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Introduction to Economic Design (ECON90069)
Graduate courseworkPoints: 12.5Not available in 2018
Overview
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This subject is the first of the market design program. The program is designed to offer opportunities for government professionals to extend their understanding of how economic design principles and mechanisms can improve a range of procurement and other resource allocation decisions. Economic design provides a valuable skillset for public policy professionals as they diagnose and explore a range of policy problems, as well as potential solutions. Economic design provides a framework to understand the strategic interactions between parties in a given environment. The course will introduce students to the design and maintenance of markets and other economic institutions: drawing upon game theory and its important applications in matching markets, auctions, and incentive design. A group of staff will be teaching the course. Each topic will be taught by the expert who has extensive experience in in both theory and practice.
This subject will comprise two modules. Module 1 ‘Introduction to Economic Design and understanding Strategic Behaviour’ provides an overview of the economics models to be presented in the course. Module 2 ‘Auctions and Secondary Markets’ will outline the role of these approaches to procurement and other government purchasing activities.
Intended learning outcomes
After completing this subject, participants should:
- Understand the key theories and tools that form part of the economic design discipline
- Be able to diagnose policy problems using an economic design framework in auctions and secondary markets
- Identify potential mechanisms that could be used to solve problems in auctions and secondary markets and be able to explore some basic advantages/disadvantages of mechanisms.
Generic skills
- Communication skills, written and verbal
- Research skills in completing assignments
- Teamwork skills in completing assignments
- Analysis of relevant options for effective decision-making
Last updated: 3 November 2022