ECON 4011 - Microeconomic Theory IV (H)

North Terrace Campus - Semester 1 - 2021

This course introduces key advanced methods and theories of contemporary microeconomics. Topics may include the economic behaviour of individual units, in particular consumers and firms; the general equilibrium theory; expected utility and uncertainty; welfare economics; and the fundamentals of the game theory.

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Course Details

Course Code	ECON 4011
Course	Microeconomic Theory IV (H)
Coordinating Unit	Economics
Term	Semester 1
Level	Undergraduate
Location/s	North Terrace Campus
Units	3
Contact	Up to 4 hours per week
Available for Study Abroad and Exchange	N
Incompatible	ECON 7121
Assumed Knowledge	ECON 2506 or ECON 2512 or ECON 2514 or ECON 2516
Restrictions	Available only to students enrolled in the Bachelor of Economics (Honours) program
Assessment	Typically mid-semester test & final exam

Course Staff

Course Coordinator: Associate Professor Paul Pezanis-Christou

Course Timetable

The full timetable of all activities for this course can be accessed from .

Course Learning Outcomes

The purpose of this course is to provide students with a thorough introduction to central themes and results in advanced microeconomic theory. The chosen topics are also important for understanding many applied fields, such as labour economics, industrial organisation, international trade and public economics.

On successful completion of this course students will be able to:

1	possess a solid grasp of the mathematics of constrained optimisation (especially Lagrange's method) and know how to apply it to solve microeconomic problems
2	derive the central results about decision-making by consumers and firms from first principles
3	develop a thorough understanding of the expected utility model, and become familiar with its uses in economic analysis
4	become familiar with the fundamentals of welfare analysis
5	acquire a basic toolkit from game theory; develop skills in the translation of economic problems into game-theoretic notation; be able to select an appropriate solution concept; and be able to compute equilibrium strategies

University Graduate Attributes

This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

University Graduate Attribute	Course Learning Outcome(s)
Deep discipline knowledge informed and infused by cutting edge research, scaffolded throughout their program of studies acquired from personal interaction with research active educators, from year 1 accredited or validated against national or international standards (for relevant programs)	1-5
Critical thinking and problem solving steeped in research methods and rigor based on empirical evidence and the scientific approach to knowledge development demonstrated through appropriate and relevant assessment	1-5
Teamwork and communication skills developed from, with, and via the SGDE honed through assessment and practice throughout the program of studies encouraged and valued in all aspects of learning	4-5
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	5
Intercultural and ethical competency adept at operating in other cultures comfortable with different nationalities and social contexts able to determine and contribute to desirable social outcomes demonstrated by study abroad or with an understanding of indigenous knowledges	3-5
Self-awareness and emotional intelligence a capacity for self-reflection and a willingness to engage in self-appraisal open to objective and constructive feedback from supervisors and peers able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate	1-5

Learning Resources

Required Resources

There is no required textbook. The material covered in the lectures comes from several sources.

Recommended Resources

Some useful references are:

Microeconomic Analysis by H. Varian, 3rd Edition, 1992.

Microeconomics by H. Gravelle and R. Rees, 3rd Edition, 2004.

Microeconomic Theory by A. Mas-Colell, M. Whinston and J. Green, 1995.

An Introduction to the Economics of Information by I. Macho-Stadler and J.D. Perez-Castrillo, 2nd Edition, 2005.

Game Theory by H. Peters, 2008. (Electronic version available free of charge from the library.)

Online Learning

The course uses MyUni and it is a student’s responsibility to check the website regularly.

Course material such as lecture notes and assignments will be posted on MyUni.
Learning & Teaching Activities

Learning & Teaching Modes

earning in this course is through lectures, tutorials, and personal study.

The lectures will provide you with the necessary understanding of the material to be able to solve the exercises you will be given during tutorial, assignments or exams.

The tutorials (in-class problem-solving sessions) will be organised as follows:

- Your lecturer will present the solutions for one of the exercises you were asked to prepare to illustrate what is expected from you in solving these kinds of problems.

- Students will then be asked to come to the board and present their work and answers to some of the tutorial exercises. Your lecturer will provide assistance if needed and questions from other students are strongly encouraged.

Diverse learning styles will be supported by the provision of course materials in a variety of formats.

The practical learning approach will be incorporated through the tutorials as described above. The online discussion board will also provide a dynamic forum for students to share and develop their ideas.

Workload

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

Students in this course are expected to attend all two-hour lectures and/or tutorial throughout the semester. Students are also expected to commit approximately 8 to 10 hours to private study, that is, study outside of your regular classes.

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

Learning Activities Summary

Weeks 1-4 Decision Theory

Week 5 General Equilibrium

Week 6 Social Choice and Welfare

Weeks 7-9 Game Theory

Weeks 10-12 Economics of Information

The University's policy on Assessment for Coursework Programs is based on the following four principles:

Assessment must encourage and reinforce learning.
Assessment must enable robust and fair judgements about student performance.
Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
Assessment must maintain academic standards.

Assessment Summary

Due to the current COVID-19 situation modified arrangements have been made to assessments to facilitate remote learning and teaching. Assessment details provided here reflect recent updates.

Assessment Task	Due	Weighting	Learning Outcome
Midterm exam	TBA	30%	1, 2, 3
Two Assignments	TBA	40% (20% each)	1, 2, 3, 4
Final exam	TBA	30%	1, 2, 3, 4, 5
Total		100%

Assessment Detail

1 There will be one assignment and one test during the semester. The goal of the assignment and test is to facilitate preparation for the exams. The assignment and test are compulsory and NOT redeemable, unless a student has a medical certificate which has to be presented to the lecturer before any redemption can be arranged.

2 The final exam will cover the entire course. All the material covered in class and in the tutorials is examinable.

3 Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in the final examination because of poor hand-writing.

4 Assessment marks prior to the final exam may be displayed on the course website. Students are encouraged to check their marks and notify the lecturer-in-charge of any discrepancies.

Submission

Unless special arrangements have been made, no assignment will be collected by your lecturer and failure to hand it in in due time will result in a zero mark.

Each assignment should include a signed copy of the University’s cover sheet.

There will be no alternative assessment opportunities.

Course Grading

Grades for your performance in this course will be awarded in accordance with the following scheme:

M11 (Honours Mark Scheme)
Grade	Grade reflects following criteria for allocation of grade	Reported on Official Transcript
Fail	A mark between 1-49	F
Third Class	A mark between 50-59	3
Second Class Div B	A mark between 60-69	2B
Second Class Div A	A mark between 70-79	2A
First Class	A mark between 80-100	1
Result Pending	An interim result	RP
Continuing	Continuing	CN

Further details of the grades/results can be obtained from Examinations.

Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

Final results for this course will be made available through .

Additional Assessment
If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student鈥檚 disciplinary procedures.

The 成人大片 is committed to regular reviews of the courses and programs it offers to students. The 成人大片 therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator

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