EC301-Advanced Microeconomics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Autumn term module
Pre-requisites: EC201 Intermediate Microeconomics and EC202 Intermediate Macroeconomics and EC206 Intermediate Mathematics for Economics or EC201 Intermediate Microeconomics and EC202 Intermediate Macroeconomics and MA2DE Differential Equations and MA2RA1 Real Analysis I or EC201NU Intermediate Microeconomics and EC202NU Intermediate Macroeconomics and EC206NU Intermediate Mathematics for Economics
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2021/2

Module Convenor: Dr Steven Bosworth
Email: s.j.bosworth@reading.ac.uk

Type of module:

Summary module description:
This module introduces game theory and some of its economic applications.

Aims:

This module intends to provide students with some basic decision- game-theoretic tools in order to understand a range of microeconomic concepts such as oligopoly, bargaining, contract theory, and markets with asymmetric information.Ìý

Assessable learning outcomes:

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

1. Abstract when trying to explain (model) economic events.


2. ÌýRecognise the existence of equilibria in economic phenomena and solve abstract models pertaining to that.


3. Apply these models to novel economic events to evaluate their external validity.Ìý

Additional outcomes:

Students will learn modern approaches to modelling decisions in strategic settings, and within that they will be exposed to analytical skills and tools, rigorous arguments and the value of precision in making such arguments.Ìý

Outline content:

Static games, Nash equilibrium; dynamic games, subgame-perfection; perfect and imperfect information. Oligopolistic competition models; bargaining models.

Global context:

This is an optional module available to Part 3 Economics degree programs, and builds on methods and topics covered in EC201 Intermediate Microeconomics.

Brief description of teaching and learning methods:

The lectures cover the basic module material. Working through the problem sets individually is an absolute must to achieve the course outcomes.ÌýLecture notes and other guidance will be provided via Blackboard. There will be a strong emphasis on learning through attempting to solve exercises, and by application to real world situations.Ìý