2008/09 Undergraduate Module Catalogue

LUBS3005 Advanced Microeconomics

10 creditsClass Size: 100

Module manager: Dr Andrew Smith
Email: a.s.j.amith@leeds.ac.uk

Taught: Semester 2 (Jan to Jun) View Timetable

Year running 2008/09

Pre-requisites

LUBS2140	Intermediate Microeconomics
LUBS2230	Mathematics for Business and Economics 2
LUBS2670	Statistics for Business and Economics 2

This module is not approved as an Elective

Objectives

On completion of this module, students will have a thorough grounding in selected topics in advanced microeconomics such as: general equilibrium; welfare economics and the theory of cost-benefit analysis.
They will be able to apply their knowledge of these topics to the analysis of policy issues in a variety of fields, and they will be able to give a critical appraisal of the value of any different approaches to these issues found in the literature. In addition, the students will have developed various transferable skills, including problem solving and oral and written communication skills.

Syllabus

The role and use of welfare economics; efficiency versus distribution; General equilibrium and Pareto optimality; Compensation tests and equity issues; Social welfare functions, Arrow's impossibility theorem, distributive weighting systems; Alternative measures of consumer and producer surplus; aggregation issues; Market failure, externalities and public goods; Second best pricing rules for dealing with distortions elsewhere in the economy; Ramsey pricing; Discounting for time; alternative approaches to the choice of discount rate; Shadow pricing; its application to labour markets and foreign exchange in developing countries; and Cost-benefit analysis; valuation methods in practice; critical appraisal.

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	10	1.00	10.00
Seminar	5	1.00	5.00
Private study hours			85.00
Total Contact hours			15.00
Total hours (100hr per 10 credits)			100.00

Private study

For each 10 credits of study taken, the expectation is that the normal study time (including attendance at lectures and tutorials, self-study and revision) is 100 hours.

Opportunities for Formative Feedback

Students will receive feedback on their progress via the classes, as described above, and by written comments on answers to the specimen exam paper.

Methods of assessment

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr 00 mins	100.00
Total percentage (Assessment Exams)		100.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Reading list

The reading list is available from the Library website

Last updated: 31/03/2009

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