Models: Interactive exercises (‘problem set’):

Exercise:

Form groups of 4-5 students. Arrange to meet (online or in person but safely socially distanced) to follow-up on this.

Each student should:

1. Identify a specific ‘Microeconomic model’ other than those discussed above. (Alternately, you can microeconomic framework or technique such as ‘Rationalizability’; however, it should be a formal model expressed in maths of some form.). Characterise this in simple terms, if possible.

2. Find an academic economics peer-reviewed paper in which this model is used, adapted, or discussed. Explain how it is used. (It might be used to make policy recommendations, to guide empirical work, or to aid our understanding of individual choices, interactions, and market outcomes.)

3. Identify the assumptions of this model. Do they seem reasonable?

4. What predictions does this model make (if any)? Do these seem reasonable?

5. Explain the strengths and limitations of this model, and the way it is used.

Exeter MSc students, 2020: Please add your answers to 1-5 to the your own personal Teams Class Notebook; only you and I can see this

As a group

• Put together a list of all of the models/papers identified by each student

• Choose one of these models/papers, and work together to write a very brief explanation of points 1-5 above.

Share this in the Teams Class notebook. You can add it to:

• Micro models applied to empirical work – various papers

• List of models applied to ‘policy’ … without data

or to

• Other microeconomic models

… as appropriate

We will discuss these in our synchronous sessions, time-permitting

DR #TODO: I intend to add a video here discussing this.

Airtable of some suggestions viewable here: