Economics 318

This module (from 2022 onwards) consists of three parts:

1. Introduction to Econometrics

Attention is given to statistical concepts, the classical linear model of regression,  multicollinearity, autocorrelation, heteroscedasticity, dummy variables, and estimation of regression.

2. Macroeconomics

In this sub-module students will learn how to develop theoretical macroeconomic models. The module is unique in its focus on building these models from microeconomic foundations. Most of the issues to be discussed will focus on the role of money and banking in the local economy, but will also be extended into the area of international macroeconomics.

3. Introduction to Game Theory

Game Theory is a mathematical method that deals with situations where strategic interaction between economic agents take place, in other words where an individual’s utility depends on the actions of other agents. This enables us to analyze situations that fall outside the standard framework of perfect competition, perfect and complete information and abstract markets. This sub-module aims to introduce the student to basic theoretic concepts in game theory, with selected examples and applications being studied in more detail. Reference is also made to behavioural aspects of economic interactions (i.e. evidence from real-world human behaviour as opposed to theoretical ideals) and the relevance this has for economic models.

General Information

Prerequisite Pass module (PP): Economics 214
Prerequisite module (P): Economics 244
Credits: 24
Classes per week: 4 lectures, 1 tutorial
Module convenor: Mr Le R Burrows

Work programme: Quantitative Economics

Work programme: Macroeconomics

Work programme: Game Theory