Course code ECN211

ECN211 Intermediate Microeconomics - Institutions, Games and Market Failures

Norsk emneinformasjon

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Showing course contents for the educational year 2021 - 2022 .

Course responsible: Knut Einar Rosendahl
Teachers: Mari Olsen Mamre, Audun Hoemsnes Moss
ECTS credits: 10
Faculty: School of Economics and Business
Teaching language: NO
(NO=norsk, EN=Engelsk)
Teaching exam periods:
This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.
Course frequency: Annually
First time: Study year 2007-2008
Course contents:
1. Game theory. 2. Market power 3. Welfare theory. 4. Risk, uncertainty and insurance markets. 5. Behavioural economics. 6. Asymmetric information. 7. Externalities. 8. Public goods.
Learning outcome:
The students should be able to: - Understand and solve basic games. - Understand and analyse the effects of changes in market structure, like oligopoly. - Explain conditions for socially optimal solution, and the relation between this and the outcome of different market structures. - Explain how limited rationality may affect individual's behaviour in the market. - Understand and analyse market effects of uncertainty and asymmetric information. - Understand the need for regulation of firm behaviour related to externalitites and public goods, and analyse the effects of regulation.
Learning activities:
Lectures, exercise lessons and annual guest lectures from i.a. the Competition Authorities.
Teaching support:
Web support. Exercise lessons.

Pindyck and Rubinfeld (2018): Microeconomics (Global Edition). Ninth Edition.  Pearson.

Plus selected book chapters

ECN110 Introduction to Microeconomics or equivalent, ECN102 Introduction to mathematics/ MATH100 Introductory mathematics or equivalent
Recommended prerequisites:
Mandatory activity:
Five out of six exercises must be approved. Approved exercises are valid until the next time the course is given.
Final written in-class examination (3,5 hours) accounts for 100% of the grade.
Nominal workload:
250 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Type of course:
Lectures: 4 hours per week. Exercises: 2 hours per week.
External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
Allowed examination aids: B1 Calculator handed out, no other aids
Examination details: Written exam: Letter grades