MSc International Economics options
Year 1, Component 07
Option from departmental list
Market Structure and Strategic Behaviour
How do firms make decisions? And how do these decisions impact on the prices you pay? What role does game theory play? Understand strategic interaction among firms, using theoretical tools to examine real-world examples. Analyse the main economic forces behind firm behaviour, adapting economic models to study particular challenges.
Wish to conduct your own research using econometric methods? Understand econometric methods and learn to apply them to a wide variety of situations. Examine methods of linear regression and hypothesis testing. Study time series concepts of unit roots and co-integration. Explore ideas around simultaneous equation models and panel data models.
What mathematical concepts are vital to understanding modern economic theory? Gain the essential mathematics skills needed to study economics at Masters-level, such as optimisation theory and the role of equilibrium. Understand how economic arguments work and improve your problem solving skills by using real-world economic problems.
What are the distinctive features of less developed economies? How do theories around child labour or inequality explain poverty? What economic policies could alleviate such problems? Understand the issues facing developing countries, examining policies theoretically and empirically. Act as a policy advisor, undertaking research on issues of development economics.
What are the concepts and methods of modern microeconomics? And how can you apply economic reasoning to this? Understand the main principles and theories of modern microeconomics, looking at topics like contract theory, equilibrium concepts in game theory, and market signalling. Learn to apply economic reasoning to these arguments.
What are the main issues facing the modern macroeconomist? How do you critically assess macroeconomic policies? Acquire the necessary tools for macroeconomic analysis, focusing on the important questions faced by macroeconomists today.
What value is added by your business? And how is this value added? Such questions are asked to business leaders. Understand the core economic reasoning behind commercial and investment banking, looking at financial intermediation and money creation, as well security, mergers and acquisition.
Study the concepts of risk and return in equity markets, both in the context of asset pricing, and in the management of equity portfolios. You will start by focusing on the analysis of the stylised facts of asset returns, and will then review the theoretical foundations of modern finance, covering expected utility theory and risk aversion.
Behavioural Economics I: Individual Decision Making
How do individuals make decisions? When does classic economic theory not predict empirically observed behaviour? And how do you then use behavioural economics to reconcile your empirical findings with theoretical models? Learn about empirical and theoretical research in behavioural economics that can be used to explain individual decision making.
What happens when classic economic theory doesn’t predict empirically observed behaviour? Can behaviour economics help? Study strategic interactions and markets using behavioural economics to reconcile empirical findings with theoretical models. Gain an understanding of experimental methods used in behavioural economics.
How do firms interact? What impact does this have on products that are available to you? Or the price that you pay? Understand current thinking on industrial organisation, with a focus on competition policy, regulation and business strategy. Apply analytical models of firm behaviour and strategic interaction to real-life situations.
Despite all the talk about the “death of distance”, geography matters more than ever. This course is a journey through the current economic landscape. We will try to understand the economic forces driving trends in wages, productivity and innovation across cities and regions. These are the forces that will define the geography of future jobs and will shape the economic destiny of local communities around the world.
What are the main uncertainties for international financial markets? What causes a currency crisis? How do you deal with global imbalances? Understand the analytical tools used in the field of international macroeconomics and finance. Demonstrate how such tools can be applied by examining key policy issues of interest today.
What are the main game theory concepts in modern economics? And how do you apply such models in the world today? Understand game theory methodology and learn how to formulate models for various socio-economic phenomena, such as industrial organisation, public goods, bargaining, and labour markets.
What compensation should CEOs get? How can you motivate team performance? What impact does an altruistic manager make? Study real-world issues like policymaking, finance and management using economic models from contract theory, incentive theory, and the theory of the firm.
This module equips you with the tools to critically access experimental methods commonly used in economics. You will put theoretical knowledge into practice, learning how to design experiments and interpret results. With a growing interest in behavioural considerations, experiments are increasingly used not only in psychology, but also economics and political science. Recognizing the value of controlled variation to study causal relationships, large companies also increasingly use "A-B testing".
This module equips you with the tools commonly used in economics to critically assess the efficacy of current policies and the effects of policy changes. You will put theoretical knowledge into practice, closely reviewing canonical applications of these tools in the economics literature as well as performing evaluations yourself.
How do you analyse stationary time series? Or non-stationary (integrated) processes? Understand the econometric methods available to analyse models of economic time series. Examine how methods of estimation and inference can be applied to these models. Learn how to use these methods in your own research.
What are the main issues with panel data? And the main econometric techniques to analyse panel data? What methods can you use to evaluate spell duration data? Answer such questions with examples from labour economics, while gaining the skills to analyse a variety of research and policy problems.
What are the issues regarding different types of panel datasets? Or problems with survey methodology? Understand longitudinal data analysis by using micro-econometric techniques and critically examine survey methodology issues, like response rate and sampling frames. Apply panel data methods to study labour markets, focusing on marriage, unemployment and wages.
This policy-oriented module probes the role and limits of government interventions in the microeconomic management of developed economies. In so doing, the analysis emphasises: (i) examination of the most common market failures and evaluation of options available for government to address them; and (ii) the factors that determine the choice and design of economic and regulatory policies to address these market failures given governments' political objectives. The module then goes on to explore the emergence of government failures and the reasons why the interactions between economics and politics impose constraints on the design of public policies, thereby enabling you to appreciate the associated policy issues and trade-offs.
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