Economics 3 (H) is a prerequisite for entry into the Economics IV honours programme. It helps determine whether a student is admitted to the programme and helps prepare students for it.

 

The course provides an introduction to the formal analysis of a variety of topics to help prepare students for their honours year coursework and thesis and broaden their exposure to applications of economics. The course introduces new topics not covered in previous economics courses in the major and also extends and applies some familiar topics. Microeconomic principles will be applied to examine topics from microeconomic theory, public economics, labour economics, welfare economics, general equilibrium, financial economics, law and economics, international trade theory, and industrial organisation. Applications and public policy issues examined include asset pricing, the social discount rate, environmental economics, regulation of natural monopoly, traffic congestion, choice under uncertainty and over time, and taxation
 

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

Upon a successful completion of this course, students will be able to:

• Think for themselves like economists, or at least understand how economists think.
• Recognise the economic issues in a problem and apply the appropriate tools to analyse it.
• Understand the economic tools taught in class and be able to apply them to analyse real world problems and policy issues.

Research-Led Teaching

The material taught in this course is directly relevant to research in many areas of economics, including public economics, international economics, financial economics, and macroeconomics.The lecturer for this course, Prof Rabee Tourky, has been an author of many publications in leading economics journals on topics related to general equilibrium economic models.

Field Trips

Not applicable.

Additional Course Costs

Not applicable.

Examination Material or equipment

No material other than standard writing equipment, university supplied script books, and university supplied blank paper will be permitted to be used during the final exam for this class.

Required Resources

The primary reference for the course will be:

• Debreu, G (1959), Theory of value: an axiomatic analysis of economic equilibrium, The Cowles Foundation for Research in Economics at Yale University Monograph Number 17, Yale University Press, USA.

This reference is freely available in digital form from the Cowles Foundation website.

Recommended Resources

You might find the following references useful during this course.

• Balasko, Y (2011), General equilibrium theory of value, Princeton University Press, USA.
• Debreu, G (1959), Theory of value: an axiomatic analysis of economic equilibrium, The Cowles Foundation for Research in Economics at Yale University Monograph Number 17, Yale University Press, USA.
• Gravelle, H, and R Rees (2004), Microeconomics (third edition), Prentice-Hall / Financial Times (Pearson Education), The United Kingdom.
• Hildenbrand, W, and AP Kirman (1976), Introduction to equilibrium analysis: variations on themes by Edgeworth and Walras, North-Holland Publishing Company, The Netherlands.
• Kreps, DM (2013), Microeconomic foundations 1: choice and competitive markets, Princeton University Press, USA.
• Mas-Colell, A, MD Whinston, and JR Green (1995), Microeconomic theory, Oxford University Press, USA.
• Nicholson, W, and C Snyder (2017), Microeconomic theory: basic principles and extensions (twelfth edition), Cengage Learning, USA.
• Starr, RM (2011), General equilibrium theory: an introduction (second edition), Cambridge University Press, USA.
• Varian, HR (1992), Microeconomic analysis (third edition), WW Norton and Company, USA.
• Varian, HR (2014), Intermediate microeconomics: a modern approach (ninth edition), WW Norton and Company, USA.

Staff Feedback

• Students will be given feedback in the following forms in this course.
• Marks for, and some brief comments on, the individual student's attempt at the short diagnostic assignment.
• Marks for, and some brief comments on, the individual student's attempt at the essay assignment.
• Verbal feedback upon request during the course.

Student Feedback

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). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Work-Load Expectations

The amount of work required for successful completion of this class may vary between students. As a rough guide, students should expect to devote at least 10 hours a week to this class. This should include all of the following.

• Three hours a week for lectures.
• One hour a week for tutorials (except for week one).
• At least six hours a week for reading, research, writing, lecture preparation, tutorial preparation, and revision.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Course administration. Course introduction and overview. Some background mathematics, part 1.	Core Reading: Debreu (1959), Chapter 1. No Assessment Items Due in Week 1.
2	Some background mathematics, part 2. Commodities and prices, part 1.	Core Reading: Debreu (1959), Chapters 1 and 2. No Assessment Items Due in Week 2. Short Diagnostic Assignment Released (Due in Week 4, Worth 5 %).
3	Commodities and prices, part 2.	Core Reading: Debreu (1959), Chapter 2. No Assessment Items Due in Week 3.
4	Producer behaviour, part 1.	Core Reading: Debreu (1959), Chapter 3. Short Diagnostic Assignment Due in Week 4 (Worth 5 %).
5	Producer behaviour, part 2. Consumer behaviour, part 1.	Core Reading: Debreu (1959), Chapters 3 and 4. No Assessment Items Due in Week 5.
6	Consumer behaviour, part 2.	Core Reading: Debreu (1959), Chapters 4. No Assessment Items Due in Week 6. Essay Assignment Released (Due in Week 10, Worth 35 %).
7	Walrasian (competitive) equilibrium, part 1.	Core Reading: Debreu (1959), Chapters 5. No Assessment Items Due in Week 7.
8	Walrasian (competitive) equilibrium, part 2.	Core Reading: Debreu (1959), Chapters 5. No Assessment Items Due in Week 8.
9	Walrasian (competitive) equilibrium, part 3. Welfare properties of Walrasian equilibria, part 1.	Core Reading: Debreu (1959), Chapters 5 and 6. No Assessment Items Due in Week 9.
10	Welfare properties of Walrasian equilibria, part 2.	Core Reading: Debreu (1959), Chapters 6. Essay Assignment Due in Week 10 (Worth 35 %).
11	Welfare properties of Walrasian equilibria, part 3. Incorporating uncertainty into general equilibrium economic models, part 1.	Core Reading: Debreu (1959), Chapters 6 and 7. No Assessment Items Due in Week 11.
12	Incorporating uncertainty into general equilibrium economic models, part 2.	Core Reading: Debreu (1959), Chapter 7. No Assessment Items Due in Week 12.
13	Official ANU final exam period for semester two of 2023.	Final Exam Held (Worth 60 %).

