EC221: Mathematical Economics 1B

Darina Dintcheva
Module Leader
James Massey
Module Lecturer

15 CATS - Department of Economics

Summer Module

Spring Module

Principal Aims

EC221-15 Mathematical Economics 1B

Principal Learning Outcomes

Subject Knowledge and Understanding: Acquire a sense of the normative significance of competitive markets in obtaining Pareto optimal allocations. The teaching and learning methods that enable students to achieve this learning outcome are lectures and seminars.

Subject Knowledge and Understanding: Learn that a few intuitive assumptions and principles, formulated precisely, can go a long way in understanding the fundamental aspects of many economic problems. The teaching and learning methods that enable students to achieve this learning outcome are lectures and seminars.

Subject Knowledge and Understanding: Understand the limits of existing economic models and be aware of some directions in which frontier research is modifying these models. The teaching and learning methods that enable students to achieve this learning outcome are lectures and seminars.

Syllabus

The module will typically cover the following topics:

1. Foundations and Definitions for the Study of Walrasian Equilibrium: Commodities, Consumer preferences, Production

2. Efficiency of Allocation 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

L1P5 - Year 1, L1PA - Year 1, LM1D (LLD2) - Year 2, V7ML - Year 2, V7ML - 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

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

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%) + In-person Examination (70%)
Coursework Details: In-person Examination (70%) , Test (30%)
Exam Timing: Summer

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).

Answer each whole question in a separate booklet.

Approved scientific (non-graphical) pocket calculators are allowed.

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.

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.