ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title MICROECONOMICS 2
Code ECON222
Coordinator Dr RR Routledge
Economics
R.R.Routledge@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
ECON111 MATHEMATICS FOR ECONOMICS AND BUSINESS; ECON121 PRINCIPLES OF MICROECONOMICS; ECON113 MATHEMATICAL ECONOMICS; ECON227 MICROECONOMICS FOR BUSINESS ECONOMICS; ECON221 MICROECONOMICS 1 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours     12

     12

0

 24
Timetable (if known)     60 mins X 1 totaling 12
  		    60 mins X 1 totaling 12
  		 
Private Study 106
TOTAL HOURS 130

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Mid-term Assessment Type: Written Online Exam Duration: 1 hour Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Ano  1    30       
Assessment 2: Written Unseen Assessment- Assessment Type: Written Exam Duration: 2 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty a  2    70       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
             

Aims

This module, following on from with Microeconomics 1, aims to provide a solid foundation of intermediate level microeconomic theory. 
The module uses the theoretical foundations developed in the first semester and aims to extend the application of the skills acquired to more advanced topics such as welfare economics.
This module also aims to prepare students for the more advanced modules in the third year by introducing topics such as asymmetric information and game theory.

Learning Outcomes

(LO1) Have a thorough understanding of the core concepts and models used in Welfare Economics, Asymmetric Information, and Game Theory.

(LO2) To prepare students to think and apply themselves to analyse a range of problems in the three areas mentioned above.

(LO3) To develop problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics.

(LO4) To deepen a critical perspective regarding the assumptions underlying microeconomics models.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Organisational skills

(S5) Communication skills

(S6) Lifelong learning skills

Teaching and Learning Strategies

Teaching Delivery: Mixed, hybrid delivery with social distancing on campus

Teaching Method: Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 20
Attendance Recorded: No

Teaching Method: Tutorial
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance Recorded: No

Self-Directed Learning Hours: 106
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the tutorial activities and to understand the content of lectures. Self-Directed Learning will i nclude research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There are no specific costs attached to this module.

There are the following non-modular requirements:
ECON121 with either ECON111 or ECON113 and either ECON221 or ECON227

This module is a pre-requisite for the following modules:
ECON306, ECON325, ECON327, ECON330, ECON335, ECON342, ECON360, and ECON364

Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Private Study
Mode of assessment (if applicable): Examination

Skills / attributes: Communication skills
How this is developed: Lectures
Mode of assessment (if applicable): Examination

Skills / attributes: Organisational skills
How this is developed: Lectures
Mode of assessment (if applicable): Examination

Skills / attributes: Numeracy
How this is developed: Lectures
Mode of a ssessment (if applicable): Mid-term

Skills / attributes: Problem solving skills
How this is developed: Lectures
Mode of assessment (if applicable): Examination

Skills / attributes: Adaptability
How this is developed: Lectures/private learning
Mode of assessment (if applicable): Examination

Syllabus
 

Game Theory - the topics covered will be domination, iterated elimination, rationalizability, Nash equilibrium and oligopoly games.

Mid-term test

Asymmetric information - the topics covered will be insurance contracts, adverse selection and moral hazard.

Welfare economics - the topics covered will be the aggregation of preferences, Arrow's theorem, public goods, envy-free allocations and externalities.

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.