Microeconomics III
Code: 102335 ECTS Credits: 6| Degree | Type | Year | Semester |
|---|---|---|---|
| 2501572 Business Administration and Management | OT | 4 | 0 |
| 2501573 Economics | OB | 3 | 1 |
Contact
- Name:
- Pau Olivella Cunill
- Email:
- Pau.Olivella@uab.cat
Use of Languages
- Principal working language:
- catalan (cat)
- Some groups entirely in English:
- Yes
- Some groups entirely in Catalan:
- Yes
- Some groups entirely in Spanish:
- No
Teachers
- Alex Sanz Fernandez
- Katerina Chara Papioti
Prerequisites
It is recommended that students have passed the following courses:
Introduction to Economics
Mathematics I and II
Microeconomics I and II
Objectives and Contextualisation
This course is the last one on the topic of microeconomics and, therefore, its main objective is to go beyond the understanding of basic knowledge by means of the more advanced concepts related to individual decision making and the functioning of markets.
Competences
- Business Administration and Management
- Capacity for adapting to changing environments.
- Capacity for independent learning in the future, gaining more profound knowledge of previous areas or learning new topics.
- Capacity for oral and written communication in Catalan, Spanish and English, which enables synthesis and oral and written presentation of the work carried out.
- Demonstrate initiative and work individually when the situation requires it.
- Identify the processes that govern the functioning of markets in different competition regimes in different scenarios of interrelation and in different timeframes.
- Organise the work in terms of good time management, organisation and planning.
- Select and generate the information necessary for each problem, analyse it and take decisions based on that information.
- Economics
- Apply mathematical instruments to synthesise complex economic-business situations.
- Capacity for adapting to changing environments.
- Capacity for independent learning in the future, gaining more profound knowledge of previous areas or learning new topics.
- Identify the processes that govern the operation of markets in different competition systems, different scenarios of interrelationship and different timescales.
- Organise the work in terms of good time management, organisation and planning.
- Select and generate the information necessary for each problem, analyse it and take decisions based on that information.
Learning Outcomes
- A capacity of oral and written communication in Catalan, Spanish and English, which allows them to summarise and present the work conducted both orally and in writing.
- Capacity to adapt to changing environments.
- Capacity to continue future learning independently, acquiring further knowledge and exploring new areas of knowledge.
- Demonstrate initiative and work independently when required.
- Identify market failures and define the corrective mechanisms of public intervention.
- Organise work, in terms of good time management and organisation and planning.
- Recognize the role of uncertainty in the decision making of consumers and businesses.
- Relate the inter-temporal aspects to the processes of decision-making of economic agents.
- Select and generate the information needed for each problem, analyse it and make decisions based on this information.
- Weigh the impact of public sector on the activity of enterprises and consumers.
Content
SYLLABUS MICROECONOMICS III
(Note: In each topic we indicate the corresponding chapter of the book “Intermediate Microeconomics”, 9th edition, see Bibliography)
TOPIC I. General equilibrium with production (chap. 33)
I.1. The Robinson Crusoe economy
I.2. Consumption and Production
I.3. General equilibrium with production and the two theorems of welfare economics
I.4. Comparative advantage
I.5. Efficiency in the sense of Pareto
I.6. Decentralized allocation of resources
TOPIC II. Externalities (chap. 35)
II.1. Externalities in consumption
II.2. Coase's theorem
II.3. Externalities in production
II.4. Interpretation of efficiency conditions
II.5 The tragedy of the commons
TOPIC III. Public goods (chap. 37)
III.1. Public goods and the private provision of a public good
III.2. The free-rider problem
III.3. Voting systems
III.4. Vickrey, Clarke, and Groves mechanisms
TOPIC IV. Welfare and social choice
IV.1. Absolute welfare measures: compensatory variation and equivalent (chap. 14.8)
IV.2. Revealed preference, index numbers, measures of inequality (Chapter 7)
IV.3. Social choice (chap. 34)
TOPIC V. Other models of behavior and markets
V.1 Auctions (Chapter 18)
V.2 Network and platform economies (chap. 36)
V.3 Behavioral economics (chap. 31)
Methodology
Teaching will be offered on campus or in an on-campus and remote hybrid format depending on the number of students per group and the size of the rooms at 50% capacity.
- Part-time teaching (50%) means that there will be groups in which half of the students will attend the Faculty on alternate weeks.
- In this case, the face-to-face classes will focus primarily on problem solving.
