setting.
    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)
    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
    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
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    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
  • Learning Resources
    Required Resources
    There is no required text for the course. Required reading resources (notes, articles, etc) will be announced during the semester on MyUni or in class.
    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.
  • 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. In tutorials, Your tutor will present the solutions for the exercises you were asked to prepare to illustrate what is expected from you in solving these kinds of problems.

    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 the course are expected to attend all two-hour lectures and/or tutorial throughout the semester. Students are also
    expected to commit approximately 4 to 6 hours to private study, that is, study outside of your regular classes.
    Learning Activities Summary
    Teaching & Learning Activities Related Learning Outcomes
    Lectures 1,2,3
    Tutorials 4,5,6

    The tentative plan includes the following topics:

    Weeks 1-6:
    1. Linear difference equations (steady state, stability and solutions)
    2. Lag operators
    3. Nonlinear difference equations
    4. Higher order difference equations and behavior of solutions
    5. Stochastic difference equations
    6. Applications

    Weeks 7-12:
    1. Calculus of several variables
    2. Quadratic form
    3. Unconstrained optimization
    4. Constrained optimization
  • 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

    Week TBA

    20% 1,2,3,4,5
    Midterm Week 6 30% 1,2,3,4,5
    Final examination Week TBA 50% 1,2,3,4,5
    Total 100%
    Assessment Detail
    There will be an in-class midterm in week 6. Topics to be covered in the midterm will be discussed by the lecturer during lecture time in the week’s preceding the test. The in-class midterm is redeemable by final exam. The final exam will be comprehensive. 

    Legible handwriting 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 handwriting.

    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.
    Assignments will be available to download from MyUni. The assignments have to be submitted online through the online submission system in MyUni.
    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 ( 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.

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