ECN211 Intermediate Microeconomics - Institutions, Games and Market Failures

Credits (ECTS):10

Course responsible:Knut Einar Rosendahl

Campus / Online:Taught campus Ås

Teaching language:Norsk

Course frequency:Annually

Nominal workload:250 hours

Teaching and exam period:This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.

About this course

1. Game theory. 2. Market power 3. Welfare theory. 4. Risk, uncertainty and insurance markets. 5. Behavioural economics. 6. Asymmetric information. 7. Externalities. 8. Public goods.

Learning outcome

Knowledge:

Knowledge about game theory, including core terminology and examples of games
Knowledge about different types of market power and characteristics of these
Understanding of what is meant by social surplus, Pareto optimality and the relationship between competitive markets and welfare
Knowledge about the role of bounded rationality and uncertainty, and their impacts on decisions
Knowledge about different types of asymmetric information, and which impacts this may have
Understanding about externalities and public goods, and implications for policy design

Skills:

Be able to find equilibria in different types of games
Be able to derive market equilibria with different types of market power
Be able to perform various calculations related to uncertainty, asymmetric information, externalities and public goods

General competence:

Use basic mathematics to solve economic problems
Be able to explain economics relationships by using words and figures

Learning activities
Teaching at campus without streaming.
Lectures, exercise lessons and annual guest lectures from i.a. the Competition Authorities.
Teaching support
Exercise lessons.
Prerequisites
ECN110 Microeconomics I or equivalent,
ECN102 Introduction to mathematics/ MATH100 Introductory mathematics or equivalent
Assessment method
Final written in-class examination (3,5 hours) accounts for 100% of the grade.

Written exam Grading: Letter grades Permitted aids: B1 Calculator handed out, no other aids
Examiner scheme
External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
Mandatory activity
Five out of six exercises must be approved. The exercises is valid until the next time the course is given.
Teaching hours
Lectures: 4 hours per week. Exercises: 2 hours per week.
Admission requirements
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).