1. General information
Course:
ADVANCED MICROECONOMICS
Code:
53321
Type:
CORE COURSE
ECTS credits:
6
Degree:
316 - UNDERGRADUATE DEGREE IN ECONOMICS
Academic year:
2019-20
Center:
5 - FACULTY OF ECONOMICS AND BUSINESS
Group(s):
17
10
Year:
3
Duration:
First semester
Main language:
Spanish
Second language:
English
Use of additional languages:
English Friendly:
Y
Web site:
Bilingual:
N
Lecturer:
CARMEN CORCOLES FUENTES
- Group(s):
17
Building/Office
Department
Phone number
Email
Office hours
Facultad de CC. Econ. y Empr., 3.02.
ANÁLISIS ECONÓMICO Y FINANZAS
926053012
Carmen.Corcoles@uclm.es
El horario de tutorías se anunciará en el espacio virtual de la asignatura
Lecturer:
NURIA GOMEZ SANZ
- Group(s):
17
Building/Office
Department
Phone number
Email
Office hours
Facultad de CC. Econ. y Empr., 3.23
ANÁLISIS ECONÓMICO Y FINANZAS
926053549
Nuria.Gomez@uclm.es
Se informará del mismo en Campus Virtual
Lecturer:
FABIO MONSALVE SERRANO
- Group(s):
10
Building/Office
Department
Phone number
Email
Office hours
Despacho 3.21
ANÁLISIS ECONÓMICO Y FINANZAS
+34926053105
fabio.monsalve@uclm.es
To be determined in student's intranet
2. Pre-Requisites
The student should be familiar with the basic concepts of Economic Theory. It is also strongly recommend to have intermediate knowledges of algebra and calculus.
3. Justification in the curriculum, relation to other subjects and to the profession
The Advanced Microeconomics subject is inserted within the Economic Analysis Module, specifically, within the subject Microeconomics.
The subject is explained in the first semester of the third year of the Degree in Economics. It addresses issues related to the behavior of economic agents; those concepts have previously been seen in Intermediate Microeconomics but in an introductory manner and that are now developed with greater analytical and conceptual rigor. In particular, the following concetps are addressed: a) the efficiency and interrelation of the markets through an analysis of the general equilibrium, with special attention to welfare economics and market failures; b) the strategic behavior of economic agents through game theory, with special attention to the conditions of asymmetric information, adverse selection and moral hazard.
Advanced Microeconomic Theory will help the student to understand how conventional economic analysis modelized the behavior of economic agents and the expected outcomes of such behavior.
4. Degree competences achieved in this course
| Course competences | |
|---|---|
| Code | Description |
| E04 | Analytical skills to identify and anticipate relevant economic and legal issues and the different alternative solutions. |
| E05 | Ability to contribute to the establishment of strategies which will allow for the efficient allocation of resources, the generation of wealth and a suitable distribution of income. |
| E14 | Understand how a market economy works, determine output levels, employment and the general price level as well as equilibrium price in different market structures. |
| G01 | Possession of the skills needed for continuous, self-led, independent learning, which will allow students to develop the learning abilities needed to undertake further study with a high degree of independence. |
| G03 | Develop oral and written communication skills in order to prepare reports, research projects and business projects and defend them before any commission or group of professionals (specialised or non-specialised) in more than one language, by collecting relevant evidence and interpreting it appropriately so as to reach conclusions. |
| G04 | Ability for the use and development of information and communication technology in the development of professional activity. |
5. Objectives or Learning Outcomes
| Course learning outcomes | |
|---|---|
| Description | |
| Search for information in order to analyze it, interpret is meaning, synthesize it and communicate it to others. | |
| Know the main theories of economic analysis to understand the behaviour of economic agents at micro and macro level | |
| Know the main macroeconomic variables and the economic policy instruments. | |
| Listen to and defend arguments orally or in writting | |
| Work autonomously and with personal initiative. | |
| Work out problems in creative and innovative ways. | |
| Additional outcomes | |
| Description | |
