School of Economics SAMPLE/MOCK PAPER 2021-2 (with updated rubric)
ADVANCED TOPICS IN MICROECONOMICS ECO-6005A
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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.
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.
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SECTION A. Answer ONE question from this section
The recommended maximum word count for your Section A answer is 1300 words
- Expected Utility Theory depends on specific assumptions about individuals’ preferences in the context of risk and uncertainty. How reasonable are these assumptions?
- “Arrow's Impossibility Theorem is a theoretical curiosity with little or no practical significance.” Discuss.
- How convincing is the Nash bargaining solution, (a) normatively, and (b) positively?
- What is meant by the Shapley value of a cooperative game? How might we interpret or use the Shapley value?
- 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
- “Strategic voting is likely to be a feature of every electoral process.” Discuss.
- When might a Vickrey-Clarke-Groves auction process be used? What practical considerations prevent this auction design being used more often?
- Discuss the merits, and the demerits, of using the “deferred-acceptance algorithm” to allocate children to schools.
END OF PAPER
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