- Class Number 3455
- Term Code 3230
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Ronald Stauber
- Dr Ronald Stauber
- Class Dates
- Class Start Date 21/02/2022
- Class End Date 27/05/2022
- Census Date 31/03/2022
- Last Date to Enrol 28/02/2022
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
Exams will be held remotely through the class Wattle site. A stable and reliable internet connection is necessary.
Recommended Textbooks and References
- 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
- I. Gilboa, Theory of Decision under Uncertainty, Cambridge University Press, 2009
- M.J. Osborne, and A. Rubinstein, A Course in Game Theory, MIT Press 1994
- G.J. Mailath, Modeling Strategic Behavior, World Scientific 2019
- M. Maschler, E. Solan, and S. Zamir, Game Theory, Cambridge University Press, 2013
- T. Börgers, An Introduction to the Theory of Mechanism Design, Oxford University Press, 2015
Textbooks and additional readings will be available on reserve or as electronic versions, as specified in the following ANU Library reading list:
Students will be given feedback in the form of verbal feedback during workshops and tutorials, and individual feedback and help with lecture material and tutorial problems, as well as discussions of solutions to assignments, during consultations.
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.
|Week/Session||Summary of Activities||Assessment|
|1||Preferences and choice under certainty|
|2||Choice under risk|
|3||Choice under uncertainty; Utility for money|
|4||Strategic games and existence of Nash equilibrium|
|5||Games with incomplete information|
|7||Extensive games with imperfect information|
|10||Mechanism design: Revelation principle; Screening|
|11||Mechanism design: Optimal auctions|
no tutorial registration is required for this course, see Wattle for further information regarding tutorials
|Assessment task||Value||Learning Outcomes|
|Weekly Quizzes - 32%||32 %||1,2,3,4,5,6,7|
|Final Examination - 68%||68 %||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 Academic Integrity . 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 course will involve three types of activities, lectures, workshops and tutorials:
LECTURES will be delivered asynchronously, through lecture notes and recordings that will be made available via Wattle. Students are expected to independently work through each week's lecture notes and recordings, before participating in the corresponding workshops and tutorials.
WORKSHOPS are synchronous/live classes whose aim is to further discuss lecture material AFTER students had a chance to work through the lecture notes and recordings by themselves. Workshops will commence in week 2, and each week's workshop will discuss the lecture material from the previous week. Workshops may be delivered in hybrid mode (i.e., in-person with simultaneous live streaming) or online only, depending on technical considerations, student demand and/or current Covid-related restrictions. As workshops are discussion-based classes, recordings may not be made available. Updated details and information will be posted on the course Wattle site.
The objective of TUTORIALS is to provide students with an opportunity to review the theoretical concepts discussed in lectures and apply them in the context of specific problems and examples. Tutorials will commence in week 2, and each week's tutorial will discuss problems related to the lecture material from the previous week. Tutorial problems will be made available at the start of the previous week, together with the notes and recordings for the corresponding lecture. Students are strongly encouraged to work through the tutorial problems before attempting each week's quiz questions, and thus, before attending the respective tutorial sessions. The delivery mode for tutorials will be either in-person only with recordings provided via Wattle, hybrid, or online only, depending on technical considerations, student demand and/or current Covid-related restrictions. In general, tutorial solutions will be made available both as (possibly incomplete) typed-out answers and as recordings. Updated details and information will be posted on the course Wattle site.
See information above in Assessment Task 2.
Assessment Task 1
Learning Outcomes: 1,2,3,4,5,6,7
Weekly Quizzes - 32%
Weekly quizzes will be administered via the course Wattle site, with the exception of week 1 of the semester. The 8 highest marks out of these 11 quizzes, will be used to compute the 32% quiz component of your final grade. The due dates and times for the quizzes will be posted on Wattle. The quizzes will in general be due before the start of each week's tutorial (e.g., the first quiz, which covers topics related to Lecture 1 and the associated tutorial problems, will be due before the first tutorial, in week 2). Quiz questions will be made available on Wattle three (3) days before their respective due dates, and solutions to the questions will have to be submitted via Wattle during this 3-day time window. Quizzes may include multiple-choice questions, true/false questions, short typed-answer questions, or questions that require handwritten solutions to be scanned in pdf format and uploaded on Wattle. Late submission of answers to quizzes will NOT be accepted, as the solutions may be discussed in class after the submission deadline. Quiz marks will be released on Wattle after the quizzes are graded, approximately one week after the submission dates.
Assessment Task 2
Learning Outcomes: 1,2,3,4,5,6,7
Final Examination - 68%
A final exam will be scheduled during the ANU end-of-semester examination period, and will be delivered online via the class Wattle site. The exam will cover all the material that was presented throughout the course, and will be held over a 4 hour period. Further details will be given on Wattle by week 10.
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. Extensions may be granted 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.
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
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- 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.
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Microeconomic Theory, Game Theory
Dr Ronald Stauber