MSc Handbook INTRODUCTION TO

DEPARTMENT OF ECONOMICS AND RELATED STUDIES MSc Handbook INTRODUCTION TO GRADUATE STUDIES MSc DEVELOPMENT ECONOMICS AND EMERGING MARKETS MSc ECONOMETRICS AND ECONOMICS MSc ECONOMICS MSc ECONOMICS AND FINANCE MSc ECONOMICS AND PUBLIC POLICY MSc FINANCE MSc FINANCE AND ECONOMETRICS MSc HEALTH ECONOMICS MSc PROJECT ANALYSIS, FINANCE AND INVESTMENT 2015/16 1

DISCLAIMER Please note that the Department of Economics and Related Studies has made all reasonable effort to ensure that the information contained in this handbook is accurate and up-to-date at the time of publication but can accept no responsibility for any errors and omissions as all academic issues are subject to review and may be altered. Unexpected staff changes due to illness, resignations and new appointments may lead to changes in course content, lecturing and administrative responsibilities. This handbook can be found on the departmental website at: http://www.york.ac.uk/economics/current-students/gsp/. You are advised to check this version periodically for any updates that might be made during the year. 2

CONTENTS Page 1. INTRODUCTION...4 2. KEY CONTACTS IN THE GRADUATE SCHOOL IN ECONOMICS...5 3. INDUCTION EVENTS...7 4. AIMS AND LEARNING OUTCOMES...8 5. THE MSC PROGRAMMES... 10 MSC IN DEVELOPMENT ECONOMICS AND EMERGING MARKETS (DEEM)... 11 MSC IN ECONOMETRICS AND ECONOMICS... 13 MSC IN ECONOMICS... 15 MSC IN ECONOMICS AND FINANCE... 17 MSC IN ECONOMICS AND PUBLIC POLICY... 19 MSC IN FINANCE... 21 MSC IN FINANCE AND ECONOMETRICS... 23 MSC IN HEALTH ECONOMICS... 25 MSC IN PROJECT ANALYSIS, FINANCE AND INVESTMENT (PAFI)... 27 6. GRADUATE MODULES... 29 7. ASSESSMENT OF STUDENTS... 86 8. ACADEMIC MISCONDUCT AND ACADEMIC INTEGRITY 91 THE ONLINE ACADEMIC INTEGRITY TUTORIAL... 91 9. MITIGATING CIRCUMSTANCES... 92 10. DISABILITY AND LEARNING DIFFICULTIES... 97 11. FEEDBACK FROM AND ASSESSMENT BY STUDENTS... 98 12. THE MSC DISSERTATION... 99 SUMMER RESEARCH PLACEMENTS... 101 13. STARTING A RESEARCH DEGREE AT YORK... 102 14. THE SUPERVISORY SYSTEM... 103 15. MONITORING OF STUDENT ATTENDANCE... 104 16. CHANNELS OF COMMUNICATION WITHIN THE GRADUATE SCHOOL... 105 17. OTHER DEPARTMENTAL AND UNIVERSITY FACILITIES FOR POSTGRADUATE STUDENTS... 106 18. STUDENT SUPPORT AND WELFARE SERVICES... 109 19. CAREERS AND EMPLOYABILITY FOR POSTGRADUATES... 111 20. MATHEMATICS AND STATISTICS REVIEW COURSES... 112 3

1. INTRODUCTION You are shortly going to join us in graduate study; this handbook sets out what we do, how we organise it and the sort of experience that you will have whilst with us. It is a good idea to read the whole handbook through, once, at the start of your time at York, and then to keep it for consultation as a practical reference guide as need arises during your time with us. Most students start graduate study with a one-year instructional MSc programme. Most of the handbook is concerned with this part of our Graduate School, but to give you an overall picture, some details of the other graduate activities are included. No handbook can cover every possible contingency, so if you meet a problem in your time here and do not know how to resolve it, just ask! On departmental registration, all students will be informed which member of the academic staff is to be their supervisor. The supervisor should be regarded as a friend and counsellor who will help you as far as he/she can with any aspect whatever of your life at the University. For international students, he/she will also be prepared to assist with any difficulties you may have in settling down in this country, and to put you in touch with whoever are the best people to overcome any such problems as may arise inside or outside the University. At the very least, you should meet your supervisor at the start and end of each term. If there are any matters which you would prefer to take up directly with the Director of your MSc or the Director of the Graduate School, you are, of course, free to do so, but in general your supervisor is the primary source of information and guidance. Further information on all these matters will be available when you arrive in York at the beginning of the Autumn term, but if there is anything requiring urgent clarification, please contact either the Postgraduate Administrator (Jo Hall, tel. 01904 323789; e-mail jo.hall@york.ac.uk) or the Director of the Graduate School. Postal address: Department of Economics and Related Studies, University of York, Heslington, York, YO10 5DD, UK. The Economics Postgraduate Office is situated in room A/D/101, Alcuin College. International students needing general guidance and advice about conditions in England, or details of English Language or induction courses available for students coming to England for the first time should contact their local offices of the British Council or the High Commission or British Embassy. So, welcome to York and we hope that you have an enjoyable and successful year with us! Jo Swaffield (Head of Department) Subir Chattopadhyay (Director of Graduate School) 4

2. KEY CONTACTS IN THE GRADUATE SCHOOL IN ECONOMICS The following members of staff are key contacts in the Graduate School in Economics and Related Studies. Role Name Contact details Director of the Graduate School in Economics Professor Subir Chattopadhyay subir.chatt@york.ac.uk Economics Postgraduate Office Room A/D/101 (Opening Hours: Monday Friday, 9:00am 12:30pm and 1:30pm 5:00pm) Postgraduate Administrator Ms Jo Hall jo.hall@york.ac.uk 01904 323789 Assistant Postgraduate Administrator Miss Mandie Hudson mandie.hudson@york.ac.uk 01904 323755 Assistant Postgraduate Administrator Mrs Alex-Jane Hardstaff alex-jane.hardstaff@york.ac.uk 01904 323755 Directors of the MSc programmes Director of MSc in Development Economics & Emerging Markets Dr. Giacomo De Luca giacomo.deluca@york.ac.uk Director of MSc in Econometrics & Economics Professor Takashi Yamagata takashi.yamagata@york.ac.uk Director of MSc in Economics Professor Zaifu Yang zaifu.yang@york.ac.uk Director of MSc in Economics and Finance Professor Peter Smith peter.smith@york.ac.uk Director of MSc Economics and Public Policy Dr. Bill Jackson william.jackson@york.ac.uk Director of MSc in Finance Professor Peter Spencer peter.spencer@york.ac.uk Director of MSc in Finance and Econometrics Professor Peter Smith peter.smith@york.ac.uk Director of MSc in Health Economics Professor Luigi Siciliani luigi.siciliani@york.ac.uk Director of MSc in Project Analysis, Finance & Investment Dr. Adam Golinski adam.golinski@york.ac.uk 5

Other key contacts Chair of Graduate Examinations Committee Dr. Makoto Shimoji makoto.shimoji@york.ac.uk Chair of MSc Resit and Final Exam Boards Dr. Mauro Bambi mauro.bambi@york.ac.uk Examinations Officer (responsible for MSc Dissertation) Dr. Bipasa Datta bipasa.datta@york.ac.uk Director of MSc Admissions Professor Peter Smith peter.smith@york.ac.uk Director of Research Students Professor Cheti Nicoletti cheti.nicoletti@york.ac.uk Director of Teaching Scholars Dr. Yuan Ju yuan.ju@york.ac.uk 6

3. INDUCTION EVENTS Induction Week (Week 1) will take place week commencing Monday 28th th September. A programme of events introducing you to the University and the city can be found at: https://www.york.ac.uk/students/new/postgraduate/welcome/ You should receive a welcome pack from Registry Services which contains useful information about what to do on arrival in York. This information is also available online. See: https://www.york.ac.uk/students/studying/enrolment/postgraduates/ There are various events which take place within the department, please find these events listed below. Departmental Registration Registration with the Department for new graduates will take place, on Tuesday 29 th September, in the Health Economics Resource Centre (Alcuin College, Block D, Room A/D/272). Depending on your MSc programme you will need to register at the following times: Morning Registration (10am 12 noon) Afternoon Registration (2pm 4pm) MSc Development Economics & Emerging Markets MSc Econometrics & Economics MSc Finance MSc Economics MSc Finance & Econometrics MSc Economics & Finance MSc Project Analysis, Finance & Investment MSc Economics & Public Policy MSc Financial Engineering MSc Health Economics A hard copy of this Handbook with be made available to each student at Departmental Registration. Economics Graduate School Introductory Meeting There will be an introductory meeting for all new members of the Economics Graduate School, 3pm 4pm in Room A/TB/056 & 057 (Seebohm Rowntree Building) on Thursday 1st October, to which all teachers, supervisors and new graduate students are invited to attend. Economics Graduate School Welcome Reception A reception, where Economics students and supervisors can meet socially, will take place on Thursday 1st October, 4pm 5.30pm in The Kitchen @ Alcuin (A/TB/058 Seebohm Rowntree Building). Other key dates: Mathematics and Statistics Review Courses begin Tuesday 22 nd September; please see pages 112-113 for further information and the timetable. 7

4. AIMS AND LEARNING OUTCOMES Aims of the Graduate School Our aims are: (a) to provide teaching programmes of first rate quality that (i) (ii) (iii) complete the training of students with a good first degree as professional economists in the relevant field; provide adequate research training in methods and areas of application that will allow students to embark on research degrees; use best practice in the delivery and assessment of the teaching components. (b) (c) (e) (f) to provide a system of academic supervision of research students preparing for MPhil and PhD degrees that ensures students produce the best theses possible in a reasonable time and that they are ultimately practising researchers taking full responsibility for their own work. to provide research students with the opportunity to train as teachers and to gain experience in teaching. to provide research students with course work in specialised and advanced areas as the need arises. to develop further the non-academic transferable skills of our students. Learning Outcomes After successfully completing one of the MSc programmes, you will: (a) (b) (c) (d) have a thorough knowledge of the theory and methods used by professional economists and active researchers in the field. be familiar with quantitative analysis and computing techniques have acquired practical research experience through project or dissertation work. be aware of recent research results and therefore well placed to formulate a research proposal for an MPhil or PhD degree Specific aims and learning outcomes for each module will be provided in the introductory courseware. 8

Transferable Skills By transferable skill is meant a skill that is not discipline-specific or vocational. As well as learning economics, you might also be seen as learning the following (some of which may be of principal value to employers while others are life skills of value to yourself for their own sake): (a) (b) (c) (d) (e) (f) (g) (h) Self-confidence in presenting and defending ideas and views before critical audiences of various kinds. General analytical skills spotting key objectives, identifying assumptions, working out implications, avoiding logical inconsistencies, interpreting data insightfully, marshalling relevant evidence, quickly assimilating technical information. Being able to listen to others in such a fashion as to understand the important points being made (whether in a lecture, seminar or less formal situations), taking good and usable notes quickly and legibly, and spotting the weaknesses in others arguments. Presentational skills in written form summarising arguments (as in taking minutes), writing coherent essays/papers, applying general analytical skills to a wide variety of fields. Presentational skills in meetings preparation prior to the meeting, effective use of basic visual aids such as giving PowerPoint presentations, ability to perceive the audience response to what is said and to adjust pace, style etc. Good time management planning a sequence of tasks over a period of time so that each gets its adequate due, ability to distinguish the urgent from the postponable and the important from the trivial. Decisiveness having considered a range of pros and cons, being able to decide what seems to be the best way forward, ability to persuade relevant others (having first listened to their views). Being an expert when appropriate knowing when one s own specialist technical expertise is needed and setting it in the relevant context, knowing the limitations of one s subject, being able to draw on the relevant technical contributions of other experts. Work habits You should develop the skill of managing your time effectively. This does not mean that you are expected to devote all your time to the academic side of University life but it does mean that you must establish your priorities and, whatever else you may engage in, allow sufficient time to do the necessary work outside the published timetable, including preparation of written work in good time and reading around your subject. Each of you will have a different way of solving the problem of managing your time efficiently. Above all, avoid time wasting - that is, time spent on idle pursuits that are neither an academic priority nor any match with your other priorities. In general, it is best to establish a regular routine for academic work that enables you to fit your other interests around it. Planning the fruitful use of vacation time is an important part of this process. Please note that as a general rule in the module descriptions which follow, 10 credits equates to approximately 100 hours work, and 20 credits to 200 hours work. 9

5. THE MSC PROGRAMMES General Structure of the MSc Programmes The following MSc programmes are available: MSc in Development Economics & Emerging Markets (DEEM) MSc in Econometrics and Economics MSc in Economics MSc in Economics and Finance MSc in Economics and Public Policy MSc in Finance MSc in Finance and Econometrics MSc in Health Economics MSc in Project Analysis, Finance and Investment (PAFI) The MSc programmes all have a similar structure over the year. In the first two terms and part of the summer term, there are programmes of course work involving lectures and seminars. This coursework is followed by a series of unseen written examinations. Modules whose teaching is completed within the autumn term will be examined at the start of the spring term, and all others will be examined in the summer term. Each MSc has 100 credits of coursework to be assessed in the examinations. Roughly, 10 credits is equivalent to a one-term module. The next three months, between July and September, are spent in the preparation of a 10,000 word dissertation. Successful completion of the coursework exams and the dissertation leads to fulfilment of all academic conditions for the award of the MSc degree. Each MSc programme has a compulsory core element and an optional element. Details of the core and option menus for the various MSc programmes are shown in the pages immediately following. Please note that not all optional modules run at mutually exclusive times, and so your choice of options may be limited by timetabling constraints. However, within each MSc programme, a number of optional modules, thought to be those most appropriate in general, will indeed be available to all students without timetabling limitations. These optional modules are referred to as category 1 options in the tables on pages 30-32, and all others are labelled there as category 2 options. The timetable should permit any choice of category 1 options, but some combinations involving choices from category 2 may be ruled out by the timetable. You will need to consult these tables when formulating your most preferred combination of optional modules, and then check for feasibility if your choice involves category 2 modules, by reference to the published timetable when you arrive in York. Note also that in order to avoid a workload which is unbalanced between the Autumn and Spring terms, you may not study more than 6 modules in any one term (the 6 module rule ). Please pay careful attention to this when choosing your modules. See the tables on pages 30-32 for a summary of which modules are taught in which terms. Late changes of MSc modules can only be made (a) by the specified deadline, (b) through the departmental Postgraduate Office, (c) with the approval of the lecturer into whose module a transfer is requested, and (d) subject to the total enrolment for the affected module not exceeding the fireregulation capacity of the allocated lecture and seminar rooms. No changes of Autumn term MSc modules will be permitted after the end of week 3 of the Autumn term, except in cases where it is judged by the student s Programme Director to be academically advisable for a student to switch between Advanced Microeconomics and Applied Microeconomics 1&2, or Econometrics 1&2 and Statistics and Econometrics, for which the final deadline is the end of week 5 of the Autumn term. No changes of Spring term MSc modules will be permitted after the end of week 3 of the Spring term. 10

MSc in Development Economics and Emerging Markets (DEEM) (Director: Dr Giacomo De Luca) The MSc in Development Economics and Emerging Markets provides essential research training for careers in economics and development, not only in academic positions but also in the public arena of government and non government organisations at the international and national level. It provides a vibrant, state of knowledge, intellectually challenging and exciting environment in which students can acquire and apply a range of theoretical and applied techniques crucial to their interests and career ambitions in Development Economics with special emphasis on emerging markets economies. Building on York s strength in both health economics and finance, this course provides a unique opportunity for those who want to pursue careers in private sector financial institutions and companies, development organizations, international organizations, as well as in academia. The programme provides a sound training in best practice methods of theory and applications in development economics, combined with the opportunity to study optional areas in depth and of training in the transition to research. The programme offers: emphasis on problem-solving and practice in economic theory and applied economics as applied to development economics. a structured and phased transition from coursework to independent research, the opportunity to pursue areas of academic interest at the frontiers of development economics with leading researchers in these fields, and is part of an active postgraduate research community within highly regarded postgraduate research environment of the Department of Economics at the University of York. draws on the specific research expertise with the Department of Economics and hence, in the options available, allows students to specialize in specific pathways in, for example, finance or health. By the end of the programme you should have the skills to: use economic theory to analyse development issues apply econometric methods to understand and test hypotheses about the special features of developing economies see how the emerging market economies fit into the global world economy. Compulsory core: Module No. Credits Emerging Market Macroeconomics ECO00014M 10 International Macroeconomics ECO00028M 10 Micro Development Theory ECO00031M 10 Advanced Microeconomics ECO00002M 20 or Applied Microeconomics 1 and Applied Microeconomics 2 ECO00046M and ECO00067M 20 (10 credits) (10 credits) Econometrics 1 & 2 ECO00047M 20 or Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) or Statistics and Econometrics ECO00037M 20 Dissertation ECO00012M 80 11

Options: 30 credits from: Applied Microeconometrics ECO00005M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Development and Finance ECO00010M 10 Experimental Economics ECO00016M 10 Finance and Investment ECO00018M 10 Health and Development ECO00025M 10 Health Care Management ECO00024M 10 Labour Economics ECO00029M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year- Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 12

MSc in Econometrics and Economics (Director: Professor T. Yamagata) The aim of this programme is to take students with a prior knowledge of economics and econometrics and/or mathematics, and offer a thorough grounding in applied and theoretical econometrics with core courses in advanced economic and econometric theory, with a wide choice of optional modules. The programme provides the essential skills to those wishing to follow professional careers and to pursue further research in applied economics and econometrics. The programme offers: training in the core areas of macro and micro economics and econometrics that should bring you near to the current research frontier; training in the best practice research methods used in current research in economics and econometrics; through the dissertation, a guided process of moving from coursework to hands-on research. By the end of the programme you should have the skills to: identify, read and understand important contemporary contributions in learned journals; with guidance, formulate a research proposal, identifying the problem, the methodology for its solution and a sense of its importance; solve some practical research problems in both theoretical and applied areas. Compulsory core: Module No. Credits Advanced Microeconomics ECO00002M 20 Advanced Macroeconomics ECO00001M 10 International Macroeconomics ECO00028M 10 Econometric Methods for Research ECO00044M 20 Applied Microeconometrics ECO00005M 10 Time Series ECO00041M 10 Project ECO00033M 10 or Topics in Financial Econometrics ECO00042M 10 Dissertation ECO00012M 80 Options: 10 credits from: Module No. Credits Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Emerging Market Macroeconomics ECO00014M 10 Experimental Economics ECO00016M 10 Industrial Economics ECO00027M 10 Labour Economics ECO00029M 10 Micro Development Theory ECO00031M 10 Project ECO00033M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 Topics in Financial Econometrics ECO00042M 10 13

Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year-Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 14

MSc in Economics (Director: Professor Z. Yang) The purpose of this programme is partly to provide a self-contained one year programme that brings you close to the current state of the art in mainstream economics and partly to provide research training for students who wish to continue for a research degree here or elsewhere. The programme offers: training in the core areas of macro and micro economics that should bring you near to the current research frontier; training in best practice econometrics as (should be!) used by economists; the opportunity to specialise in some areas of economics; through the project and the dissertation, a carefully structured and guided process of moving from coursework to hands-on research. By the end of programme you should have the skills to: identify, read and understand important contemporary contributions in learned journals; with guidance, formulate a research proposal, identifying the problem, the methodology for its solution and a sense of its importance; solve some practical research problems in both theory and applied areas. Compulsory core: Module No. Credits Advanced Macroeconomics ECO00001M 10 Advanced Microeconomics ECO00002M 20 International Macroeconomics ECO00028M 10 Econometrics 1 & 2 ECO00047M 20 or Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) or Econometric Methods for Research ECO00044M 20 Project ECO00033M 10 Dissertation ECO00012M 80 Options: 30 credits from: Module No. Credits Applied Microeconometrics ECO00005M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Emerging Market Macroeconomics ECO00014M 10 Experimental Economics ECO00016M 10 #Financial Markets ECO00020M 10 #Financial Risk Management ECO00021M 10 15

Industrial Economics ECO00027M 10 Labour Economics ECO00029M 10 Micro Development Theory ECO00031M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 #Theory of Finance ECO00040M 20 Time Series ECO00041M 10 # A MAXIMUM OF 20 CREDITS ONLY CAN BE SELECTED FROM THESE OPTIONS Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year-Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 16

MSc in Economics and Finance (Director: Professor P. N. Smith) The aim of this programme is to take students with a prior knowledge of economics and give them a thorough grounding in theoretical and applied finance. The programme provides the essential postgraduate skills to those wishing to follow careers in areas associated with finance and economics, as well as those wishing to pursue further research. The programme offers: training in the core areas of macro and micro economics and finance that should bring you near to the current research frontier; training in best practice econometrics as used in current economics and finance research and practice; through the dissertation, a guided process of moving from coursework to hands-on research. By the end of the programme you should have the skills to: identify, read and understand important contemporary contributions in learned journals; with guidance, formulate a research proposal, identifying the problem, the methodology for its solution and a sense of its importance; solve some practical research problems in both theoretical and applied areas. Compulsory core: Module No. Credits Advanced Microeconomics ECO00002M 20 Theory of Finance ECO00040M 20 Financial Markets ECO00020M 10 Advanced Macroeconomics ECO00001M 10 or International Macroeconomics ECO00028M 10 Econometrics 1 & 2 ECO00047M 20 or Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) or Econometric Methods for Research ECO00044M 20 Dissertation ECO00012M 80 Options: 20 credits from: Module No. Credits Applied Microeconometrics ECO00005M 10 Continuous-time Finance ECO00007M 10 Corporate Finance ECO00008M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Development and Finance ECO00010M 10 Emerging Market Macroeconomics ECO00014M 10 17

