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Economic Design - Industry (ECON90078)
Graduate courseworkPoints: 25Not available in 2018
Overview
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Economic design is the part of economics that helps to shape the rules that govern the interactions among people and to determine the outcomes of these interactions. It comprises of a collection of tools and principles from several disciplines, such as game theory, market design, mechanism design, industrial organization, experimental economics, econometrics and big data analysis.
Economic design has several applications in the industry, from professionals who use it to improve the functioning of their organizations (examples include optimal contract design, pricing strategies, generating and analysing economic data, and so on), to entrepreneurs who use it to mitigate market failures.
The subject is part of the "Specialist Certificate in Economic Design" and it is tailored for industry professionals and entrepreneurs. It consists of eight selected topics that cover a variety of marketplace typologies and allocation mechanisms, introduce the participants to strategic thinking, and present cutting edge experimental and “big data” techniques.
Each topic is delivered by an expert in the theory and practice of that topic, and aims to enable the participants to understand and improve market mechanisms and outcomes, and to educate and train them towards independently identifying and addressing market failures.
Intended learning outcomes
On successful completion of this subject, the participants should be able to:
- Have a basic understanding of the key theories and tools in economic design
- Be able to diagnose market failures using an economic design framework
- Identify potential mechanisms that could be used to solve problems and be able to explore some basic advantages/disadvantages of mechanisms
Generic skills
- Research skills in completing assignments
- Analysis of relevant options for effective decision-making
- Teamwork skills in completing assignments
- Communication skills, written and verbal
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
None
Corequisites
None
Non-allowed subjects
None
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
Description | Timing | Percentage |
---|---|---|
Written assessments following each topics in the subject. The assessments will be in a combination of one or two thousand word assignments (with a total of 8000 words). The assessment combination will be set and confirmed by the lecturer before the start of the subject.
| Throughout the semester | 90% |
Class Participation, which includes class discussion and participation in class experiments | Throughout the semester | 10% |
Last updated: 3 November 2022
Dates & times
Not available in 2018
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
Background readings may be assigned before each lecture.
Last updated: 3 November 2022