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ADVANCED TOPICS IN MICROECONOMICS ECO-6005A

School of Economics SAMPLE/MOCK PAPER 2021-2 (with updated rubric)

Version 1

 

 

 

ADVANCED TOPICS IN MICROECONOMICS ECO-6005A

 

Timings

 

This examination paper will be available for 24 hours, from 9:30AM UK time

It is recommended you spend a maximum of 3 hours completing this examination

Students entitled to Assessment Adjustments: You should apply any extra or rest break time to which you are entitled to in addition, up to the maximum 24 hour limit

Instructions

Answer TWO questions only. Answer ONE question from Section A and ONE question from Section B.

The maximum number of marks available in each section is 50 MARKS. The TOTAL number of marks available for the paper is 100 MARKS.

Answer ONLY the number of questions you are instructed to. Any additional questions answered will not be marked.

Word count

A recommended maximum word count is indicated at the head of each section. Please include your word count at the end of each answer.

Any work submitted beyond the recommended word count will be at the discretion of the marker to consider.

 

 

 

 

 

 

 

 

 

ECO-6005A

Copyright of the University of East Anglia

 

 

Academic Integrity

 

To maintain academic integrity students are required to:

  • Not keep an electronic copy of this paper or share the content with others

 

  • Ensure that all work produced is solely their own. Students are advised that their work will be checked using text matching software to determine any similarity with the work of other students or with other published materials.

The University policy regarding plagiarism and collusion will apply to this examination. A copy of the policy can be viewed here: Plagiarism and Collusion

 

 

Submission

 

The submission point for this examination will close at 9:30AM UK time, 24 hours after being made available. It is recommended that you submit your exam script as soon as completed.

All answers must be submitted as a Word or pdf document.

Guidance on submitting un-typed answers, such as diagrams and graphs, can be found on Blackboard, beneath this paper.

 

 

If you encounter difficulties submitting your work and are unable to submit in the time allowed for your exam, please complete this form as soon as possible to contact the Assessment and Quality Office for help.

 

 

SECTION A. Answer ONE question from this section

 

The recommended maximum word count for your Section A answer is 1300 words

 

 

  1. Expected Utility Theory depends on specific assumptions about individuals’ preferences in the context of risk and uncertainty. How reasonable are these assumptions?

 

  1. “Arrow's Impossibility Theorem is a theoretical curiosity with little or no practical significance.” Discuss.

 

  1. How convincing is the Nash bargaining solution, (a) normatively, and (b) positively?

 

  1. What is meant by the Shapley value of a cooperative game? How might we interpret or use the Shapley value?

 

  1. What is the “principal-agent problem”? Explain carefully why, in this and in other “hidden-action” contexts, outcomes are likely to be inefficient.

 

 

END OF SECTION A

 

 

 

SECTION B. Answer ONE question from this section

 

The recommended maximum word count for your Section B answer is 1300 words

 

  1. “Strategic voting is likely to be a feature of every electoral process.” Discuss.

 

 

  1. When might a Vickrey-Clarke-Groves auction process be used? What practical considerations prevent this auction design being used more often?

 

 

  1. Discuss the merits, and the demerits, of using the “deferred-acceptance algorithm” to allocate children to schools.

 

END OF PAPER

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