Experimental Economics ECO00016M 10 Financial Engineering ECO00017M 10 Financial Market Microstructure ECO00019M 10 Financial Risk Management ECO00021M 10 Fixed Income Securities ECO00056M 10 Industrial Economics ECO00027M 10 Labour Economics ECO00029M 10 Portfolio Selection and Management ECO00032M 10 Project ECO00033M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 Time Series ECO00041M 10 Topics in Financial Econometrics ECO00042M 10 The breadth of topics in this list gives you the chance to study a variety of specialist areas of economics and finance. You are advised to carefully choose options that are complementary to each other and to the core modules. Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year-Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 18

MSc in Economics and Public Policy (Director. Dr. W. A. Jackson) The aim of this programme is to give students a thorough training in microeconomics, public sector economics, public finance, quantitative methods and other core areas of economics used in the evaluation of public policy. It is designed for students who wish to develop their abilities in policy analysis and provides a solid foundation for careers in government, the public sector, international organisations, research centres, consultancy firms and universities. The programme offers: training in applied economics and policy analysis that should bring you close to existing research frontiers; training in best practice econometrics as used by economists; the opportunity to specialise in some areas of economics; through the dissertation, a guided process of moving from coursework to hands-on research. By the end of the programme you should have the skills to: read and understand contemporary contributions in learned journals; with guidance, formulate a research proposal, identifying a problem in policy analysis and the methodology for its solution; evaluate practical policy issues using formal economics techniques. Compulsory Core: Module No. Credits Public Finance ECO00035M 10 Public Sector Economics ECO00036M 10 Applied Microeconomics 1 and Applied Microeconomics 2 ECO00046M and ECO00067M 20 (10 credits) (10 credits) Or Advanced Microeconomics ECO00002M 20 Econometrics 1&2 ECO00047M 20 Or Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) Or Econometric Methods for Research ECO00044M 20 Or Statistics and Econometrics ECO00037M 20 Public Policy Analysis ECO00039M 20 Dissertation ECO00012M 80 Options: 20 credits from Advanced Macroeconomics ECO00001M 10 Applied Microeconometrics ECO00005M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 19

Experimental Economics ECO00016M 10 Finance and Investment ECO00018M 10 Health and Development ECO00025M 10 Health Care Management ECO00024M 10 Industrial Economics ECO00027M 10 International Macroeconomics ECO00028M 10 Labour Economics ECO00029M 10 Project ECO00033M 10 Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year-Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 20

MSc in Finance (Director: Professor P. Spencer) The aim of this programme is to take students with a prior knowledge of economics or the natural sciences and give them a thorough grounding in theoretical and applied finance. The course provides the essential postgraduate skills to those wishing to follow careers in applied or quantitative finance, as well as those wishing to pursue further research. The programme offers: training in the core areas of finance; training in best practice research methods used in finance; the opportunity to specialise in particular areas of finance. By the end of programme you should have the skills to: identify, read and understand important contributions to finance journals; with guidance, formulate a research proposal, identifying the problem, appropriate solution techniques and a sense of its importance; be familiar with research at the frontier of finance and be able to progress to a specialist career in financial industry or independent research for a PhD. Compulsory core: Module No. Credits Theory of Finance ECO00040M 20 Corporate Finance ECO00008M 10 Financial Markets ECO00020M 10 Econometrics 1 & 2 ECO00047M 20 or Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) or Econometric Methods for Research ECO00044M 20 Continuous-time Finance ECO00007M 10 or Financial Market Microstructure ECO00019M 10 Dissertation ECO00012M 80 Options: 30 credits, at least 20 from Group A Group A* Development and Finance ECO00010M 10 Financial Engineering ECO00017M 10 Financial Risk Management ECO00021M 10 Fixed Income Securities ECO00056M 10 Portfolio Selection and Management ECO00032M 10 Topics in Financial Econometrics ECO00042M 10 21

Group B Advanced Macroeconomics ECO00001M 10 Applied Microeconometrics ECO00005M 10 Emerging Market Macroeconomics ECO00014M 10 Experimental Economics ECO00016M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Industrial Economics ECO00027M 10 Labour Economics ECO00029M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 Time Series ECO00041M 10 *Students with a non-economics background should normally choose all their options from Group A. Those wishing to choose options from Group B should obtain the permission of their supervisor. We advise all finance students, irrespective of their background, to focus upon Group A options in view of the synergies between these options and core modules. In particular, the foundations laid in the Autumn Term by Theory of Finance (ECO00040M) are strongly reinforced by the Group A options available in the Spring Term. Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year-Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 22

MSc in Finance and Econometrics (Director: Professor P. N. Smith) The aim of this programme is to take students with a prior knowledge of economics and/or mathematics and give them a thorough grounding in theoretical and applied finance. The programme provides the essential postgraduate skills to those wishing to follow careers in applied or quantitative finance, as well as those wishing to pursue further research. The programme offers: training in the core areas of finance, macro and micro economics and econometrics that should bring you near to the current research frontier; training in the best practice research methods used in current research in finance and econometrics; through the dissertation, a guided process of moving from coursework to hands-on research. By the end of the programme you should have the skills to: identify, read and understand important contemporary contributions in learned journals; with guidance, formulate a research proposal, identifying the problem, the methodology for its solution and a sense of its importance; solve some practical research problems in both theoretical and applied areas. Compulsory core: Module No. Credits Advanced Microeconomics ECO00002M 20 Advanced Macroeconomics ECO00001M 10 or International Macroeconomics ECO00028M 10 Theory of Finance ECO00040M 20 Financial Markets ECO00020M 10 Topics in Financial Econometrics ECO00042M 10 Econometric Methods for Research ECO00044M 20 Dissertation ECO00012M 80 Options: 10 credits from: Applied Microeconometrics ECO00005M 10 Continuous-time Finance ECO00007M 10 Corporate Finance ECO00008M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Financial Engineering ECO00017M 10 Financial Market Microstructure ECO00019M 10 Fixed Income Securities ECO00056M 10 Portfolio Selection and Management ECO00032M 10 Project ECO00033M 10 Time Series ECO00041M 10 23

The breadth of topics in this list gives you the chance to study a variety of specialist areas of economics and finance. You are advised to carefully choose options that are complementary to each other and to the core modules. Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year- Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 24

MSc in Health Economics (Director: Professor L. Siciliani) The main aims of the programme are to provide training in the theoretical and practical issues of relevance to health economics, and to provide students with the experience and skills necessary to participate in research and in health services decision-making. The programme offers: training in the core areas of health economics and economic evaluation of health care that should bring you up to the current research frontier; a broad training in microeconomics, statistics and econometrics to provide a foundation for specialisation in health economics; through the summer placement and dissertation, the opportunity to work under the guidance of an experienced researcher in a working environment and to develop a research project, identifying the problem, applying appropriate research methods and presenting the results. Graduates of the programme have typically found employment in the following areas and, by the end of the programme, they should be equipped to offer the relevant skills for their chosen career: as economists in research centres or multi-disciplinary teams, formulating and working on a wide range of projects; as economists in the pharmaceutical industry or consultancy; as economists in government departments, advising on methods of health and welfare policy; as economists working in the health service, helping to improve the quality and consistency of management decisions; as teachers in universities, encouraging interest and awareness among potential health economists of the future. Compulsory core: Module No. Credits Health Economics ECO00026M 20 Evaluation of Health Care ECO00015M 20 Clinical Decision Analysis ECO00006M 10 Applied Microeconomics 1 and Applied Microeconomics 2 ECO00046M and ECO00067M 20 (10 credits) (10 credits) or Advanced Microeconomics ECO00002M 20 Statistics and Econometrics ECO00037M 20 or Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) or Econometrics 1 & 2 ECO00047M 20 or 25

Econometric Methods for Research ECO00044M 20 Dissertation ECO00012M 80 Options: 10 credits from: Health and Development ECO00025M 10 Health Care Management ECO00024M 10 Advanced Macroeconomics ECO00001M 10 Applied Microeconometrics ECO00005M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Experimental Economics ECO00016M 10 Industrial Economics ECO00027M 10 International Macroeconomics ECO00028M 10 Labour Economics ECO00029M 10 Management Decision Analysis ECO00030M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year- Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 26

MSc in Project Analysis, Finance and Investment (PAFI) (Director: Dr Adam Golinski) The aims of this MSc programme are: to equip students on the course with analytical skills and techniques that are relevant to developing successful careers as analysts and researchers in the fields of investment, financial management, financial markets, project appraisal and risk management. to provide research training that enables students to later conduct advanced research work in these and related fields. The programme seeks to achieve these aims through core modules in Applied Microeconomics, Finance and Investment, Corporate Finance, and in Econometrics/Statistics/Econometric Methods for Research, together with supporting modules in Financial Markets and Management Decision Analysis, and a wide range of supplementary optional modules in theoretical and applied economics, as well as a required 10,000 word dissertation on a relevant research topic. By the end of the programme, you should have the skills to: identify, read and understand important contemporary contributions to relevant finance and related economics journals; apply the main concepts and analytical tools of modern finance theory to relevant applied financial problems; apply the main concepts of each of the optional modules which you choose to the applied problems with which they are concerned; understand the contributions which econometrics/quantitative analysis can make to the analysis of applied problems in the above fields; formulate applied research problems in the above fields and identify methods of addressing these problems. Compulsory core: Module No. Credits Applied Microeconomics 1 and Applied Microeconomics 2 ECO00046M and ECO00067M 20 (10 credits) (10 credits) Finance and Investment ECO00018M 10 Corporate Finance ECO00008M 10 Econometrics 1 & 2 ECO00047M 20 or Econometric Methods for Research ECO00044M 20 or Statistics and Econometrics ECO00037M 20 or with the approval of the Director of the MSc: Econometrics 1 and Applied Microeconometrics ECO00013M and ECO00005M 20 (10 credits) (10 credits) Dissertation ECO00012M 80 27

Options: 40 credits, at least 20 from Group A Group A Module No. Credits Development and Finance ECO00010M 10 Financial Markets ECO00020M 10 Financial Risk Management ECO00021M 10 Fixed Income Securities ECO00056M 10 Management Decision Analysis ECO00030M 10 Theory of Finance ECO00040M 20 Topics in Financial Econometrics ECO00042M 10 Group B Module No. Credits Advanced Macroeconomics ECO00001M 10 Applied Microeconometrics ECO00005M 10 Critical and Criticised Ideas in Economics and Finance ECO00072M 10 Design and Analysis of Mechanisms and Institutions ECO00055M 10 Experimental Economics ECO00016M 10 Health Care Management ECO00024M 10 Industrial Economics ECO00027M 10 International Macroeconomics ECO00028M 10 Labour Economics ECO00029M 10 Project ECO00033M 10 Public Finance ECO00035M 10 Public Sector Economics: Microeconomic Applications ECO00036M 10 Please note that under university rules you may not study more than 6 modules simultaneously. The credit weight of the module does not matter for the purposes of this rule. Note, especially that, Year- Long modules are treated as being studied in both the Autumn and Spring Terms. See tables on pages 30-32 for a summary of which modules are Autumn only, Spring only, or Year-Long. 28

6. GRADUATE MODULES Module Name Advanced Macroeconomics Advanced Microeconomics Applied Microeconometrics Applied Microeconomics 1 Applied Microeconomics 2 Clinical Decision Analysis Continuous-time Finance Corporate Finance Critical and Criticised Ideas in Economics and Finance Design and Analysis of Mechanisms and Institutions Development and Finance Econometric Methods for Research Econometrics 1 (One Term module) Econometrics 1&2 (Two Term module) Emerging Market Macroeconomics Evaluation of Health Care Experimental Economics Finance and Investment Financial Engineering Financial Market Microstructure Financial Markets Financial Risk Management Fixed Income Securities Health Care Management Health & Development Health Economics Industrial Economics International Macroeconomics Labour Economics Management Decision Analysis Micro Development Theory Portfolio Selection and Management Project Public Finance Public Policy Analysis Public Sector Economics: Microeconomic Applications Statistics and Econometrics Theory of Finance Time Series Topics in Financial Econometrics Module Code ECO00001M ECO00002M ECO00005M ECO00046M ECO00067M ECO00006M ECO00007M ECO00008M ECO00072M ECO00055M ECO00010M ECO00044M ECO00013M ECO00047M ECO00014M ECO00015M ECO00016M ECO00018M ECO00017M ECO00019M ECO00020M ECO00021M ECO00056M ECO00024M ECO00025M ECO00026M ECO00027M ECO00028M ECO00029M ECO00030M ECO00031M ECO00032M ECO00033M ECO00035M ECO00039M ECO00036M ECO00037M ECO00040M ECO00041M ECO00042M Modules offered by the Environment Department Environmental Economics Environmental Valuation Resource Economics and Management ENV00019M ENV00020M ENV00036M 29

DEVELOPMENT ECONOMICS AND EMERGING MARKETS ECONOMETRICS AND ECONOMICS ECONOMICS ECONOMICS AND FINANCE ECONOMICS AND PUBLIC POLICY FINANCE FINANCE AND ECONOMETRICS HEALTH ECONOMICS PROJECT ANALYSIS, FINANCE AND INVESTMENT MODULE NAME (YEAR-LONG MODULES) MODULE NO. MSC PROGRAMMES Advanced Microeconomics (DU) ECO00002M 1 C C C 1 C 1 Econometric Methods for Research (DU) ECO00044M C 1 1 1 1 C 1 1 Econometrics 1&2 (DU) ECO00047M 1 1 1 1 1 1 1 Evaluation of Health Care (DU) ECO00015M C Experimental Economics ECO00016M 2 2 1 2 2 2 1 2 Finance & Investment ECO00018M 1 2 C Statistics and Econometrics (DU) ECO00037M 1 1 1 1 Public Policy Analysis (DU) ECO00039M C Theory of Finance (DU) ECO00040M 1 C C C 1 NOTES: The category 1" and category 2" modules are explained on page 10. Where a cell is blank the module is unavailable. C is a compulsory module. DU = Double Unit, i.e. 20 rather than 10 credits 30

DEVELOPMENT ECONOMICS AND EMERGING MARKETS ECONOMETRICS AND ECONOMICS ECONOMICS ECONOMICS AND FINANCE ECONOMICS AND PUBLIC POLICY FINANCE FINANCE AND ECONOMETRICS HEALTH ECONOMICS PROJECT ANALYSIS, FINANCE AND INVESTMENT MODULE NAME (AUTUMN MODULES) MODULE NO. MSC PROGRAMMES Advanced Macroeconomics ECO00001M C C 1 2 1 2 2 Applied Microeconomics 1 ECO00046M 1 1 1 C Clinical Decision Analysis ECO00006M C Continuous-Time Finance ECO00007M 2 1 1 Econometrics 1 ECO00013M 1 1 1 1 1 1 1 Emerging Market Macroeconomics ECO00014M C 2 2 2 2 Financial Market Microstructure ECO00019M 2 1 1 Fixed Income Securities ECO00056M 1 1 1 1 Health Care Management ECO00024M 2 2 1 2 Industrial Economics ECO00027M 2 1 2 2 2 2 2 Management Decision Analysis ECO00030M 2 1 Portfolio Selection & Management ECO00032M 1 1 2 Public Sector Economics: Microeconomic Applications ECO00036M 1 2 2 2 C 2 2 2 Time Series ECO00041M C 2 2 2 2 NOTES: The category 1" and category 2" modules are explained on page 6. Where a cell is blank the module is unavailable. C is a compulsory module. DU = Double Unit, i.e. 20 rather than 10 credits 31

DEVELOPMENT ECONOMICS AND EMERGING MARKETS ECONOMETRICS AND ECONOMICS ECONOMICS ECONOMICS AND FINANCE ECONOMICS AND PUBLIC POLICY FINANCE FINANCE AND ECONOMETRICS HEALTH ECONOMICS PROJECT ANALYSIS, FINANCE AND INVESTMENT MODULE NAME (SPRING MODULES) MODULE NO. MSC PROGRAMMES Applied Microeconometrics ECO00005M 1 C 1 2 1 2 2 1 1 Applied Microeconomics 2 ECO00067M 1 1 1 C Corporate Finance ECO00008M 1 C 1 C Critical and Criticised Ideas in Economics and Finance Design and Analysis of Mechanisms and Institutions ECO00072M 2 2 2 2 2 2 2 2 ECO00055M 1 2 1 2 2 2 1 2 Development and Finance ECO00010M 1 2 1 1 Financial Engineering ECO00017M 2 1 2 Financial Markets ECO00020M 2 C C C 1 Financial Risk Management ECO00021M 2 1 1 1 1 Health and Development ECO00025M 1 2 1 Health Economics (DU) ECO00026M C International Macroeconomics ECO00028M C C C 1 2 1 2 2 Labour Economics ECO00029M 2 2 1 2 2 2 2 2 Micro Development Theory ECO00031M C 2 2 Project ECO00033M 1 C 1 2 1 2 Public Finance ECO00035M 1 2 1 2 C 2 1 2 Topics in Financial Econometrics ECO00042M 1 1 1 C NOTES: The category 1" and category 2" modules are explained on page 6. Where a cell is blank the module is unavailable. C is a compulsory module. DU = Double Unit, i.e. 20 rather than 10 credits 32

Advanced Macroeconomics Module Code: ECO00001M Credits: 10 Term: 1 Contact Hours: Module Organiser: 18 Lectures (18 contact hours) Professor N. Rankin Overview: The module will teach a set of core topics in graduate-level macroeconomics. The focus will be mostly, though not necessarily exclusively, on closed-economy issues. Open-economy and international issues will be covered, or covered more extensively, in the International Macroeconomics module. Aims: To equip students with a thorough knowledge of modern macroeconomic theory and its applications. Concepts such as rational expectations and dynamic general equilibrium will be widely used. It will generally include analysis of both the short run, or business-cycle, behaviour of a macroeconomy; and of the long-run, or growth, behaviour. The determination of real variables such as output and employment, and of nominal variables such as inflation and the nominal interest rate, will be studied, as will their interaction. In general the module will draw on more than one school of thought, such as Classical ideas and Keynesian ideas and their modern variants. Macroeconomic policy and its potential for improving the operation of the economy will also receive substantial attention. Assessment: There will be a two-hour unseen examination at the start of the Spring Term. Pre-requisites: A sound understanding of undergraduate macroeconomics and microeconomics is required. Main References: No single textbook will be mechanically followed. The books below, however, will be particularly useful: Blanchard, O. and Fischer, S., Lectures on Macroeconomics, MIT Press, 1989. Romer, D., Advanced Macroeconomics (4 th edition), McGraw-Hill Irwin, 2012. Wickens, M., Macroeconomic Theory: A Dynamic General Equilibrium Approach (2 nd edition), Princeton University Press, 2011. 33

Advanced Microeconomics Module Code: ECO00002M Credits: 20 Term: 1-2 Contact Hours: Module Organiser: 28 Lectures, 6 Seminars, 6 x 1 hour Problem Classes (40 contact hours) Professor Z. Yang Overview: Microeconomic theory forms the core of economics; as such it provides the foundation for modern macroeconomics, finance and for the many specialist subjects with economics. It is also of vital importance in its own right as a description and explanation of economic agents acting in some rational (or consistent) manner. The primary purpose of this course is to convey in broad outline the general principles underlying microeconomic theory, and to show how such principles provide general characteristics of economic behaviour. This module is particularly important both for those who want to have rigorous training on economic analysis and for those who wish to pursue a PhD degree in economics. Aims: To provide a view of most of the core material and some of the frontiers of microeconomics in its different dimensions. What are the key research questions in micro? Where is most of the current research activity? To provide practical training in the methods of microeconomics to formulate and solve microeconomic problems at a pre-research/research level. To provide you with an edited/annotated view of the large body of knowledge that constitutes microeconomic theory. To provide sufficient training in the methods of microeconomics so that you can actually do it yourself. Practical experience, in the revision classes, is very important and you must take great care to work through the exercises and show them to your teacher so that you can receive feedback. Your objective should be to understand the formulation of each exercise; understand the methods that are used in its solution; think how the exercise illuminates parts of microeconomic theory. Don t worry if you find the exercises difficult at first. To give you the opportunity to study, discuss and evaluate some research frontier dimensions of microeconomic theory. Objectives: On completing the module a student will be able to: Solve exercises in microeconomics; Appreciate the logical structure of how to develop a microeconomic argument; Formulate a research proposal in microeconomics. Assessment: There will be a three-hour unseen written examination scheduled for the Summer Term. The exam contains some unseen exercise questions and some essay-style questions. Pre-requisites: It is strongly advised that you attend the Mathematics and Statistics Review Courses at the beginning of Autumn Term. 34

