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Dr Francesco Nava SAL 3.20

This course is available on the MSc in Finance and Economics and MSc in Finance and Economics (Work Placement Pathway). This course is not available as an outside option.

Students must have completed Introductory Course in Mathematics and Statistics (EC400).

The aim of the course is to develop the basic tools for analysing problems of resource allocation used by economists working in research, government, and business. The course deals with positive and normative problems. It aims to include modern developments without being overly mathematical, and to develop a capacity to apply economic concepts to real-world problems. The course focuses on classical theories of market behaviour and strategic interaction. We begin by presenting foundations to utility maximization, by analysing the optimisation problems of price-taking consumers and firms, and by modelling market interactions and the formation of prices in perfectly competitive markets.  Then we study models of decision making under uncertainty and game theoretic solution concepts. Novel developments in these fields are also discussed in lectures. 

20 hours of lectures and 10 hours of seminars in the AT.

Two marked assignments in the AT.

The course will draw on a variety of texts, the main ones being:

1. J G Riley, Essential Microeconomics, Cambridge.

2. J R Green, A Mas-Colell & M D Whinston, Microeconomic Theory, Oxford.

More detailed readings will be given at the beginning of the course.

Some notes will be provided where textbook coverage is inadequate.

Exam (90%, duration: 2 hours, reading time: 15 minutes) in the January exam period.
Continuous assessment (10%) in the AT.