This module aims to:

Introduce microeconomics models essential to conduct advanced research in microeconomic theory;

Provide students with an advanced understanding of the most relevant models and enable them to choose the most appropriate one for specific questions;

Prepare students to work with recent models;

Develop students’ presentation and writing skills;

Prepare students to critically evaluate and communicate current research results.

(LO1) Students will be able to demonstrate advanced understanding of and apply the model-based approach and argumentation in economics.

(LO2) Students will be able to apply economic concepts and abstract theorising as tools for decision making; rigorously analyse microeconomic issues, including the implications of external events and ethical social consequences of economic situations.

(LO3) Students will be able to use analytical tools of microeconomic analysis to solve problems in the core areas above; demonstrate ideas and solve problems using appropriate graphical, algebraic, and calculus-based techniques.

(LO4) Students will be able to demonstrate advanced and critical understanding of the core principles of collective decision making.

(LO5) Students will be able to demonstrate advanced and critical understanding of the core principles of microeconomics in the areas of mechanism design and implementation theory.

(LO6) Students will be able to critically appraise the economic implication of the main microeconomic models.

(LO7) Students will be able to critically evaluate research papers in the field of microeconomic theory.

(S1) Organisation Skills
This is relevant for planning scheduled work and meeting assessment deadlines. This will be evident in the students’ independent management of their assignments and coursework and by meeting coursework deadlines.

(S2) Problem solving skills and decision making
Students will be challenged to think critically about organisational issues and dilemmas. They will do this by gathering and synthesising information, analysing alternative perspectives and options and presenting a considered opinion or course of action in their course assessment.

(S3) Numeracy
Students will develop numeracy through computation in the coursework assignment and the seminar tasks.

(S4) Communication skills
Students will have opportunities to develop written and oral communication skills in the coursework assignments.

(S5) Ethical awareness
Students will enhance their ethical awareness by reflecting how research including their own is consistent with the principles of research ethics, integrity and open science and learning how to resolve issues and navigate challenges through in class work.

(S6) International awareness
International issues will be covered in class work.

Workshops x 24 hours (2 hours per week)

Self-directed learning x 176 hours
Students should make use of their self-directed learning time to read the module textbooks and journal articles, work through examples, solve problems and complete exercises in addition to those covered in learning materials, and reflect about the implications for their own research.

Indicative syllabus:

Preference and choice

Consumer choice

Classical Demand Theory

Aggregate Demand

Production

Choice Under Uncertainty

Competitive Markets

Externalities and Public Goods

Market Power

Adverse Selection, Signalling and Screening

The Principal-Agent Model

General Equilibrium and Its Basic Welfare Properties

Some Foundations For Competitive Equilibria

General Equilibrium Under Uncertainty

Social Choice Theory

Incentives and Mechanisms