GAMES, MARKETS AND INFORMATION - 2017/8

Module code: ECO3011

Module provider

Economics

Module Leader

GERSHKOV A Prof (Economics)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 6

JACs code

L100

Module cap (Maximum number of students)

N/A

Module Availability

Semester 1

Overall student workload

Independent Study Hours: 118

Lecture Hours: 20

Tutorial Hours: 6

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST IN WEEK 6 - 90 MINUTES, PROBLEM SOLVING QUESTIONS 30
Examination 2 HOUR EXAMINATION - TECHNICAL AND DISCUSSION QUESTIONS 70

Alternative Assessment

Not Applicable.

Prerequisites / Co-requisites

Economics and Mathematics students:  This module cannot be taken with MAT3002 (Mathematical Economics)

Module overview

This module develops equilibrium concepts for static, dynamic, complete and incomplete information. These are applied to various aspects of economic importance: markets, bargaining, job-market signalling, expert advice and electoral competition.

Module aims

show how game theory and informational economics can provide valuable insights in a broad variety of problems in economics and the social sciences

Learning outcomes

Attributes Developed
Understand how information and dynamic assumptions lead to different equilibrium notions; KC
Solve for the following equilibria/solutions: Nash, subgame perfect equilibrium, Bayesian and perfect Bayesian; Sequential equilibrium and some refinements, Core and Shapley Value. KC
Apply these concepts to a wide range of problems in economics KCT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


Elements of a game, types of games and equilibria concepts;
Static games of complete information: the Nash equilibrium;
Dynamic games of complete information: the subgame perfect equilibrium;
Static games of incomplete information: the Bayesian equilibrium;
Dynamic games of incomplete information: the perfect Bayesian equilibrium; Sequential equilibria

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


Strengthen students’ analytical and cognitive skills
Provide insights into how different environments impact decision problems and their outcomes
Appreciate the tensions that may arise between benefits of different agents


The learning and teaching methods include:


2 hour lectures per week x 11 weeks
1 hour tutorial per week x 5 weeks

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate


clear understanding of the various concepts
transform problems in social science into game forms
conduct  equilibrium analysis of a given model


Thus, the summative assessment for this module consists of:


One problem-solving class test. This test will involve 2 questions in 90 minutes and normally takes place in week 6.  The test will cover the lecture/tutorial material from all previous weeks.  Its principal aim is to give students some early feedback on how they are coping with the material.
A two-hour long final exam. This will consist of two sections. Section A will ask students to answer ONE question from TWO. Section B will ask students to answer ONE question out of TWO. Questions include both technical and discussion aspects.
The mixture between technical analysis and discussion / interpretation ensures that students are able to demonstrate that they have the skills necessary to apply some of the equilibrium/solution concepts rigorously, as well as showing their understanding of the real-world applications of these notions


Formative assessment and feedback

Students receive verbal feedback during both lectures and tutorials. During lectures, smaller practise exercises are solved and discussed, while the problems discussed in tutorials are more substantial. Guideline solutions are posted online after tutorials have taken place. Feedback relating to the coursework test is predominantly given individually and in detail on the scripts of students, and main issues are discussed further in a lecture.

Reading list

Reading list for GAMES, MARKETS AND INFORMATION : http://aspire.surrey.ac.uk/modules/eco3011

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Financial Mathematics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Business Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.