Programme And Module Handbook
 
Course Details in 2023/24 Session


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Module Title LH Advanced Microeconomics
SchoolBirmingham Business School
Department Birmingham Business School
Module Code 07 33151
Module Lead TBC
Level Honours Level
Credits 20
Semester Semester 1
Pre-requisites LI Microeconomics - (08 28536)
Co-requisites
Restrictions None
Contact Hours Lecture-40 hours
Guided independent study-160 hours
Total: 200 hours
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.
Assessment
Assessment Methods & Exceptions Assessment:
1-hour test (25%);
3-hour written unseen examination (75%);

Reassessment: N/A
Other
Reading List