3/9/2020 ECON 4011 - Microeconomic Theory IV (H) | Course Outlines

Course Outlines 2020

ECON 4011 - Microeconomic Theory IV (H)

North Terrace Campus - Semester 1 - 2020
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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General Course Information

Course Details

Course Code ECON 4011

Course Microeconomic Theory IV (H)

Coordinating School of Economics

Unit

Term Semester 1

Level Undergraduate

Location/s North Terrace Campus

Units 3

Contact Up to 4 hours per week

Available for N
Study
Abroad and
Exchange

Restrictions Available only to students enrolled in the Bachelor of Economics (Honours) program

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

Course Staff
Course Coordinator: Dr Paul Pezanis-Christou

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

Learning Outcomes
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.

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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:

Course Learning
University Graduate Attribute
Outcome(s)

Deep discipline knowledge 1-5

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)

Critical thinking and problem solving 1-5

steeped in research methods and rigor
based on empirical evidence and the scientific approach to knowledge development
demonstrated through appropriate and relevant assessment

Teamwork and communication skills 4-5

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

Career and leadership readiness 5

technology savvy
professional and, where relevant, fully accredited
forward thinking and well informed
tested and validated by work based experiences

Intercultural and ethical competency 3-5

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

Self-awareness and emotional intelligence 1-5

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

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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

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

1. Assessment must encourage and reinforce learning.

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

Assessment Summary

Assessment Due Weighting Learning

Task Outcome

Midterm TBA 30% 1, 2, 3

Assignment TBA 30% 1, 2, 3, 4

Final exam TBA 40% 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 reflects following criteria for allocation of Reported on Official

Grade
grade Transcript

Fail A mark between 1-49 F

Third Class A mark between 50-59 3

Second Class Div A mark between 60-69 2B

B

Second Class Div A mark between 70-79 2A

A

First Class A mark between 80-100 1

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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 Access Adelaide.

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
Academic Support with Maths
Academic Support with writing and speaking skills
Student Life Counselling Support - Personal counselling for issues affecting study
International Student Support
AUU Student Care - Advocacy, confidential counselling, welfare support and advice
Students with a Disability - Alternative academic arrangements
Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy

Policies & Guidelines

This section contains links to relevant assessment-related policies and guidelines - all university policies.

Academic Credit Arrangement Policy

Academic Honesty Policy
Academic Progress by Coursework Students Policy
Assessment for Coursework Programs
Copyright Compliance Policy
Coursework Academic Programs Policy
Elder Conservatorium of Music Noise Management Plan
Intellectual Property Policy
IT Acceptable Use and Security Policy

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Modified Arrangements for Coursework Assessment

Student Experience of Learning and Teaching Policy
Student Grievance Resolution Process

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’s disciplinary
procedures.

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

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