Economic Design (ECON40006)

HonoursPoints: 12.5Not available in 2018

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Overview

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This subject is an introduction to economic design, the interaction of modern economic theory, economic policy and experimental economics. The subject will cover mechanism design, auction theory, contract theory, and the fundamental results on the limits to efficiency in asymmetric information environments. The theory will be illustrated with case studies of recent policy applications of economic design techniques.

Intended learning outcomes

On successful completion of this subject student should be able to:



  • Formulate economic problems as they relate to economic design.
  • Identify relevant economic theory tools to address the problems.
  • Critically evaluate policy prescriptions.
  • Suggest alternative economic designs.

Generic skills

  • High level of development: problem solving; statistical reasoning; application of theory to practice; interpretation and analysis; critical thinking.

  • Moderate level of development: accessing data and other information from a range of sources.

  • Some level of development: oral communication; written communication; collaborative learning; team work; synthesis of data and other information; evaluation of data and other information.

Last updated: 3 November 2022

Eligibility and requirements

Prerequisites

Admission into BH-COM or BH-ARTS (Economics) and

Code Name Teaching period Credit Points
ECON40001 Advanced Microeconomics
Semester 1 (On Campus - Parkville)
 12.5

Corequisites

None

Non-allowed subjects

Students may not gain credit for both

Code Name Teaching period Credit Points
ECON40006 Economic Design
Not available in 2018
 12.5
and
Code Name Teaching period Credit Points
ECON90028 Economic Design
Not available in 2018
 12.5
.

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 3 November 2022

Assessment

Additional details

  • One 1.5 hour mid-semester examination
  • One 3-hour end-of-semester examination totalling 80% and split between the mid-semester and the final exam as the maximum of 10% for the mid-semester plus 70% for the final and 30% for the mid-semester plus 50% for the final. (80%: 10%+70% or 30%+50%, whichever is greater)
  • Fortnightly assignments not exceeding 2000 words (20%)

Last updated: 3 November 2022

Dates & times

Not available in 2018

Time commitment details

170 Hours

Last updated: 3 November 2022

Further information

  • Texts

    Prescribed texts

    Putting Auction Theory to Work (P Milgrom), Cambridge University Press, 2004. B Salanie, The Economics of Contracts, MIT Press, 1997

  • Related Handbook entries

    This subject contributes to the following:

    TypeName
    CourseMaster of Commerce (Accounting)
  • Available to Study Abroad and/or Study Exchange Students

    This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.

Last updated: 3 November 2022