Main References: Mas-Colell, Whinston, and Green [1995], Microeconomic Theory, Oxford University Press. Jehle and Reny [2001], Advanced Microeconomic Theory, Addison Wesley. Varian, H [1992], Microeconomic Analysis, Norton & Company. These are very professional and Mas-Colell is very comprehensive. To refresh your background knowledge, we strongly recommend you to read Hal Varian s book: Intermediate Microeconomics 35

Applied Microeconometrics Module Code: ECO00005M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 two-hour Lectures, 6 one-hour seminars (24 contact hours) Professor Cheti Nicoleti Overview: The module will cover the following topics: endogeneity, linear panel data models; binary choices models; multiple choices models; censored and truncated models; count data models and quantile regression. Applied empirical examples will be provided. Aims: Given the extensive use of individual/household data sources in applied microeconomic analysis, it has become increasingly important to understand the techniques available to the microeconometrician in applied research. Moreover, it is just as important to be aware of the limitations and pitfalls associated with each microeconometric technique. The purpose of this module is to provide the applied economist with sufficient background of modern microeconometrics to choose techniques suited both to the data and to the economic model. Also, the lectures provide the opportunity to have practical experience of relevant computer software applied to empirical datasets. Objectives: On completing the module a student should be able to: choose econometric models which are suitable, both to the data and to the economics models understand econometric methods of estimation and inference for limited dependent variables and panel data models estimate the model and be able to interpret the estimation results, using appropriate software Assessment: There is a two-hour unseen examination scheduled for the Summer Term. Pre-requisites: Econometric Methods for Research (ECO00044M) or Econometrics 1 (ECO00013M) Main References: Cameron, A.C. and Trivedi, P. Microeconometrics: Methods and Applications, Cambridge University Press, 2005. Wooldridge, J., Econometric Analysis of Cross Section and Panel Data, MIT Press, 2nd edition, 2010. More detailed references will be given in the course outline and reading lists. 36

Applied Microeconomics 1 Module Code: ECO00046M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 Lectures, 7 hours of Seminars & Problem Solving Classes (16 contact hours) Dr. Y. Ju Overview: This module is designed to provide an introduction to elements of microeconomic theory which are applicable to a range of decision-making and policy problems in public and private sectors. The course presents both analytical material and examples of the application of analysis to a range of policy and decision making issues. Aims: to offer insights obtainable from theoretical microeconomic models; to lay a foundation in micro theory that is used to study and understand other fields of economics and finance; to provide an understanding of the methodological issues involved in the application of such models; to interpret the results of such applications in decision-making contexts; to provide a bridge between microeconomic theory and real world decision-making and policy problems; to provide the underlying theory and analysis for other courses to build upon. Thus optional courses such as Applied Microeconometrics and Finance and Investment, represent opportunities to consolidate and extend on material covered in this course. Objectives: On completing the module a student will be able to: understand: the theory of consumer choice, including decision-making under uncertainty; welfare theory and Pareto optimality; the theory of the firm and general equilibrium analysis; the theory of imperfect competition in goods markets; understand the relevant methods (some reasonable level of maths including calculus, differentiation, integral, probability, and linear algebra) and then be able to solve the analytical exercises. In most cases, they are the constrained optimisation problems; command some basic proof techniques and logical reasoning, which are essential skills in applying the theory to practice and analysing policy. understand techniques involved in applications of the above theories; understand the application of theoretical materials to policy issues. Assessment: There will be a two-hour unseen examination scheduled for the Spring Term. The examination comprises typically four questions, and students are required to choose two to answer. Pre-requisites: None. However, students are expected to have the basic maths knowledge and skill in calculus. Main References:: Main text: Varian, H., Microeconomic Analysis, 3rd Edition, W. W. Norton & Co., 1992. 37

This is a well written text, offering a clear, complete and formal treatment of all important topics in microeconomics. It is (probably) the most widely used graduate text for microeconomics in the world. For those who have not studied economics in their undergraduate programmes, the following textbook should be helpful. Varian, H., Intermediate Microeconomics, 8th Edition, W. W. Norton & Co., 2010. The following text books are also useful references although not really required. Gravelle, H. and Rees, R., Microeconomics, 2nd Edition, Longmans, 1992. This is a thorough treatment of microeconomic analysis, with an emphasis on the underlying theory and with some basic use of mathematics. Kreps, D., A Course in Microeconomic Theory, Harvester Wheatsheaf, 1990. Readers will enjoy the chapters on individual and social choice, game theory and topics in information economics. This is a well written text and an alternative to Gravelle and Rees. Jehle, G. and P. Reny, Advanced Microeconomic Theory, 3rd, Prentice Hall, 2011. This is a more complete and more formal presentation of the required topics than contained in the above books. It is recommended for students with a good economics background who are happy to to pursue the subject on an advanced, modern level. Mas-Colell, Winston and Green, Microeconomic Theory, Oxford University Press, 1995. This is perhaps the most advanced and complete treatment of microeconomics. It is generally taken as the text for graduate modules like Advanced Microeconomics in the world. 38

Applied Microeconomics 2 Module Code: ECO00067M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 Lectures, 8 hours of Seminars & Problem Solving Classes (17 contact hours) Professor Yves Balasko Overview: This module is designed to provide an introduction to elements of game theory which are applicable to a range of decision-making and policy problems in public and private sectors. The course presents both analytical material and examples of the application of analysis to a range of policy and decision making issues. Aims: to offer insights obtainable from game theoretical models; to provide an understanding of the methodological and empirical issues involved in the application of such models; to interpret the results of such applications in decision-making contexts; to provide a bridge between game theory and real world decision-making and policy problems; to provide the underlying theory and analysis for other courses to build upon. Thus optional courses such as Applied Microeconometrics and Finance and Investment, represent opportunities to consolidate and extend on material covered in this course. Objectives: On completing the module a student will be able to: understand basic applied game theory with applications; understand basic incentive theory with applications; understand techniques involved in applications of the above theories. Assessment: There will be a two-hour unseen examination scheduled for the Summer Term. The examination comprises typically two questions from a choice of four questions. Pre-requisites: None. Main References: No single textbook exists which covers all material at the level presented. Together, the following text books cover all components of the module on various levels of technical rigour. Hugh Gravelle & Ray Rees (2004) Microeconomics, 3rd Ed., Pearson: Essex. This is a standard undergraduate Micro textbook suitable for students without a strong economics background. Gibbons, R., A Primer in Game Theory, Financial Times, 1992. This book provides an excellent and gentle introduction to graduate-level, applied game theory. 39

Jehle, G. and P. Reny, Advanced Microeconomic Theory, 3 rd, Prentice Hall, 2011. This is a more complete and more formal presentation of the required topics than contained in the above books. It is recommended for students with a good economics background who are happy to pursue the subject on an advanced, modern level. Laffont, J.-J. & D. Martimort (2003) The Theory of Incentives, Princeton University Press. This text provides a complete, graduate-level discussion of the topics on information economics. 40

Clinical Decision Analysis Module Code: ECO00006M Credits: 10 Term: 1 Contact Hours: Module Organiser: 5 x two-hour Seminars (10 contact hours) Professor K. Claxton Overview: The aim of this module is to provide an understanding and experience of the application of basic methods of clinical decision analysis to a range of decision problems in health care. In particular it provides a thorough understanding of the way clinical decision analysis can be used to evaluate diagnostic information, provide a framework for the economic evaluation of alternative strategies of patient management, and can also be used to inform allocative decisions about which health care technologies should be adopted and what research may be required to inform these decisions in the future. Objectives: On completing the module the student will be able to: - structure a range of clinical decision problems as decision analytic models. construct and solve these models in a spreadsheet, conduct sensitivity analysis, and interpret the results of their analysis. use these methods to conduct economic evaluation of alternative health care interventions. identify the limitations of the models they construct and recognise circumstances when more sophisticated methods of decision analysis may be appropriate. Assessment: Students will complete a procedural exercise, Modelling the Test Treatment Decision, by week 3 of the Autumn Term. Students will then work in small groups on a case study, The Cost-Effectiveness of Alternative Strategies for the Diagnosis and Treatment of Angina, and present a draft model in week 6 and final results in week 9. Final assessment requires students to submit a solution to the case study in the form of a short (3,500 words, excluding tables, figures and appendices) research report at the end of the Autumn Term. Pre-requisites: Only available to students registered for the MSc programme in Health Economics and visiting students. Main References: No single text covers all the material in this module but the following texts will be referred to: Hunink, M. et al, Decision Making in Health and Medicine: Integrating Evidence and Values, Cambridge University Press, 2001. Weinstein, M. C., and Fineberg, H. V., Clinical Decision Analysis, Saunders, 1980. Briggs, A., Claxton, K., and Sculpher M.J., Decision Analytic Modelling for the Evaluation of Health Technologies, Oxford University Press, Oxford, 2006. 41

Continuous-time Finance and Derivative Assets Module Code: ECO00007M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 two-hour Lectures (18 contact hours) Dr. P. Zerilli Overview: This module provides a theoretical foundation for derivatives valuation in continuous time, suitable for those progressing to financial industry or to research in finance. The core content is mathematical in nature, but the financial applications help to motivate the analysis and provide practical examples. Aims: This module provides a comprehensive foundation in continuous time pricing theory as applied to: Options Futures Fixed income securities. The theoretical framework will allow students to understand and apply the key concepts of risk neutral valuation, no-arbitrage valuation, replicating portfolio and martingales. This module also covers advanced topics including models with stochastic volatility and discontinuous processes that more closely resemble situations of crisis in the financial markets. Assessment: There will be a two-hour unseen examination scheduled at the start of the Spring Term. Pre-requisites: None. Main References: The book that covers the material of the course most closely is: Bjork, T., Arbitrage Theory in Continuous Time, Oxford University Press, 2004. 42

Corporate Finance Module Code: ECO00008M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 two-hour Lectures, 2 two-hour Tutorials (22 contact hours) Dr. A. Golinski Overview: This course has the objective of introducing students to theoretical research in corporate finance. The emphasis will be on incomplete information models, though a few models driven by other considerations may also be studied. In light of recent developments in the world economy, some attention will be given to the consequences of corporate governance and financing decisions on risk-taking by managers. Aims: To provide students with a thorough understanding of key issues in the theory of corporate finance and the relevance of theory for financial decision-making within firms. Career: This module is mainly of academic interest, but provides valuable background for students finding themselves dealing with corporate financing decisions in banks and/or (large) corporations. Contents: The following topics will be covered: Corporate Finance under perfect capital markets: The Modigliani-Miller Propositions on capital structure. Agency Problems and capital structure. Adverse selection and capital structure. Corporate governance Security design/ structure of corporate liabilities. Learning Outcomes: After successful completion of this module the student is able to Explain the different theories in corporate finance; Critically assess the different theories in corporate finance; Solve basic agency models related to corporate financing decisions; Describe the incentive problems that can occur due to asymmetric information and ways to solve them through contract design. Assessment: There will be a two-hour unseen examination scheduled in the Summer Term. Pre-requisites: None. Main Reference: Ross S., Westerfield R., Jaffe J., Jordan B., (2014), Corporate Finance: Core Principles and Applications, Fourth Edition, McGraw-Hill 43

No longer available Critical and Criticised Ideas in Economics and Finance Module Code: ECO00072M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 two-hour lectures (18 contact hours) in the Spring term Professor Y. Balasko Overview: From the very beginning, critics of the theoretical models used in economics and finance have argued that the concepts on which these models were based often lacked relevance and that some implications of those models were wrong. Rational expectations and market efficiency are examples of such assumptions. The existence of a natural rate of unemployment and the superiority of free trade over protectionism are examples of what some models imply. Despite these criticisms, these models have generally been considered to be more than helpful for understanding the real world of economics and finance. This easily explains the formidable success of mathematical modelling in academia as well as in financial institutions (central banks, banks and hedge funds). Nevertheless, the crisis of 2007 with its origin in the misbehaviour of financial markets not to mention the sovereign debt of many developed countries has encouraged many critics to become far more vocal. Among them, two well-known Nobel prize winners in economics, Paul Krugman and Joseph Stiglitz. It would therefore be a mistake to brush aside these criticisms as if they did not exist. Economics and finance are difficult subjects. If some assumptions or properties are subject to criticism, this is in general because no one has been able to come up with better, more relevant models. This does not mean that such models will never be developed. This also underlines the importance of addressing the assumptions and properties of the models of economics and finance from a historical perspective. Otherwise, it will be impossible to get a sense of the difficulties that have been overcome in developing the current models. This module will subject to scientific scrutiny the issues that have had the most impact in recent debates and controversies. Aims: To equip students with a solid knowledge of some of the most controversial issues of economics and finance, not only their weakness but also and even more importantly, their strength and interest. This will enable students to get a firmer understanding of the importance and strength of the beautiful theories of economics and finance that they are being taught in other modules. This will also make them better aware of some limitations of these theories. Assessment: There will be a two-hour unseen examination in the Summer Term. Prerequisites: A sound understanding of undergraduate macroeconomics and microeconomics is required. Main references: There is no textbook for this module but references to suitable articles will be provided in due course during the lectures. 44

Design and Analysis of Mechanisms and Institutions Module Code: ECO00055M Credits: 10 Term: 2 Contact Hours: Module Organiser: 20 contact hours Professor Z. Yang and Dr. Y. Ju Overview: Over the last three decades, the design and analysis of mechanisms and institutions, in short, mechanism design has developed into one of the most flourishing, exciting, and important economic research areas for practical, empirical and theoretical reasons. Its importance has been widely recognized both within and outside the economic profession. Many recent Nobel prize awards in economics (Leonid Hurwicz, Eric Maskin, Roger Myerson, Elinor Ostrom, James Mirrlees, Alvin Roth, Lloyd Shapley, and William Vickrey) were made on the basis of their fundamental contributions to the subject and beyond. This module is intended to introduce students to the formal analysis and design of economic mechanisms and institutions ranging from English and Dutch auctions for selling single items, double auctions for stock markets, to recent auctions for selling multiple commodities such as oilfields, spectrum licenses and pollution permits. Other mechanisms we study include on-line auctions, housing markets, marriage matching, job-matching problems, school choice problems, voting systems, optimal taxation problems, etc. The students will be shown how a desired economic goal can be reached by designing a proper mechanism or institution. In particular, many real life and important resource allocation problems will be examined and resolved. Aims: To show students how to analyse various real-life economic mechanisms or institutions such as auctions or double auctions. To illustrate how to improve existing institutions and how to design new mechanisms or institutions for tackling various economic problems. To enhance students confidence and ability of using economic theories and methodologies to deal with a variety of real life economic problems. To give students the opportunity to know and be familiar with one of the most active and important economic research frontiers. Objectives: On completing the module students will be: able to understand how many real-life economic mechanisms or institutions operate and to know how to analyse the performance of such mechanisms. familiar with fundamental principles and techniques for evaluating the outcomes of various economic institutions or mechanisms. Assessment: There will be a two-hour unseen examination scheduled in the Summer Term. Pre-requisites: Some basic knowledge of probability theory. Main References: Arrow, K., Social Choice and Individual Values, Wiley, 1963. Krishna, V., Auction Theory, Academic Press, 2002. Roth, A., and M. Sotomayor, Two-Sided Matching, CUP, 1990. 45

Development & Finance Module Code: ECO00010M Credits: 10 Term: 2 Contact Hours: Module Organiser: 14 one-hour lectures, 2 practicals, 4 one-hour seminars (20 contact hours) Professor P. Simmons Overview: The module begins with a brief review of development finance and the economic and financial structure of emerging economies. The lectures are mainly concerned with formal and informal finance in emerging markets, both theoretical and empirical. There are both macro and micro finance issues which are special to emerging economies. Both are addressed, the macro issues in an international context and the micro issues mainly in an informal finance setting. While formal financial service is easily accessed in developed countries, it is not in developing countries, especially for poor or low-income people, including consumers, small and medium enterprises (SMEs) and the self-employed. Informal finance or rural finance encompasses the range of financial services offered and used by people of all income levels who are not traditionally served by formal financial service providers. It includes microfinance, rural finance and agricultural finance. There are also trade finance issues. Aims: to present a brief overview of the subject of modern finance. to give students an understanding of asset pricing and market efficiency in emerging markets. to introduce students to informal finance and its significance in economic development. to provide an opportunity for students to study, discuss and evaluate some current research dimensions of finance so that students can apply the methods taught in the module to solve specific problems in finance. to consider specific issues and events like sovereign wealth funds or the global financial crisis of 2008 in the context of emerging economies. Objectives: On completing the module a student will have: an overview of the financial service industry in developed and developing countries. an understanding of the assumptions and analysis of conventional asset pricing theory, and its applications to investment in emerging financial markets. an understanding of what microfinance, rural finance and agricultural finance are and how they are important to economic development. an overview of investment and development funds. Assessment: There will be a two-hour unseen examination scheduled in the Summer Term. Pre-requisites: None. Main References: The reading will consist mainly of lecture notes and a number of articles which will also be recommended in the lectures. Useful texts as preliminary background reading are: Armendariz, B., and Morduch, J., The Economics of Microfinance, The MIT Press, 2005. Elton E J, Gruber M J, Brown SJ & Goetzmann W N, Modern Portfolio Theory & Investment Analysis, Wiley, 2007 46

Econometric Methods for Research Module Code: ECO00044M Credits: 20 Term: 1-2 Contact Hours: Module Organiser: 18 two-hour Lectures, 8 Seminars (44 contact hours) Dr. F. Bravo Overview: Econometric Methods for Research (EMR) is intended to help students to understand econometric techniques that are widely used in modern economic research. These include the multiple linear regression, panel data model, multiple equation models, nonlinear models, instrumental variables, maximum likelihood, and generalised methods of moments. The understanding of these topics is very important for those who intend to do some applied research in economics. It is essential for those who want to fully understand either theoretical or applied econometrics papers. Aims: To understand some of the econometric techniques used in modern economic research Objectives: On completing the module a student will be able to: define and illustrate the concepts of multiple linear regression, multiple equations models, nonlinear models, maximum likelihood and generalised method of moments; explain why these concepts are important in econometrics; apply these concepts to some simple examples; define and illustrate the concept of statistical hypothesis; Assessment: There will be a three-hour unseen examination in the Summer Term. Pre-requisites: The prerequisites for the course include some basic calculus, linear algebra and statistics. It is strongly recommended that students have taken at least an undergraduate econometrics course of the level of Stock and Watson s Introduction to Econometrics. The level of EMR is that of Wooldridge s Econometric Analysis of Cross Sections and Panel Data. Main References: Wooldridge, J. Econometric Analysis of Cross Sections and Panel Data 2 nd Edition, MIT Press 2010. Additional references will be provided during the course. 47

Econometrics 1 (One Term module) Module Code: ECO00013M Credits: 10 Term: 1 Contact Hours: 16 one-hour lectures, 4 one-hour problem classes and 8 computer practicals (28 contact hours) Module Organiser: Module Lecturers: Dr Vanessa Smith Dr Vanessa Smith and Dr Jia Chen Aims: to provide an introduction to the estimation, testing and interpretation of linear and non-linear econometric models; to develop mathematical, interpretive, and practical skills that are required when using these techniques; to provide experience in using modern econometric software. Objectives: On completing the module a student should be able to: recognise and interpret various mathematical objects that arise in the theory of least squares estimation and testing; offer correct interpretation of empirical estimation results; present and derive key statistical results discussed during the module at an appropriate mathematical level. Assessment: There will be a two-hour unseen examination scheduled at the start of the Spring Term. Guidance will be available on the module VLE pages. Pre-requisites: An understanding of topics in basic statistics is assumed at the level of the Statistics Review course, and some familiarity with elementary matrix algebra is highly desirable. Main Reference: Heij, C. et al, Econometric Methods with Applications in Business and Economics Oxford University Press 2004. (Core Text) 48

Econometrics 1 & 2 (Two Term module) Module Code: ECO00047M Credits: 20 Term: 1-2 Contact Hours: 32 x 1 hour Lectures, 8 x 1 hour Problem Classes and 16 Computer Practicals (56 contact hours) Module Organisers: Dr Vanessa Smith (Term 1) & Dr Michael Thornton (Term 2) Module Lecturers: Dr Vanessa Smith & Dr Jia Chen (Term 1) Overview: Dr Michael Thornton (Term 2) This module is designed to provide intermediate level knowledge of the core techniques employed in modern econometric analysis to those with some experience in Statistics and/or Econometrics during their undergraduate degree. Techniques are taught through a mixture of mathematical rigour and real world practical examples, with a view to enhancing problem solving skills and to developing students confidence in using the main empirical methods popular in Economics and Finance. Aims: To equip students with intermediate level knowledge of the core techniques employed in modern econometric analysis so that they are able: o to follow the techniques and arguments used in a range of empirical papers in Economics and Finance; and, o to undertake a successful empirical dissertation. See also description of Econometrics 1 Objectives: On completing the module a student should be able: to recognise and interpret various mathematical objects that arise in the theory of least squares estimation and testing; to extend these skills to the estimation and testing of models under conditions that commonly arise in economic and financial data, including: o non-linear models; o disturbances that are heteroskedastic and/or serially correlated; o dependent variables that are qualitative (can only take one of a finite number of values) or limited to the range of values they can take; o regressors that are endogeneous, through instrumental variable estimation and the generalised method of moments; and, o variables that are driven by long-run trends. to present and derive key statistical results discussed during the module at an appropriate mathematical level; and, to interpret correctly the results of empirical statistical analysis as performed using contemporary econometric software. Assessment: There will be a two-hour unseen examination at the start of the Spring Term for Econometrics 1 (term 1) and a further two-hour unseen examination in the Summer Term for Econometrics 2 (term 2). The grade for the whole combined module will be an average of marks in these two examinations. Guidance will be available on the module VLE pages. 49

