2022/23 Undergraduate Module Catalogue
LUBS2420 Business Economics
10 creditsClass Size: 310
Module manager: Henry Duncanson
Taught: Semester 1 (Sep to Jan) View Timetable
Year running 2022/23
Pre-requisite qualificationsLUBS1940 Economics for Management
LUBS1951 Economic Theory and Applications
LUBS1952 Economic Theory and Applications for Finance
This module is approved as a discovery module
Module summaryThis module is going to focus on two important decisions a firm faces. How to motivate a worker and how to price their goods. To do this we will be using what I consider the biggest advancement in economics in the last 40 years which is game theory. We will use simultaneous, sequential, repeated, and infinite choice games as such there will be a reasonably high level of technicality required for this module. Having mastered the content you will then be tasked with using the results of these models and further reading to construct arguments which are applied to general firms.
ObjectivesOn completing this module, students will be able to demonstrate:
- A clear knowledge and understanding of basic game theory.
- An ability to apply this knowledge to unseen scenarios.
- Start to view the world or at least firms in the way an economist would. Focusing on rationality with a behavioural understanding.
On completing this module, students will be able to demonstrate:
- Demonstrate the ability to create arguments using the knowledge from the course.
- Evaluate literature in conjunction with a traditional or behavioural lens to support their arguments.
- Analyse a firm’s behavioural using game theory as a tool.
- Some basic introductory material including risk and uncertainty, asymmetric information, and basic game theory.
- Personal Economics including incentives, the principal agent problem and hiring decisions.
- Pricing including perfect competition and monopoly pricing, oligopoly theory and collusion.
|Delivery type||Number||Length hours||Student hours|
|Private study hours||85.00|
|Total Contact hours||15.00|
|Total hours (100hr per 10 credits)||100.00|
Private studyNOTE: The Discussion Forum noted in the Delivery Methods table above is a Question & Answer session, and the E-Lectures are 15 minutes each duration (22 sessions = 5hr 30m).
Private study could include a variety of activities, such as reading, watching videos, listening to podcasts, collecting primary data and question practice.
Opportunities for Formative FeedbackThere will be opportunities for formative feedback in throughout the module. The two main ones will be regular meetings for you to check your understanding and feedback on a piece of written work. There will be other opportunities for feedback in terms of discussion boards and opportunities to ask questions throughout.
Methods of assessment
|Assessment type||Notes||% of formal assessment|
|Total percentage (Assessment Coursework)||100.00|
The resit for this module will be 100% by 2,000 word coursework.
Reading listThe reading list is available from the Library website
Last updated: 17/05/2022 15:20:43
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