Bellamee Company has bonds outstanding with five years to maturity and a face value of $5,000. The bonds are currently priced at their face value.
October 22, 2020
Using online library resources, and other scholarly sources, explore the purpose of applied research in your discipline or career. Specifically, discuss current trends or issues in your discipline or
October 22, 2020

MICROECONOMIC ANALYSIS

Coursework Essay for the first term (2000 words) to be submitted
on Wednesday of Week 1, Term 3
(counting 10% of the total mark)
Examination Examination of both first and second term course content
in May/June 2016 (counting 80% of the total mark)
Objectives
The course provides students with a thorough treatment of intermediate microeconomics
theory, building on a plurality of analytical frameworks such as neoclassical, institutional,
structural, evolutionary and critical economic theories. Students will be expected to
understand the defining assumptions and internal structure of the different analytical
frameworks, including working knowledge of some of the most relevant mathematical
formalisms. Conceptual and analytical rigour will be given priority over mathematical
treatments. Topics to be discussed will include both neoclassical and non-conventional
approaches to Consumer Theory; Production Theories and the Theories of Technical Change;
Theories of the Firm and Organisations; Game Theory and Competition; General Equilibrium
and Welfare Economics; Asymmetric Information and Market failures.
Learning approach
A background in economics is important, though no advanced mathematical ability is
assumed. Conceptual and analytical rigour will be given priority over mathematical
treatments. Tutors will revise key theoretical concepts and models and will provide students
with pre-solved standard exercises in advance. During tutorials, students will be guided in
learning solution mechanisms and techniques for standard problems in microeconomics.
Learning outcomes
On successful completion of the course, students will be expected to:
1. Understand the internal structure and assumptions of the different analytical
frameworks, their explanatory power and limitations;
2. Summarise and present different theoretical models in a conceptually and analytically
rigorous form;
3. Demonstrate the ability to identify and apply all relevant optimisation techniques for
analysis of microeconomic behaviour;
4. Adopt different analytical concepts and models in framing development and policyrelevant problems.
Assessment
This course is assessed through a combination of coursework and a final exam.
Coursework for Microeconomics in the second term consists of a written essay. The
word limit for the essay is 2000 words. The essay counts for 10% of your final mark,
and must be submitted online via the courses BLE site on Wednesday in the first
week of Term 3. Resubmission of coursework regulations do not apply to this course.
The final examination will account for the remaining 80% of your final mark, and will
take place during the May/June final examinations period.
Essay Questions for Term 2
Answer one of the following questions:
Question 1: Is the theory of the contestable market a successful synthesis of the static
and dynamic views of competition?
Question 2: Discuss the nature and role of rationality and equilibrium in neoclassical
economics.
Course organisation and learning materials
Lecture notes:
Students will be provided lecture notes (PPT and/or PDF format) for each lecture in advance.
The lecture notes will be made available in the BLE system.
Main Text:
Nicholson, W. and C. Snyder, Microeconomic Theory: Basic Principles and Extensions,
11th (2012) or newer editions, Cengage.
Nicholson, W. and C. Snyder, Intermediate Microeconomics and its Applications, 11th
(2010) or newer editions, Cengage.
Readings
(* denotes key readings)
Week 1: Perfect Competition
*Nicholson and Snyder (2012, Micro), ch.12.