Pre-requisites: An understanding of topics in basic statistics, at the level of the Statistics Review course, is assumed. Prior familiarity with elementary matrix algebra is not assumed, but is useful. Core text: Heij, C. et al, Econometric Methods with Applications in Business and Economics. Oxford University Press 2004. Optional text: Greene, W. Econometric Analysis. Prentice Hall 2008. (for more advanced students). 50

Emerging Market Macroeconomics Module Code: ECO00014M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 two-hour lectures and 4 one-hour seminars (22 contact hours) Professor F. G. Ozkan Overview: This module introduces students to key macroeconomic theories used to explore and explain the issues and problems facing developing economies at the beginning of the twenty first century. Aims: to introduce students to relevant macro theories used to shed insights into the problems of developing economies at the beginning of the twenty first century. to introduce students to insights revealed by classical and endogenous growth theories and the evidence on convergence. to introduce students to the range of macro models used to explain such phenomena as, inter alia, exchange rate policy and determination, trade policy, credit and debt. as such, to introduce students to the insights provided by such theoretical approaches into the general and specific issues facing developing economies. Objectives: Having completed this module, students should be able to: use a variety of theoretical tools to evaluate macro approaches to development issues acquire the relevant theoretical skills and understanding which will enable them to apply the insights to a variety of economic phenomena. evaluate published research on the topic. apply insights from macroeconomic theories to a variety of problems use insights from macroeconomic theory to establish working hypotheses which may be used in empirical work. Assessment: There will be a two-hour unseen examination at the start of the Spring Term. Pre-requisites: None. Main References: Agenor, P. R., and Montiel, P., Development Macroeconomics, Princeton University Press, 1999. Montiel, P., Emerging Market Macroeconomics, Cambridge University Press, 2003. Vegh, C., Open Economy Macroeconomics in Developing Countries, The MIT Press, 2008. 51

Evaluation of Health Care Module Code: ECO00015M Credits: 20 Term: 1-2 Contact Hours: Module Organiser: 27 x 2-hour Lectures, 4 x 2-hour Seminars (62 contact hours) Professor K. Claxton Overview: The module content includes: alternative methods of clinical evaluation, such as observational and experimental designs, as well as systematic reviews of clinical evidence and meta analysis; the measurement and valuation of health outcome; introduction to welfare economics; alternative approaches to questions of social choice; different methods of economic evaluation, such as cost-benefit and cost-effectiveness analysis;, appropriate decision rules in economic evaluation; discounting health benefits; and the role of decision analytic modelling in the evaluation of health care technologies. Aims: To provide a thorough understanding of the methods used to evaluate health care technologies. This requires an understanding of methods across different disciplines including epidemiology, clinical evaluation and economic evaluation. Objectives: On completing the module a student will: have a thorough knowledge of the relevant literature; be able to critically appraise published evaluations; have some practical experience of implementing appropriate methods. Assessment: You are expected to hand in one piece of written work during the term which can be based on your seminar presentation. The essay should be short (750-1,500 words) and typed. These essays are an important part of the preparation for the examinations and will be a valuable part of your revision. There will be a three-hour unseen examination scheduled in the Summer Term. Pre-requisites: Only available to students registered for the MSc in Health Economics and visiting students. Main References: The reading list covers the core lecture material in epidemiology and economic evaluation of health care. Additional reading may be given in individual lecture handouts circulated at the beginning of the lecture. The following books will be referred to: Campbell, M.J. and Machin, D., Medical Statistics: A Commonsense Approach, Wiley, 1993. Jones, A., (ed) Companion to Health Economics, 2 nd Edition, Edward Elgar, 2013. Drummond, M.F., Sculpher, M.J., O Brien, B., Stoddart, G.L. and Torrance, G.W., Methods for the Economic Evaluation of Health Care Programmes, 3 rd Edition, Oxford Medical Publications, 2005. (Draft of chapters of the forthcoming 4 th edition will be made available during the module.) 52

Experimental Economics Module Code: ECO00016M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 x two-hour Lectures, 2 x two-hour Seminars (22 contact hours) Professor J. Hey Overview: Overview of the Lectures: This year the module will have a different structure from that in the past. It will concentrate on how to run experiments, rather than looking at how other people have conducted particular experiments. Now we will use past experiments as illustrations, but the focus will be on methodology. Different types of experiments need different methods and we will partition the set of possible experiments into three broad categories: market experiments (including multi- and interconnected markets), interactive (essentially game theoretic) experiments and individual experiments. Methodological issues concern answering questions such as: what is the experiment designed to test? ; how do we design an experiment to investigate a particular question? ; what is the best experimental interface ; how do we provide an appropriate incentive to the subjects? ; how many subjects, questions and repetitions do we need? ; what kind of subjects do we need? ; should we collect supplementary data, for example, through questionnaires? ; how do we analyse the data? ; where do we publish the results?. Overview of the Seminars: The seminar programme will be decided after discussion with the students participating in the module. Ideally the seminars will involve hands-on experience, not only as subjects in experiments but also as experimentalists. Aims: to expose the students to the subject of Experimental Economics and to give an overview of some of its uses in different areas of economics, concentrating particularly on the appropriate methods. Objectives: On completing the module a student will be able to: understand the methodology and scope of experimental economics. understand how experimental economics complements other methodologies used in economics. critically assess experimental analyses. begin to carry out experimental studies of their own. have an overview of the applicability of experimental economics. Assessment: There will be a two-hour unseen examination scheduled for the Summer Term. Students can alternatively, if they wish, opt for assessment by a Group Project, to be submitted by the end of week 1 of the Summer Term. It might be noted that in the past the vast majority of students have opted for the Group Project. In these groups are free to choose their membership, and, after consultation, their project title. Pre-requisites: None. References: Reading material will be suggested during the module. 53

Finance & Investment Module Code: ECO00018M Credits: 10 Term: 1-2 Contact Hours: Module Organiser: 9 Lectures, 9 Seminars, 3 x 2 hour spreadsheet classes (18 contact hours), plus 1 hour revision class; primarily in term 1. Professor D. J. Mayston Overview: The module aims to introduce students to the main financial and economic analysis that is relevant to decision-making on which investment projects private sector firms should undertake and on individual financial investments in shares and other assets. Objectives: On completing the module a student will be familiar with: the underlying economic rationale for the Net Present Value investment appraisal rule, the relevance of the Fisher Separation theorem in this context, and what difference it makes to optimal investment appraisal decisions when investors do not have access to a perfect capital market. the concepts of compound interest, including perpetuities and annuities, and of continuous-time discounting, and their main applications, and understand the meaning of the concepts of internal rate of return and pay-back period rules, the concepts of compound interest, including perpetuities and annuities, and of continuous-time discounting, and their main applications. calculation of the above accounting measures and ratios, and be familiar with how inflation can distort the economic meaning of these ratios, and how inflation, non-constant interest rates and company taxation can be incorporated into NPV analysis. the principles and calculations that are relevant to assessing the desirability of entering into a leasing contract, from the viewpoints of both the potential lessee and the potential lessor. the concepts associated with state preference theory, expected utility theory, decision trees, break-even analysis, sensitivity analysis and Monte Carlo simulation, and their relevance to investment decisionmaking under uncertainty. how optimal levels of investment in a portfolio of risk assets can be derived, and the assumptions that are involved in mean-variance portfolio selection model. the assumptions and analysis of the Capital Asset Pricing Model and its implications for the incorporation of risk into the investment appraisal for projects and securities. the assumptions and analysis of the Arbitrage Pricing Model and of Options Pricing Theory, and the problems which they seek to tackle. how Options Pricing Theory can be applied to problems of optimal investment and risk management, in the context of both financial options and real options. Assessment: There will be a two-hour unseen examination scheduled for the Summer Term. The examination will be divided into two sections, with two questions to be answered from a choice of six essay questions in Section A of the paper, and one question to be answered from a choice of three mainly numerical questions in Section B. Section A will carry 70 per cent of the total possible mark and Section B will carry 30 per cent of the total possible mark. Pre-requisites: The module is only open to student taking the MSc in Project Analysis, Finance and Investment, or on the other MSc s in the Department of Economics and Related Studies for which it is a listed option. Main References: Brealey, R, Myers, S., and Allen, F., Principles of Corporate Finance, 11 th Edition, McGraw-Hill, 2013. Copeland, T.E., Weston, J.F. and Shastri, K., Financial Theory and Corporate Policy, 4 th Edition, Pearsons, 2014. 54

Financial Engineering Module Code: ECO00017M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 two-hour Lectures Dr. P. Zerilli Overview: This module covers models to price portfolios of stocks and various types of bonds and derivatives. It is useful for those progressing to the financial industry or to research in finance. The content is mathematical in nature and covers numerical techniques. Practical workshops will focus on the application of the theory using various softwares (mainly Matlab based simulations). Aims: Providing the students with an exhaustive background in pricing financial assets and derivatives using stochastic differential equations. Showing how to use various computer softwares (mainly Matlab) to have a deeper understanding of the theoretical models covered in the lectures. Assessment: There will be a two-hour unseen examination in the Summer Term. Pre-requisites: Continuous Time Finance. Main References: This module is based on the lecture notes. The material in the lecture notes is a synthesis of various texts and a number of specialist papers in this area that will be provided in due course. In particular reference is made to: * Hull, J.C., Options, Futures and other Derivatives, Prentice Hall, any recent edition. Although not necessary, a further useful reading would be: Bjork, T., Arbitrage Theory in Continuous Time, Oxford University Press, any recent edition. 55

Financial Market Microstructure Module Code: ECO00019M Credits: 10 Term: 1 Contact Hours: Module Organiser: 14 Lectures, 4 Seminars (18 contact hours) Professor P. N. Smith Overview: This course provides a theoretical and empirical analysis of the relationship between underlying investor demands and observed prices, returns and volumes of asset trade. It analyses financial market structure and price discovery in the light of modern theories of private/asymmetric information and looks at issues such as liquidity and non-synchronous trading. Aims: To introduce students to the mechanisms of price setting in financial markets. The topics covered include: trading structures; continuous trading and the consequences for data measurement, transactions data as well as foreign exchange market microstructure. Objectives: On completing the module the student will be able to: understand and explain the mechanisms of price setting in financial markets appreciate the importance of both theoretical and empirical developments in this field have a good understanding of the key areas of financial economics where microstructure matters most. Assessment: There will be a two-hour unseen examination scheduled at the start of the Spring Term. Pre-requisites: It is expected that you will also be registered for Theory of Finance (ECO00040M). Main References: De Jong, F. and Rindi, B., The Microstructure of Financial Markets, Cambridge University Press, Cambridge, 2009. Hasbrouck, J., Empirical Market Microstructure, Oxford University Press, Oxford, 2007. 56

Financial Markets Module Code: ECO00020M Credits: 10 Term: 2 Contact Hours: Module Organiser: 18 one hour lectures (18 contact hours), plus 3 one hour exercise classes Professor P. N. Smith Overview: The module begins with a brief review of asset pricing and market efficiency. The unifying organising asset pricing principle that is used is the stochastic discount factor model. This provides an arbitrage-free theory of asset prices. The lectures are mainly concerned with the application of this concept, and with the empirical evidence on the related concept of market efficiency. If assets are priced correctly then financial markets are behaving efficiently, and if they are mis-priced then financial markets are not efficient and opportunities may exist for profitable arbitrage. Aims: To examine the main empirical features of three key financial markets: the foreign exchange market, the bond market, and the stock market. Assessment: There will be a two-hour unseen examination scheduled for the Summer Term. Three exercises will be set during the course which will be discussed in exercise classes. Pre-requisites: Although there is no formal pre-requisite, you are strongly advised not to take this course if you have not taken the Theory of Finance or an equivalent course, or a course on econometrics. If you did not take Theory of Finance, you are urged to do some background reading about the key theories of asset pricing. To help such students, Financial Markets will begin with a brief review of the key theoretical concepts used in this course. Main References: These will comprise mainly texts but a number of articles will also be recommended in the lectures. Course Texts Cochrane, J., Asset Pricing, Princeton University Press, 2004. Cuthbertson, K., and Nitzsche, D. Quantitative Financial Economics, Wiley, 2 nd Edition, 2005. Comment Cuthbertson and Nitzsche provide a more accessible treatment of empirical finance than Cochrane which is more advanced but less comprehensive. 57

Financial Risk Management Module Code: ECO00021M Credits: 10 Term: 2 Contact Hours: Module Organiser: 13 contact hours and 2 hours review class Dr. P. Zerilli Overview: To provide a broad theoretical and practical grasp of the latest portfolio and business risk management and security valuation techniques, suitable for those progressing to financial industry, corporate treasury or to academic research in finance. Although the core content is mathematical in nature, the non-technical student should be able to understand the mathematics through the applications given in the lectures and seminars. This module will be of practical interest to students who are likely to find themselves (or talking to clients in) in the corporate treasury in their future career, but is of wider interest to finance practitioners and certainly of academic interest. Aims: To give students an understanding of the instruments used for financial risk management in practice, based on the theory of continuous time finance and derivative pricing. Risk-neutral and forward neutral valuation. Martingales Applications: portfolio insurance; hedging basic business exposures. Departures from log normality: fat tailed distributions; behaviour in extremis. Applications: management of interest and exchange rate risk; the volatility smile ; VaR. Assessment: There will be a two-hour unseen examination scheduled in the Summer Term. Pre-requisites: None. Main References: The basis of this module is provided by: Hull, J.C., Options, Futures and other Derivatives,, any recent edition. Supplementary reading: Duffie, D. and Singleton, K., Credit Risk, Princeton, 2003. 58

Fixed Income Securities Module Code: ECO00056M Credits: 10 Term: 1 Contact Hours: Module Organiser: 16 Lectures, 4 Seminars (20 contact hours) Dr. A. Golinski Overview: This module will familiarize you with a thorough knowledge of the fixed income securities and techniques available for fixed income securities analysts who want to use it for investing, market-making or speculating. Fixed income markets and instruments will be overviewed in detail and you will be taught the concepts of bond portfolio management. Both economic intuitions and practical implications will be emphasized. Topics include: Introduction to interest rate modelling Fixed income risk management Arbitrage free models Market models Fixed income derivatives Mortgage Backed Securities By the end of the course you ll have the skills to efficiently price various fixed income products and a good understanding of the main term structure models pros and cons. Aims: Knowledge and understanding Having successfully completed the module, you will be able to demonstrate knowledge and understanding of the main theories and techniques underlying the valuation of fixed income securities. You will be able to analyse financial market data and to do the valuation of fixed income securities and their organization into portfolios. Also, you will be able to evaluate recent methods of fixed income securities evaluation and portfolio performance measurement. Syllabus: Types of fixed income securities and the main market Yield measurements and bond prices sensitivities Yield curves and term structure theories Bond portfolio management Mortgage, mortgage backed securities and asset backed securities Assessment: There will be a two hour unseen examination in the Spring Term. Pre-requisites: None. Comments: This course is quantitative in nature and some mathematical derivations will be carried out. Students are expected to be familiar with basic mathematics, statistics and economics and some basic concepts of investment management. Main Textbook: Veronesi P., Fixed Income Securities, Valuation, Risk, And Risk Management, John Wiley & Sons, 2010. 59

Health Care Management Module Code: ECO00024M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 Lectures, 6 Seminars (15 contact hours), plus 1 hour revision class Professor D. J. Mayston Overview: The module aims to give a broad overview of problems facing the management of health care services, and particularly a publicly-funded system such as the UK National Health Service. It also includes a more detailed examination of several key topics of current concern, with particular emphasis on the interaction between problems of health care management, planning, and resource allocation, and the detailed application of the principles of sound economic analysis and financial management. Objectives: On completing the module a student should be familiar with: the key features of the organisational framework of health care systems, and the management tasks which they face. the differences which can arise between managing health care and managing health, the main factors which may determine population health, and the main issues which lifestyle problems and inequalities in health pose for a health care system. the long-term trends and financial pressures facing health care systems, and the scope for the improved management of human resources and skill mix in this context. the merits of different ways of allocating health care resources to individual health care commissioners and providers, and of organising the commissioning process. the merits of different approaches to the provision of information, including costing and case-mix information. the health care management issues associated with quality control and the existence of medical error and other quality problems. the problems which arise in the efficient management of the process of investment and procurement of health care capital facilities, and the merits of using private finance in funding and managing health care capital projects. the merits of different ways in which demands on health care capacity can be managed and modelled. the challenges which an ageing population poses for the provision of long-tern health and social care. Assessment: For tutorial coursework assessments, students must write one essay chosen from the Essay Questions listed for presentation during the relevant seminar and for marking. There will be a two-hour unseen examination scheduled at the start of the Spring Term. This typically involves three questions to be answered from a choice of eight questions based on the material covered by the module. Pre-requisites: The course is only open to students taking the MSc in Health Economics, or one of the other MScs in the Department of Economics and Related Studies for which it is a listed option. Main References: Hunter, D. Managing for Health, Routledge, 2007. Vissers, J. and Beech, R. Health Operations Management, Routledge, 2005. 60

Health & Development Module Code: ECO00025M Credits: 10 Term: 2 Contact Hours: Module Organisers: 20 contact hours Dr. P. Rosa Dias Overview: This module focuses on the application of economics to key topics in health policy in low and middle income countries. The course aims to equip students with the tools required to analyse and critically discuss these issues. Aims: to introduce students to current policy debates on health systems in developing countries to provide students with the economic techniques needed to analyse and discuss them to demonstrate the strengths and weaknesses of these techniques in fields such as health system financing, equity and the effectiveness of health programmes to illuminate the pros and cons of alternative policy directions Objectives: Having completed this module, students should be able to: identify and discuss the main topics of debate regarding the functioning of health systems in developing countries critically evaluate the strengths and weaknesses of a variety of techniques commonly used to analyse health systems and programmes in low and middle income settings understand how standard economic methods may need to be adapted in developing country contexts Assessment: A 3,000 word essay based on one of the course topics. The essay will be worth 90% of the final mark and is to be submitted by the end of the first week of the Summer Term. Students will also be expected to make one seminar presentation, worth 10% of the final mark. Pre-requisites: None. Main References: No one text fully covers the material required for the entire course. Key (and supplementary) readings will be provided for each topic. In addition, the following texts cover many of the topics discussed on the module: Jack, W., Principles of Health Economics for Developing Countries, Washington, World Bank, 1999. (intermediate-advanced) Bhatia, M., and Mossialos, E., Health systems in developing countries, in: A. Hall and J. Midgley, Social Policy for Development, London, Sage, 2004. (basic) 61

Witter, S., Ensor, T., Jowett, M., and Thompson, R., Health Economics in Developing Countries: A Practical Guide, Oxford, Macmillan, 2000. (basic) 62

Health Economics Module Code: ECO00026M Credits: 20 Term: 2 Contact Hours: 22 two-hour Lectures, 5 two-hour Workshops (54 contact hours); in term 2. Module Organiser: Professor L. Siciliani Aims: To provide a comprehensive training in the use of economic analysis in all aspects of health and health care. Objectives: On completing the module a student will be able to: show a comprehensive knowledge of the relevant literature critically appraise the literature, and have practical experience of implementing appropriate methods. Assessment: You are expected to hand in a piece of written work. This should be based on your workshop presentation. The essay should be short (1,500 words) and typed. These essays are an important part of the preparation for the examinations and will be a valuable part of your revision. There will be a three-hour unseen examination scheduled for the Summer Term. Pre-requisites: Only available for students registered for the MSc Health Economics and visiting students. Main References: For a general introductory text see: Folland, S., Goodman, A.C., and Stano, M., The Economics of Health and Health Care, Macmillan, 7 th Edition, 2013 Some of the readings on the list are taken from two reference books: Jones, A.M. (ed.) Elgar Companion to Health Economics, Edward Elgar, Second Edition, paperback, 2013. Culyer, A.J., and Newhouse, J.P., (eds.) Handbook of Health Economics, Elsevier, 2000. 63

