Microeconomic Theory 1 and 2 ECON5081
- Academic Session: 2022-23
- School: Adam Smith Business School
- Credits: 40
- Level: Level 5 (SCQF level 11)
- Typically Offered: Runs Throughout Semesters 1 and 2
- Available to Visiting Students: No
- Available to Erasmus Students: No
Microeconomic Theory 1/2 is the first year MRes microeconomics sequence, which serves as a foundation for the subsequent studies. It covers in depths classical topics of individual choice of households and firms, competitive markets, choice under uncertainty, non-cooperative and cooperative games and applications, and mechanism design.
40 hours of lectures (4 hours per week, during 10 weeks), in each of semesters 1 and 2, plus 20 hrs of tutorials.
Requirements of Entry
In-course tests in each semester (25% each).
A comprehensive final exam (3 hours) in April/May (50%).
Main Assessment In: April/May
The aim is to provide a solid theoretical background in all principal areas of classical Microeconomic Theory at a postgraduate level, using a wide range of advanced forefront mathematical modelling tools, and to give students extensive and detailed knowledge and specialized skills, which would allow them to carry out their own original and creative research in this area.
Course will focus on deep conceptual understanding, critical analysis, detailed formal modelling, and extensive problem-solving at the level of forefront current research.
It is intended to be comparable to the courses taught in MRes programs in the best research universities in the USA and elsewhere in Europe.
Intended Learning Outcomes of Course
By the end of this course students will be able to:
■ Demonstrate extensive, detailed and critical knowledge and understanding of the wide range of advanced forefront core areas of Microeconomics at a level of active professional researcher
■ Show critical understanding and knowledge of how forefront mathematical methods and rigorous analysis are used to formalize a wide range of economic concepts and ideas
■ Apply critical analysis, evaluation, and synthesis to conceptualize forefront issues, and investigate them using Microeconomics tools, by consolidating and extending knowledge
■ Set up and solve mathematical models describing specific Microeconomic problems at the postgraduate level of difficulty, using significant range of forefront mathematical, statistical and graphical techniques in an appropriate manner, originally and creatively.
Minimum Requirement for Award of Credits
Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.