APME20-Market and Trade Analysis

Module Provider: Agr and Food Econ
Number of credits: 10 [5 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites: Previous exposure to basic micro-economics within the last 3 years, or pre-sessional.
Co-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Prof Elizabeth Robinson

Email: e.j.robinson@reading.ac.uk

Summary module description:
This module complements ‘Consumer & Producer Theory’ in providing the main microeconomic theoretical basis for GIIDAE's Applied Economics programmes. The main aims of this module are:
(i) To provide a theoretical understanding of the models representing different market structures – perfect competition, monopoly, oligopoly, monopolistic competition.
(ii) To introduce international trade theory, first based on perfect competition and inter-industry trade, second based on imperfect competition and intra-industry trade. Wherever possible, empirical examples from the agricultural and food industries will be used to demonstrate the value and relevance of the theoretical models.

Aims:

Assessable learning outcomes:
At the end of the module students should be able to:
(a) Understand models of market structures and apply to a policy setting, with a particular reference to food and agricultural markets.
(b) Understand the patterns of flows of international trade and link to the different theoretical trade models.

Additional outcomes:

Outline content:
1. What do markets look like and why?
2. Perfect competition as the starting point for market analysis (example of commodity exchanges)
3. Models of imperfect competition (monopoly, monopolistic competition, and monopsony)
4. Analysis of markets in Africa: Example of tomato markets in Ghana
5. Game theory and oligopoly
6. Auction theory
7. Alternative market structures and new markets
8. Evolution of trade over time and historical perspective on key debates
9. Key trade models, focusing on Ricardo and comparative advantage; Heckshler-Olin and factor endowments
10. New trade theories, addressing technology gaps and imperfect competition

Brief description of teaching and learning methods:
Lectures, complemented by reading material.

Contact hours:
  Autumn Spring Summer
Lectures 20
Guided independent study 80
       
Total hours by term 100.00
       
Total hours for module 100.00

Summative Assessment Methods:
Method Percentage
Written exam 50
Written assignment including essay 50

Other information on summative assessment:

Formative assessment methods:
Short policy brief relating to market structure

Penalties for late submission:
Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Length of examination:
1 x 2 hour examination.

Requirements for a pass:
50% overall.

Reassessment arrangements:
Reassessment will be in the form of a take home writing assignment.

Additional Costs (specified where applicable):
1) Required text books:
2) Specialist equipment or materials:
3) Specialist clothing, footwear or headgear:
4) Printing and binding:
5) Computers and devices with a particular specification:
6) Travel, accommodation and subsistence:

Last updated: 31 March 2017

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