Industrial Economics Module Code: ECO00027M Credits: 10 Term: 1 Contact Hours: Module Organiser: 7 two-hour lectures, 4 seminars (18 contact hours) Dr. B. Datta Overview: The module uses a game-theoretic approach and covers such topics as static and dynamic models of imperfect competition, product differentiation, advertising and search, market structure and entry, vertical relations, R&D and innovation, and network competition. The nature of this module is theoretical. Aims: to introduce students to the most recent theoretical advances in the field of Industrial Economics to provide students with sufficient background for analysing various forms of strategic interactions in imperfectly competitive markets to establish a sufficient level of knowledge about the field that may motivate students to pursue further research in the field of Industrial Economics Assessment: There will be a two-hour unseen examination scheduled at the start of the Spring Term. Pre-requisites: Knowledge of basic micro theory and game theory, and ability to do maths would be essential. Main References: There is no single text that covers all topics. However some of the widely used texts in this field are: The Theory of Industrial Organization by J. TIROLE, MIT press Oligopoly Pricing: Old Ideas and New Tools by X. Vives, MIT Press Handbook of Industrial Organisation. Vols. 1, 2, Elsevier, R. Schmalensee and D. Willig (ed) Handbook of Industrial Organisation. Vol. 3, Elsevier, M. Armstrong, and R.H. Porter (ed) Lectures will be supplemented by several journal articles. References will be provided in the lectures as well as in the syllabus. 64

International Macroeconomics Module Code: ECO00028M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 two-hour lectures and 4 one-hour seminars (22 contact hours) Professor G. Ozkan Aims: The aims of this module are: to address important policy questions relevant for open economies to establish a sufficient level of knowledge to allow students to pursue their own research in the area of open economy macroeconomics. Objectives: This module will be made up of two sections; international trade and international finance. The first part of the module will deal with the base of trade across developed countries (North-to-North trade) and between developed and developing countries (North-to-South trade) both from a theoretical and an empirical perspective. The second part will be devoted to the dynamics of international financial transactions. After successfully completing this module students will gain a better understanding of the determinants of the flow of goods across countries, the sources of exchange rate behaviour, underlying determinants of current account, the main features of the functioning of international financial markets, capital flows and portfolio diversification. Assessment: There will be a two-hour unseen examination scheduled for the Summer Term. Pre-requisites: A sound understanding of undergraduate macroeconomics and microeconomics is required. Moreover solid analytical and mathematical skills are required for a serious understanding of the material explained in class. Main References: There is no single text which covers all the topics adequately. The following texts will be used most frequently throughout the module. Feenstra, R., Advanced International Trade: Theory and Evidence, Princeton, NJ: Princeton University Press, 2003. Obstfeld, M. and K. Rogoff. Foundations of International Macroeconomics, MIT Press,1996. Krugman, P., Obstfeld, M., and M. Melitz, International Economics. Theory and Policy, Pearson 9 th Edition. Additional materials will be handed out in class. 65

Labour Economics Module Code: ECO00029M Credits: 10 Term: 2 Contact Hours: Module Organiser: 12 Lectures and 8 Seminars (20 contact hours) Professor K. Mumford Overview: This module introduces some of the major issues that are encompassed within modern labour economics. The program begins with an exploration of issues in labour supply, followed by studies of human capital theory and wage determination, the demand for labour, discrimination and earnings, bargaining behaviour and wage differentials. The latter section of the module considers the implications of simultaneous job creation and destruction over the business cycle; gross worker flows; job search and the duration of unemployment; and mismatch and the structure of unemployment. Seminar discussion will include topics such as: minimum wage legislation; migration; the impacts of unions in the 21 st century; the gender wage gap; job satisfaction and fairness; how voluntary is unemployment?; the implications for training of imperfect markets; and the effectiveness of labour market programs. Aims: To provide students with the appropriate analytical framework to (a) appreciate recent theoretical debate, (b) evaluate new empirical evidence, and (c) contribute to the current policy debate. Objectives: On completing the module a student may be able to realise the above aims and to analyse problems in labour economics. Assessment: The entire assessment for grading purposes will be ascertained from an unseen two-hour examination scheduled in the Summer Term.. During the seminars, students will be expected to carry out presentations and to involve themselves in related discussion and problem-solving. Students will be assessed for procedural (but not for grading) purposes on their seminar presentation (including submitted report) and involvement by the end of week 10 in the Spring Term. Pre-requisites: A strong understanding of microeconomics and macroeconomics as indicated by having an undergraduate degree in economics. Main References: There is no set text. Most of the module reading consists of journal articles. Reading lists will be distributed in lectures. 66

Management Decision Analysis Module Code: ECO00030M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 Lectures, 1 Practical (20 contact hours) Dr. Y. Ju Overview: This module provides an introduction to management science, with focus on Linear Programming, Decision Analysis, and other related decision problems in real life. The emphasis throughout is on the principles of problem formulation, the choice of appropriate models, the identification of data needs, the algorithms of key models and the interpretation of results, rather than on mathematical proofs. Aims: The course will present various mathematical models and describe the appropriate solution methods, and show how these can be used to set up and solve some frequently encountered problems. At the heart of the subject is the idea of optimizing some relevant objective while subject to (possibly many) constraints in order to reach a decision. Hence, the course will firstly focus on problems that can be solved using Linear Programming. Moreover, we will also cover other important and useful topics like decision analysis, Markov processes, inventory and network models. Objectives: On completing the module a student will be able to structure practical decision problems into appropriate analytical frameworks and solve stylised numerical problems. That is, solving relevant daily life management issues with the help of quantitative methods. Assessment: The assessment for the module is by means of an unseen written examination in the main examination period at the start of the Spring Term. It will be a two-hour examination consisting of four questions. Mock examination exercises will be available to students before the end of the teaching period. Pre-requisites: None. Main References: Anderson, Sweeney and Williams An Introduction to Management Science, Quantitative Approaches to Decision Making, 12 th Edition, Thomson South-Western Publishing Company, 2008. This is an excellent and very comprehensive textbook. 67

Micro Development Theory Module Code: ECO00031M Credits: 10 Term: 2 Contact Hours: Module Organiser: 20 (including lectures and problem solving classes) Dr. A. Bhattacharya Overview: This module introduces students to the analyses of key microeconomic issues and problems facing currently developing economies from a theoretical standpoint. Aims: to introduce students to relevant microeconomic theories and models used to understand some of the features of the less-developed economies. to introduce students to the idea of underdevelopment being an equilibrium phenomenon involving, for example, market failure, co-ordination and institutional problems. to introduce students to the insights provided by such theoretical approaches into analyzing the general and specific issues facing different sectors of developing economies. Objectives: Having completed this module, students should be able to: use a variety of theoretical tools to understand and analyze some of the crucial microeconomic issues of less-developed economies; acquire the relevant theoretical skills and understanding which will enable them to apply the insights to a variety of economic phenomena; evaluate some of the published research on the topics; use insights from microeconomic theory to establish working hypotheses which may be tested in empirical work on less-developed economies. Assessment: There will be a two-hour unseen examination in the Summer Term. Pre-requisites: None. However, for studying this course successfully, knowledge of the basics of Game Theory and Information Economics is helpful. Main References: Banerjee, A.V. and Duflo, E. (2011): Poor Economics, Public Affairs, 2011. Bardhan, P., and Udry, C., Development Microeconomics, Oxford, 1999. Basu, K., Analytical Development Economics, MIT Press, 1997. Ray, D., Development Economics, Princeton, 1998. These will be supplemented by other materials and papers. 68

Portfolio Selection and Management Module Code: ECO00032M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 two-hour Lectures and 2 one-hour seminars (20 contact hours) Dr. A. Golinski Overview: The module will cover techniques for asset allocation and related portfolio management issues. It shows how the theory that is developed in Theory of Finance is applied in the practice of asset management. The course content stays close to the syllabus of professional qualifications such as those provided by the CFA. The level of mathematics is kept at a fairly basic level. Aims: This module aims to introduce students to the classical and modern theory of portfolio management. The content of the module is theoretical but practical applicability will be emphasised throughout. Career: This module will be of practical interest to students who are likely to find themselves in (or dealing with clients in) the fund management industry in their future career. It is, however, of wider practical and academic interest. Contents: The following topics will be discussed: Risk and diversification; Mean-Variance portfolio selection; Aggregating individual decisions: CAPM and APT; Behavioural finance Discounted dividend models Performance measurement. Learning Outcomes: After successful completion of this module students are able to Explain the different theories used in portfolio management; Apply these theories to basic portfolio management problems; Critically assess the different theories used in portfolio management. Assessment: There will be a two-hour unseen examination scheduled at the start of the Spring Term. Pre-requisites: You are expected to register for Theory of Finance (ECO00040M). Main Reference: Bodie, Z., A. Kane and A.J. Marcus (2011), Investments and Portfolio Management, 9 th (global) edition, McGraw-Hill 69

Project Module Code: ECO00033M Credits: 10 Term: End of Term 1 & term 2 Contact Hours: 7 Lectures (one introduction and 6 case studies), 6 Laboratory Sessions (15 contact hours including supervision) Module Organiser: Professor Y. Shin Overview: This module is designed to help you with the transition from student course work to becoming an active applied researcher especially with a view to strengthening the skills that you will need for writing an applied econometric dissertation at the end of the MSc course work programme. Aims: to instruct you how to use the various types of data sources that are available to you, both electronically and through libraries; through case studies to show you how to apply econometric analysis to estimate the parameters of various economic models and to test various economic hypotheses; to give you practical experience in formulating, estimating and testing a particular model and in writing up your results. Objectives: On completing the module a student will: know how to access and transfer the main UK time series and cross sectional data sets electronically; know how to access and use a selection of econometric packages; appreciate how to use economic theory and econometrics to develop empirical models in applied fields; know how to evaluate models; have undertaken a study of your own and written up the results. Assessment: Assessment is by a written project that has to be submitted to the Economics Graduate Office by the end of week 1 of the Summer Term. Following six lectures and six labs, the students will select one of 6 topics and the data sets covered, and submit the written project by the end of the first week of the Summer Term, that forms the basis for the assessment of the unit. Students are also allowed to select the topic and collect the dataset themselves. (In this case you must discuss it with one of lecturers by the end of week 4 in Term 2.) The word limit of the project is about 3000. Further assistance will be provided by the weekly supervision by the lecturers during the latter part of Term 2. Pre-requisites: Econometrics 1 & 2 (ECO00047M) or Econometrics 1 (ECO00013M) and Applied Microeconometrics (ECO00005M) or Econometric Methods for Research (ECO00044M). Main References: For the microeconometric theory and Stata programming: 70

Colin Cameron and Pravin K. Trivedi (2005) Microeconometrics: Methods and Applications, Cambridge University Press Colin Cameron and Pravin K. Trivedi (2010) Microeconometrics using Stata, Stata Press. Greene W.H. (2003) Econometric Analysis, Prentice Hall Wooldridge J.M. (2002) Econometric Analysis of Cross Section and Panel Data, Massachusetts Institute of Technology For the macro and time-series econometric theory: Hamilton, J., Time Series Analysis, Princeton, 1994, Enders, W., Applied Econometric Times Series, 3rd Edition, John Wiley, 2009. The reading mainly consists of papers related to the six case studies. Below is a list of background references for each case. Additional topics and references may be provided in VLE. Job satisfaction Clark A.E., Frijters P, Shields M.S. (2008). Relative income, happiness and utility: an explanation for the Easterlin paradox and other puzzles, Journal of Economic Literature, 46(1), 95-144. Clark A.E., Oswald A.J. (1996). Satisfaction and comparison income, Journal of Public Economics, 61, 359-381. D'Addio A., Eriksson T., Frijters P. (2007). An analysis of the determinants of job satisfaction when individuals' baseline satisfaction levels may differ, Applied Economics, 39, 2313-2423. Easterlin R.A. (2001), Income and happiness: toward a unified theory, The Economic Journal, 111, 465-484. Ferrer-i-Carbonell A., Frijters P. (2004). How important is methodology for the estimates of the determinants of happiness? The Economic Journal, 114, 641-659. Hamermesh D.S. (2001), The changing distribution of job satisfaction, The Journal of Human Resources, 36, 1-30. Kahneman D., Krueger A.B. (2006). Developments in the measurement of subjective well-being, Journal of Economic Perspectives, 20, 3-24. Winkelmann L, Winkelmann R. (1998). Why are the unemployed so unhappy? Evidence form panel data, Economica, 65, 1-15 Female labour supply Blundell, R. and Macurdy, T., (1999). Labor supply: A review of alternative approaches, Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 27, pages 1559-1695 Elsevier. Gustafsson, S.S., Wetzels, C.M.M.P., Vlasblom, J.D. and Dex, S. (1996) Women's labor force transitions in connection with childbirth: A panel data comparison between Germany, Sweden and Great Britain, Journal of Population Economics Volume 9, Number 3 (1996), 223-246. Heather Joshi H., Susan Macran and Shirley Dex (1996) Employment after childbearing and women's subsequent labour force participation: Evidence from the British 1958 birth cohort, Journal of Population Economics Volume 9, Number 3, 223-246. Killingsworth, M.R. and Heckman, J. J. (1987). Female labor supply: A survey, Handbook of Labor Economics, in: O. Ashenfelter & R. Layard (ed.), Handbook of Labor Economics, edition 1, volume 1, chapter 2, pages 103-204 Elsevier. Returns to education 71

Ashenfelter, O. and A. Krueger (1994). Estimates of the Economic Returns to Schooling from a New Sample of Twins, American Economic Review, 84(5), pp. 1157-73. Angrist, J.D. and A.B. Krueger (1991). Does Compulsory School Attendance Affect Schooling and Earnings? Quarterly Journal of Economics 106(4), pp. 979-1014. Card, D. (1999) The Causal Effect of Education on Earnings. In Handbook of Labor Economics, ed. by Orley C. Ashenfelter, and David Card, vol. 3. North Holland, Amsterdam. Card, D. (1995) Using Geographic Variation in College Proximity to Estimate the Return to Schooling. In Aspects of Labour Market Behaviour: Essays in Honour of John Vanderkamp, e. by L. Christophides, K. Grant, and R. Swidinsky, Toronto, Canada: University of Toronto Press pp 201-222. (also available as NBER Working Paper No. 4483: http://www.nber.org/papers/w4483) Duflo, Esther. (2001). Schooling and Labor Market Consequences of School Construction in Indonesia: Evidence from an Unusual Policy Experiment. American Economic Review, 91(4): 795-813. Asymmetric Pass-through of the Gasoline Prices: Rockets and Feathers Bacon, R.W. (1991). Rockets and feathers: the asymmetric speed of adjustment of UK retail gasoline prices to cost changes. Energy Economics 13, 211-218. Borenstein, S., A.C. Cameron and R. Gilbert (1997). Do gasoline prices respond asymmetrically to crude oil prices? Quarterly Journal of Economics 112, 305-339. Borenstein, S. and A. Shepard (2002). Sticky prices, inventories, and market power in wholesale gasoline markets. Rand Journal of Economics 33, 116-139. Galeotti, M., A. Lanza and M. Manera (2003). Rockets and feathers revisited: an international comparison on European gasoline markets. Energy Economics 25, 175-190. Grasso, M. and M. Manera (2007). Asymmetric error correction models for the oil-gasoline price relationship. Energy Policy 35, 156-177. Johnson, R.N. (2002). Search costs, lags and prices at the pump. Review of Industrial Organization 20, 33-50. Pesaran, M.H., R.J. Smith and Y. Shin (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16, 289-326. Shin, Y., B. Yu and M. Greenwood-Nimmo (2009). Modelling Asymmetric Cointegration and Dynamic Multipliers in an ARDL Framework. Mimeo., Leeds University Business School. Spot and Forward Exchange Rates: A Cointegration Approach Bacchetta, P. and E. V. Wincoop (2007). Random Walk Expectations and the Forward Discount Puzzle. AEA Papers and Proceedings, 97, 346-350. Barnhart, S., R. Mcnown and M. Wallace (2002). Some answers to puzzles in testing unbiasedness in the foreign exchange market. Applied Financial Economics 12, 687-696. Engel, C. (1996). The Forward Discount Anomaly and the Risk Premium: A Survey of Recent Evidence. Journal of Empirical Finance 3, 123-192. Naka, A. and G.Whitney (1995). The Unbiased Forward Rate Hypothesis Re-examined. Journal of International Finance 14, 857-867. Newbold, P., M.E. Wohar, T. Rayner, N. Kellard and C. Ennew (1998). Two Puzzles in the Analysis of Foreign Exchange Market Efficiency. International Review of Financial Analysis 7, 95-111. 72

Pesaran, M.H., R.J. Smith and Y. Shin (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16: 289-326. Shin, Y., B. Yu and M. Greenwood-Nimmo (2009). Modelling Asymmetric Cointegration and Dynamic Multipliers in an ARDL Framework. mimeo., Leeds University Business School. Thornton L. Daniel (2007). Resolving the Unbiasedness and Forward Premium Puzzles. Working Paper, Federal Reserve Bank of St. Louis. Zivot, E. (2000). Cointegration and Forward and Spot Exchange Rates. Journal of International Money and Finance, 19, 785-812. The PPP Puzzle: the Cointegrating VAR approach Greenwood-Nimmo, M., V. H. Nguyen and Y. Shin (2012). Probabilistic Forecasting of Output Growth, Inflation and the Balance of Trade in a GVAR Framework. Journal of Applied Econometrics. Imbs, J., H. Mumatz, M.O. Ravn and H. Rey (2005). PPP Strikes Back: Aggregation and the Real Exchange Rate. Quarterly Journal of Economics CXX, 1-43. Murray, C.J. and D.H. Papell (2005). The Purchasing Power Parity Puzzle is worse than you think. Empirical Economics 30, 783-790. Pesaran, M.H. and Y. Shin (1996). Cointegration and Speed of Convergence to Equilibrium. Journal of Econometrics 71, 117-143. Pesaran, M.H. and Y. Shin (2002). Long-run Structural Modelling. Econometrics Review 21, 49-87. Rogoff, K. (1996). Purchasing Power Parity Puzzle. Journal of Economic Literature, 34: 647-668. 73

Public Finance Module Code: ECO00035M Credits: 10 Term: 2 Contact Hours: Module Organiser: 9 Lectures, 6 one-hour Seminars (15 contact hours) Dr. A. Krause Overview: An introduction to some of the most important contributions of economics to the field of taxation. The intention is to give equal weight to the economic modelling process and the policy implications of the economics analysis. Objectives: On completing the module a student will be able to: identify the major policy issues associated with taxation; be familiar with all the major strands of economic research relevant to the topic; learn how to read and understand mainstream research papers associated with the topic; see how economic theory can be linked to policy decisions in the field of taxation. Assessment: There will be a two-hour unseen examination scheduled in the Summer Term. Pre-requisites: None. Main References: The text for this module is: Myles, G., Public Economics, Cambridge: Cambridge University Press, 1995. The following form the core references: Atkinson, A.B., and Stiglitz, J.E., Lectures on Public Economics, 1980. Auerbach, A.J., and Feldstein, M., Handbook of Public Economics, Amsterdam: North Holland, volumes 1 and 2, 1985, and volumes 3 and 4, 2002. Guesnerie, R., A Contribution to the Pure Theory of Taxation, Cambridge: Cambridge University Press, 1995. Jha, R., Modern Public Economics, London: Routledge, 1998. 74

Public Policy Analysis Module Code: ECO00039M Credits: 20 Term: 1-2 Contact Hours: Module Organiser: 16 Lectures, 12 Seminars (28 contact hours) Dr. W. A. Jackson Overview: This module has two parts: the first part (Autumn Term) examines the theoretical issues surrounding distributive justice, inequality, poverty, human capital and output measurement; the second part (Spring Term) considers how economic techniques can be used to evaluate public policy in areas such as education, health care, retirement pensions and housing. Aims: To survey the main economic concepts and principles used in the analysis of public policy and demonstrate how they can be applied in practice. Objectives: On completing the module a student will be able to: identify the economic aspects of public policy understand the economic techniques used to analyse and appraise public policy apply these techniques to current policy questions reach an independent critical judgement about public policy matters Assessment: There will be a three-hour unseen examination scheduled for the Summer Term. Pre-requisites: None Main References: Useful as preliminary background reading are: Little, I.M.D., Ethics, Economics, and Politics: Principles of Public Policy, Oxford University Press, 2002. Hausman, D.M., and McPherson, M.S., Economic Analysis, Moral Philosophy, and Public Policy, 2 nd edition, Cambridge University Press, 2006. Barr, N., The Economics of the Welfare State, 5 th edition, Oxford University Press, 2012. 75

Public Sector Economics: Microeconomic Applications Module Code: ECO00036M Credits: 10 Term: 1 Contact Hours: Module Organiser: 9 Lectures (18 contact hours) Dr. M. Horvath Aims: The public sector is a major user of scarce resources and a source of a lot of intervention in the functioning of the private sector. This module investigates the issues involved in the design of policies to correct market failures and resolve equity-efficiency trade-offs. The aim is to equip students with the knowledge and analytical skills to be able to critically engage in the academic and non-academic debate on different aspects of government intervention. More specifically, the aim is to give students the necessary theoretical background to (i) follow the debate in the most relevant journals in the area of public economics; (ii) use advanced analytical reasoning to advise on policy in different areas of government intervention such as public goods, environmental protection or social insurance; (iii) be able to proceed towards doctoral study in public economics. Assessment: There will be a two-hour unseen examination scheduled at the start of the Spring Term. The examination comprises typically two questions from a choice of four questions. Pre-requisites: None. Key references: Besley, T. and Coate, S., 1991, Public Provision of Private Goods and the Redistribution of Income, American Economic Review, 81 (4), pp. 979-984. Epple, D. and Romano, R.E., 1996, Public Provision of Private Goods, Journal of Political Economy, 104 (1), 57-84 Gravelle, H. and Rees, R., 1992, Microeconomics, Prentice Hall, 2nd edition (or later) Ljungquist, L. and Sargent, T.J, 2004, Recursive Macroeconomic Theory, MIT Mueller, D.C, 2003, Public Choice III, Cambridge University Press. Myles, G. D., 1995, Public Economics, Cambridge University Press. Oates, W., 1999, An essay on fiscal federalism, Journal of Economic Literature, 37, 1120-1149. Stiglitz, J.E., 1974, The Demand for Education in Public and Private School Systems, Journal of Public Economics, 3, 349-385. 76

