ECON4240 - Equilibrium, Welfare and Information

Schedule, syllabus and examination date

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Course content

  • General equilibrium analysis including the main welfare theorems.
  • An introduction to the economics of information, presenting models of moral hazard, adverse selection, and signalling.

Learning outcome

Knowledge outcomes:
In the first part of the course students are expected to obtain knowledge of the result that a general equilibrium exists, and an understanding of the intuition underlying the main welfare theorems both in general and partial equilibrium analysis. In the second part of the course students are expected to learn the basic concepts and results of the economics of information. This part considers models of asymmetric information, and introduces the concepts of moral hazard, adverse selection, and signaling.

Skills:
The students should be able to do do welfare economics without use of marginal conditions. The students should realize that many forms of economic interaction involve problems of asymmetric information, and be able to differentiate between problems of moral hazard, adverse selection, and signaling. The students should be able to handle simple models that capture various kinds of informational asymmetry.

Admission

Students who are admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for in Studentweb.

If you are not already enrolled as a student at UiO, please see our information about admission requirements and procedures.

Apply for guest student status if you are admitted to another Master's programme, or have completed a master in Economics at UiO or another Norwegian University.

Overlapping courses

Teaching

Lectures: 2 hours per week throughout the semester.

Seminars: 2 hours per week through parts of the semester.

Compulsory tuition activities:

  • A compulsory term paper.

If the compulsory term paper is not approved, you may be given a second attempt to hand in a new term paper/improve the term paper within a short deadline. 

When the compulsory term paper is approved, the result will be registered. The term paper will be valid for 8 consecutive semesters.

See The Faculty of Social Sciences' rules regarding compulsory tuition activities.

Candidates who have passed the course before autumn 2016 and wish to re-take the exam need to get the term paper approved before they can re-take the exam.

Absence from compulsory tuition activities

If you are ill or have another valid reason for being absent from compulsory tuition activities, your absence may be approved or the compulsory activity may be postponed.

Examination

A 3-hour written school exam.

You must have passed the mandatory activities in order to sit for the exam.

Previous exams

Examination support material

Students may use dictionaries at this exam. Dictionaries must be handed in before the examination. Please read regulations for dictionaries permitted at the examination.

Language of examination

The examination text is given in English.You may submit your response in Norwegian, Swedish, Danish or English.

Grading scale

Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.

Explanations and appeals

It is recommended to request an explanation of your grade before you decide to appeal.

Appeal

Explanation

The deadline to request an explanation is one week after the grade is published. For oral and practical examinations, the deadline is immediately after you have received your grade.

The explanation should normally be given within two weeks after you have asked for it. The examiner decides whether the explanation is to be given in writing or verbally.

Ask for explanation of your grade in this course.

Ask for explanation of your grade in postponed exam for this course.

Resit an examination

If you are sick or have another valid reason for not attending the regular exam, we offer a postponed exam later in the same semester.

See also our information about resitting an exam.

Withdrawal from an examination

It is possible to take the exam up to 3 times. If you withdraw from the exam after the deadline or during the exam, this will be counted as an examination attempt.

Special examination arrangements

Application form, deadline and requirements for special examination arrangements.

Facts about this course

Credits

10

Level

Master

Teaching

Every spring

Examination

Every spring

Teaching language

English