AF6044 - Advanced Microeconomics

What will I learn on this module?

The ability to apply rigorous economic analysis to real-world problems continues to be a key skill valued by employers. This module provides you with a thorough understanding of advanced concepts in microeconomics, building upon the foundations acquired in intermediate microeconomics at Level 5. You will be equipped to analyse and discuss important economic issues with the benefit of a rigorous foundation and deep knowledge of applied microeconomics.



The module will examine recent developments in microeconomic theory and subsequent implications for the decision making of individuals, firms and government institutions. Controversies surrounding key elements of microeconomic theory will be discussed through the examination of contemporary economic debate, with explanations from a variety of microeconomic theoretical approaches. The co-evolution of individual preferences and the structure of markets; firms and other institutions will be examined using advances in game theory, general equilibrium analysis, behavioural experiments and the modelling of dynamic processes.



The key topics covered in the module will include:



Revealed preference theory

Choice with risk and uncertainty including prospect theory

Information economics

General equilibrium analysis including fundamental welfare theorems

Principal-agent problem including signalling and screening

Repeated and dynamic games

Collective action problems

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 seminars (12 hours). The lectures are the primary medium used to deliver the subject material required to enable students to achieve the module learning outcomes. Lectures will be research-led with a significant practical component attached to them. The emphasis will be on having high levels of engagement in understanding theory, analysing real word problems and interpreting results.



The seminars will be used to reinforce knowledge and critical understanding of advanced theories and principles covered in class through problem sets and pre-assigned readings. The seminar materials will be distributed in advance. The seminars will involve discussion of these problem sets, group work, mind mapping and class presentations based on pre-assigned readings. Seminars will also provide you with an opportunity to interact with the teaching team and gain one to one feedback. Formative assessment will take place through individual and group activities during the seminars including discussion of journal articles, solving problem sets and individual/group presentations. In addition to this, there will be quizzes put up on the e-learning portal to ensure that the students are engaging with and understanding the course content taught on the module.





The module will involve both directed and independent learning. Directed learning will centre upon a range of activities including pre-reading, engaging with suggested readings and revision materials, preparation for interactive activities, solving problem sets, revising the feedback solutions provided and use of the discussion board to learn and share knowledge. Independent learning will thus centre upon deepening/broadening your knowledge of the subject matter of economics through a range of learning activities that will include reading, problem solving, critical thinking and research. Critical reflection on knowledge, experience and explicit development of competence

underpins the learning and teaching philosophy.

How will I be supported academically on this module?

You will be supported by a teaching and learning plan (TLP) that outlines the pattern and content of the formal sessions, together with tutor-directed study and independent reading. 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 deeper understanding of the subject material. An electronic reading list includes core material to support your lectures/seminars and a comprehensive range of academic journal articles, conference papers, academic reports and video links that will introduce you to the theory and practical applications introduced in the module.





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. Two of the seminars 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 and address their queries.



In addition to the lectures and seminars, the teaching team will maintain dedicated office hours each week 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:

ML01: Demonstrate a thorough understanding of advanced microeconomic models, their applications and limitations.



ML02: To equip students with the appropriate analytical rigour and methodological tools to analyse complex economic issues and related policy debates.





Intellectual / Professional skills & abilities:



ML03: Awareness of how microeconomic analysis can be used to design, guide and interpret relevant economic and industrial policies



Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):



ML04: Develop in students problem solving, numeracy, research and critical thinking skills that will be valuable in employment and self-employment

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 seminars. 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 seminars will comprise of feedback surgeries where in you will be provided with the opportunity to get one to one feedback on the summative assignment.



There will be quizzes put up on blackboard to check your engagement and understanding with the subject matter covered in the module.



A mock exam paper will be discussed with the students in Week 12. The mock exam will be modelled on the final exam paper.







Summative Assessment

A portfolio project which comprises of students solving a structured problem set and analysing the results using key microeconomic models covered in the module (50%). The details of the portfolio project will be released to the students in Week 2 and the submission will be expected in Week 9. The questions in the problem set will test student’s critical knowledge, application of micro models, as well as their mathematical intuition. The portfolio projects will address the following learning outcomes: ML02, ML03 and ML04.



An end of semester final exam (50%) in which students will be required to answer four out of five questions. The exam will cover module outcomes, ML01, ML02, ML03.

Pre-requisite(s)

None

Co-requisite(s)

None

Module abstract

This module provides students with a thorough understanding of advanced microeconomic models and their application to relevant policy debates. You will be given rigorous training and equipped with the necessary tools to apply economic theory to practical problems in a multidisciplinary learning environment through the course of the module.

The module is centred on advanced microeconomics theory, while engaging with cutting-edge research within the discipline. You’ll combine current mainstream theoretical and applied techniques with a range of alternative critical perspectives, equipping you to meet the growing demand for economics in an era of global challenges such as climate change.

You’ll gain unique insight into pressing economic issues, from the microeconomics of firms and markets to the problem of asymmetric information, the collective action problem and choice under uncertainty. There will be a substantial practical/applied component of the module, which would involve solving problem sets, mind mapping exercises and group presentations. The assessment tasks are designed to provide you with further insights on the application of economic theories to policy issues. The module will give you useful skills in critical thinking and analysis, research and problem solving and enhance your employability prospects upon graduation.

Course info

UCAS Code L110

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 are primarily delivered via on-campus face to face learning but could include elements of online learning. Most courses run as planned and as promoted on our website and via our marketing materials, but if there are any substantial changes (as determined by the Competition and Markets Authority) to a course or there is the potential that course may be withdrawn, we will notify all affected applicants as soon as possible with advice and guidance regarding their options. It is also important to be aware that optional modules listed on course pages may be subject to change depending on uptake numbers each year.  

Contact time is subject to increase or decrease in line with possible restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors if this is deemed necessary in future.

 

Useful Links

Find out about our distinctive approach at 
www.northumbria.ac.uk/exp

Admissions Terms and Conditions
northumbria.ac.uk/terms

Fees and Funding
northumbria.ac.uk/fees

Admissions Policy
northumbria.ac.uk/adpolicy

Admissions Complaints Policy
northumbria.ac.uk/complaints