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Module Title
LH General Equilibrium and Welfare
School
Birmingham Business School
Department
Birmingham Business School
Module Code
08 03189
Module Lead
Aditya Goenka
Level
Honours Level
Credits
10
Semester
Semester 2
Pre-requisites
Co-requisites
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.
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.
