YSS-35306 Theories and Models in Economics

Course

Credits 6.00

Language of instruction:

English

Assumed knowledge on:

Environmental Economics for Environmental Sciences (ENR-21306), Microeconomics (ECH-21806), or Economics of Agribusiness (AEP-20306)

Contents:

This course aims to acquaint students with different methodologies of doing applied research in economics, with an emphasis on the environment and agricultural commodity markets. Different methodologies of making economic scenario studies are discussed at an intermediate level. Methodologies that will be dealt with include partial equilibrium models, input-output models, applied general equilibrium models and neo-classical growth models.

Learning outcomes:

After successful completion of this course students are expected to be able to:
- explain the micro-economic theories underlying quantitative economic models;
- develop a quantitative economic model (in GAMS) to address a specific economic policy problem;
- critically reflect on the potential uses and limitations of quantitative economic models for policy analysis.

Activities:

- lectures;
- computer practicals;
- take-home exercises to be completed in groups of two students;
- self-study.

Examination:

- group assignments (30%);
- written exam (70%).
Each component needs a minimum mark of 5.5 to pass.

Literature:

(1) Vercammen, J. (2011). Agricultural Marketing, Routledge (available on-line via library); (2) Reader 'Theories and models in economics (2018)' by Xueqin Zhu et al.; (3) Reader 'GAMS for economic modelling (2018)' by Xueqin Zhu et al.