Nicholson and Snyder (2010, Intermediate), ch.9.
Week 2: General Equilibrium and Welfare
*Nicholson and Snyder (2012, Micro), ch.13.
Nicholson and Snyder (2010, Intermediate), ch.10.
Supplementary lecture notes.
Week 3: Monopoly and Oligopoly
*Nicholson and Snyder (2012, Micro), ch.14.
Nicholson and Snyder (2010, Intermediate), ch.11.
Supplementary lecture notes.
Week 4: Public Goods and Externalities
*Nicholson and Snyder (2012, Micro), ch.19.
Nicholson and Snyder (2010, Intermediate), ch.16.
Supplementary lecture notes.
Week 5: Cost-Beneift Analysis
*Asian Development Bank (2013) Cost-Benefit Analysis for Economic Development,
ch.2-3, http://www.adb.org/sites/default/files/institutional-document/33788/files/costbenefit-analysis-development.pdf
Boadway, R. (2006) Principles of cost-benefit analysis, Public Policy Review, 2 (1),
https://www.mof.go.jp/english/pri/publication/pp_review/ppr002/ppr002a.pdf
Supplementary lecture notes.
Week 6: Reading Week
Week 7: Theories of Efficiency
Bowles. S. (1985) The production process in a competitive economy: Walrasian,
Neo-Hobbesian, and Marxian models, American Economic Review, 75: 16-36.
*Leibenstein, H. (1966) Allocative efficiency and x-efficiency, American Economic
Review, 56: 392-415.
*Shapiro, C. & J.E. Stiglitz (1984) Equilibrium unemployment as a worker discipline
device, American Economic Review, 74 (3): 433-444.
Stigler, G. (1976) The Xistence of x-efficiency, American Economic Review, 66.
Supplementary lecture notes.
Week 8: Theories of Business Organisation
Hart, O. (1995) Firms, Contracts, and Financial Structure, ch.1-2, Oxford, Claredon.
Holmstrm, B. and J. Roberts (1998) The boundaries of the firm revisited, Journal
of Economic Perspectives, 12 (4): 73-94
*Holmstrm, B.R., and J. Tirole (1989) Theories of the firm, in R. Schmalensee and
R.D. Willig (eds.) Handbook of Industrial Organization, vol.1, Elsevier Science.
Lazonick, W. (1991) Business Organization and the Myth of the Market Economy,
ch.5, Cambridge University Press.
Supplementary lecture notes.
Week 9: Theories of Competition
*Baumol, W. (1982) Contestable markets: an uprising in the theory of industry
structure, American Economic Review, 72: 1-15.
Shepherd, W. (1984) Contestability vs. competition, American Economic Review,
74: 572-587.
*Teece, D. (2011) Favoring dynamic over static competition, in G.A. Manne and
J.D. Wright (eds.) Competition Policy and Patent Laws under Uncertainty, CUP, draft
available from http://innovationforum.gmu.edu/2008/papers/dynamic_static.pdf
Vickers, J. (1995) Concepts of competition, Oxford Economic Papers, 47: 1-23.
Supplementary lecture notes.
Week 10: Microeconomics of Technological Change
Aoki, M. (1990) Toward an economic model of the Japanese firm, Journal of
Economic Literature, 28: 1-27.
Jorde, T.M. and D.J. Teece (1990) Innovation and cooperation: implications for
competition and antitrust, Journal of Economic Perspectives, 4 (3): 75-96.
Nelson, R.R. (1998) The agenda for growth theory: a different point of view,
Cambridge Journal of Economics, 22: 497-520.
*Romer, P. (1994) The origins of endogenous growth, Journal of Economic
Perspectives, 8 (1): 3-22.
Supplementary lecture notes.
Week 11: Rethinking Microeconomic Theories
*Bowles, S. & H. Gintis (1993) The revenge of homo economicus: contested
exchange and the revival of political economy, Journal of Economic Perspectives, 7
(1): 83-102.
Shaikh, A. (2012) Rethinking microeconomics: a proposed reconstruction, working
paper 06/2012, Economics Department, New School for Social Research,
http://www.newschool.edu/nssr/economics-working-papers/
*Stiglitz, J.E. (1993) Post Walrasian and post Marxian economics, Journal of
Economic Perspectives, 7 (1): 109-114.
Williamson, O.E. (1993) Contested exchange versus the governance of contractual
relations, Journal of Economic Perspectives, 7 (1): 103-108.
Supplementary lecture notes.

 

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