Statistics and Econometrics Module Code: ECO00037M Credits: 20 Term: 1-2 Contact Hours: Module Organiser: 54 contact hours Professor T. Yamagata Overview: The course is divided into two parts: The first part of SE builds on such topics as elementary probability, simple sampling theory and statistical inference (point and interval estimation and hypothesis testing concerning the mean (and sometimes the variance) of a normal population), one-way ANOVA and nonparametric statistical analysis. The second part of SE starts with ordinary least squares procedures for the linear regression model. The basic techniques of regression analysis are studied then we will examine a number of possible problems with the basic regression model and discuss how to cope with these problems. As the course proceeds, non-linear models will be introduced. Specific topics covered include: the OLS estimation of simple and multiple regression models, dummy variables, specification tests, instrumental variable estimation, heteroskedasticity, time series data models, autocorrelation, and maximum likelihood estimation method and binary choice models. Aims: SE provides an introduction to a range of statistical and econometric techniques commonly used in quantitative analysis. Special attention is given to the ideas behind the techniques, rather than to memorization of the techniques themselves. Objectives: On completing the module a student will be able to: define and illustrate the concepts of probability, random variables, point and interval estimation, hypotheses testing, correlation, estimation and statistical inference using the regression model; heteroskedasticity; autocorrelation; specification errors; dummy variables; instrumental variables techniques; binary choice models. explain why these concepts are important in quantitative analysis, apply these concepts to a real world situation, use a statistical computer package. Assessment: There will be a three-hour unseen examination scheduled for the Summer Term. You are advised to read the material concerning assessment on the module web page. Pre-requisites: None. Main References: Newbold, Paul; Carlson, William L.; Thorne, Betty. (2002). Statistics for business & economics. Upper Saddle River, NJ : Prentice Hall Dougherty, C., Introduction to Econometrics, Oxford University Press, 4 th Edition, 2011 77

Theory of Finance Module Code: ECO00040M Credits: 20 Term: 1-2 Contact Hours: 22 Lectures, 4 Seminars (26 contact hours); primarily in term 1. Module Organiser: Professor P. Spencer Overview: This module presents the fundamental concepts of modern finance theory. This will form the foundation for other modules in finance and is primarily designed for finance students. This material is reinforced by the specialist (Group A) finance options available in the spring term. Although this module is open to economics students, our experience is that they find this difficult without the support of the specialist modules and only the best economics student do well. Much of modern finance is technically demanding as it makes considerable use of mathematics. This is particularly true of derivatives and option pricing, an area central to modern finance that employs stochastic calculus instead of ordinary calculus. Aims: To provide a set of mathematical models and tools that can be used by those contemplating a career in finance or those considering doing further research in the subject. To develop an intuitive understanding of key concepts of finance. To present an overview of the topics that are the subject of modern finance. To provide sufficient training in the methods of modern finance so that students can formulate and solve a diverse set of problems that arise in the study of finance. To provide an opportunity for students to study, discuss and evaluate some research frontier dimensions of modern finance. Objectives: On completing the module a student will be able to: identify the major issues in the study of modern finance. apply the methods taught in the module to solve specific problems in finance. formulate a research proposal in finance. Assessment: Exercises will be available during the module. These do not count in the final module assessment. They are designed to help understanding of the material covered in the module by providing examples and further illustrations of the module content. There will be a three-hour unseen examination scheduled for the Summer Term. Pre-requisites: None. 78

Main References: The reading will consist mainly of lecture notes prepared by Professor Peter Spencer. Other readings will be drawn from the texts listed below. A number of articles will also be recommended in the lectures. Basic Theory: Cochrane, J. H., Asset Pricing, Princeton University Press, 2000. Ingersoll, J. E., Theory of Financial Decision Making, Rowman and Littlefield, 1987. Derivatives and Options: Hull, J. C., Options, Futures and Other Derivatives, 4th Edition, Prentice-Hall, 2000. Cuthbertson, K., and Nitzshe, D., Financial Engineering: Derivatives and Risk Management, Wiley, 2001. Other books that may be useful: Campbell, J. Y., Lo, A.W., and MacKinlay, A.C., The Econometrics of Financial Markets, Princeton, 1997. Duffie, D., Dynamic Asset Pricing Theory, Princeton, 2nd Edition, 1996. Neftci, S. N., An Introduction to the Mathematics of Financial Derivatives, 2nd Edition, Academic Press, 2000 Rebonato, R., Interest Rate Option Models, Wiley, 2nd edition 1998. 79

Time Series Module Code: ECO00041M Credits: 10 Term: 1 Contact Hours: Module Organiser: 14 one-hour lectures, 4 one-hour seminars and 3 one-hour PC practicals. Professor Y. Shin Overview: The module introduces the specification and estimation of linear time series models. We are mostly concerned with covariance-stationary series, though towards the end of the module we will examine the implications of relations between non-stationary series possibly in a system context. Aims: To provide an introduction to the statistical analysis of data observed at regularly spaced points in time, as arise in many areas of economics, finance, and more widely. Objectives: On completing the module a student will be able to: understand the main properties of the leading class of models used for studying time series; demonstrate a general understanding how to develop model formulation, specification and estimation in time series econometrics; evaluate basic econometric models and critically interpret the existing empirical literature; carry out an independent empirical analysis from collecting the data, estimating econometric specifications to writing a self-fulfilling report; approach the more advanced time series methods. Assessment: Assessment will be based on two in-course exercises (each 10%), one mini empirical project (10%) and twohour unseen examination (70%) at the start of the Spring Term. Formative work: Problem sheets and the project topic will be distributed, all of which will be graded, contributing to the final grade. Co-requisites: Econometics 1 (ECO00013M), Topics in Financial Econometrics (ECO00042M) and/or Econometric Methods for Research (ECO00044M) must also be taken. Main References: The primary source will be the lecture handouts available at Yorkshare VLE. Comprehensive treatment of the subject matter can be found in Enders, W., Applied Econometric Time Series (2004) and in more advanced Hamilton, J., Time Series Analysis (1994). Any change will be updated on VLE. Please check for any announcement or change on a regular basis. 80

Topics in Financial Econometrics Module Code: ECO00042M Credits: 10 Term: 2 Contact Hours: Module Organiser: 8 two-hour lectures and 5 one-hour classes. Professor Y. Shin Overview: The module is about the application of econometric methods in finance. Topics to be studied will be drawn from CAPM\asset pricing models, the Term Structure, risk management, capital structure, volatility (forecasting) models with applications to Value-at-Risk, and optimal hedge ratios, and various applications of event-study methods. Aims: to provide an introduction to the theory and practice of financial econometrics to enable students to study, discuss and evaluate contemporary research in the field to enable students to undertake the self-fulfilling empirical work Objectives: On completing the module a student will be able to: explain the analytical challenges posed by the properties of financial asset returns describe Value-at-Risk and related risk management measures explain the application of GARCH models in a variety of contexts explain and interpret CAPM and related asset pricing and term structure models Assessment: Assessment will be based on two in-course exercises (each 10%), one mini empirical project (10%) and twohour unseen examination (70%) scheduled for the Summer Term. Formative work: Problem sheets and the project topic will be distributed, all of which will be graded, contributing to the final grade. Co-requisites: Econometrics 1 (ECO00013M), and Time Series (ECO00041M) should also be taken. Main References: The primary source will be the lecture handouts and slides, but comprehensive treatment of the subject matter can be found in Brooks, C., Introductory Econometrics for Finance, Cambridge University Press, 2014, and Tsay, R.S., Analysis of Financial Time Series, John Wiley, 2010. More details will be available on Yorkshare VLE. Please check for any announcement or change on a regular basis. 81

Modules Offered by Environment Department For further details on these modules offered by the Environment Department see: http://www.york.ac.uk/environment/postgraduate/module-outlines/ Environmental Economics Module Code: ENV00019M Credits: 10 Term: 1 Contact Hours: Module Organiser: 20 contact hours Dr. Julia Touza Montero Overview: This module shows how economic theory, methods and techniques can be applied to the analysis of environmental problems. The module encourages students to draw on the extensive literature and provides examples of recent empirical applications. The following topics are covered: Introduction to environmental economics Welfare economics and market failure Environmental externalities and public goods Correcting environmental market failures using regulation, taxes, and tradable permits Environmental accounting Environmental decision-making International environmental agreements (controlling ozone and climate change) Biodiversity and Payments for Ecosystem Services (PES) Environmental accounting Module Outcomes: After completing the module, students should be able to: Discuss and analyse interactions between the economy and the environment Appreciate the strengths and shortcomings of different policies for managing environmental quality Describe and discuss how environmental economics contributes to policy development Identify and use appropriate methods to apply economic theory to real world examples Use theoretical and empirical literature to develop environmental policy arguments Assessment: This module will be assessed by: Presentation (15% of the mark) Coursework essay (15% of the mark) o Essay length = 1,200 words o Academic Integrity tutorial certification must be attached to the essay Coursework essay (70% of the mark) o Essay length = 2,800 words Main References: Harris, J. and Roach B. (2013) Environmental and Natural Resource Economics: A Contemporary Approach. M.E.Sharpe. 82

Kahn, J. (2005) The Economics Approach to Environmental Natural Resources. Thomson, South-Western. (broad coverage, easily accessible) Perman, R., Ma, Y., McGilvray, J. and Common, M., (2011) Natural Resource and Environmental Economics. Pearson Education Ltd. A full reading list is posted on the EARL resource list within the VLE. 83

Environmental Valuation Module Code: ENV00020M Credits: 10 Term: 1 Contact Hours: Module Organiser: 26 contact hours Dr. Rosa Mato Amboage Overview: The module will cover: (i) the conceptual and theoretical underpinnings for environmental valuation; and (ii) methods for valuing market and non-market consequences of changes in environmental quality. The focus of this module is on demand-side revealed and stated preference valuation methodologies. Both data generation (survey design) and analysis (logit and probit regression analysis) will be emphasized. Objectives: After completing the module, students should expect to be able to: Explain the conceptual and operational basis for the ecosystem services approach to valuation. Recognize and describe different categories of value within the Total Economic Value concept and their relationship to the ecosystem services framework. Explain the conceptual framework and theoretical basis for environmental valuation, drawing on appropriate concepts from microeconomic theory and welfare economics. Understand and explain the Random Utility Model (RUM) and the key implications regarding RUM error term assumptions. Describe the application of revealed and stated preference techniques for estimating different categories of environmental value and recognize which techniques are the most appropriate to use when implementing empirical valuation research. Understand and explain best practices in environmental valuation survey design and limitations for different approaches to data generation and collection. Combine appropriate theory, data generation techniques, empirical data, and estimation techniques to produce valuation estimates for changes in environmental quality using revealed (e.g., travel cost) and stated (choice experiments) preference methods. Describe and critique commonly used approaches for benefits transfer (environmental value transfer). Assessment: This module will be assessed by: Coursework (100% of the mark) o Practical (computer-based) exercises = 20% Week 10 o Survey design assignment = 30% (Week 1 Summer Session). o Term paper = 50% (Week 1 Summer Session). Topics will be distributed early in the term. Main References: Main textbook: Haab, Tim and McConnell, Valuation of Environmental Resources, Edward Elgar, 2002. Boadway, W. and Bruce N., Welfare Economics, Blackwell, Oxford, 1984. Garrod, G. and Willis, K.G., Economic Valuation of the Environment: methods and case studies, Edward Elgar, 1999. Louviere, J.J., Hensher, D.A. and Swait J.D., Stated Choice Methods: analysis and application, Cambridge University Press, 2000. Train, Kenneth, Discrete Choice Methods with Simulation, Cambridge University Press, 2002. Available on line from: http:// elsa.berkeley.edu/~train/books.html 84

Resource Economics and Management Module Code: ENV00036M Credits: 10 Term: 2 Contact Hours: Module Organiser: 26 contact hours Dr Peter Howley Overview: This module introduces to mainstream natural resource economics theory and natural resource economics modelling approaches, including bioeconomic (ecological economic) modelling and dynamic modelling of non-renewable resources. It also uses numerical and mathematical application examples to develop basic computer skills in economic modelling for natural resource management. Finally it draws attention to questions of suitability and implications of economic modelling for natural resource use in practice. The module will focus on fisheries, forests, water and minerals, including fossil fuels, as key natural resources. Aims: To provide students with detailed exposure to natural resource economics theories and modelling approaches; To provide empirical applications of theory by using mathematical and numerical techniques to solve dynamic allocation problems in renewable and non-renewable resources management; To discuss the strengths and shortcomings of different policies for managing natural resource based on natural resource economic theory; To develop software skills through computer practicals to enable students to carry out independent investigations and set up and solve natural resource management problems. Objectives: On completion, students should be able to: develop an understanding of concepts and theories in natural resource economics management under dynamic and static approaches; develop a working familiarity with techniques for numerical and analytical analysis of natural resource management problems; evaluate the policy implications of models of optimal resource management; evaluate the suitability of specific modelling approaches to research and manage different natural resource economics problems(e.g. fisheries, forests..); describe current challenges in natural resource economics research. Assessment: coursework (50%) [spring term] examination (50%) [summer term] Main References: Buongiorgno, J. & Gilles, J.K., Decision Methods for Forest Resource Managers, Academic Press, 2003 Conrad, J., Resource Economics, Cambridge University Press,, 2010 Grafton, R.Q., Adamowicz, W., Dupont, D., Nelson, H., Hill, R.J. & Renzetti, S., The Economics of the Environment and Natural Resources. Blackwell, 2004. Kaiser, M.H. & Messer, K.D., Mathematical Programming for Agricultural, Environmental and Resource Economics, John Wiley & Sons, (2011). Perman, R., Ma, Y., McGilvray, J. & Common, M., Natural Resource and Environmental Economics, 3 rd edition, Pearson Education Ltd., 2003. A full reading list is posted on the EARL resource list within the VLE 85

7. ASSESSMENT OF STUDENTS 1. Preliminaries Coursework performance is primarily assessed through written examinations. Where assessment is in the form of written work (essay, project, dissertation) all work submitted late, without valid mitigating circumstances, will have ten percent of the available marks deducted for each day (or part of each day) that the work is late, up to a total of five days, including weekends and bank holidays, e.g. if work is awarded a mark of 60 out of 100, and the work is up to one day late, the final mark is 50. After five days, the work is marked at zero. Examples of previous examination papers can be obtained from the Morrell Library or from the Department s website http://www.york.ac.uk/economics/current-students/gsp/pg-exams/. Whenever there is to be a change in the structure of a paper, students will be notified in writing in advance. If the change is of any substance, a specimen paper, in the new form, will be made available to students free of charge. Unless stated otherwise, each question carries equal weight within a paper. 2. In the Examination Hall Students must obey the instructions of the invigilators during examinations. In particular, they must not try to gain an unfair advantage over other students by continuing to write after they have been told to stop by the invigilator at the end of an examination. Students who disobey the invigilators and continue writing after the end of an examination will be identified, brought to the attention of the external examiners, and an appropriate reduction of mark will be determined at the meeting of graduate examiners. No notes, papers or books may be taken into the examination. For some mathematical and statistical papers an official handout may be provided in the examination room giving details of key formulae. Where this is to happen, a specimen will be made available to students so that candidates know what they may expect to receive in the examination itself. Calculators may be used in some examinations. The University will supply a calculator for such examinations and you must not take your own calculator into the examination room. The standard calculator for university examinations is the Casio fx-85es; see http://www.york.ac.uk/students/studying/assessment-and-examination/taking-an-exam/what-to-bring/ Prior to the start of examinations, each candidate will have received an examination number (e.g. Y1234567). To preserve anonymity, this number, not the candidate s name, should be written on the cover of the answer book and each page of the script. Examiners do not know the number given to a candidate and so each candidate remains anonymous in the marking process. The University takes a very serious view of academic misconduct and penalties will be applied to students who are found to have attempted to mislead examiners. Section 8 provides further details. More information can be found in the Students Guide to University Closed Examinations; see https://www.york.ac.uk/media/abouttheuniversity/supportservices/academicregistry/registryservices/e xams/students%20guide%202014%20[web%20version].pdf. 3. Marking The candidate s answers are marked by an internal marker and moderated by a second internal marker. An agreed mark is determined by the two internal markers. All marks are in percentage form. The internal examiners marks and a selection of scripts are then sent for review to an external examiner from another university. Marks are rounded to the nearest integer with 0.5 being rounded up, e.g. the raw marks 53.2, 52.5 and 49.8 are rounded to 53, 53 and 50 respectively. The marks that emerge from 86

this process are then assembled for consideration at the examiners meeting, which is attended by both the internal and external examiners. 4. Aggregation of Marks For each MSc degree, 100 credits of coursework are assessed by examinations. The constituent modules vary by MSc and the student s choice of options (see Section 5 of MSc Handbook). The examinations marks are used to obtain a set of ten rounded marks in descending order after including the mark of each 20 credit module twice. For example, suppose the marks for a candidate are: Module Credit Weight Examination Mark 20 53 10 53 10 52 20 50 10 51 10 32 10 37 10 40 then the corresponding ordered sequence is (53, 53, 53, 52, 51, 50, 50, 40, 37, 32). The rules used for classification involve the consideration of rounded credit-weighted mean marks. This is calculated by rounding the raw mean of the rounded marks to the nearest integer with 0.5 being rounded up, e.g. if the ordered sequence of rounded marks is (53, 53, 53, 52, 51, 50, 50, 40, 37, 32) then the raw mean is 47.1 and the mean used for classification is 47. For the award of the Postgraduate Certificate, the best six marks are used to calculate the rounded credit-weighted mean. 5. Classification of Candidates for MSc Degrees The possible levels of performance are as follows: MSc with Distinction, MSc with Merit, MSc, Postgraduate Certificate, and Fail. The determination of the level of performance has two components, performance in the coursework examinations and the quality of a short dissertation written over the summer vacation (see MSc Dissertation Marking, Subsection 8 below, for details). A mark of 0-49 is a fail. (a) In order to be recommended for the MSc with Distinction, a candidate must satisfy the following conditions on the first attempt: 1. the rounded credit-weighted mean mark (over 180 credits, i.e. of examined modules and the dissertation) is at least 70; 2. there are no marks of 0-49; 3. the mark on the dissertation is at least 70. (b) In order to be recommended for the MSc with Merit, a candidate must satisfy the following conditions on the first attempt: 1. the rounded credit-weighted mean mark (over 180 credits, i.e. of examined modules and the dissertation) is at least 60; 2. there are no marks of 0-39 87

3. marks of 40-49 in at most 20 credits; 4. the mark on the dissertation is at least 60. (c) In order to be recommended for the MSc, a candidate must satisfy the following set of conditions either on the first attempt or after resits. 1 1. the rounded credit-weighted mean mark (over 100 credits of examined modules) is at least 50; 2. there are no marks of 0-39; 3. marks of 40-49 in at most 40 credits; 4. the mark on the dissertation is at least 50. MSc RESITs: If on the first attempt the candidate did not meet conditions 1.-3. in (c) above but obtained 0-49 in at most sixty credits with 0-39 in at most forty credits, then the candidate is entitled to reassessment in at most 40 credits-worth of those modules where the first attempt mark is in 0-49. The final mark after the resit is the higher of the mark on the first attempt and the resit mark. (d) In order to be recommended for the Postgraduate Certificate, a candidate must either satisfy the conditions in (c) except for the dissertation requirement (4 in (c)) or satisfy the following set of conditions either on the first attempt or after resits. 1. the rounded credit-weighted mean mark (over 60 credits of examined modules) is at least 50; 2. among the 60 credits, there are no marks in 0-39; 3. among the 60 credits, marks in 40-49 in at most 20 credits. PGCert RESITs: If on the first attempt the candidate did not meet conditions 1.-3. in (d) above but obtained 0-49 in at most seventy credits with 0-39 in at most seventy credits, then the candidate is entitled to reassessment in at most 20 credits-worth of those modules where the first attempt mark is in 0-49. The final mark after the resit is the higher of the mark on the first attempt and the resit mark. So students who meet conditions 1.-3. in (c) or (d) above pass the coursework examinations at the Postgraduate Certificate level and are not required to submit a dissertation. Their programme of study at York finishes at this point. (e) If the candidate s marks do not satisfy the conditions in (a)-(d), the candidate is judged to have failed. Please be aware that it is possible that the marks on the first attempt may be such that no resits will be offered, resulting in the classification Fail, e.g. if on more than 70 credits the marks are in 0-49 then the candidate is not eligible to resit even for the PGCert. Examples: 35 35 35 35 35 35 35 50 50 50 Resit could be offered in 20 credits but that would be insufficient to meet condition (d) 2. 1 The final mark after the resit is the higher of the mark on the first attempt and the resit mark and could be as high as 100. The candidate s transcript will show both marks as well as a rounded creditweighted mean which will be (a) the pre-resit rounded credit-weighted mean in the event that the candidate s mean was at least 50 on the first attempt, (b) 50 if the candidate s mean on the first attempt was in 0-49, or (c) the post-resit rounded credit-weighted mean where both the pre-resit as well as the post-resit numbers are in 0-49. 88