| *Understand the concept of Competitive General Balance, calculate it in a basic economy and link market inefficiencies with the relax of the strong assumptions of the competitive model. * Identify situations in which market failures may appear, such as in the cases of provision of public goods and externalities, as well as the mechanisms to tackle with them. * Formalize the strategic behaviour behind the economic relations and find the most fittest solution for each type of game. * Identify situations in which problems of adverse selection and moral hazard may appear and determine the most appropriate mechanisms for their resolution. * Apply the concepts learned in the subject to the analysis of economic issues of special practical relevance. |
|
6. Units / Contents
-
Unit 1: Market efficiency
-
Unit 2: Market limits
-
Unit 3: Game Theory
-
Unit 4: Auctions
-
Unit 5: Adverse Selection
-
Unit 6: Moral hazard
7. Activities, Units/Modules and Methodology
| Training Activity | Methodology | Related Competences (only degrees before RD 822/2021) | ECTS | Hours | As | Com | R | Description * |
| Class Attendance (theory) [ON-SITE] | Lectures | E04 E05 E14 G03 | 1.33 | 33.25 | N | N | N | Theoretical face-to-face class, where the main concetps will be presented |
| Class Attendance (practical) [ON-SITE] | Problem solving and exercises | E04 E05 E14 | 0.67 | 16.75 | Y | N | N | Resolution of problems and cases in working groups, under the supervision of the Professor. |
| Writing of reports or projects [OFF-SITE] | Self-study | E04 E05 E14 G01 G03 G04 | 2.24 | 56 | Y | N | N | Practices resolution. |
| Study and Exam Preparation [OFF-SITE] | Self-study | E04 E05 E14 | 1.64 | 41 | N | N | N | |
| Final test [ON-SITE] | Assessment tests | E04 E05 E14 G03 | 0.12 | 3 | Y | Y | Y | |
| Total: | 6 | 150 | ||||||
| Total credits of in-class work: 2.12 | Total class time hours: 53 | |||||||
| Total credits of out of class work: 3.88 | Total hours of out of class work: 97 | |||||||
As: Assessable training activity Com: Training activity of compulsory overcoming R: Rescheduling training activity
8. Evaluation criteria and Grading System
| Grading System | |||
| Evaluation System | Face-to-Face | Self-Study Student | Description |
| Final test | 70.00% | 0.00% | Content evaluation test. |
| Assessment of active participation | 10.00% | 0.00% | Active participation in face-to-face classes. |
| Portfolio assessment | 20.00% | 0.00% | Practices uploaded to subjects's intranet. |
| Total: | 100.00% | 0.00% | |
Evaluation criteria for the final exam:
A minimum of 4 points out of 10 will be required in the exam so that the rest of the evaluable activities can be taken into account in the final grade.
Specifications for the resit/retake exam:
Same as in the final exam.
Specifications for the second resit / retake exam:
In this retake exam, the final test will be 100% of the final grade.
9. Assignments, course calendar and important dates
| Not related to the syllabus/contents | |
|---|---|
| Hours | hours |
| Writing of reports or projects [AUTÓNOMA][Self-study] | 56 |
| Study and Exam Preparation [AUTÓNOMA][Self-study] | 41 |
| Final test [PRESENCIAL][Assessment tests] | 3 |
| Unit 1 (de 6): Market efficiency | |
|---|---|
| Activities | Hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 6 |
| Class Attendance (practical) [PRESENCIAL][Problem solving and exercises] | 3 |
| Unit 2 (de 6): Market limits | |
|---|---|
| Activities | Hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 6 |
| Class Attendance (practical) [PRESENCIAL][Problem solving and exercises] | 3 |
| Unit 3 (de 6): Game Theory | |
|---|---|
| Activities | Hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 8 |
| Class Attendance (practical) [PRESENCIAL][Problem solving and exercises] | 4 |
| Unit 4 (de 6): Auctions | |
|---|---|
| Activities | Hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 5 |
| Class Attendance (practical) [PRESENCIAL][Problem solving and exercises] | 2.5 |
| Unit 5 (de 6): Adverse Selection | |
|---|---|
| Activities | Hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 4 |
| Class Attendance (practical) [PRESENCIAL][Problem solving and exercises] | 2 |
| Unit 6 (de 6): Moral hazard | |
|---|---|
| Activities | Hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 4.25 |
| Class Attendance (practical) [PRESENCIAL][Problem solving and exercises] | 2.25 |
| Global activity | |
|---|---|
| Activities | hours |
10. Bibliography and Sources