- Class Number 9015
- Term Code 2960
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Prof Simon Grant
- Prof Simon Grant
- Class Dates
- Class Start Date 22/07/2019
- Class End Date 25/10/2019
- Census Date 31/08/2019
- Last Date to Enrol 29/07/2019
The course will focus on Microeconomic theory as an approach to organizing economic ideas through modelling.
This course will examine some basic components of economic theory concerning the allocation of scarce resources:individual non-strategic decision making by consumers and firms, Markets and General Equilibrium, Game Theory for extending the models of consumers and producers to strategic settings (with an emphasis on asymmetric information and mechanism design), and models of how decisions are made in non market settings through political institutions or within firms.
Along the way we will consider how to include uncertainty in models and how to establish the existence of equilibria/optima and the comparative static properties of these predicted outcomes.
Upon successful completion, students will have the knowledge and skills to:
- Individual Decision Makers: State and prove the fundamental properties of consumer and producer behaviour in neoclassical economics
- Markets: explain and apply the results of, Game Theory and General Equilibrium in understanding the properties of basic market structures.
- Mechanism Design: use mechanism design techniques to establish the structure of optimal incentive contracts and apply contract design to solve economic problems.
- Uncertainty: explain and apply the results of, and methods used in, expected utility theory
- Non-market allocation: state and prove the fundamental results of social choice, voting and managerial hierarchies; know the characteristics of some practical solutions to non-market allocation systems.
- Modelling: Describe relevant economic situations as games or optimization problems.
- Solving: Use curvature and monotonicity properties to establish the solutions and comparative static properties for relevant economic models.
The course covers concepts, methodologies and techniques that form the foundation of modern research in all fields of economics.
Examination Material or equipment
You will be provided with a calculator (HP Scientific Calculator 300s+) for this exam. Only calculators provided by the Examinations Office on the day of the exam are permitted in the exam room
You will need access to a calculator to complete exercises required for this course. You will be provided with a calculator (HP Scientific Calculator 300s+) for the final examination.
- D.M. Kreps, Microeconomic Foundations I: Choice and Competitive Markets, Princeton University Press, 2013
- A. Mas-Colell, M.D. Whinston, and J.R. Green, Microeconomic Theory, Oxford University Press, 1995
See the following ANU Library reading list for available textbooks and additional readings:
Students will be given feedback in the forms of verbal feedback during and after lectures and tutorials, and individual feedback and help with lecture material and tutorial problems, as well as discussions of solutions to assignments, during office hours.
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.
This is an on-campus course. Students are expected to regularly attend all lectures and tutorials. Lecture recordings are not a substitute for class attendance.
Your final mark for the course will be based on the raw marks allocated for each of your assessment items. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed the scaled mark of that student), and may be either up or down.
|Week/Session||Summary of Activities||Assessment|
|1||Consumer Theory and Demand||Problem Sets 1-4|
|2||Choice under risk and uncertainty||Problem Sets 5-6|
|3||Production and Cost||Problem Sets 7-8|
|4||General Equilibrium||Problem Sets 9-10|
No tutorial enrolment is required.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Weekly problem sets - 30%||30 %||04/03/2019||06/06/2019||1,2,3,4,5,6,7|
|Final Examination - 70%||70 %||06/06/2019||04/07/2019||1,2,3,4,5,6,7|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
This is an on-campus course. Attendance at all teaching events, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).
In addition, tutorials are a discussion-based class. Providing worked solutions would not effectively compensate for missing a tutorial. Students who, through unavoidable and unplanned occurrences, are unable to attend a tutorial class one week are encouraged to work through the problems and attend a consultation session for discussion and solutions.
Assessment Task 1
Learning Outcomes: 1,2,3,4,5,6,7
Weekly problem sets - 30%
- Students are required to submit written solutions to weekly assignment/tutorial problems, with the exception of week 1 and week 7 of the semester. The 8 highest marks out of these 10 assignments, will be used to compute the 30% assignment component of your final grade. You may discuss the assignment problems with other students, but each student is required to submit their own written solutions.
- Solutions are due at 2:00pm on Wednesdays at the beginning of the lecture and new assignment problems will be released after that lecture. Late submissions of assignments will NOT be accepted, as the solutions will be discussed in class on Fridays after the submission deadline. Problem set marks will be released on Wattle after the assignments are graded, approximately one week after the submission dates.
- Solutions to assignments must be deposited in the appropriately labelled submission box (course code ECON8011), located to the left on the inquiries desk on Level 1 of the HW Arndt Building (No. 25A). Solutions must include the cover sheet that can be downloaded from https://www.rse.anu.edu.au/media/720171/Assignment-Cover-Sheet.pdf. Please keep a copy of your answers for your records.
Assessment Task 2
Learning Outcomes: 1,2,3,4,5,6,7
Final Examination - 70%
The final exam will be comprehensive, in the sense that questions may be drawn from all the topics discussed during the semester.
The exam will be scheduled during the end-of-semester examination period, and will consist of 15 minutes reading time and 3 hours writing time. More details will be available in lectures and on Wattle closer to the exam.
You will be provided with a calculator (HP Scientific Calculator 300s+) for this exam. Only calculators provided by the Examinations Office on the day of the exam are permitted in the exam room.
Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.
The ANU commits to assisting all members of our community to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to be familiar with the academic integrity principle and Academic Misconduct Rule, uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with.
The Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.
You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.
Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Resubmission of Assignments
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents undergraduate and ANU College students
- PARSA supports and represents postgraduate and research students
Decision theory, game theory
Prof Simon Grant