35 35 35 35 35 35 35 45 50 50 No resit offered [0-49 in more than 70 credits]. 6. Meeting of the Graduate Examinations Committee The Graduate Examinations Committee meets in week 10 of the Summer term each year. All internal and external examiners are present at the meeting, personal circumstances permitting. Candidates are classified anonymously and, to the extent that it is feasible, the remaining deliberations and decisions are also reached under anonymity. After candidates have been classified on the basis of the examinations marks, the recommendations of the Mitigating Circumstances Committee as regards medical and compassionate evidence that has been submitted is considered (Section 9 provides further details). The examiners decide what weight such evidence should be given and whether they wish to revise their earlier decisions in any way in light of the MCC s recommendations. The Examinations Committee then submits the results to the Departmental Graduate School Board to be ratified. This Board also receives comments from the external examiners (then or later) concerning the conduct of the examinations, the standards achieved, etc. After ratification by the Departmental Graduate School Board, the results are released to students, but are not official until ratified by the University itself. This is normally a formality, but could be substantive if any irregularity were discovered in the examination procedure. Candidates have the right to appeal against the outcome of the examination to the University, but this would have to be on the grounds of irregularity, since the examiners decisions on matters of substance are final. 7. Resit Examinations Resit examinations in 2015/16 will take place in the week beginning 15 th August 2016. The rules governing the conditions under which a candidate is entitled to resits were mentioned in Subsection 5. The Registrar s Office will write to the candidate indicating which papers the candidate may retake. The candidate decides which papers to retake in consultation with her/his supervisor. As noted in Subsection 5 under MSc RESITs and under PGCert RESITs, candidates may not resit papers on which their mark was in 50-100. As noted in Subsection 5 (c), if the resit marks, when combined with relevant original marks, imply a pass at MSc level, the candidate can qualify for the MSc by presenting a satisfactory dissertation by the end of September in the year in which resit examinations are taken, or by a specified later date if an extension has been obtained. As noted in Subsection 5 (d), if the resit marks, when combined with relevant original marks, imply a pass at Postgraduate Certificate level, the candidate will receive a Postgraduate Certificate and her/his programme of study at York finishes at that point. A fee for resit examinations is payable by candidates to the University. The Examinations Committee submits the results of resit examinations to the Departmental Graduate School Board for ratification. This Board also receives comments from the external examiners (then or later) concerning the conduct of the resit examinations, the standards achieved, etc. The results of resit examinations are released to students, but are not official until ratified by the University itself. This is normally a formality, but could be substantive if any irregularity were discovered in the examination procedure. Candidates have the right to appeal against the outcome of the examination to the University, but this would have to be on the grounds of irregularity, since the examiners decisions on matters of substance are final. 89

8. MSc Dissertation Marking All dissertations are assessed by an internal examiner and a selection are then moderated by a second internal examiner. As noted in Subsection 5, to obtain an MSc with Distinction (or with Merit), students must also obtain a mark of 70 (or 60 for Merit) or above in the MSc dissertation, in addition to the criteria specified in (a) (c), while to obtain an MSc students must also obtain a mark of 50 or above in the MSc dissertation. Students who fail the dissertation (i.e. those who obtain a mark of less than 50) will be given the opportunity to revise and resubmit their dissertation only if their mark falls in the range 40 49, and in such an event the mark after resubmission will be capped at 50. Students who obtain a mark below 40 will not be offered the revise and resubmit opportunity and will be awarded the Postgraduate Certificate. Likewise, if following resubmission of the dissertation, the mark is still below 50, the Postgraduate Certificate will be awarded. All dissertations submitted late, without valid mitigating circumstances, will have ten percent of the available marks deducted for each day (or part of each day) that the work is late, up to a total of five days, including weekends and bank holidays. After five days, the dissertation is marked at zero. 9. Appeals Procedure The University has made provision for students to appeal the outcome of written examinations. Details of the appeals procedure may be found at: https://www.york.ac.uk/students/help/appeals/. The rules used to reach the decisions of the examiners can be found in the University s Guide to Assessment, Standards, Marking and Feedback 2014 2015 at http://www.york.ac.uk/media/abouttheuniversity/supportservices/academicregistry/registryservices/gu ide/guide%20to%20assessment%202014-15.pdf. 90

8. ACADEMIC MISCONDUCT Academic misconduct means breaking the rules of academic integrity and this is why we regard any form of academic misconduct as a very serious offence. For a list of what the University considers as academic misconduct, visit: www.york.ac.uk/about/departments/support-and-admin/registry-services/academic-misconduct/ The University Academic Integrity Tutorial Students at the University of York are part of an academic community in which we all share and discuss ideas and in this way develop and improve our own ideas. This is done freely but on the basis that we acknowledge the source of the ideas we are working with. The online Academic Integrity Tutorial on the VLE explains what is meant by academic integrity and provides information on the key issues affecting every student, such as what plagiarism is and how to avoid it. The tutorial is organised into three sections, with short tests at the end of each that you need to successfully complete. As a student at the University, you are required to successfully complete the online Academic Integrity Tutorial. In the Economics Department this takes place in your first term, you will need to have completed the tutorial by Friday 30 th October 2015. You can discuss these arrangements with your supervisor at your first meeting who should be able to answer any queries you may have. Completion of the online Academic Integrity Tutorial is a compulsory part of your degree. In order to successfully complete the tutorial, you must score 100% in all three section tests. Failure to complete this tutorial by the time you submit your first piece of summative assessment will mean that your work cannot be marked and you will not be able to gain your award. To complete the tutorial you will need to log into the Yorkshare VLE: https://vle.york.ac.uk/. The Academic Integrity Tutorial is located in your Module List. 91

9. MITIGATING CIRCUMSTANCES Responsibility for Providing Medical, Compassionate and other Mitigating Evidence The onus is on the student, who wishes medical and compassionate evidence to be taken into account, to provide that evidence in written form to the Postgraduate Office within one week of students taking the affected examination(s). Those in any doubt whatsoever should err on the side of caution and obtain the evidence and present it to the Postgraduate Office. Mitigating Circumstances Policy Guidance for Students What counts as a mitigating circumstance? The University defines a mitigating circumstance as a problem that you have encountered which goes beyond the normal difficulties experienced in life and that has affected your academic performance adversely during the assessment period for which you are claiming. The following guidance outlines the policy, procedure and evidence you need to submit if you want to make a claim for mitigating circumstances. How and when do I make a claim? You must inform the departmental Postgraduate Office about mitigating circumstances that have arisen and/or problems you have encountered that you believe may or have affected your academic performance in assessments. This is done by completing and submitting the Mitigating Circumstances Claim Form within one week of taking the examination. If you are requesting an extension you must submit your claim before the submission deadline. The form is available from http://www.york.ac.uk/economics/current-students/gsp/ (under useful links tab). In the unlikely event that your mitigating circumstances prevent you from submitting your claim at the appropriate time, you should submit your claim as soon as you are able to do so. The evidence should show clearly why you were unable to submit the claim before the date of the assessment or the deadline for submission of the assessment. Information to assist you to complete the University s Mitigating Circumstances Claim Form: PART A: Name, Student Number, Programme Title and Department - You must complete all these sections. Brief details of your mitigating circumstances You must describe briefly and clearly the relevant circumstances involved, and how you feel that these affected you in relation to any assessment, for example having taken an exam whilst ill or completed coursework whilst experiencing exceptional personal difficulties (see below for more details). List supporting evidence submitted Enter details here of the documentary evidence you are submitting. These details should show the mitigating circumstances involved, relevant dates and evidence source, for example your doctor. Securely attach your evidence to the form. Without relevant supporting evidence it is likely that your claim will be rejected (see below for details). Details of assessments affected You must list each assessment that you believe will be or has been affected by the mitigating circumstances you are claiming and complete all sections. 92

Student Declaration: You must read and sign the declaration and insert the date on which you signed the declaration. PART B: This is for official use and must NOT be completed by you. Additional Information: How is my claim considered? Your circumstances will normally be considered by a Mitigating Circumstances Committee (MCC), which will meet when necessary. Students cannot attend these meetings. The MCC can consider your claim only if you have both completed the Mitigating Circumstances Claim Form and submitted relevant evidence supporting your claim. Your claim will remain confidential and will be disclosed only to the MCC and those administering the Committee. For this reason your claim cannot be anonymous. If, however, you appeal against the decision of the MCC, members of the University s Special Cases Committee and its administrator will see your claim and the associated evidence. What are the possible outcomes of my claim? If your claim is ACCEPTED, it is usual that either you will be permitted to attempt the assessment again, or you will be granted an extension to the submission deadline. If you are permitted a new attempt and you accept this option, and you received a mark for your original attempt, the original mark becomes void and is replaced with the mark for the new attempt. If your claim is NOT ACCEPTED, the original mark for the assessment will stand. This mark could be a mark of zero if you have not taken the original assessment. How will I be notified of the MCC s decision? You will receive written/email notification of the MCC s decision. You will be informed of the reason if your claim is rejected. What evidence do I need to provide if I am ill? If you fall ill and can go to the University s Health Centre, you can be seen by a Medical Adviser there. They will complete the Confirmation of illness affecting assessment form which you can use as evidence for your mitigating circumstances claim. This service is available for all students even if they are registered with another doctor. If you cannot go to the University s Health Centre you can obtain evidence from another doctor. Please take a copy of the Confirmation of illness affecting assessment form with you, which can be found at: http://www.york.ac.uk/media/studenthome/supportwelfareandhealth/academicprogress/documents/co nfirmation%20of%20illness%20form.pdf Other third party medical evidence can also be considered, such as evidence of emergency treatment (e.g. from a dentist, Accident and Emergency doctor and others). This evidence should state the nature of your illness/injury and the length of time you will not be able to engage with academic work effectively. If you have suffered from long-term illness you should provide a medical certificate or letter from your usual doctor or hospital consultant. Letters from the Open Door Team regarding medical conditions should specifically state that the Open Door team is in possession of documentary medical evidence 93

to support this request and state who has provided the evidence. (Letters from the Open Door Team regarding non-medical conditions are discussed below.) What other circumstances are normally accepted and what evidence do I need to provide? For all students: Circumstances normally accepted Compassionate grounds Exceptional personal circumstances 2 Close bereavement 3 Victim of a serious crime Disabilities for which reasonable adjustments are not yet in place and where the delay is not due to the student Serious and unforeseeable transport difficulties Interviews for placements or for employment Legal proceedings requiring attendance Examples of evidence that would support a claim based on this circumstance A letter from the Open Door Team, a counsellor or a relevant independent third-party explaining that, in their professional opinion, the circumstances have had a serious impact on your ability to engage with academic work effectively during the assessment period in question A letter from a relevant independent third-party (such as the Open Door Team, a counsellor, or a GP) explaining that, in their professional opinion, the circumstances have had a serious impact on your ability to engage with academic work effectively during the assessment period in question A death certificate A crime report and number A letter from the Disability Services A letter from the relevant transport company or evidence of a major road incident Evidence showing that the interview date cannot be rearranged A letter from a solicitor or a court Note: The timing and nature of the above circumstances should have adversely affected your performance on the assessment(s) for which you are claiming mitigating circumstances. What does not normally count as a mitigating circumstance? 1. Paid work commitments or constraints arising from paid employment for full-time students. 2. Minor illnesses, for example, those for which only self-certification under the University scheme is available. 3. Disabilities for which reasonable adjustments have been made or where you have experience or time to manage the situation. 4. Long-standing minor medical conditions such as hay fever. 5. Over-sleeping. 2 For example, the illness of a dependent or the repossession of your accommodation. 3 The following relatives are accepted as close without further evidence: spouse, civil partner, child, parent, sibling, grandparent, and grandchild. For other bereavements, evidence of closeness in the form of a statement from a third party should also be provided. Additional evidence should be provided where mitigation is claimed for an extended period where the bereavement is not close, for example, for more than a fortnight following the death of the relevant person. 94

6. Holidays. 7. Minor everyday surmountable obstacles, for example, disruption to normal domestic routine (it being reasonable to expect the student to alter such routines to accommodate known arrangements for assessment). 8. English being a second language. 9. Moving house. 10. Deadlines for work being set close together. 11. Planned health appointments. 12. Financial difficulties. 13. Breakdown of personal relationships unless leading to compassionate circumstances as described above. 14. Weddings. 15. Unavailability of course books/resources. 16. Attending or taking part in sporting or social events. 17. Voluntary work. 18. Refusal to return for assessments scheduled in the August resit period as required by Regulation 5.6. Attendance on placements or internships that run across the resit period, being on holiday outside the UK, or living somewhere a long way from York are not acceptable circumstances for not attending. 19. Mitigating circumstances that affect an individual in relation to group assessed work cannot be claimed by other members of the group. What circumstances are never accepted 1. Loss of work not backed-up on disk or printing problems. 2. Misreading of the examination timetable. 3. Accidential submission of an incorrect document (e.g. an assignment from another module or an incomplete earlier draft of the assignment). 4. In the event of electronic submission, the following will not be accepted as mitigation o The student submits the wrong file type or a corrupted file. o The student begins their upload after the deadline has passed. o A claim of technical issues on behalf of the University with no proof of an error message/system failure on either the VLE or the University network. Why might my claim be rejected? 1. 2. 3. 4. 5. 6. 7. 8. The full information required by the mitigating circumstances claim form is incomplete. No independent documentary evidence has been supplied to support the request (letters from family, fellow students or academic supervisors are not normally sufficient on their own). The timing of the circumstances cited would not have adversely affected the assessment(s). The nature of the circumstances cited is not over and above the normal difficulties experienced in life. The evidence submitted does not support the student s claim that the nature of the circumstances was over and above the normal difficulties. The mitigating circumstances claim form was not submitted by the Department s deadline and the mitigating circumstances would not have prevented the student making a claim by the deadline. Sufficient mitigation has already been made for the same circumstances. The mitigation is a disability for which reasonable adjustments have been made. 95

How do you appeal against the decision of the MCC? If the Graduate School Board had not yet received the recommendation of the MCC you can ask the Board to consider your appeal. You should write to the Director of Graduate School stating why you think the MCC has reached the wrong decision in your case. If the Graduate School Board has already received and approved the MCC s recommendation you will need to appeal to the Special Cases Committee. You should write to the Special Cases administrator stating why you think the MCC has reached the wrong decision in your case. You should do this within four weeks of receiving notice of the MCC s decision. Information and advice on appeals is available from: the administrator to Special Cases Committee: student-support@york.ac.uk and YUSU/GSA academic@yusu.org or advice@yorkgsa.org The University s Academic Appeals Regulations can be found at: http://www.york.ac.uk/about/organisation/governance/governance-documents/ordinances-andregulations/ 96

10. DISABILITY AND LEARNING DIFFICULTIES The University believes that those with disabilities should have access to the full range of academic, cultural and social activities it offers. To that end, the University takes all reasonable steps to meet both the general need for access and the specific needs of individuals with disabilities. Disabled students, in common with all other students, are accepted by the University on the grounds of academic attainment and potential to benefit from the programme for which they apply. Practical problems arising from disability are a secondary consideration and are only of relevance if they cannot be overcome. The University is experienced at responding to the additional support requirements of students with disabilities such as sensory or physical impairment, mental ill health, medical or health conditions, or specific learning disabilities such as dyslexia. If you have a disability, please inform the University as soon as possible, so that any special arrangements can be planned in advance. If you have specific concerns about undertaking your chosen programme of study please contact the Department or Disability Services. Disability Services can be contacted as follows:- Disability Services Website: http://www.york.ac.uk/students/support/disability/ E-Mail: disabilityservices@york.ac.uk Tel: 01904 (32) 4785 Address: Sally Baldwin Buildings, Block B, University of York, Heslington, York, YO10 5DD 97

11. FEEDBACK FROM AND ASSESSMENT BY STUDENTS An important part of the Department s procedures for assessing its success (and remedying failure) lies in your hands: (a) (b) (c) through the informal channels of your lecturers and tutors, your supervisor and, if necessary, through the Director of your MSc, the Director of the Graduate School Board or the Head of Department. through your formal representation on the Board of Studies and Graduate School Board (see page 104); through your personal participation in module evaluation. With regard to (c), one formal process by which teaching is monitored is through the use of student questionnaires. At an appropriate time in each module, you will be asked to fill in an online questionnaire designed to find out your views on a variety of specific as well as general aspects of the module. You are encouraged to complete these as advised at the time. Your replies will be seen both by the teacher in question and by the Head of Department, and you may fill them in anonymously. You should discuss your progress with your supervisor at the start of each term. To help you to judge your own progress, the information which you will have available includes marks for formative assessments (such as exercises and problems sets) which do not count towards your final mark on the module; and (by the start of summer term), marks for any exams taken in January. 98

12. THE MSC DISSERTATION Candidates are required to complete a short dissertation (as a guideline think of 10,000 words as a maximum, excluding references and materials presented in the appendix). This is to be written after the summer examinations and submitted by Friday 16 th September 2016; except for Health Economics students whose deadline is Friday 30 th September 2016. The dissertation is an important part of the learning process of the MSc. The aim is to allow candidates to develop their knowledge of the subject further through studying some aspects in greater depth, or through acquiring new techniques of analysis. The expectation is that candidates will address an interesting idea or aspect of the literature, provide a clear description of the relevant theory and reach provisional conclusions (positive or negative). The conclusions may be based either solely on a review of the literature without the use of new sources, new data or new methods, or on a greater element of original work with new sources, data or methods. Within this general framework, candidates are offered choice in the selection of topic and style of dissertation. Candidates who choose not to rely mainly on the available literature are advised that they may face difficulties in obtaining data, or in producing empirical results in time to meet the completion deadline. Those choosing to base the dissertation on existing literature are advised that a catalogue of previous approaches, or other work without the element of evaluation, is not sufficient. Candidates are expected to come up with their own topics of research and contact prospective supervisors. Once students have found a supervisor, organised supervision will be provided to assist in the initial stages of the dissertation: for example, in identifying a particular area within the chosen topic and in the preparation of the framework of analysis. It is normally expected that thereafter, the work on the dissertation and its drafting will be carried out by the student without further timetabled supervision. The supervisor should of course be consulted, subject to availability, if there are difficulties. The supervisor should normally be consulted before submission of the final draft of the dissertation. The following are examples of the sort of dissertation that might be undertaken, but this list is not intended to be exhaustive: (a) (b) (c) A selective survey of an area of economic research, economic policy or econometric methods with a view to identifying and critically evaluating a few key issues in the area. The aim is both to acquire more detailed knowledge of an area and to develop analytical and evaluation skills. A new analysis of a theoretical or policy problem as a result, for example, of changing one or more of the assumptions, or using a different method of analysis. The theory may be economics, finance or econometrics. The focus here is more on acquiring and using the analytical tools. A re-examination or replication of empirical findings as a result, for example, of using a different economic theory, different econometric or computational methods, or new data. Timetable During the spring term, formal arrangements will be made to assist students to select a dissertation topic, and arrange a supervisor. By the end of spring term, students should have settled upon a dissertation topic and have found a dissertation supervisor. Whilst students can get started on their research any time around the end of the spring term, they are expected to do most of their focused research after the summer term exams. 99

By the end of July, students are expected to have a detailed framework of analysis and a timetable for preparing dissertation, agreed with the dissertation supervisor. Further information about MSc dissertation will be provided in the spring term. The completed dissertation should be submitted to the Departmental Graduate Office by 16 th September 2016, except in the case of Health Economics students, who should submit it by 30 th September 2016. For details on how to submit, see below. The format of the dissertation The dissertation should, ideally, be double-spaced and printed single-sided. It should be bound in some manner, e.g. card covers front and back with a tape or spiral binding along the spine. The title page should include the following details: University of York Department of Economics and Related Studies Your name Your dissertation supervisor s name Your dissertation title Your MSc degree programme (e.g. MSc Finance) The date of submission (e.g. September 2016) The dissertation should include: Contents Page Abstract Introduction Main Chapters Conclusion References/Bibliography Submission of the dissertation Students should submit: (i) one electronic version on VLE at the Economics Dissertation submission point. To find instructions on how to submit your dissertation, log onto your VLE account and click on Economics Dissertation. (ii) one paper copy to the departmental Graduate Office (bound in some way, e.g. card covers front and back with a tape/ring binding). (iii) Students with valid mitigating circumstances and with submission deadlines outside the normal period should provide an electronic version in a pdf format sent to the following e-mail address: econ-msc-submissions@york.ac.uk Dissertations submitted late, without valid mitigating circumstances, will have ten percent of the available marks deducted for each day (or part of each day) that the work is late, up to a total of five days, including weekends and bank holidays, e.g. if work is awarded a mark of 60 out of 100, and the work is up to one day late, the final mark is 50. After five days, the work is marked at zero. Those students who are not in York at the time of submission must submit their dissertation on VLE by the due date. In addition, they should also send their paper copy by post, by some recorded method, to Jo Hall in the Postgraduate Office, where it should be post-marked by the due date. We will acknowledge receipt by e-mail. 100

