This class covers some of the more basic concepts of game theory before going on to apply it to firm behaviour in oligopolies.  The second half of the course will address welfare economics in more detail than ECON1101 and will go on to analyse topics in environmental economics and modern macroeconomics. It is designed as a first undergraduate course in these areas. Students are expected to have some "mathematical maturity", as the concepts will be explained via abstract mathematical models and examples.  The course is designed for better performing students who want to extend their exposure to economics beyond that offered in the standard first year courses in microeconomics and macroeconomics.

Upon successful completion of the requirements for this course, students will:

• understand selected models and concepts used in later year economics courses;
• be exposed to formal techniques used by economists in a range of microeconomic fields of study;
• introduced to basic concepts in game theory and their applications, they will solve the Nash Equilibria for a variety of games and see how they are applied to problems;
• understand the concept of utility for individals and the different approaches used to assess changes in social welfare for aggregations of individuals;
• be familiar with topics in applied economics including environmental economics  and economic policy design.

Assessment will be based on class problem sets (25%) a mid-semester exam (25% redeemable) and a final exam (50% or 75%).

Lectures and tutorials as for ECON1102 Macroeconomics 1 plus two additional contact hours per week.

ECON1101 Microeconomics 1.

Incompatible with ECON 1001/1011 Economics I (P or H) and ECON 1102 Macroeconomics 1

This course may be taken as an alternative to ECON1102 Macroeconomics 1 and satisfies all prerequisites that would be satisfied by that course.

Please refer to Course Website