IDEC8015 Mathematical Methods in Applied Economics

Offered By	International and Development Economics Program
Academic Career	Graduate Coursework
Course Subject	International and Developmental Economics
Offered in	First Semester, 2010 and First Semester, 2011
Unit Value	6 units
Course Description	This course introduces students to a range of mathematical techniques and concepts required for modelling and analysing economic problems. Course topics include calculus, matrix algebra, static constrained optimisation, non-linear programming, the envelope theorem, difference and differential equations, phase-plane diagrams, optimal control theory, and, time permitting, an introduction to dynamic programming. The mathematical methods and techniques will be applied to specific problems from all areas of economics.
Learning Outcomes	On successfully completing this course, students are expected to: be familiar with a wide range of the mathematical concepts, formalisms and techniques that are standard in economic analysis correctly evaluate the content and meaning of the mathematical statements that appear in the economics literature (at least the simpler ones) have command of the mathematical techniques required for modelling and analysing the economic problems that appear in masters level courses in micro- and macroeconomics.
Indicative Assessment	Two in-class quizzes (each 7½ percent), a mid-term exam (25 percent) and a final exam (60 per cent). Both examinations will be in the standard closed-book format. The final grade from the course will generally not be the exact result of the calculation, as scaling of scores is often necessary after the raw score is calculated. The scaling, if needed, will preserve the order and the scaling may be up or down.
Workload	Contact time of 4 hours and a total time of 10 hours a week (masters students) or 13 hours a week (graduate diploma students).
Course Classification(s)	AdvancedAdvanced courses are designed for students having reached 'first degree' level of assumed knowledge, which provide a deep understanding of contemporary issues; or 'second degree' and higher levels of knowledge; or for transition to research training programs. and SpecialistSpecialist courses are designed for students having reached 'first degree' level of assumed knowledge, which provide for the acquisition of specialist skills; or 'second degree' and higher level of knowledge; or for transition to research training programs; or knowledge associated with professional accreditation.
Areas of Interest	Economics
Assumed Knowledge and Required Skills	Students should have undertaken at least undergraduate study of economics and have completed high school level mathematics including algebra and analysis up to basic differential calculus.
Incompatibility	This course is equivalent to a condensed version of two courses offered in the School of Economics, namely ECON8013 and ECON8014 Mathematical Techniques in Economics I and II. This course is incompatible with ECON8013.
Prescribed Texts	Hoy, Michael, John Livernois, Chris McKenna, Ray Rees, and Thanasis Stengos (2001). Mathematics for Economics, 2nd edition. MIT Press. Chiang, A.C., and Kevin Wainwright (2005). Fundamental Methods of Mathematical Economics, 4th edition. McGraw Hill.
Programs	Graduate Diploma in International and Development Economics, Graduate Diploma in Environmental and Resource Economics, and Graduate Certificate in International and Development Economics
Other Information	Delivery Mode: First semester, On Campus. 3 hours of lectures (usually arranged as 1 hour + 2 hours) and one, 1-hour, tutorial a week for a 13 week semester.
Academic Contact	Professor Trevor Breusch

The information published on the Study at ANU 2010 website applies to the 2010 academic year only. All information provided on this website replaces the information contained in the Study at ANU 2009 website.