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Semester 1

Economics of Asymmetric Information (ECNM10083)

Subject

Economics

College

CAHSS

Credits

20

Normal Year Taken

3

Delivery Session Year

2022/2023

Pre-requisites

Visiting students must have an equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); Probability and Statistics; and Introductory Econometrics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required at grade B or above.

Course Summary

This is an introductory course to the role of asymmetric information in economic situations, on the undergraduate level. Decision makers (for example, buyers and sellers) are typically differentially informed about the quality, quantity or value of the traded goods. This course introduces the well-known stylistic models of informational asymmetries.

Course Description

The course is taught through lectures and demonstrative problem solving in tutorials. Topics include: Modelling Information in Strategic Interactions; One-sided Asymmetric Information: Moral Hazard, Adverse Selection; Multi-sided Asymmetric Information in Bar gaining, Oligopoly and Auctions; Information in Mechanism Design, and Policy Interventions.

Assessment Information

Written Exam 60%, Coursework 40%, Practical Exam 0%

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