Microeconomics 4

ECON20022 Microeconomics 4 10 Semester 2 Undergraduate Level 2 Sofia Izquierdo Sanchez Unit coordinator 1 FHEQ level (Framework for Higher Education Qualifications) ' Middle part of Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) Market Exchange, General Equilibrium and Welfare Economics; (ii) Decision making under Uncertainty; (iii) Role of Information in Economics; (iv) Market Failures, particular focus on externality, public goods, and coordination failure and institutional responses; and (v) a brief introduction to Behavioural and Experimental Economics. The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples.Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) Market Exchange, General Equilibrium and Welfare Economics; (ii) Decision making under Uncertainty; (iii) Role of Information in Economics; (iv) Market Failures, particular focus on externality, public goods, and coordination failure and institutional responses; and (v) a brief introduction to Behavioural and Experimental Economics. The unit aims to provide students with a rigorous treatment of fundamental microeconomic concepts exposing the class to key economic ideas and theories motivated and explained with the regular use of real world examples. Students will acquire a deeper and more rigorous understanding of the concepts encountered in Microeconomics 1 and Microeconomics 2. Specifically, students will be taught: (i) General Equilibrium Theory; (ii) Decision making under Uncertainty; (iii) Role of Information in Economics; (iv) Market Failures, particular focus on externality, public goods, and coordination failure and institutional responses; and (v) a brief introduction to Behavioural Economics. <ul> <li>Microeconomic theory accompanied by real world applications</li></ul> <ul> <li>independent study; </li> <li>critical thinking; </li> <li>group work; </li> <li>problem solving</li></ul> <ul> <li>mathematical skills, </li> <li>writing on technical economic concepts, </li> <li>presenting economics concepts and their applications in real world, </li> <li>use of word processing software</li></ul> <ul> <li>problem solving;</li> <li>analysis and synthesis;</li> <li>students will develop presentation and interpersonal skills through participation in tutorial sessions and presenting a given topic related to microeconomics in the form of oral/poster presentation;</li> <li>learn to conduct independent research work with a team to help build some useful skills like co-ordination and co-operation.</li></ul> ProvisionalBrief overview of the syllabus/topics.<ol><li>Market Exchange, General Equilibrium and Welfare Economics<ul><li>General Equilibrium: feedback between competitive markets</li><li>Endowment and mutually beneficial trades</li><li>Competitive Exchange and comparative advantage</li><li>Welfare Economics; Efficiency and Equity</li></ul></li><li>Uncertainty<ul><li>Decision Making under Uncertainty: Expected Utility Theory</li><li>Risk preferences</li><li>Investing under Uncertainty: Insurance  </li></ul></li><li>Information<ul><li>Asymmetric Information and Adverse Selection</li><li>Moral Hazards</li><li>Contracts  </li></ul></li><li>Market Failure<ul><li>Coordination Failure and Institutional Responses</li><li>Externality</li><li>Public Good  </li></ul></li><li>Behavioural and Experimental Economics<ul><li>Social Preferences; public good experiments, director game and auction experiments</li></ul></li></ol> Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study 0 Other 100% Coursework (group work, written blog post) (40%)Final Exam (60%) <ul> <li>Online quizzes released on Blackboard and tutorials</li> <li>Feedback: during tutorial classes,  on the Discussion Board, and during office hour</li></ul> ECON10071A Advanced Mathematics Pre-Requisite Compulsory ECON20021 Microeconomics 3 Co-Requisite Compulsory ECON20071 Advanced Mathematics Co-Requisite Compulsory ECON10071B Advanced Mathematics Pre-Requisite Compulsory ECON20021 and (ECON10071A OR ECON10071B OR ECON20071)<div>ECON20021 Micro 3 and (ECON10071 Adv Maths or ECON20071 Adv Maths)</div>  Y Varian, “Intermediate Microeconomics: a modern approach”, 9th Edition, 2014, Norton. 0 0 0 For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary