EC301-Advanced Microeconomics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Autumn term module
Pre-requisites: EC201 Intermediate Microeconomics and EC202 Intermediate Macroeconomics and EC206 Intermediate Mathematics for Economics or EC201 Intermediate Microeconomics and EC202 Intermediate Macroeconomics and MA2DE Differential Equations and MA2RA1 Real Analysis I
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Dr Ferdinand Vieider

Email: f.vieider@reading.ac.uk

Summary module description:
This module introduces game theory and some of its economic applications.

Aims:
This module intends to provide students with some basic game theoretic tools leading in particular to the understanding of a range of oligopoly models. It also discusses the theory of auctions and/or insurance markets.

Assessable learning outcomes:
At the end of the module students should be able to:
1. Abstract when trying to explain (model) economic events.
2. Recognise the existence of equilibria in economic phenomena and solve abstract models pertaining to that.
3. Carry out empirical investigations of the validity of models of economic events using both formal and informal economic data methods.

Additional outcomes:
Students will learn modern techniques to help understand economic behaviour at the individual level, and within that they will be exposed to analytical skills and tools, rigorous arguments and the value of precision in making such arguments.

Outline content:
Static games, Nash equilibrium; dynamic games, subgame-perfection; imperfect and incomplete information. Cournot, Bertrand and Stackelberg models. Auctions theory.

Brief description of teaching and learning methods:
The lectures cover the basic module material. Lecture notes and other guidance will be provided via Blackboard. There will be a strong emphasis on learning through attempting to solve the exercises, and by application to real world situations.

Contact hours:
  Autumn Spring Summer
Lectures 30 2
Guided independent study 150 18
       
Total hours by term 180.00 20.00
       
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 70
Class test administered by School 30

Other information on summative assessment:
Class evaluations will be based on the solution of exercises at home and/or in class. The 30% of the assessment will split over at least two, but potentially more, assessments.

Formative assessment methods:
Revision exercises, exercises from textbooks, possible use of mock tests.

Penalties for late submission:

The Module Convener will apply the following penalties for work submitted late, in accordance with the University policy.

• where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;

• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
The University policy statement on penalties for late submission can be found at:http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.
  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    Several coursework assignments and/or a one-hour exam during term
    Part 3 examinations are held in the Summer term.

    Requirements for a pass:
    A minimum overall mark of 40%.

    Reassessment arrangements:
    Re-examination for all modules takes place in August/September of the same year.
    Re-assessment is by examination only; coursework is not included at the second attempt.

    Additional Costs (specified where applicable):
    1) Required text books:
    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding: There may be optional costs associated with photocopying or printing sources listed on the reading list relating to this module. Please note that the Library charges approximately 5p per photocopy.
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 31 March 2017

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