The module aims to introduce students to several related areas of active application of economic theory. The topics covered vary from year to year, but in recent years have concentrated on information economics and contractual economics, with the ultimate aim of bringing economic theory to bear on incentive problems and economic and policy mechanisms to address them.
Principal Learning Outcomes
By the end of the module the student should have gained an understanding of the use, but also the limitations, of economic theory and its methods in understanding the chosen topics and analysing important social and economic problems.
Economic Theory is very broad and covers topics such as information economics, contract theory, decision theory, social contracts and choice theory, to name a few. Each year, this module will cover a variety of topics within the broad area of economic theory: developing models, analysing them and looking at their applications and relevance. Two common topics include information economics and contract theory. Within these areas of economic theory, the topics may include Asymmetric Information, Moral hazard and Adverse Selection, Communication, Career Concerns, Incomplete Contracts and Institutional Design.
- Optional Module
- LM1D (LLD2) - Year 3, L116 - Year 3, V7ML - Year 3, L100 - Year 3, V7MM - Year 4, V7MP - Year 3, L1P5 - Year 1, L1PA - Year 1, V7MR - Year 3, LM1H - Year 4, GL12 - Year 4, GL11 - Year 3, L103 - Year 4, L117 - Year 4, LA99 - Year 3, L1L8 - Year 3, R9L1 - Year 4, R3L4 - Year 4, R4L1 - Year 4, R2L4 - Year 4, R1L4 - Year 4
- Pre or Co-requisites
- Pre-requisites: EC202 or EC204, or EC220 for GL11 students. For students on other degrees, it would be desirable to have previously taken EC220.
- Not available to non-final year students on Economics-based degrees.
- Part-year Availability for Visiting Students
- Available in the Spring term only (1 test - 12 CATS) and in the Spring and Summer terms together (1 test and 1 x 2 hour exam – 15 CATS)
- Assessment Method
- Coursework (20%) + 2 hour exam (80%)
- Coursework Details
- One 50 minute test (20%)
- Exam Timing
Time Allowed: 2 hours.
Answer the ONE question in Section A (40 marks) and answer TWO questions from Section B (30 marks each). Answer Section A questions in one booklet and Section B questions in a separate booklet.
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.