FIN42230 Economics and Markets

Academic Year 2023/2024

This module is designed to provide students with an introduction to economics with a particular focus on market developments. Following a formal introduction to economics, the module will examine the role of networks in economic allocation, game theory & auctions and single-sided versus multi-sided platforms. The issue of scarcity is at the heart of economics and in particular the impact of scarcity on our choices and how our choices influence others. A detailed introduction to the fundamental principles of economics is presented in the first section of the module, with a focus on single-sided platforms. The second part of the module will introduce the importance of networks or connectedness and the implications for economic interactions, using game theory. The third part of the module will develop the topic of network effects and introduce matching markets and markets involving multi-sided platforms. Multi-sided platforms are companies whose business it is to connect or match one group of customers with another group of customers. Examples include Alibaba, Facebook, Airbnb and Uber.

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Curricular information is subject to change

What will I learn?

Learning Outcomes:

On completing this module, students will be expected to be able to:
1. Understand and describe the key features and challenges in relation to allocation.
2. Demonstrate an understanding of the theoretical framework associated with single-sided platforms.
3. Summarize the increased interconnectedness and the role of network effects in society.
4. Describe the implications of increased interconnectedness on the allocation process.
5. Explain the importance and the fundamental elements associated with multi-sided platforms.

Indicative Module Content:

1. Introduction
2. The Market Model
3. Networks
4. Game Theory & Auctions
5. Multi-Sided Platforms

How will I learn?

Student Effort Type	Hours
Lectures	24
Tutorial	11
Specified Learning Activities	40
Autonomous Student Learning	50
Total	125

Am I eligible to take this module?

Requirements, Exclusions and Recommendations

Not applicable to this module.

Module Requisites and Incompatibles

Not applicable to this module.

How will I be assessed?

Assessment Strategy

Description	Timing	Open Book Exam	Component Scale	Must Pass Component	% of Final Grade
Class Test: Mid-Term Test	Varies over the Trimester	n/a	Graded	No	30
Assignment: Assignment in the form of 2 separate problem sheets.	Throughout the Trimester	n/a	Graded	No	40
Presentation: Group presentation on MSP's	Throughout the Trimester	n/a	Graded	No	20
Continuous Assessment: Class participation - weekly discussion	Throughout the Trimester	n/a	Graded	No	10

Carry forward of passed components
Yes

What happens if I fail?

Resit In	Terminal Exam
Spring	No

Assessment feedback

Feedback Strategy/Strategies

• Feedback individually to students, on an activity or draft prior to summative assessment
• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment
• Online automated feedback

How will my Feedback be Delivered?

Feedback will be provided in person and if required remotely post all assessment.

When is this module offered?


Autumn
External & School Exams	Offering 1	Week(s) - 4, 5	Mon 16:00 - 16:50
Lecture	Offering 1	Week(s) - 0	Tues 16:00 - 17:50
Lecture	Offering 1	Week(s) - 1, 2, 3, 4, 5	Tues 16:00 - 17:50
External & School Exams	Offering 1	Week(s) - 6	Wed 14:00 - 14:50
Lecture	Offering 1	Week(s) - 0, 1, 2, 3, 4	Wed 17:00 - 18:50
Lecture	Offering 1	Week(s) - 7	Tues 13:00 - 14:50
Lecture	Offering 2	Week(s) - 7	Tues 16:00 - 17:50
Autumn