ECON520-18B (HAM)

Microeconomic Analysis - Theory

15 Points

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Waikato Management School
Te Raupapa
School of Accounting, Finance and Economics

Staff

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Convenor(s)

Lecturer(s)

Administrator(s)

: denise.martin@waikato.ac.nz

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Lab Technician(s)

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: clive.wilkinson@waikato.ac.nz

You can contact staff by:

  • Calling +64 7 838 4466 select option 1, then enter the extension.
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Paper Description

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This course represents Masters-level training in microeconomic theory and focuses on the application of microeconomic analysis. It will be taught in two halves.

The first half of the course will focus on consumer and producer theories. We will also introduce the concept of duality and analyse it in the context of consumption and production decisions. Along the way, we will critically examine some selected papers in applied theory and econometrics, asking what inspired them, what role economic theory played in them, how econometric techniques were used to test key hypotheses, and how theoretical and empirical findings were used to inform policy.

The aim of the second half of the course is to provide an introduction to strategic thinking and analysis in economics and finance through the basic techniques of game theory, and to illustrate the range of its applications to almost all fields of social science via a wide array of example applications.The development of game theory over the last 60 years is an important theme in social sciences and policy-oriented research. For example, it has proven extremely valuable for analysing problems in economics and finance, in environmental issues, in business strategy, law, international relations, political science, etc. Since the Nobel Prize in 1996 awarded to Nash/Selten/Harsanyi, almost 50% of the Nobel Prize topics in economics employ elements of game theory.

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Paper Structure

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The weekly two-hour class blocks will comprise primarily of lectures. In the last few weeks of the course, students will provide short (5 minutes) presentations on influential journal articles in either game theory or price theory.
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Learning Outcomes

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Students who successfully complete the course should be able to:

  • Understand and use consumer and producer theories
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  • Reach an improved level of understanding of microeconomic theory, through mathematics and the empirical application of the theory
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  • Understand how a game theorists think and approach strategic problems
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  • Reconstruct fundamental game theoretic models and clearly state their assumptions and predictions
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  • Convert a standard multi-person decision situation into an analytic model and analyse it
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  • Apply and explain appropriate models
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  • Utilise basic tools and concepts required to read and understand research published in core journals
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Assessment

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This paper is 100% internally assessed. There is no final examination for this paper.
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Assessment Components

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The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam. The final exam makes up 0% of the overall mark.

The internal assessment/exam ratio (as stated in the University Calendar) is 100:0 or 0:0, whichever is more favourable for the student. The final exam makes up either 0% or 0% of the overall mark.

Component DescriptionDue Date TimePercentage of overall markSubmission MethodCompulsory
1. Assignment One
3 Aug 2018
1:00 PM
10
  • Hand-in: In Lecture
2. Test 1
17 Aug 2018
1:00 PM
30
  • In Class: In Lecture
3. Assignment Two
14 Sep 2018
1:00 PM
5
  • Hand-in: In Lecture
4. Assignment Three
5 Oct 2018
1:00 PM
5
  • Hand-in: In Lecture
5. Test 2
12 Oct 2018
1:00 PM
30
  • In Class: In Lecture
6. Presentation & Written Report
20
  • Presentation: In Class
Assessment Total:     100    
Failing to complete a compulsory assessment component of a paper will result in an IC grade
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Required and Recommended Readings

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Required Readings

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*Readings for each topic are provided in the Reading List for this paper (accessible through Moodle).

Nicholson, W. and Synder, C. Microeconomic Theory: Basic Principles & Extensions. Cengage Learning, 2017.

Osborne, M. and A. Rubinstein A Course in Game Theory. MIT-Press, 1994.

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Recommended Readings

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Deaton, A. and Muellbauer, J. Economics and Consumer Behaviour. Cambridge University Press, 1980.

Jehle, G. and Reny, P. Advanced Microeconomic Theory. Pearson, 2011.

Osborne, M. An Introduction to Game Theory. Oxford University Press, 2003.

Watson, J. Strategy: An Introduction to Game Theory, 3rd ed. Norton, 2013.

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Other Resources

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Specify any other resources that students will benefit from accessing. You may like to include other learning resources such as online recordings etc.
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Online Support

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All course materials and information is available via Moodle
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Workload

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This is a 15 point paper. The expected workload per point is 10 hours of work. Therefore, the expected total workload for the paper is 150 hours.
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Linkages to Other Papers

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Prerequisite(s)

Prerequisite papers: ECON202 or ECON302 and either ECON204 or ECON519.

Corequisite(s)

Equivalent(s)

Restriction(s)

Restricted papers: ECON502 and ECON542

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