University of Essex

EC992-7-SP-CO:
Advanced Microeconomics

The details

Year: 2023/24

Department: Economics

Campus: Colchester Campus

Term: Spring

Level: Postgraduate: Level 7

Status: Current

Start date: Monday 15 January 2024

End date: Friday 22 March 2024

Credits: 20

Last updated: 04 September 2023

Requisites for this module

Pre-requisites: (none)

Co-requisites: (none)

Pre and / or co-requisites: EC403

Prohibited modules: (none)

Key module (requisite for): (none)

Key module for

MRESL10012 Economics,
MRESL100EB Economics,
MRESL100EK Economics,
MRESL100KE Economics,
MPHDL10048 Economics,
PHD L10048 Economics

Module description

This module covers topics in decision theory, game theory, and contract theory with an emphasis on mathematical formalism. The module will introduces the basic mathematical framework and methods that are relevant to research in these topics.

Module aims

The aims of this module are:

To introduce students to the mathematical formalism involved in understanding research in economic theory.

To introduce students to the topics of decision theory, game theory, and contract theory at the level of the postgraduate textbooks listed in the bibliography.

Module learning outcomes

By the end of this module, students will be expected to be able to:

Understand the basic mathematical frameworks and methods used in theoretical economics analysis, particularly the topics of decision theory, game theory, and contract theory.

Understand, develop, and solve problems in the basic mathematical frameworks relevant for these topics.

Module information

This module builds on MRes Microeconomics, MRes Macroeconomics, MRes Econometrics, and Mathematical Methods. Students who wish to take this module without the four modules indicated above should contact the module instructor.

The assignments for this module aim to help develop students understanding of the mathematical frameworks and methods used in the above noted topics. The test and exam for this module aims to assess the students understanding of these issues through solutions of problems.

Learning and teaching methods

This module will be delivered via:

Lectures.
Classes.

Lectures will cover key points and concepts relevant for understanding the topics of this module.

Feedback for this module will occur through:

Class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution.
Answers that will be posted on the website for the module that will give you written guidance and feedback on the appropriate method to approach the problems, assignments.
Tests.
Academic support hours where additional questions can be addressed and further feedback obtained.

Students should make sure that they use these methods and resources to understand how to improve their own performance.

Bibliography

Mas-Colell, A., Whinston, M.D. and Green, J.R. (1995) Microeconomic theory. New York: Oxford University Press. Available at: https://app.kortext.com/Shibboleth.sso/Login?entityID=https://idp0.essex.ac.uk/shibboleth&target=https://app.kortext.com/borrow/470345.
Fudenberg, D. and Tirole, J. (1991) Game theory. Cambridge, Mass: MIT Press. Available at: https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=11352.
Laffont, J.-J. and Martimort, D. (2002) The theory of incentives: the principal-agent model. Princeton, N.J.: Princeton University Press. Available at: https://www.jstor.org/stable/10.2307/j.ctv7h0rwr.
Muthoo, A. (1999) Bargaining theory with applications. New York: Cambridge University Press. Available at: https://dx.doi.org/10.1017/CBO9780511607950.
Osborne, M.J. and Rubinstein, A. (1994) A course in game theory. Cambridge, Mass: MIT Press. Available at: https://ebookcentral.proquest.com/lib/universityofessex-ebooks/detail.action?docID=4662397.
Salanié, B. (2005) The economics of contracts: a primer. 2nd ed. Cambridge, Mass: MIT Press. Available at: https://ebookcentral.proquest.com/lib/universityofessex-ebooks/detail.action?docID=6388619.

The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.
Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam	Description	Coursework weighting
Coursework	Test	100%
Exam	Main exam: In-Person, Open Book, 120 minutes during Summer (Main Period)
Exam	Reassessment Main exam: In-Person, Open Book, 120 minutes during September (Reassessment Period)

Exam format definitions

Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

Overall assessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Reassessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Module supervisor and teaching staff

Supervisor: Prof Jayant Ganguli, email: jganguli@essex.ac.uk.

Teaching staff: Lectures & Classes: Dr Jayant Ganguli

Contact details: For further information, send an email message to pgteco@essex.ac.uk.

Availability

Available to incoming Essex Abroad / Exchange students: Yes

Available to Outside Option: No

Available to Audit: No

External examiner

Name: Dr Domenico Moro

Institution: university of Birmingham

Academic role: Lecturer

Resources

Teaching materials: Available via Moodle

Lecture recording: Of 42 hours, 40 (95.2%) hours available to students:
0 hours not recorded due to service coverage or fault;
2 hours not recorded due to opt-out by lecturer(s), module, or event type.

Further information

Department website: Economics

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The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.

Module Directory

EC992-7-SP-CO:Advanced Microeconomics