ADMCPM: Consumers, Producers, Markets and Trade

Module code: ADMCPM

Module provider: School of Agriculture, Policy and Development

Credits: 20

Level: Postgraduate Masters

When you'll be taught: Semester 1

Module convenor: Dr Garth Holloway, email: garth.holloway@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: No

Last updated: 20 May 2024

Overview

Module aims and purpose

Engage with the rigorous application of microeconomic reasoning underpinning the theory and practice of consumer, producer, market, and trade behaviour analysis. Examine the theories of these interlinked concepts and focus on the application of microeconomic tools to understand empirically observable consumer, producer, markets and trade phenomena. Work with case studies and research topics within which the module providers are internationally recognised. Explore key concepts of behavioural economics; reflect on the questions of risk, uncertainty, and choice; and discuss theoretical and practical issues surrounding international trade. 

Module learning outcomes

By the end of the module, it is expected that students will be able to: 

1. Enact formal microeconomic reasoning at levels enabling them to digest representative scientific literature 
2. Conduct theoretical evaluations of some commonly-encountered mathematical-economic structures 
3. Undertake empirical research 
4. Have an appreciation of the ways in which formal, microeconomic analyses uncover hitherto unidentified solutions to many real-world problems encountered in a broad collection of scientific disciplines. 

Module content

• Introduction to mathematical economics 
• The nature of mathematical economics 
• Economic models 
• The real number system 
• Sets 
• Relations 
• Functions 
• Equilibrium analysis in economics 
• Linear models and matrix algebra 
• Preferences, utility, choice, demand 
• Introduction to the Lagrangean method 
• Test One (Week Six) 
• Introduction to Behavioural Economics 
• Rational Choice 
• Introduction to Game Theory 
• Basic Game Theory Concepts 
• Nash Equilibrium 
• Subgame Perfect Equilibrium 
• Some Basic Games, Puzzles and Evidence 
•  Introduction to Public Goods 
• The Fundamental Theory of Public Goods 
• Evidence For Public Goods 
• Auctions 
• The Winner’s Curse 
• Experimental Economics 
• Test Two (Week Twelve) 

Structure

Teaching and learning methods

• Face to face lectures 
• Online video demonstrations 
• One-to-one consultation meetings during office hours  

Study hours

At least 20 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 50% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Practice exercises delivered online within weeks one, two, three, four, five, seven, eight, nine, ten and eleven.

Reassessment

Additional costs