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EC301: Mathematical Economics 2: Dynamics, Uncertainty & Asymmetrical Information

15 CATS - Department of Economics

Principal Aims

The module aims to introduce advanced topics in mathematical economics, applied game theory and general equilibrium theory. The treatment builds on the foundation established in EC220.

Principal Learning Outcomes

By the end of the module students will have an appreciation of the use and limitations of formal mathematical approaches to economic theory and applications and be familiar with the main results and open questions in the chosen areas. The seminar portion will strengthen skills in team working, the absorption and analysis of peer-reviewed literature, conveying and interpreting this material to a critical audience and leading discussions around a technical topic.


The module will typically cover the following topics:

Fundamental properties of competitive equilibrium in dynamic economies with complete markets and incomplete markets.

The role of asymmetric information in competitive markets.

Topics on games of incomplete information: Bayesian and Perfect Bayesian equilibrium - especially in signalling and agency games.


Pre or Co-requisites
Not available to non-final year students on Economics-based degrees.
Part-year Availability for Visiting Students
Available in the Autumn term only (1 x test and 1 x seminar presentation – 12 CATS)


Assessment Method
Coursework (45%) + 1.5 hour exam (55%) with 15 minutes reading time
Coursework Details
One 1.5-hour (plus 15 minutes reading time) test (40%) and presentation (5%)
Exam Timing

Exam Rubric

Time Allowed: 1.5 Hours plus 15 minutes reading time, during which notes may be made (on the question paper) BUT NO ANSWERS MAY BE BEGUN.

Answer TWO questions ONLY. All questions are of equal weight (50 marks each).

Approved pocket calculators are allowed.

Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.

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.

Reading Lists