- All teaching material will be available exclusively in digital format in the Moodle classroom of the course.
The proposed teaching methodology may undergo some modifications according to the restrictions imposed by the health authorities on on-campus courses.
Activities
| Title | Hours | ECTS | Learning Outcomes |
|---|---|---|---|
| Type: Directed | |||
| Practicum (exercise solving) | 11.5 | 0.46 | |
| Theory | 33 | 1.32 | 2, 1, 3, 4, 6, 9 |
| Type: Supervised | |||
| Office hours and follow-up | 5 | 0.2 | 2, 1, 3, 4, 6, 9 |
| Type: Autonomous | |||
| Study. Additional Readings. Preparing exercises. Team work. | 95.5 | 3.82 | 2, 1, 3, 4, 6, 9 |
Assessment
Evaluation process
The evaluation process will consist of a final examination with a weight of 50%, a practical partial examination with a weight of 30%, and the delivery of several problem sets during the course with a total weight of 20%.
A student that takes part on any of the evaluation activities and turns in the activity for grading cannot be considered for a "Not Evaluable" status.
Schedule of evaluation activities
The dates of the different evaluation activities will be announced well in advance during the semester.
The date of the final exam is scheduled in the assessment calendar of the Faculty.
"The dates of evaluation activities cannot be modified, unless there is an exceptional and duly justified reason why an evaluation activity cannot be carried out. In this case, the degree coordinator will contact both the teaching staff and the affected student, and a new date will be scheduled within the same academic period to make up for the missed evaluation activity." Section 1 of Article 115. Calendar of evaluation activities (Academic Regulations UAB).
Students of the Faculty of Economics and Business, who in accordance with the previous paragraph need to change an evaluation activity date must process the request by filling out an Application for exams' reschedule https://eformularis.uab.cat/group/deganat_feie/application-for-exams-reschedule
Grade revision process
After all grading activities have ended, students will be informed of the date and way in which the course grades will be published. Students will be also be informed of the procedure, place, date and time of grade revision following University regulations.
Grade revision process
After all grading activities have ended, students will be informed of the date and way inwhich the course grades will be published. Students will also be informed of the procedure, place, date and time of grade revision following University regulations.
Retake Process
"To be eligible to participate in the retake process, it is required for students to have been previously been evaluated for at least two thirds of the total evaluation activities of the subject." Section 3 of Article 112 ter. The recovery (UAB Academic Regulations).
Additionally, for a student to participate in the retake process, it is required that he or she to have achieved an average grade of the subject between 3.5 and 4.9.
The date of the retake exam will be posted in the calendar of evaluation activities of the Faculty.
Students who take this exam and pass, will get a grade of 5 for the subject. If the student does not pass the retake, the grade will remain unchanged, and hence, student will fail the course.
The grading of the retake examination will be qualitative, with two possible results: “pass” or “no pass”. If the grade is “pass”, the grade will be equal to 5. If the grade is "no pass", the student will not pass the subject and his final grade will be the existing grade prior to the retake examination.
Irregularities in evaluation activities
Apart from any other disciplinary measures deemed appropriate, and in accordance with current academic regulations, "in the case that the student makes any irregularity that could lead to a significant variation in the grade of an evaluation activity, it will be graded with a 0, regardless of the disciplinary process that can be instructed. In case of various irregularities occur in the evaluation of the same subject, the final grade of this subject will be 0". Section 10 ofArticle 116. Results of the evaluation. (UAB Academic Regulations).
Standards of behavior
Aside of any other disciplinary measures that may be considered pertinent, and in line with the current academic rules, the professor may reduce the average grade obtained in the "additional evaluation activities" by up to 2 points out of 10 to any student who repeatedly does not follow the rules of behavior in class. The professor will announce these rules at the beginning of the course.
The proposed evaluation activities may undergo some changes according to the restrictions imposed by the health authorities on on-campus courses
Assessment Activities
| Title | Weighting | Hours | ECTS | Learning Outcomes |
|---|---|---|---|---|
| Final exam | 50 per cent | 2 | 0.08 | 2, 1, 3, 4, 5, 6, 10, 7, 8, 9 |
| Other evaluation exercises | 20 per cent | 1.5 | 0.06 | 1, 3, 5, 6, 10, 7, 8, 9 |
| Partial examination | 30 per cent | 1.5 | 0.06 | 1, 3, 4, 6, 9 |
Bibliography
Varian, Hal. Intermediate Microeconomics. W. W. Norton & Company Inc. 9th Edition.