| Unit name | Economic Analytics |
|---|---|
| Unit code | ECONM0010 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. Langtry |
| 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) |
Econometrics with Python |
| 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 will equip students with economic insights that are useful for a data scientist and economist. It will cover basic economic reasoning for industry and business, including consumer demand, firm pricing strategies and strategic reasoning. The goal is to provide students with key concepts in economics and to allow them to engage in optional economics courses taught in TB2. The training will be quantitative in nature but with a focus on key concepts. At the core is a model of economic interaction that builds on goal-oriented behaviour from individual consumers and firms. The main learning objective is to equip students with a framework to approach various real-world problems from an economist's perspective.
How does this unit fit into your programme of study?
This unit will complement the unit Econometrics with Python by providing conceptual frameworks with which to guide the empirical and data analytics methods. This is essential for the training for a data-science tooled economist. Moreover, this unit will be an important foundation for optional economic field units in TB2, which will use concepts and frameworks learned from here to build on specific applications. For example, the Empirical Industrial Organization unit will need the model of strategic interactions to study industry pricing, the Development Economics or Labour Economics units will need the framework that conceptualizes market mechanism and allocations with market prices.
An overview of content
The unit starts with consumer theory and consumer demand. It then covers firm theory and pricing strategies, including monopoly and oligopoly pricing. As part of this, it covers some game theory. Finally, it outlines some key ideas in macroeconomics. In consumer theory, students will learn how to derive demand functions from underlying preferences, and learn how demand functions are fundamental for companies in understanding their market and potential customers. Then, students will learn two benchmark models of price competition, the Cournot model where companies compete on the quantity margin and the Bertrand model where companies compete on the price margin. As part of this, students will learn a general framework of economic interactions -- in the form of Game Theory -- and its basic solution concept, Nash equilibrium.
Finally, the unit will also connect to the empirical methods taught in the Econometrics with Python unit. In particular, it will help students recognize the potential endogeneity problems in many social interactions. This is where the one variable is jointly determined by another through equilibrium conditions.
How will students, personally, be different as a result of the unit
Students will be able to use economic ideas and reasoning to analyse real-world events from an economist's perspective.
Learning Outcomes
At the end of the unit a successful student will be able to:
1. Derive the consumer demand in concrete applications, to solve for
equilibrium prices in various oligopoly models, and to find Nash equilibrium in games.
2. Formulate and articulate equilibrium reasoning in various context, such as industrial organization, trade, and financial markets, and recognise potential endogeneity problem from relevant economic data.
Teaching will be delivered through a combination of large and small group classes supported by online resources. Specifically:
Tasks which help you learn and prepare you for summative tasks (formative):
There will be various sets of formative assessments designed to give students prepare the summative assessments and provide feedbacks throughout the term. These assessments include practice exercise questions that aim at checking and deepening understanding of the various models introduced, and discussion questions that allow students to apply the models to examples in real life contexts. Both will be discussed in small group classes.
Tasks which count towards your unit mark (summative):
Exam (90 minutes) (100%).
Assesses both learning outcomes
When assessment does not go to plan
Exam (90 minutes) (100%)
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. ECONM0010).
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.
