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Module Title LM Risk, Uncertainty and Information
SchoolBirmingham Business School
Department Birmingham Business School
Module Code 08 03611
Module Lead Dr Michalis Drouvelis
Level Masters Level
Credits 10
Semester Semester 2
Pre-requisites
Co-requisites
Restrictions none
Contact Hours Lecture-0 hours
Seminar-0 hours
Tutorial-0 hours
Project supervision-0 hours
Demonstration-0 hours
Practical Classes and workshops-0 hours
Supervised time in studio/workshop-0 hours
Fieldwork-0 hours
External Visits-0 hours
Work based learning-0 hours
Guided independent study-0 hours
Placement-0 hours
Year Abroad-0 hours
Exclusions none
Description

The module deals with questions of how economic agents make decisions in situations under risk and uncertainty. Topics discussed may include: foundations of expected utility theory and its applications, violations of expected utility axioms, alternative models and their applications, measurement of social preferences using a number of simple experimental games and their policy implications.

Learning Outcomes

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

  • demonstrate comprehensive knowledge and understanding of models and their application in a variety of decision making situations;
  • demonstrate a critical understanding of concepts such as equilibrium and uncertainty;
  • critically analyse current issues of decision-making and their applications.
Assessment 03611-01 : Essay : Coursework (25%)
03611-02 : Exam : Exam (Centrally Timetabled) - Written Unseen (75%)
Assessment Methods & Exceptions 2 hour written examination 70% 1500 word essay 30% Reassessment: 2 hour written examination (100%)
Other none
Reading List P Milgrom & J Roberts, Economics, Organisation and Management, Prentice Hall, 1992