Programme And Module Handbook
Course Details in 2020/21 Session

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Module Title LH General Equilibrium and Welfare
SchoolBirmingham Business School
Department Birmingham Business School
Module Code 08 03189
Module Lead Aditya Goenka
Level Honours Level
Credits 10
Semester Semester 2
Restrictions Available to all students who have been allowed onto the final year of a degree programme for which it is compulsory or who have passed 08 28536 Microeconomics.
Contact Hours Lecture-18 hours
Seminar-2 hours
Guided independent study-80 hours
Total: 100 hours
Exclusions none
Description This module considers the behaviour of individual agents and builds from this foundation to a theory of aggregate economic outcomes. The aim is to develop deeper and advanced understanding of the working of the market mechanism, in terms of both ideal outcomes and market failure. It touches upon the theories of consumer and producer behaviour to explain the concepts of partial and general equilibrium. Topics covered may include: existence of general equilibrium; the first and second welfare theorems; general equilibrium under uncertainty; public goods and externalities; Arrow's impossibility theorem and social decisions.
Learning Outcomes

By the end of the module students should be able to:

  • demonstrate systematic knowledge and understanding of theoretical general equilibrium and social welfare constructs;
  • 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 03189-01 : Exam : Exam (Centrally Timetabled) - Written Unseen (50%)
03189-07 : Mid-Term Test : Class Test (50%)
Assessment Methods & Exceptions Assessments: midterm test (50%), 1-hour final exam (50%) Reassessment: by failed element
Other none
Reading List Mas-Collel A., Whinston M.D. and Green R. J.,(1995), "Microeconomic Theory",Oxford University Press.