ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title MICROECONOMICS 2
Code ECON222
Coordinator Dr RR Routledge
Economics
R.R.Routledge@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2019-20 Level 5 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 20

   5

       25
Timetable (if known)              
Private Study 125
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 2: Written Unseen Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty appl  2 hours    70       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Mid-term test Assessment Type: Written Exam Duration: 1 hour Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymou  1 hour    30       

Aims

This module, following on from with Microeconomics 1, aims to provide a solid foundation of intermediate level microeconomic theory. 
The module uses the theoretical foundations developed in the first semester and aims to extend the application of the skills acquired to more advanced topics such as welfare economics.
This module also aims to prepare students for the more advanced modules in the third year by introducing topics such as asymmetric information and game theory.

Learning Outcomes

(LO1) Have a thorough understanding of the core concepts and models used in Welfare Economics, Asymmetric Information, and Game Theory.

(LO2) To prepare students to think and apply themselves to analyse a range of problems in the three areas mentioned above.

(LO3) To develop problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics.

(LO4) To deepen a critical perspective regarding the assumptions underlying microeconomics models.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Organisational skills

(S5) Communication skills

(S6) Lifelong learning skills

Teaching and Learning Strategies

Teaching Method: Lecture
Scheduled Directed Student Hours: 20
Attendance Recorded: Yes

Teaching Method: Tutorial
Scheduled Directed Student Hours: 5
Attendance Recorded: Yes

Self-Directed Learning Hours: 125
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the tutorial activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There are no specific costs attached to this module.

There are the following non-modular requirements:
ECON121 with either ECON111 or ECON113 and either ECON221 or ECON227

This module is a pre-requisite for the following modules:
ECON306
ECON325
ECON327
ECON330
ECON335
ECON342
ECON360
ECON364

Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Private Study
Mode of assessment (if applicable): Examination

Skills / attributes: Communication skills
How this is developed: Lectures
Mode of assessment (if applicable): Examination

Skills / attributes: Organisational skills
How this is developed: Lectures
Mode of assessment (if applicable): Examination

Skills / attributes: Numeracy
How this is developed: Lectures
Mode of assessment (if applicable): Mid-term

Skills / attributes: Problem solving skills
How this is developed: Lectures
Mode of assessment (if applicable): Examination

Skills / attributes: Adaptability
How this is developed: Lectures/private learning
Mode of assessment (if applicable): Examination

Syllabus
 

Game Theory - the topics covered will be domination, iterated elimination, rationalizability, Nash equilibrium and oligopoly games.

Mid-term test

Asymmetric information - the topics covered will be insurance contracts, adverse selection and moral hazard.

Welfare economics - the topics covered will be the aggregation of preferences, Arrow's theorem, public goods, envy-free allocations and externalities.

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.