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Module Title

LH Advanced Microeconomics

School

Birmingham Business School

Department

Economics

Module Code

08 32047

Module Lead

TBC

Level

Honours Level

Credits

20

Semester

Semester 1

Pre-requisites

Co-requisites

Restrictions

None

Exclusions

Description

This module studies advanced concepts in microeconomics building upon foundations acquired in Level I Microeconomics. The module uses calculus and formal mathematical arguments to analyse microeconomic models. Advanced tools such as fixed point theorems and separation theorems will be introduced as necessary in a self-contained way. The first half of the module will largely be based on the topics of individual decision-making such as consumer and producer theory, duality, choice under uncertainty, and intertemporal choice. This leads to the study of aggregate economic outcomes and multi-market equilibrium. The purpose is to enable students to develop a deeper understanding of the market mechanism both in terms of ideal outcomes and when there is market failure. Topics may include existence of competitive equilibrium, the two fundamental theorems of welfare, public goods and externalities, equilibrium under uncertainty, social choice theory – Arrow’s impossibility theorem, voting, and an introduction to mechanism design. The key concepts of the economics of information may also be covered. This will lead to an appreciation of what economic interventions can and cannot achieve in a market economy.

Learning Outcomes

By the end of the module students should be able to;

demonstrate an in-depth understanding of microeconomic modelling

assess existing and potential economic policies by relating them to relevant microeconomic theories and models

apply advanced mathematical skills to formalise concepts pertaining to general equilibrium and social welfare and derive the relevant theorems

critically analyse economic problems by making systematic and clear predictions and interpretations based on theoretical constructs