Module Details

EC251-5-AU-CO: Mathematical Methods In Economics

Year: 2016/17
Department: Economics
Essex credit: 15
ECTS credit: 7.5
Available to Study Abroad / Exchange Students: Yes
Full Year Module Available to Study Abroad / Exchange Students for a Single Term: No
Outside Option: Yes
Pre-requisites: EC115 OR BE300 OR IA156 OR MA104
Co-requisites:

Staff
Supervisor: Prof Christian Ghiglino
Teaching Staff: Prof Christian Ghiglino
Contact details: For further information, send an email message to ueco@essex.ac.uk.

Module is taught during the following terms
Autumn Spring Summer

Module Description

Most economic problems involve choice under scarcity, a phenomenon which lends itself naturally to mathematical formulation. This module is an introduction to the mathematical methods most commonly used when analysing such problems. The methods include: optimisation with one or several variables; matrix algebra and the solution of systems of equations; integral calculus; comparative statics; constrained optimisation. The emphasis is on the expression of economic ideas and reasoning in simple mathematical language. Students who successfully complete this module should possess the mathematical tools required to understand simple economic models, and a facility with the mathematical language necessary to read the modern literature in economics.

The objective of this course is to introduce the student to mathematical modelling in economics. A student who has successfully completed this course should possess the mathematical tools required to understand simple economic models and the facility with the mathematical language necessary to read modern literature in economics. The student should also demonstrate the ability to formulate and solve simple economic problems using appropriate mathematical techniques.

Learning and Teaching Methods

2 lectures and one class per week in one term.

Assessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark

Coursework

One test to be taken during the term. 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 on the appropriate method to approach the problems, assignments, and tests; and office hours where any additional questions can be addressed. You should be sure that you use these methods to understand how to improve your own performance.

Exam Duration and Period

2:00 during Summer Examination period.

Other information



Compulsory for:
Year 2 students on BA in Economics, BSc in Economics, BA in Economics (European Exchange), BA in International Economics and BSc in International Economics, BA in Financial Economics, BSc in Financial Economics, BA in History and Economics

Bibliography

  • Hoy, M., J. Livernois, C. McKenna, R. Rees and T. Stengos (2001) Mathematics for Economics, MIT Press.
  • Hoy, M., J. Livernois, C. McKenna, R. Rees and T. Stengos (2001) Student's Solutions Manual for Mathematics for Economics, MIT Press.
  • Pemberton, M. and N. Rau (2001) Mathematics for Economists: An Introductory Textbook , Manchester University Press

Further information