AF6039 - Applied Microeconomics

What will I learn on this module?

This module provides you with a thorough understanding of advanced microeconomic theories and related policy debates, and their application in contemporary debates and real-world scenarios. The module will enhance your ability to analyse and critically evaluate relevant economic issues by providing you with a rigorous foundation and deep knowledge of applied microeconomics.

You will examine competing approaches to microeconomic theories and their applications to policy issues, including heterodox approaches and ideas as well. The module combines theory with applied materials and problem sets. The core topics covered in this module will include:

• Extensive Form Games and Repeated Games with Applications;
• Coalition Games and Applications;
• Static and Dynamic Games of Incomplete Information;
• Lindahl–Pigou pricing;
• Fundamental and aggregate non-convexities;
• Social Choice and Information Economics.
• Prospect Theory;
• Altruism and Reciprocity;
• Economic Evaluation of Healthcare: Measures and Applications.

How will I learn on this module?

You will be supported by a teaching and learning plan (TLP), which outlines the formal sessions, together with tutor-directed study and independent reading. The module will be taught through lectures (24 hours) and tutorials (12 hours). The lectures will introduce you to the advanced theoretical models in microeconomics. They are the primary medium used to deliver subject material required to enable students to
meet the module learning outcomes. The lectures will draw on high quality research in applied areas of microeconomics, spanning topics such as game theory, prospect theory, social choice and information asymmetry. The emphasis will be on having high levels of engagement in understanding theory and analysing real world economic problems.

The tutorials will be used to reinforce knowledge and critical understanding of advanced microeconomics theories and principles through problem sets and pre-assigned readings. These will be distributed in advance. The tutorials will involve group discussion of these problem sets and class presentations based on pre-assigned readings (journal articles). Seminars will also provide you with an opportunity to interact
with the teaching team and gain one to one feedback.

The module will involve both directed and independent learning. Directed learning plays a key part in the achievement of the module learning outcomes and provides an opportunity for self-assessment of your progress throughout the semester. Directed learning may include a range of activities including pre-reading, preparation for seminars, solving problem sets and participation in discussion boards set up on the elearning platform.

Formative assessment will take place through individual and group activities during the tutorials including discussion of journal articles, solving problem sets and individual/group presentations. Two of the tutorials will take place in the form of feedback surgeries. In these sessions students will be provided with the opportunity of receiving individual feedback on pre assigned work.

The summative assessment requirements will expect you to critically engage with a wide range of academic sources. There will be an individual assignment and an end of semester exam, covering the key learning outcomes of the module. Critical reflection on knowledge, experience and practice underpins the teaching and learning philosophy of this module.

How will I be supported academically on this module?

The module is supported by the e-learning portal, which includes the Teaching and Learning Plan, lecture materials, seminar tasks, detailed guidance on the assessment, as well as additional material for independent study. The module tutor will ensure that all relevant materials and instructions are readily accessible to you. All lectures will be recorded and uploaded to the e-learning portal which you will be able to access to consolidate your knowledge and develop understanding. An electronic reading list includes core material to support your lectures/seminars and a comprehensive range of academic journal articles relevant to your studies.

Lectures and seminars are designed to be interactive and will utilise the latest educational technology to ensure your learning experience is useful and enjoyable. Seminars are also designed to provide you with continuous relevant and timely feedback to support your learning. In addition to the lectures and seminars, the teaching team will maintain dedicated office hours where you can drop in and ask any questions
pertaining to the module.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

What will I be expected to achieve?

Knowledge & Understanding:
• Demonstrate a thorough understanding of advanced microeconomic theories, their scope and limitations (ML01)
• To equip students with the appropriate analytical tools to tackle economic issues and related policy matters
(ML02).

Intellectual / Professional skills & abilities:
• Awareness of how microeconomic analysis can be used to design, guide and interpret economic, environmental and business policies (ML03)

Personal Values Attributes:
• Develop in students problem solving, numeracy, research and critical thinking skills that will be valuable in
employment and self-employment (ML04).

How will I be assessed?

Formative Assessment:
The formative assessment will comprise of discussion questions and problem sets which will be distributed to you in advance. There will be individual and group discussion of the answers to these problem sets and questions during the tutorials. This will encourage your active participation in the learning process
throughout the semester. The e-Learning portal will be used to permanently host these
tasks after release to ensure that you can access the information required at all times. Two of the tutorials will comprise of feedback surgeries where in you will be provided with the opportunity to get one to one feedback on a structured problem set.

Summative Assessment:
The module is assessed by:

1. A portfolio project (40% weight) which consist of students solving a structured problem set and analysing the results using key microeconomic models taught in classes as well as a range of other relevant academic sources. The details of the portfolio project will be released to the students in Week 3 and the submission will be expected in Week 12. (MLO1, MLO2, MLO3, MLO4)

2. A two hour long, open notes, end of the semester exam (60% weight) in which students will be required to answer four out of five open questions. These questions will test student’s critical knowledge and application of microeconomic models. (MLO1, MLO2, MLO3, MLO4)

Pre-requisite(s)

None

Co-requisite(s)

None

Module abstract

This module will give you a thorough understanding of advanced microeconomic theories and related policy debates. You’ll study key areas such as Prospect Theory, Lindahl-Pigou Pricing and the Economic Evaluation of Healthcare. You’ll learn how to apply these theories to current issues and real-world scenarios, as well as to discuss a range of contemporary debates in microeconomic theory. You’ll be expected to critically examine theoretical frameworks and arguments, and you’ll have the opportunity to develop the analytical skills needed for further study and applying microeconomic models to a range of business and economic issues.

Course info

UCAS Code L101

Credits 20

Level of Study Undergraduate

Mode of Study 3 years full-time or 4 years with a placement (sandwich)/study abroad

Department Newcastle Business School

Location City Campus, Northumbria University

City Newcastle

Start September 2024 or September 2025

Fee Information

Module Information

All information is accurate at the time of sharing.

Full time Courses starting in 2023 are primarily delivered via on-campus face to face learning but may include elements of online learning. We continue to monitor government and local authority guidance in relation to Covid-19 and we are ready and able to flex accordingly to ensure the health and safety of our students and staff.

Contact time is subject to increase or decrease in line with additional restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors, potentially to a full online offer, should further restrictions be deemed necessary in future. Our online activity will be delivered through Blackboard Ultra, enabling collaboration, connection and engagement with materials and people.

 

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