The duration of the course is 12 months, including a compulsory pre-sessional mathematics refresher course and a dissertation written over the summer.
Core course units:
Pre-sessional mathematics refresher course
All students attend the compulsory pre-sessional quantitative methods refresher course, which runs for 2 weeks in September, before the start of lectures. There are no additional fees for this course.
Microeconomic Theory - Games
This is a graduate level introduction to microeconomic theory. You will cover decision and game theory and in particular the following topics: decision under risk, decision theoretic puzzles, normal form games, Nash equilibrium, incomplete information, political competition, matching, auctions, and mechanism design.
You will be provided with an introduction to modern intertemporal macroeconomics focusing on the determinants of Economic Growth; for instance, overlapping generation models and the Ramsey growth model. You will also develop and apply tools for dynamic economic analysis that are useful in all fields of economics. This course gives you a solid core in modern macroeconomics.
This course will give an overview of the principle techniques of empirical investigation used in economics. The emphasis will be on the practical application of these techniques. The course will cover the principle techniques used in multivariate regression analysis, you will be introduced to the principles and assumptions underlying ordinary least squares, the consequences of any departure from these assumptions, how to test for this and what to do about it.
Microeconomic Theory - Markets
This course is studied in the spring term and is a graduate level introduction to: mathematical programming, the microeconomic theory of firm and consumer behaviour, partial and general equilibrium analysis, monopoly and oligopoly and welfare economics. Students will gain both an abstract understanding of microeconomic theory and a level of proficiency that allows them to use microeconomic models in other areas of economics.
Research Methods and Dissertation
You will be equipped with the necessary skills required for research. While conducting research sounds like an easy task, it is paved with various difficulties. This course aims to help you avoid these traps so that you can conduct an efficient piece of research at the end of your degree.
The dissertation gives you the opportunity to analyse an economics issue in depth. You will be assigned a dissertation supervisor and by the end of March, submit a preliminary dissertation report that contains a clear statement of the problem under consideration, the structure of the project and the research methods that are going to be applied. The dissertation is then written over the summer.
Elective course units:
You will choose from the following elective course units:
This course will provide an advanced treatment of the tools used in political economy to tackle some major questions faced by public sector economists. It will in particular focus on the modelling of voters and politicians’ behaviours to address the role played by incentives and constraints faced by politicians when choosing public policies. The effect of different forms of institutional arrangements on public decision making and electoral accountability will be analysed from both a theoretical and empirical perspective.
This course introduces students to the main econometrics techniques used to study macro and financial time series.
Public Economics is concerned with the study of the effects of government policy and the design of optimal policies. You will assess the implications of basic welfare economics in public policy and a number of recent research areas in public economics are then discussed including income taxation, tax evasion, externalities and social security.
Decision Theory and Behaviour
This course unit will deepen your knowledge of rational decision making through the exploration of behavioural models, their formalization and their scope, including applications to finance. You will also become familiarized with both theoretical and experimental methods for research in decision theory and behavioural economics.
This course will introduce students to the Large Sample Theory and the Generalised Methods of Moments (GMM) framework for econometric analysis, including Extremum Estimators such as the Maximum Likelihood (ML) estimator. Students will be presented with commonly used microeconometric cross section and panel data models within the GMM framework and will be provided with the skills to implement those models to economic phenomenon.
The aims of the unit are to give you broad advanced-level training in the economics of policy evaluation and the facility to apply economic models to evaluate actual policy interventions. It will provide you with the facility to apply quantitative techniques and qualitative methods and you will evaluate actual policy interventions in particular fields and countries.
On completion of the course graduates will have:
- advanced training in the principles of economics and their application appropriate to postgraduate level
- developed the ability to apply the advanced knowledge, research methods and skills they have acquired to the solution of theoretical and/or applied problems in economic policy
- the ability to evaluate critically current research and advanced scholarship in the discipline
- analytical skills and an ability to develop simplifying frameworks for studying the real world and to be able to appreciate what would be an appropriate level of abstraction for a range of economic issues
- a range of transferable skills that will be of value in employment and self-employment
- the knowledge and skills base from which they can proceed to research in economics and related areas.