Units
Developments in Microeconomic Theories
Unit code: EFN502
Contact hours: 3 per week
Credit points: 12
Information about fees and unit costs
This unit involves the discussion and analysis of contemporary developments in microeconomic theory, such as game theory and its applications, consumer behaviour, problems of collective action, evolutionary economics, the economics of voting, externalities, public goods, and the market mechanism. It explores refinements in microeconomic theory which have been contemporaneously used in the development of government policies in areas such as the environment, energy, public enterprises and industrial development.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
Discussion of refinements in microeconomic theory such as consumer demand theory, strategic interaction, the economics of voting, public goods and externalities, markets and competition etc. are considered in this unit. It explores refinements in microeconomic theory which have been used in the development of government policies in areas such as the environment, energy, public enterprises and industrial development.
Aims
At the completion of the unit, students will have:
a grasp of basic tenets of microeconomics,
an understanding of how theory illustrates several economic issues,
cultivated and developed powers of reasoning, reflection and critical thinking within the context of microeconomics.
Objectives
Course Learning Goals (Research)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have a broad and deep advanced theoretical and disciplinary knowledge (KNO)
1.1 Discuss advanced theoretical and disciplinary knowledge
Have advanced analytical research skills necessary to evaluate and conduct research in their areas of specialisation (ARS)
2.1 Display understanding of research design through appropriate methodological critique of published research
2.2 Display competence in research design through the development and critique of a rigorous design for their own research
2.3 Display competence in the appropriate and rigorous analysis of data
Be an effective communicator of theoretical, disciplinary and research information effectively at an advanced academic level (COM)
3.1 Provide an effective presentation and defence of their research in oral contexts
3.2 Provide an effective presentation and defence of research in written contexts
3.3 Disseminate research outcomes through presentations of their academic work within academic and other relevant communities **
Be able to demonstrate independence in research planning and execution (IND)
4.1 Identify independently issues as they arise in the conduct of research and enact solutions in a timely manner **
Have an understanding of the ethical context of research (ETH)
5.1 Reflect on the ethical dimensions of their research and obtain ethical clearance prior to conducting research
Be able to work effectively in a team environment (TW)
6.1 Operate effectively and with flexibility to achieve common goals in research settings, using a range of skills, including leadership, negotiation, reflection, proactivity and support for team members
** AOL goal applies at PhD level only.
Unit Objectives
Refer to "AIMS" section above.
Content
The unit involves a discussion of contemporary and past developments and refinements in microeconomic theory, such as consumer behaviour, game theory, evolutionary economics, the economics of voting, public goods and externalities, markets and competition etc. It is expected that on completion of the unit, students will have developed an understanding of the basic tenets of microeconomic theory and its application to several economic issues of interest and of relevance to government policy, and private/public sector decision making.
Approaches to Teaching and Learning
The medium of instruction will be in the form of lectures and discussions. The primary means of knowledge acquisition, however, will be student's individual reading which will be channelled by the recommended reading. Assignments and discussions form part of the process of assessing the depth of students' understanding, and help in preparation for this unit.
Assessment
Academic Honesty
Academic honesty means that you are expected to exhibit honesty and act responsibly when undertaking assessment. Any action or practice on your part which would defeat the purposes of assessment is regarded as academic dishonesty. The penalties for academic dishonesty are provided in the Student Rules.Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment name:
Assignment 1
Description:
Take home exercises
Length/Duration:2 - 3 sets of exercises
Formative or Summative:Formative and Summative
Relates to objectives:
AOL goals: KNO (1.1), COM (3.1), (3.2), IND (4.1)
Weight:
20%
Internal or external:
Internal
Group or individual:
Individual
Due date:
concurrent with lect
Assessment name:
Assignment 2
Description:
Take home exercises/small research project
Length/Duration:TBA
Formative or Summative:Formative and Summative
Relates to objectives:
AOL goals: KNO (1.1), ARS (2.1), (2.2), (2.3), IND (4.1), ETH (5.1)
Weight:
20%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Between Weeks 7 - 12
Assessment name:
End of Semester Examination
Description:
Closed book exam.
Length/Duration:2 hours plus 10 minutes perusal time.
Formative or Summative:Summative
Relates to objectives:
AOL goals: KNO (1.1), ARS (2.1), (2.3), COM (3.1)
Weight:
60%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Exam period
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Texts
Varian, Hal (1992) Microeconomic Analysis, 3rd edition., Norton.
Gibbons, Robert (1992), A Primer in Game Theory, Prentice Hall.
Kreps, David (1990), A course in Microeconomic Theory, Harvester Wheatsheaf
Supplementary Texts
Nicholson, Walter (1998) Microeconomic Theory: Basic Principles and Extensions, The Dryden Press
Schotter (2000) Microeconomics: A Modern Approach, Addison Wesley
Dixit and Skeath (2000) Games of Strategy, Norton
Mas-Colell, Andreu, Whinston, Michael and Green, Jerry (1995), Microeconomic Theory, Oxford University Press
Mas-Colell, Andreu, Whinston, Michael and Green, Jerry (1995), Microeconomic Theory, Oxford University Press
Book chapters, articles for lectures 11,12, TBA
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 04-Feb-2013
