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This course will explore factors that explain decision-making by individuals and firms in the context of many real-world situations, and provide students with an understanding of policy options available to government to reduce the negative effects of some aspects of this decision-making.
This course moves beyond the assumptions of competitive markets, certainty, and complete information. Once these assumptions are broken down decision-making by individuals and firms tend to become strategic in nature. A core tool for analysing strategic behaviour is game theory. This topic will be taught in the very first week of lectures and used throughout the rest of the semester across different applications and scenarios within the topics of imperfect competition, choice under uncertainty, and asymmetric information. Students will be expected to provide a critical analysis of a range of real-world examples of policy interventions related to topics in this course.
Upon successful completion, students will have the knowledge and skills to:
- Gain an understanding of the implications of relaxing the assumptions of perfect competition, certainty, and full information on free-market outcomes within basic microeconomic models, and the welfare implications of these outcomes.
- Evaluate the effects of government interventions and other exogenous changes on markets outcomes using economic principles.
- Apply basic concepts to design policy interventions to deal with issues related to imperfect competition, uncertainty, and asymmetric information.
- Present clearly written analysis of economic issues and problems using diagrams and algebra.
Learning outcome to be assessed
Quick quizzes (10 in total)
Long quizzes (4 in total)
1,2,3 & 4
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Two hours of lecture and one hour of tutorial per week, as well as an average of 6 hours per week on private study and tutorial/assignment preparation.
Nicholson, W & Snyder, C 2008, Microeconomic Theory: Basic Principles and Extensions, 10th edn, Cengage Learning.
Martin J. Osborne, 2009, An Introduction to Game Theory, Oxford University Press.
Tirole, Jean, 1988, The Theory Of Industrial Organization, The MIT Press
Hoy, M, Livernois, J, McKenna, C, Rees, R & Stengos, T 2011, Mathematics for Economics , 3rd edn, MIT Press.
Tuition fees are for the academic year indicated at the top of the page.
If you are a domestic graduate coursework or international student you will be required to pay tuition fees. Tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
- Student Contribution Band:
- Unit value:
- 6 units
If you are an undergraduate student and have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). You can find your student contribution amount for each course at Fees. Where there is a unit range displayed for this course, not all unit options below may be available.
Offerings, Dates and Class Summary Links
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.
|Class number||Class start date||Last day to enrol||Census date||Class end date||Mode Of Delivery||Class Summary|
|3450||20 Feb 2017||27 Feb 2017||31 Mar 2017||26 May 2017||In Person||N/A|