If your address changes at any point between submission of the dissertation and graduation, you must ensure you either inform the department of the change or amend your record in e:vision yourself. For the most up-to-date information about any aspect of MSc dissertations, students should consult the Dissertation webpage on the VLE. Summer Research Placements Students on the MSc in Health Economics do a summer research placement. The placement covers (approximately) the period 1 July to 30 September and is spent preparing an 8-10,000 word dissertation under the supervision of an experienced health economist. The placements involve the cooperation of many different institutions including academic research units, the NHS and pharmaceutical companies. Most students are based in the UK but over recent years there have been placements in Australia, Canada, Finland, France, Greece, the Netherlands, New Zealand, Portugal, Spain, Sri Lanka, Switzerland, and the USA. The placement differs from the standard dissertation in that the placement supervisor suggests the research topic. A list of available topics is circulated in the middle of the Spring Term and students are allocated to their preferred placements before the Easter vacation. Students should not try to organise their own placements. But suggestions for topics and host institutions are always welcome and should be given to the Director of the MSc (Luigi Siciliani). 101

13. STARTING A RESEARCH DEGREE AT YORK There is no automatic right for students who have completed their MSc to transfer to the MPhil or PhD programme. Students are usually required to hold a Bachelor degree in Economics with a 2:1 or 1st class honours (or overseas equivalent), an MSc with a high average mark. MSc programmes providing little or no background in Economics and Econometrics or without formal examinations at postgraduate level in Economics and Econometrics do not meet the entry requirement. Furthermore, students wishing to apply for an MPhil or PhD research degree must write a research proposal. Research Proposal Guidance Your research proposal should provide details on (i) your main research question, (ii) the relevant literature and your planned contribution to the current research in the area, (iii) the econometric and/or theoretical modelling methods that you plan to use, (iv) the data source (only if you envisage empirical work). The proposal should be of about 1,000 to 2,000 words. Before drafting the proposal you should make sure that your research interests are aligned with the Department of Economics and Related Studies. The Department has 5 main areas of research (clusters) (1) Microeconomic Theory, (2) Macroeconomics/Finance, (3) Econometrics, (4) Applied Microeconometrics, (5) Health Economics and (6) Economic History. For each of these clusters details are available at http://www.york.ac.uk/economics/research/ A description of research interests of the academic staff can be found at http://www.york.ac.uk/economics/our-people/academic-staff/ Details on the application procedure and submission methods are provided in http://www.york.ac.uk/study/postgraduate/apply/ while more details of the research degree can be found at http://www.york.ac.uk/economics/postgrad/research-degrees/ 102

14. THE SUPERVISORY SYSTEM Since we regard the supervisor/supervisee relationship as an extremely important aspect of the core programme teaching arrangements, and since many of you will be unfamiliar with the York supervisory system, it will probably be helpful to outline some of the more important functions which we normally expect supervisors to perform. Your supervisor should be: (i) someone to approach with problems of a personal or non-academic nature for which help or advice is required. It should be stressed that if you so wish, anything of a personal nature will be treated by your supervisor as being strictly confidential. Your supervisor will also be able to refer you to other sources of help. (ii) a channel of access to the Departmental and University Graduate School Boards. Your supervisor will, for example, put your requests for transfer of status, leave of absences, etc., to the Departmental Graduate School Board and argue your case. (iii) a general supervisor of your core programme work. You will thus hold regular meetings with your supervisor to discuss the progress of your study in general as well as specific academic problems. It is important that you should routinely see your supervisor at the start of each term. If you are absent from the University for any period of time, you must inform the Economics Graduate Office, Jo Hall jo.hall@york.ac.uk and your supervisor. If at some point you became unhappy with your supervision, and you wish to raise this matter with somebody but not to make a formal complaint, there are a number of ways to do this. The Director of the Graduate School would be glad to help, as would the Head of Department. Advice could also be sought form the Graduate Students Association, Registry Services, the Student Support Hub, the Open Door Team, Colleges, and College Provosts. 103

15. MONITORING OF STUDENT ATTENDANCE The department keeps a record of the attendance of MSc students in a number of different ways. This has become more important as a result of recent UK government legislation regarding immigration. Universities are now subject to periodic external checks by the relevant government agencies concerning the attendance of students holding a Tier 4 entry visa (i.e. students normally resident outside the EU). The university needs to be able to satisfy the authorities that it has appropriate procedures in place for ensuring that all registered students are genuinely pursuing their studies. If you are repeatedly absent, or absent for a long period, without explanation, there is a risk that your Tier 4 visa may be withdrawn. To avoid this risk, it is important for you to ensure that we have a complete record of your attendance. We monitor attendance in the following ways: At meetings with your supervisor at the start of the Autumn, Spring and Summer terms, and also at a further compulsory meeting in weeks 6 or 7, during the supervisor s office hours. At meetings of seminars, or small-group problems classes. In addition to sessions which are timetabled as lectures, most MSc modules have sessions which are timetabled as seminars (these may also be called problems classes or tutorials ). We ask the seminar tutors to make a note of each student s attendance at the seminars and to record this in a central database. At exams, which take place in January and in May/June. During the period of your work for the MSc dissertation (June - September), your dissertation supervisor is asked to record three interactions with you. An interaction will normally be a face-to-face meeting, but it could alternatively be another form of communication such as an exchange of emails, to allow for the possibility that either you or your supervisor may temporarily be away from York If you are prevented from attending in the above ways for any reasons beyond your control (e.g. illness, or family problems requiring you to leave York), it is important to let your supervisor, or seminar tutor, or the Economics Postgraduate Office (Room AD/101), know as soon as possible. Policy about the monitoring of attendance is set by the University. More details about this policy can be found on the University s web pages, at: https://www.york.ac.uk/students/studying/tier4/ 104

16. CHANNELS OF COMMUNICATION WITHIN THE GRADUATE SCHOOL There are various channels of communication within the University and the Department, depending upon the nature of the communication and which way the communication is going. If it is from you, the appropriate channel is as follows: (1) Academic nature - you should consult your supervisor in the first instance; if he or she is not able to help (or is inappropriate) consult the Director of your MSc programme; failing that you should consult the Director of the Graduate School or Head of the Department. (2) Bureaucratic nature (connected with the Department) - you should consult the Postgraduate Administrator (Jo Hall) or her Assistant (Mandie Hudson). The departmental Graduate Office in situated on the first floor of Alcuin College D block, room A/D/101. (3) Administrative nature (connected with the University) - you should consult the Registry Services in the Student Administration Building. For general enquiries please email: registryservices@york.ac.uk. (4) Personal nature - ask your supervisor for advice; he or she will advise you appropriately. Our usual methods of communication to you are as follows: (1) Graduate Noticeboard - this is situated outside the departmental Graduate Office please check this regularly. (2) Your University email address you should check your university email account on a regular basis. Please make sure that your inbox doesn t become full as you may not receive important emails from the Department or University. If you experience any problems with your email account you should report this to IT Services immediately. (3) Internal mail please check the MSc pigeonholes regularly; these are situated outside the departmental Graduate Office. (4) For matters related to the teaching of individual modules: through announcements in lectures, through lecture handouts and through the modules web pages (also known as Yorkshare or the VLE ). One important source of two-way communication is through the main departmental boards. There is graduate representation on the two main boards: the Board of Studies and the Graduate School Board. The Graduate School Board takes responsibility for the running of the departmental Graduate School. On each of these committees there are MSc student representatives. The Course Directors will ask for volunteers to become an MSc student representative at the beginning of the academic year. This is a very important role for feeding views between students and staff. 105

17. OTHER DEPARTMENTAL AND UNIVERSITY FACILITIES FOR POSTGRADUATE STUDENTS 1. Teaching/Seminar Facilities 1.1. Summer Session in Micro-Economics and Quantitative Economics Prior to the start of the academic year there is a five week residential course in microeconomics, macroeconomics and quantitative methods available for students as a preparation to the MSc degrees if their background is limited. This course is also available on a distance learning basis. Normally we will routinely advise students who we feel would benefit from this course but anyone interested can contact; Dr Maria Garcia Reyes, the Summer Session Organiser, Department of Economics and Related Studies, for further information: mariaelena.garciareyes@york.ac.uk 1.2 Seminar Series There are various seminar series in which MSc students are welcome to participate. The main ones are: 1.2.1 General Departmental Seminars There is a general departmental staff/research student seminar, usually every Wednesday during term time and usually addressed by visitors. Department seminars are advertised in the weekly ReminDERS bulletin. 1.2.2 Staff Research Workshops There is a regular staff research workshop at which staff present research results. Research and MSc students are welcome to attend. 2. Information Facilities The Department has site licences or network licences for most computing software: Microfit, OxMetrics, including PCGive, Stata, Matlab, Eviews, Gauss, Scientific Workplace, WinEdt, MathType and other finance oriented software. All supported PC s on campus have access to Thomson Reuters Datastream and CRSPSift. Many Financial data and Social and Economic data are available through the numerous subscriptions held by the library. EG Nexis UK, Passport: Global Market Information Database, World Trade Organisation: International Trade and Market Data, Eurostat, OECD ilibrary Statistics, and the UK Data Service The Department has its own Discussion Paper Series. Past MSc dissertations are available for inspection via the Dissertation pages of the VLE. 106

3. MSc Study Area There is a dedicated suite of offices in a building adjacent to staff offices, which is exclusively for the use of MSc students. There is a PC room with 18 computers, 1 networked printer, 1 Smartboard and several meeting rooms/areas. There are also numerous empty desks and wireless access to the network for laptop users. There is a kitchen area and coatroom with lockers, and there is also an office for the two study area managers who are available for advice and help. Usually MSc students use this either for individual private study or for team learning. This space is available every day. The MSc Health Economics students have their own study area in the Health Economics Resource Centre. There is a PC room with 22 computers, 1 networked printer and 2 Smartboards. There are also numerous empty desks and wireless access to the network for laptop users. At the start of the academic year your accounts will be charged with the equivalent of 25 of free printing. This will allow you to use the York Print Plus devices across campus, and within the HERC and MSc areas. After that quota is used you will need to charge your own accounts for additional printing/photocopying. Please use the study area respectfully. Do not allow entry to any students who are not students on Department of Economics & Related Studies MSc programmes. Individuals found to be misusing the study area may have their access rights withdrawn. 4. University-level Facilities In addition to the above departmental facilities, there are many relevant university facilities: (i) The University s IT Services offer a variety of resources to support teaching and learning. As part of the enrolment process, you will be provided with an IT Services account which gives you access to a range of facilities including an email account, central filestore and printing. Remember to keep the password for your IT account private IT Services staff will never ask you to reveal your password by email, in person, or on the phone. IT Services maintains a number of IT rooms across Heslington West, Heslington East and at King s Manor. Most of the rooms are open 24/7 and may be used by all students, regardless of their college. For more information, visit www.york.ac.uk/it-services/it/rooms/. You can print, copy, and scan in most IT rooms colour and A3 printing and copying are available. If you re using your own laptop or other mobile device, you can access the University s Eduroam wireless network, this is also available in York city centre. Access to the network (including the internet and email) is available in all on-campus college accommodation, and some off-campus accommodation, via the Network Access Service (NAS). When you re away from the University, you can connect to York facilities including email and filestore. Visit www.york.ac.uk/it-services/connect/ for more details. The IT Support Office is your first point of contact with IT Services, providing information and advice on IT issues and basic software support. It s located in the Harry Fairhurst building and is open Monday Friday, 09:00-17:00. You can visit in person, email itsupport@york.ac.uk, or phone (01904 32) 3838. 107

A series of online IT training modules, delivered via the VLE, are available to all students, covering essential IT skills for study and for employment. For further information, visit: www.york.ac.uk/it-services/training/students/. One-to-one mentoring is available where appropriate. To find out more about IT Services visit www.york.ac.uk/it-services/ or refer to the IT Services User Guide given to all new students on arrival. You can keep up to date with news and developments at twitter.com/uoyitservices and facebook.com/uoyitservices. (ii) The main University Library is the JB Morrell Library, next to the Seebohm Rowntree building. New students are automatically enrolled to join the Library; your University Card is also your Library card for borrowing books. For information about all the Library s collections, including how-to guides for new students, start from the Library s Economics portal: http://libguides.york.ac.uk/economics. The Library s e-resources include e-books, e-journals and newspapers, economic and financial databases and bibliographic databases such as EconLit and Web of Knowledge. Secure links from the Library s website enable you to login to these services from any network, using your University of York username and password. All the recommended reading for taught modules can be found in the Library s print or electronic collections, unless you are advised otherwise by lecturers. Module sites on the Yorkshare VLE incorporate reading lists which link to the Library Catalogue and the appropriate host websites for e-resources. If the Library doesn t have the publication you need, we may be able to borrow it for you: http://www.york.ac.uk/library/borrowing/interlending/ Follow the Library on Twitter for news and service updates: @UoYLibrary. (iii) Registry Services is the central administrative unit concerned with MSc student admissions and registration, student fees, personal cases and examination matters. We report to them. They can be contacted on registry-services@york.ac.uk you can also consult their web pages: http://www.york.ac.uk/about/departments/support-and-admin/registry-services/ (iv) The Graduate Students Association (GSA) www.yorkgsa.org The GSA is the primary representative body for all registered postgraduate students at the University of York and works hard to help postgraduates to achieve their aim: gaining a postgraduate degree. This is done through: Raising postgraduate views within departments through Postgraduate Academic Representatives, who act as a channel of communication between the University and fellow postgraduate students. If you would like to become a Postgraduate Academic Representative for your department contact advice@yorkgsa.org Providing support services that enhance student wellbeing, including: free sport sessions, trips, events and peer to peer groups. For further details on these services contact info@yorkgsa.org In addition, for postgraduates who may find themselves with mitigating circumstances, problems with progression, or suspected of academic misconduct, the GSA can provide support and representation. If you require these services please contact advice@yorkgsa.org 108

18. STUDENT SUPPORT AND WELFARE SERVICES The University's Student Support Network is designed to provide students with quick and easy access to a variety of sources of help and advice on all aspects of life as a student. Personal supervisors in academic departments are responsible for overseeing both academic progress and providing effective pastoral support through advice and guidance to support students personal development and wellbeing. In addition students will be part of a college which will ensure that they are part of a community. Each college has a team which includes the Head of College, Assistant Head of College and College Tutors, who also have responsibility for students well-being. Every full-time student is a member of a college and part-time students can request membership of a college. Students may approach their college team for help and advice whether or not they are resident in the college at the time. Central support services available to all students include the Accommodation Office, the Open Door Team, Disability Services, the Student Support Hub, the Equality and Diversity Office, the International Office, the Student Financial Support Unit, Careers, and the Harassment Advisers (who offer support in cases of harassment). The department also has an Equal Opportunities Officer and a Harassment Officer (please contact the Graduate Chair for the names of the current holders of these posts). In addition administrative offices such as Registry Services provide information and advice. Support is also available through the student-run organisations, particularly the Students Union and the Graduate Students Association. Information about the student support network and its co-ordination is widely disseminated so that students seeking assistance in any quarter can, if necessary, be referred quickly to those with the specialist knowledge and skills to help them. Information about support services can be found on the Student Support Hub website: http://www.york.ac.uk/student-support-hub/ including the main contributors to the student support network, information about the Campus Nursery, Unity Health and the Chaplaincy. Contacts for religions and faiths can be found from the Chaplaincy website http://www.york.ac.uk/univ/chap/. Health and Safety In respect of Health, Safety and Welfare, students: shall at all times, whilst they are on University premises or taking part in University activities, follow the Health, Safety and Welfare Policy and comply with any health and safety instructions given to them by the University, its Departments, the Students' Union, Athletic Union, Graduate Students Association or International Students' Association shall not, without the consent of the member of staff in charge of the area or activity, introduce any equipment for use on University premises, alter any fixed installations, alter or remove health and safety notices or equipment, or otherwise take any action which may create hazards for persons using the premises or employees of the University shall not, intentionally or recklessly, interfere with or misuse anything provided by the University in the interests of health, safety or welfare. Equality and Diversity The University is a diverse environment and welcomes different perspectives. We have a strong commitment to equality and diversity and to an environment free from bullying and harassment. Policies are in place to ensure that people are treated fairly on grounds of age, race, colour, nationality, 109

ethnic origin, creed, disability, HIV status, sexual orientation, gender, marital or parental status, belief or social or economic class. The Equality and Diversity web pages at www.york.ac.uk/admin/eo give details of policies, codes of practice and training. 110

19. CAREERS DEVELOPING YOUR EMPLOYABILITY Developing your employability is about extending skills, making contacts, broadening ideas, and understanding how to use your experiences to enhance your future. Throughout your time at York, you will have many opportunities to do all of this and Careers can help you make the right choices and use them to your advantage. The Careers website is packed with all you need to start your career planning and is constantly updated with the latest information, on: Fairs and event dates Skills workshops Community and volunteering programmes Enterprise activities Information for career planning and job hunting Part-time jobs and internships Links to employers Recent graduate profiles and much more. Postgraduate specific pages, for both taught and research postgraduate students, can be found at www.york.ac.uk/careers/postgraduates. The Careers Timeline can help you manage your time at York with suggestions of what to do when in your career planning. Check out the online employability tutorial, designed to help you understand yourself, your options and the way forward at vle.york.ac.uk. Also log onto www.york.ac.uk/careers/gateway for your personalised Careers account where you can: Sign up for updates in sectors that interest you Search hundreds of graduate vacancies Explore part-time work, internships and volunteering opportunities Access a wide range of Careers events Book appointments with Careers staff. To keep up-to-date with the latest events and activities in Careers find us on Facebook at www.facebook.com/yorkcareers and follow us on Twitter @UoYCareers. Find the Careers Centre between Campus Central car park and the Berrick Saul building, near the Market Square shops. During term we re open Monday Friday 10.00am 5.00pm. Vacation opening times vary and can be found on our website. 01904 322685 careers@york.ac.uk www.york.ac.uk/careers 111

20. MATHEMATICS AND STATISTICS REVIEW COURSES MATHEMATICS REVIEW COURSE Course Objective: The purpose of this course is to review basic mathematical concepts and techniques. Most students will recognise the material, though with varying degrees of familiarity. The idea of the Review course is to bring everyone to a common level, in preparation for the start of term. Content: Topics in one-variable and multivariable differential calculus; topics in integral calculus; topics in optimization theory; elementary differential and difference equations. Main Reference: Sydsaeter K., & Hammond, P., Essential Mathematics for Economic Analysis, Pearson, 2006. STATISTICS REVIEW COURSE Course Objective: to provide a review of the basic statistical results required at the start of the Statistics and Econometrics module and other modules in Econometrics to provide examples of the ways in which these results can be used in statistical analyses of economic variables and relationships Content: Preliminary mathematics; random variables and probability distributions; binomial distribution; normal and related distributions; covariance and correlation; asymptotic behaviour; central limit theorems; probability limits; estimation theory (point and interval estimation); maximum likelihood estimation; and testing hypotheses. Main References: Kmenta, J., Elements of Econometrics, 2 nd Edition, Macmillan, 1986. Maddala, G.S., Introduction to Econometrics, 3 rd Edition, Macmillan, 2001. Newbold, P., Statistics for Business and Economics 3 rd Edition, Prentice-Hall, 1991. Wooldridge, J.M., Introductory Econometrics, 2 nd Edition, Thomson-South Western, 2003. Note: Many worked examples and useful discussions can be found in: Spiegel, M.R., Schiller J., and Srinivasan R.A., Schaum s Outlines, Probability and Statistics, 2 nd Edition, McGraw-Hill 2000. 112

TIMETABLE FOR MATHEMATICS AND STATISTICS REVIEW COURSES Mathematics: Dr. Joao Madeira Statistics: Dr. Vanessa Smith Tuesday 22nd September Mathematics: 9am 12pm Room A/TB/056 & 057 Wednesday 23rd September Mathematics: 9am 12pm Room A/TB/056 & 057 Thursday 24th September Mathematics: 9am 12pm Room A/TB/056 & 057 Friday 25th September Mathematics: 9am 12:pm Room A/TB/056 & 057 Monday 28th September Mathematics: 9am 12pm Room A/TB/056 & 057 Tuesday 29th September Statistics: 11am 1pm Room A/TB/056 & 057 2pm 4pm Wednesday 30th September Statistics: 10am 12pm Room A/TB/056 & 057 1pm 3pm Thursday 1 st October Statistics: 10am 12pm Room A/TB/056 & 057 1pm 3pm Friday 2 nd October Statistics: 9am -12pm Room A/TB/056 & 057 PLEASE NOTE: Room A/TB/056 & 057 is situated in the Seebohm Rowntree Building, Alcuin College. 113