Advanced Microeconomics and Game Theory - EC883

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2021 to 2022
Canterbury
Autumn 7 15 (7.5) PROF M Makris checkmark-circle

Overview

The objective of this module is to bring students' ability in microeconomic theory up to the standard required for independent research. It builds on the microeconomics that would be covered in a standard MSc program. Concepts that a student should be familiar with, like Nash equilibrium, will be covered in more depth. Students will also be exposed to concepts that are at the forefront of modern research but not typically covered at the MSc level, such as psychological game theory, learning in games, and cooperative game theory. Specific topics will include:

* Revealed preference.

* Choice with risk and uncertainty including prospect theory and preference reversals.

* Nash equilibrium, refinement and selection

* General Equilibrium

* Principal-agent problem including signalling and screening

* Repeated and dynamic games and learning and communication in games

* Collective action problems

* Networks

* Mechanism design

Details

Contact hours

Total contact hours: 20
Private study hours: 130
Total study hours: 150

Availability

It will be an optional module on PhD Economics and PhD Agri-environmental Economics

Method of assessment

Presentation (25 minutes) (50%)
Five Individual Problem Sets (10% each)

Reassessment Instrument: 100% coursework

Indicative reading

A detailed reading list will be given in the module outline. The reading list will primarily refer to journal articles with a focus on very recent publications. The following bibliography provides some useful background reading:

• Fudenberg, D., & Tirole, J. (1991). Game theory. Cambridge University Press.
• Fudenberg, D. and D. Levine (1998). The theory of learning in games. MIT press
• Goyal, S. (2007). Connections: an introduction to the economics of networks. Princeton University Press
• Jackson, M. (2008). Social and economic networks. Princeton University Press
• Myerson, R. B. (2013). Game theory. Harvard University Press.
• Mas-Collel, W. JR (1995). Microeconomic Theory. Oxford University Press
• Myles, G. (1995). Public Economics. Cambridge University Press

See the library reading list for this module (Canterbury)

Learning outcomes

On successfully completing the module students will be able to:

8.1. Explain in detail fundamental microeconomic and game theoretic concepts.

8.2. Critically assess commonly used game theoretic models.

8.3. Apply economic theory and game theory in studying novel decision making contexts.

8.4. Interpret and critically understand cutting edge microeconomic theoretical research.

Notes

  1. Credit level 7. Undergraduate or postgraduate masters level module.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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