Undergraduate Course: Economics of Asymmetric Information (ECNM10083)
|School||School of Economics
||College||College of Arts, Humanities and Social Sciences
|Credit level (Normal year taken)||SCQF Level 10 (Year 3 Undergraduate)
||Availability||Available to all students
|Summary||This 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.
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.
Information for Visiting Students
|Pre-requisites||Visiting 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?
Course Delivery Information
|Academic year 2022/23, Available to all students (SV1)
|Learning and Teaching activities (Further Info)
Lecture Hours 20,
Seminar/Tutorial Hours 4,
Summative Assessment Hours 3,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
|Assessment (Further Info)
|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
||Solutions and feedback to the class exams will be provided within three weeks.
||Hours & Minutes
|Main Exam Diet S1 (December)||2:00|
On completion of this course, the student will be able to:
- 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.
- Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
- Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
- 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.
- Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
|Gibbons: Game Theory for Applied Economists|
Mas-Colell, Whinston and Green: Microeconomic Theory
|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.
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.
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.
|Course organiser||Ms Mariann Ollar
|Course secretary||Ms Paula Kruyff
Tel: (0131 6)50 2008