ECON4220 – Microeconomics 3
Course description
Course content
This course is equivalent with?ECON3220 - Microeconomics 3?
- General equilibrium with state-dependent goods
- Incomplete markets and decisions under uncertainty
- Games of incomplete information
- Economics of information
Learning outcome
Knowledge
You should know
- the theory of choice under uncertainty, including the expected utility theorem
- different form of non-cooperative games — both with and without complete information — and solution (both equilibrium and non-equilibrium) concepts for each of these classes of games
- the implication of moral hazard problems and adverse selection
Skills
You should be able to
- understand basic concept of decision theory
- formulate economic problems that involve strategic interaction as non-cooperative games
- use the appropriate solution concepts in such games
- formulate economic problems that involve asymmetric information
Competence
You should be able to
- follow economic reasoning related to the course, for instance when reading professional reports
Admission to the course
Students admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for in Studentweb.
Students not admitted to the Master’s programme in Economics or the Master’s programme in Economic Theory and Econometrics (Samfunns?konomisk analyse), can apply for admission to one of our study programmes, or apply for guest student status.
Formal prerequisite knowledge
You must fulfill one of these prerequisites:
Bachelor`s degree in Economics, or equivalent
Alternatively
ECON2220 – Mikro?konomi 2 or ECON1500 – Innf?ring i samfunns?konomi for realister (discontinued) or MAT1700 – Introduction to micro and macro economics (discontinued).
Recommended previous knowledge
- It is recommended to take the course either in parallel with or after ECON3120 – Mathematics 2: Calculus and Linear Algebra / ECON4120 – Mathematics 2: Calculus and Linear Algebra, or equivalent.
Overlapping courses
- 10 credits overlap with ECON3220 – Microeconomics 3.
- 5 credits overlap with ECON3200 – Microeconomics and Game Theory (discontinued).
- 5 credits overlap with ECON4200 – Microeconomics and Game Theory (discontinued).
- 5 credits overlap with ECON4240 – Equilibrium, Welfare and Information (discontinued).
Teaching
Lectures and seminars.
Compulsory tuition activities:
A compulsory term paper.
The assignment deadline will be specified in Canvas. If you submit your answer to the assignment, but do not pass, you may get another attempt. The new attempt will have a short deadline.
When the compulsory term paper is approved, the result will be registered. The?approved compulsory term paper is valid for 9 semesters, starting with the semester in which it is passed.
See The Faculty of Social Sciences` rules regarding compulsory tuition activities.
Candidates who have passed the course before autumn 2