Please refer to the return to campus page for more information on these delivery modes and students who can enrol in each mode based on their location in first half year 2021.
About this subject
- Eligibility and requirements
- Dates and times
- Further information
- Timetable(opens in new window)
The 2021 timetable will be available on 8 December, and after this date you will be able to view the classes for all 2021 subjects. Timetable preference entry will open for Summer subjects on 8 December. Visit the class timetable page for more information on creating your timetable.
Please refer to the specific study period for contact information.
Semester 1 - Online
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The objectives of the subject are to introduce new techniques of microeconomic analysis; and to study applications of microeconomic theory to a range of situations involving behaviour of consumers and firms, and market interaction. Topics include game theory and oligopoly, economics of information, behaviour under uncertainty and general equilibrium analysis.
Intended learning outcomes
- Distinguish between positive and normative issues;
- Appreciate the purpose of models and the inevitable limitation of every model;
- Apply formal models to analyse positive problems and answer normative questions;
- Identify the conditions under which markets can be expected to work satisfactorily, and the conditions under which they cannot;
- Apply thorough economic reasoning to shed light on ongoing policy debates;
- Identify and analyse problems that arise from imperfect information including the phenomenon of adverse selection and the principle-agent problem;
- Apply game theory techniques to analyse situations with strategic interactions, such as competition between firms with market power, provision of public goods, or between generals at war;
- Apply advanced economic tools and reasoning to inform policy debates;
- Identify the properties of standard competitive markets (consumer theory, producer theory, welfare theorems, decision making under uncertainty);
- Understand Coase Theorem and its implications, which include transaction costs economics, for environmental policy, and market design.
- High level of development: Economic reasoning; appreciation of the use of models; purpose and limitations of models; evaluate models; use models to analyse positive questions and to make normative evaluation of alternative policies;
- Moderate level of development: Mathematical analysis, written communication; critical thinking; problem solving; and receptiveness to alternative ideas.
- Some level of development: Independent thinking; solving new problems; constructing a coherent argument; apply economic reasoning to a variety of practical problems.
Last updated: 28 November 2020