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 | Economics of Risk and Uncertainty | ||
Code | ACFI131 | ||
Coordinator |
Dr MT Ellington Finance and Accounting M.Ellington@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2024-25 | Level 4 FHEQ | Second Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
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 |
24 |
6 |
30 | ||||
Timetable (if known) | |||||||
Private Study | 120 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1:Written Unseen Examination Assessment Type: Written Unseen Examination, Managed by SAS Duration: 2 hours Weighting: 100% Reassessment Opportunity: Yes Penalty for Late Submission: St | 2 | 100 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Aims |
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This module aims to equip students with a good knowledge of economic principles that are very valuable for finance and accounting. Upon successful completion of this course, the students should be able to understand the impact of uncertainty on decision-making. Furthermore, the students should be able to critically evaluate the usefulness of utility theory for decision-making under uncertainty. |
Learning Outcomes |
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(LO1) Students will be able to explain the concepts of risk, risk aversion, and preferences. |
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(LO2) Students will be able to discuss the importance of expected utility for decision-making under uncertainty. |
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(LO3) Students will be able to critically evaluate the empirical evidence on the expected utility framework. |
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(LO4) Students will be able to explain behavioural theories. |
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(S1) Communication |
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(S2) Lifelong Learning |
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(S3) Analytical |
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(S4) Problem Solving |
Teaching and Learning Strategies |
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Teaching Method - Lectures Teaching Method – Seminar (6 seminars of 1 hour each) Self-Directed Learning Hours: 120 hours The teaching will also be supported by individual online activities. These include self-assessment quizzes that enable students to evaluate their own learning and receive formative feedback instantaneously. Furthermore, discussion boards will be used to further foster the exchange of ideas, thus deepening the knowledge of students and improving their communication skills. These activities will be moderated by the module instructor. Students will also be directed to key academic and practitioner readings to further develop their learning. This module is a pre-requisite for the following modules: Skills/Other Attributes Mapping Skills / attributes: Communication Skills / attributes: Lifelong Learning Skills / attributes: Analytical Skills / attributes: Problem solving |
Syllabus |
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• Measurement of Risk |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |