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DEGREE REGULATIONS & PROGRAMMES OF STUDY 2022/2023

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DRPS : Course Catalogue : School of Economics : Economics

Undergraduate Course: Economics of Asymmetric Information (ECNM10083)

Course Outline
SchoolSchool of Economics CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 10 (Year 3 Undergraduate) AvailabilityAvailable to all students
SCQF Credits20 ECTS Credits10
SummaryThis is an introductory course to the role of asymmetric information in economic situations,
on the undergraduate level. Decision makers (for example, buyers and sellers) are typically differentially
informed about the quality, quantity or value of the traded goods. This course introduces the well-known
stylistic models of informational asymmetries.
Course description The course is taught through lectures and demonstrative problem solving in tutorials.

Topics include: Modeling Information in Strategic Interactions; One-sided
Asymmetric Information: Moral Hazard, Adverse Selection; Multi-sided Asymmetric Information in Bar-
gaining, Oligopoly and Auctions; Information in Mechanism Design, and Policy Interventions.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: ( Economics 2 (ECNM08006) AND Statistical Methods for Economics (ECNM08016)) OR ( Probability (MATH08066) AND Statistics (Year 2) (MATH08051)) OR Data Analysis for Psychology in R 2 (PSYL08015)
Co-requisites
Prohibited Combinations Other requirements None
Information for Visiting Students
Pre-requisitesVisiting students must have an equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); Probability and Statistics; and Introductory Econometrics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required.
High Demand Course? Yes
Course Delivery Information
Academic year 2022/23, Available to all students (SV1) Quota:  None
Course Start Semester 1
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 200 ( Lecture Hours 20, Seminar/Tutorial Hours 4, Summative Assessment Hours 3, Programme Level Learning and Teaching Hours 4, Directed Learning and Independent Learning Hours 169 )
Assessment (Further Info) Written Exam 60 %, Coursework 40 %, Practical Exam 0 %
Additional Information (Assessment) 15% Mid-Term Examination in Week 4
15% Mid-Term Examination in Week 9
10% Presentation or Short Essay in Week 10
60% Final Examination
Feedback Solutions and feedback to the class exams will be provided within three weeks.
Exam Information
Exam Diet Paper Name Hours & Minutes
Main Exam Diet S1 (December)2:00
Learning Outcomes
On completion of this course, the student will be able to:
  1. A knowledge and understanding of key concepts, issues and models of asymmetric information, along with empirical evidence on and policy implications of those models and a deeper understanding of recent research activity.
  2. Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
  3. Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
  4. Personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
  5. Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
Reading List
Gibbons: Game Theory for Applied Economists

Mas-Colell, Whinston and Green: Microeconomic Theory
Additional Information
Graduate Attributes and Skills Research and Inquiry
B1. The ability to identify, define and analyse theoretical and applied economic problems and identify or devise approaches to investigate and solve these problems.
B3. The ability to critically assess existing understanding of economic and social issues, the limitations of that understanding and the limitations of their own knowledge and understanding of those issues.
B4. The ability to question the principles, methods, standards and boundaries of economic knowledge

Personal and Intellectual Autonomy
C1. The ability to be independent learners who take responsibility for their own learning, and are committed to continuous reflection, self-evaluation and self-improvement.
C4. The ability to collaborate and debate effectively to test, modify and strengthen their own views.

Communication
D1. The ability to make effective use of oral, written and visual means to critique, create and communicate understanding.
D2. The ability to further their own learning through effective use of feedback.
D3. The ability to use communication as a tool for collaborating and relating to others.

Personal Effectiveness
E1. The ability to manage tasks and also skills in time-management.
E4. The ability to work effectively with others, capitalising on their different thinking.
Additional Class Delivery Information One 2 hour lecture per week, plus tutorials.
KeywordsAsymInfo
Contacts
Course organiserMs Mariann Ollar
Tel:
Email: mollar@exseed.ed.ac.uk
Course secretaryMiss Becky Guthrie
Tel:
Email: becky.guthrie@ed.ac.uk
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