Advanced Microeconomics (L1061)
15 credits, Level 5
This module covers the topics of general equilibrium and welfare economics, including the important issue of market failure. General equilibrium is illustrated using Sen's entitlement approach to famines and also international trade. Welfare economics covers concepts of efficiency and their relationship to the market mechanism. Market failure includes issues such as adverse selection and moral hazard, and applications are drawn from health insurance, environmental economics and the second-hand car market.
Teaching and assessment
We’re currently reviewing teaching and assessment of our modules in light of the COVID-19 situation. We’ll publish the latest information as soon as possible.
Contact hours and workload
This module is approximately 150 hours of work. This breaks down into about 33 hours of contact time and about 117 hours of independent study. The University may make minor variations to the contact hours for operational reasons, including timetabling requirements.
This module is running in the academic year 2021/22. We also plan to offer it in future academic years. However, we are constantly looking to improve and enhance our courses. There may be changes to modules in response to student demand or feedback, changes to staff expertise or updates to our curriculum. We may also need to make changes in response to COVID-19. We’ll make sure to let our applicants know of material changes to modules at the earliest opportunity.
This module is offered on the following courses: