| Unit name | MRes Microeconomics |
|---|---|
| Unit code | ECONM0026 |
| Credit points | 30 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Professor. Park |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
None |
| Units you must take alongside this one (co-requisite units) |
MRes Macroeconomics, MRes Econometrics, MRes Mathematical and Research Methods |
| Units you may not take alongside this one |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
This unit is designed to equip students with state-of-art knowledge in modern microeconomic theory. The material will cover basic individual decision making (preferences and revealed preferences; demand and supply; choice under uncertainty), game theory (notions of equilibrium in games of complete information; in games of incomplete information; repeated games), general equilibrium (pure exchange economies; production economies; welfare theorems and the core; Arrow-Debreu economies) and mechanism design (the general mechanism design problem and the revelation principle; VCG mechanisms; auctions; contract theory). The goal is to provide students with fundamental knowledge in microeconomics theory essential to a research career in economics. This material will also provide background for many of the units in year 2. Training will be formal, but with a focus on the key concepts in microeconomics.
How does this unit fit into your programme of study?
Within the programme, this unit will complement MRes Macroeconomics, MRes Econometrics and MRes Mathematical and Research Methods in providing the foundational knowledge needed by all research economists. Moreover, the material learned in this unit will be at the basis of most of the material – closer to the research frontier – that students will tackle in the second year and for their dissertation.
An overview of content:
There will be four main areas of microeconomic theory that will be covered in this unit
1. Choice and Preferences
2. Game Theory. This part will provide students with fundamental concepts in game theory;
3. General Equilibrium Theory
4. Mechanism Design
How will students, personally, be different as a result of the unit
Students will be able to read, assimilate and produce research in microeconomic theory.
Learning Outcomes
At the end of the unit a successful student will be able to:
Teaching, including lectures and exercise sessions (tutorials) will be in small groups. Given the nature of the material, these will be mostly led by the instructor, and it will be problem-based. Given both the small size of the group and the fact that much time will be dedicated to discussing how to solve problems, it is envisaged that there will be significant class discussion
Tasks which help you learn and prepare you for summative tasks (formative):
The unit does not provide for formative assessment as such. However, there will be a small summative component, in the form of regular homework, that will allow the student to check progress against the intended learning outcomes.
Tasks which count towards your unit mark (summative):
There will be regular homework problems, maximum once per week, that will count for 20% of the total marks (Half during TB1 and other half during TB2, ILOs 1-3). In addition, there will be a written mid-term exam at the end of TB1 (40% of the total marks, ILOs 1-3, 2 hours) and a final written exam at the end of TB2 (40% of the total marks, ILOs 1-3, 2 hours). These will all contribute to checking student progress towards ILOs 1-3; homeworks will provide students with regular feedback.
When assessment does not go to plan
When a student fails the unit and is eligible to resubmit, failed components will be reassessed on a like-for-like basis. If a student fails the homework problems component, reassessment will be through a single coursework reassessment covering the problem sets material.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. ECONM0026).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
