EC221: Mathematical Economics 1B
Darina Dintcheva
Module Leader
James Massey
Module Lecturer
Introduction
EC221-15 Mathematical Economics 1BPrincipal Aims
To develop the notion of competitive equilibrium and the fundamental properties of competitive equilibria.
Principal Learning Outcomes
To develop an understanding of the normative significance of competitive markets in achieving Pareto-optimal allocations
To recognise that a small number of intuitive assumptions and principles, when formulated precisely, can provide valuable insights into fundamental economic problems.
To understand the limitations of existing economic models and to be aware of directions in which frontier research is extending and refining these models.
Syllabus
The module will typically cover the following topics:
1. Foundations for the study of Walrasian Equilibrium: Consumer preferences, Firms and production, Competitive markets
2. Efficiency of the allocation of consumption and production
3. Walrasian Equilibrium in Exchange Economies
4. Walrasian Equilibrium in Production Economies
5. The First Welfare Theorem of Economics
6. The Second Welfare Theorem of Economics
7. Arrow-Debreu and Radner equilibria
Context
- Optional Core Module
- GL11 - Year 2, GL12 - Year 2
- Optional Module
- L100 - Year 2, L1P5 - Year 1, L1PA - Year 1, LM1D (LLD2) - Year 2, V7ML - Year 2, V7ML - Year 3, V7MP - Year 2, V7MP - Year 3, V7MR - Year 2, V7MR - Year 3, V7MM - Year 4, G100 - Year 2, G100 - Year 3, G103 - Year 2, G103 - Year 3, R9L1 - Year 4, R3L4 - Year 4, R4L1 - Year 4, R2L4 - Year 4, R1L4 - Year 4, L1L8 - Year 2, L1L8 - Year 3, L1CA - Year 2, L1CC - Year 2, L1CE - Year 2, L1CD - Year 2
- Pre or Co-requisites
The module introduces advanced-level mathematical thinking and typically attracts students from economics- and math-based degree courses.
Any of:
EC106-24 Introduction to Economics OR
EC107-30 Economics 1 OR
EC109-30 Microeconomics 1 OR
EC137-15 Economics 1: Micro
AND (FOR ECONOMICS STUDENTS ONLY)
EC139-15 Mathematical Techniques A AND
EC122-15 Statistical Techniques A
OR
EC140-15 Mathematical Techniques B AND
EC124-15 Statistical Techniques B
EC106 or EC107 for GL11 and other Maths students
Summary:Modules: (EC106-30 or EC107-30 or EC109-30) and (EC139-15 and EC122-15) and (EC140-15 or EC124-15)
Assessment
- Assessment Method
- Coursework (30%) + Centrally-timetabled examination (On-campus) (70%)
- Coursework Details
- Centrally-timetabled examination (On-campus) (70%) , Test (30%)
- Exam Timing
- Summer
Subject Specific Skills
- Economic principles
- Abstraction
- Analysis of incentives
- Analysis of institutions
- Analytical reasoning
- Analytical thinking and communication
- Strategic thinking
- Critical thinking
- Policy evaluation
- Problem solving
Transferable Skills
- Math, Statistical, data-based research skills
- Numeracy and quantitative skills
- Written communication
- Oral communication
- Information technology
Exam Rubric
Time Allowed: 2 Hours
Read all instructions carefully - and read through the entire paper at least once before you start entering your answers.
There is ONE section in this paper. Answer TWO questions ONLY (50 marks each).
Use a SEPARATE PINK booklet for each question.
You should not submit answers to more than the required number of questions. If you do, we will mark the questions in the order that they appear, up to the required number of questions in each section.
Do not submit answers to more than the required number of questions. If you do, only the first answers (in the order they appear) will be marked, up to the required number for each section.
Approved scientific (non-graphical) pocket calculators are allowed.
Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.