Tutorial Registration

ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Short Diagnostic Assignment (5 %)	5 %	18/08/2023	25/08/2023	1, 2, 3.
Essay Assignment (35 %)	35 %	13/10/2023	27/10/2023	1, 2, 3.
Final Exam (60 %)	60 %	02/11/2023	01/12/2023	1, 2, 3.

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

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 Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Extenuating Circumstances Application
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

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 Skills 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.

Participation

• This is an "in person", "on campus" course. It is not an online course.
• You should aim to attend as many of the classes for this course as possible.
• Regular attendance at, and active participation in, classes is likely to enhance both your enjoyment of this course and your understanding of the material covered in this course.
• Lectures in this course will be "live" events that are held "in person".
• When available, recordings of the lectures will be provided via the ECHO360 link on the Wattle site for this course at some point after the conclusion of the relevant lecture.
• While it is hoped that the lecture recording system will provide recordings of suitable quality for each lecture in this course, there is no guarantee that this will be the case.
• Please note that replacement recordings will not be made in the event that the recording of a lecture fails to be produced by the automatic lecture recording system or is of low quality.
• Beginning in week two, there will be a weekly tutorial held in this course.
• Tutorials in this course will be "live" events that are held "in person".
• Please note that the tutorials will not be recorded.

Examination(s)

Please see the information for assessment item 3 above.

Assessment Task 1

Short Diagnostic Assignment (5 %)

• The short diagnostic assignment will involve the submission of proposed answers to a number of questions related to the material that will be covered in the first two weeks of lectures for this course, the first tutorial for this course, and any associated reading from Debreu (1959).
• The questions might be of one or more of the following types: multiple choice, short answer, essay answer, analytical problem, or numerical problem.
• The questions will be posted on the Wattle site for this course by 5:00 pm on Friday 4 August 2023. (This is the Friday in teaching week 2.)
• Your answers should be submitted (via a "Turnitin" link that will be posted on the Wattle site for this course) by no later than 5:00:00 pm on Friday 18 August 2023. (This is the Friday in teaching week 4.)
• No late short diagnostic assignments will be accepted in the absence of an approved extension. If you do not submit your answers by the due date and time, you will receive a mark of zero for the short diagnostic assignment.
• We will endeavour to release comments and marks for this short diagnostic assignments via "Turnitin" by 5:00 pm on Friday 25 August 2023. (This is the Friday in teaching week 5.) (If this is not possible, marks for this assessment item will be released on or before Thursday 31 August 2023.)
• All learning outcomes are relevant for this assignment.

Assessment Task 2

Essay Assignment (35 %)

• The essay assignment involves you writing an essay of about 2,000 words on a topic that will be posted on the Wattle site for this course by no later than Friday 1 September 2023. (This is the Friday in teaching week 6.)
• The essay should be submitted (via a Turnitin link that will be made available on the Wattle site for this course) by no later than 5:00:00 pm on Friday 13 October 2023. (This is the Friday in Week 10 of the semester.)
• No late essay assignments will be accepted in the absence of an approved extension. If you do not submit your essay by the due date and time, you will receive a mark of zero for the essay assignment.
• Your mark for the essay assignment will be based on a number of factors. These factors will include, but not be limited to, both the quality of the economic analysis in your essay and the quality of the exposition in your essay.
• We will endeavour to return your marked essays to you by 5:00:00 pm on Friday 27 October 2023. (This is the Friday in teaching week 12.)
• All learning outcomes are relevant for this assessment task.

Assessment Task 3

Final Exam (60 %)

• The final exam for this course will be an "in person", closed book, invigilated exam that consist of fifteen minutes of reading time followed by three hours of writing time.
• The only permitted materials will be standard writing equipment.
• The exam will comprehensive, in the sense that questions can potentially be drawn from any component of this class. This includes any material that is covered in lectures, or covered in tutorials, or covered in assigned readings, or covered in some combination of these sources.
• The questions might be of one or more of the following types: multiple choice, short answer, essay answer, analytical problem, or numerical problem.
• The date and time of the final exam will be determined by the central administration of the ANU. It will occur sometime during the official final exam period.
• The final exam is worth 60 % of your raw overall mark for this class, unless alternative arrangements are authorised by the University.
• All learning outcomes are relevant for this assessment task.
• Opportunities to view the graded final exam scripts will be available sometime after the official release of results for the semester.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

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.

Hardcopy Submission

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.

Late Submission

In the absence of an approved extension, no submission of assessment tasks after the due date and time will be permitted in this course. If an assessment task is not submitted by the due date and time, and an extension has not been approved, a mark of zero will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Returning Assignments

Please see the information about assessment items 1, 2, and 3 that is provided elsewhere in this document.

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.

Resubmission of Assignments

No resubmission of any assignment after the due date and time for its submission will be permitted in this class.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

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 Access 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 all ANU students