| CODE | ECN5210 | ||||||||
| TITLE | Advanced Microeconomics | ||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||
| MQF LEVEL | 7 | ||||||||
| ECTS CREDITS | 5 | ||||||||
| DEPARTMENT | Economics | ||||||||
| DESCRIPTION | The study-unit covers advanced microeconomic theory, with strong emphasis on applied economic theory. The module covers theories on the choices and behaviour of economic agents, including consumer theory, producer theory and general equilibrium, as well as topics in strategic behaviour and information economics, including game theory, imperfect competition, moral hazard and adverse selection, signalling, bargaining and auctions. Study-unit Aims: The aim of this unit is to provide students with a rigorous understanding of the key concepts and techniques that underpin modern microeconomic research, as well as a flavour for the latest developments within the discipline. The ultimate objective is to enable students to utilise the material learned in order to undertake their own economic research within various academic and policy-related settings, and to apply these tools in their professional life. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Appraise the key theories and techniques used in modern microeconomic research and judge their applicability to real-world scenarios; - Restate advanced microeconomic theory as defined in scientific papers at the research frontier of microeconomic theory. 2. Skills By the end of the study-unit the student will be able to: - Gauge the strengths and weaknesses of models used in microeconomics; - Apply the microeconomic techniques learned to their own workplace environment; - Read, interpret and understand microeconomic research published in the leading economics journals like the American Economic Review and the European Economic Review; - Employ the tools learned in order to conduct independent economic research; - Apply the concepts learned in a variety of workplace settings, including the public sector, private sector consulting work and non-governmental organisations. Main Text/s and any supplementary readings: Main reference texts: • Mas-Collel, A., Whinston, M.D. and Green, J.R. (1995) Microeconomic Theory. Oxford University Press. • Varian, H.R. (1992). Microeconomic Analysis. 3rd Edition. New York: Norton. • Watson, J. (2013) Strategy: an Introduction to Game Theory. W.W. Norton & Company. Recommended Reading: • Klemperer, P. (2002). What really matters in auction design. The Journal of Economic Perspectives, 16(1), pp. 169-189. • Myerson, R. B. (2008). Perspectives on mechanism design in economic theory. The American Economic Review, 98(3), pp. 586-603. • Sappington, D. E. (1991). Incentives in principal-agent relationships. The Journal of Economic Perspectives, 5(2), pp. 45-66. • Weiss, A. (1995). Human capital vs. signaling explanations of wages. The Journal of Economic Perspectives, 9(4), pp. 133-154. • Morris, S. and Shin, H.S. (1998). Unique equilibrium in a model of self-fulfilling currency attacks. The American Economic Review, 88(3), pp. 587-597. • Kamenica, E. (2012). Behavioral economics and the psychology of incentives. Annual Review of Economics, 4(1), pp. 427-452. |
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| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Daniel Gravino Jonathan Spiteri |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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