Leader: Dr Simon Angus

Offered

Clayton First semester 2008 (Day)

Synopsis

Neoclassical theories of demand, supply, and equilibrium at a level that permits rigorous analysis. Introduction to game theory. Topics include the existence theorem of utility functions, properties of demand and supply functions, existence and Pareto optimality of competitive equilibrium, and various equilibrium concepts of non-cooperative games.

Objectives

The learning goals associated with this unit are to:

• deepen understanding of microeconomic analysis acquired during undergraduate training
• undertake rigorous analysis of microeconomic issues, including the determinants of relative prices and their effects on resource allocation
• learn some more advanced analyses going beyond the traditional model and taking account of some real-world complications
• acquire proficiency in handling optimisation problems and have a basic understanding of general equilibrium analysis.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Contact hours

3 hours per week

Prerequisites

ECC4650 or equivalent