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Module Title
LH Advanced Microeconomics
School
Birmingham Business School
Department
Economics
Module Code
08 32047
Module Lead
TBC
Level
Honours Level
Credits
20
Semester
Semester 1
Pre-requisites
Co-requisites
Restrictions
None
Exclusions
Description
This module studies advanced concepts in microeconomics building upon foundations acquired in Level I Microeconomics. The module uses calculus and formal mathematical arguments to analyse microeconomic models. Advanced tools such as fixed point theorems and separation theorems will be introduced as necessary in a self-contained way. The first half of the module will largely be based on the topics of individual decision-making such as consumer and producer theory, duality, choice under uncertainty, and intertemporal choice. This leads to the study of aggregate economic outcomes and multi-market equilibrium. The purpose is to enable students to develop a deeper understanding of the market mechanism both in terms of ideal outcomes and when there is market failure. Topics may include existence of competitive equilibrium, the two fundamental theorems of welfare, public goods and externalities, equilibrium under uncertainty, social choice theory – Arrow’s impossibility theorem, voting, and an introduction to mechanism design. The key concepts of the economics of information may also be covered. This will lead to an appreciation of what economic interventions can and cannot achieve in a market economy.
Learning Outcomes
By the end of the module students should be able to;
demonstrate an in-depth understanding of microeconomic modelling
assess existing and potential economic policies by relating them to relevant microeconomic theories and models
apply advanced mathematical skills to formalise concepts pertaining to general equilibrium and social welfare and derive the relevant theorems
critically analyse economic problems by making systematic and clear predictions and interpretations based on theoretical constructs