BACHELOR OF ECONOMICS

"Course" means a course of instruction which normally carries 6 credits or in some cases 3 credits or multiples of 3, leading to one examination paper as defined in the syllabus;

"Paper" means one or more of the following tests: a theoretical examination paper, a practical examination paper, an assessment of field practice, a thesis, and a dissertation, or other assignments as prescribed in the syllabus of the course leading to it;

"Credits" means the weight assigned to each course relative to the total study load. The number of credits is indicative of the contact hours and/or study time associated with the course on a weekly basis;

"Pre-requisite" means a course which candidates must have completed as specified to the satisfaction of the Head of Department before being permitted to take the course in question.

(1) This regulation should be read in conjunction with UG1 of the Regulations for First Degree Curricula.

BE2 To be eligible for admission to the degree of Bachelor of Economics candidates shall

(a)	comply with the General Regulations;
(b)	comply with the Regulations for First Degree Curricula; and
(c)	complete the curriculum in accordance with the regulations that follow.

BE3 The curriculum shall normally extend over three academic years consisting of six semesters of full-time study, excluding the summer semesters. Candidates shall not in any case be permitted to complete the curriculum in more than four academic years, which being the maximum period of registration.

BE4 To complete the curriculum, candidates shall:

(a)	satisfy the requirements prescribed in UG3 of the Regulations for First Degree Curricula⁽²⁾;
(b)	enrol in not less than 180 and not more than 198 credits of courses, unless otherwise required or permitted under the Regulations;
(c)	follow the required number of compulsory and elective courses as prescribed in the syllabuses of the equivalent of normally 60 credits for each year of study. For each semester, candidates shall select not less than 24 or more than 36 credits of courses;
(d)	over the entire period of studies, take a maximum of 78 credits of junior-level courses and the rest being senior-level courses as prescribed in the syllabuses;
(e)	take not less than 60 and not more than 96 credits of senior level courses from those listed in the BEcon curriculum, of which 24 credits are compulsory courses.

⁽²⁾ The specific requirements applicable to candidates of this degree curriculum are spelt out in the syllabuses.

BE5 Candidates who wish to withdraw from a course at the beginning of each semester may do so up to 2 weeks after the commencement of the semester. Withdrawal beyond the 2-week deadline will not be permitted, except for medical or other reasons acceptable by the Faculty Board, and the course concerned will be given a failed grade.

BE6 Candidates are assessed for each of the courses they have registered. The assessment may take one or a combination of forms as prescribed in the syllabuses and shall normally include the candidates' coursework during the semester. Only those satisfactorily completed courses will earn credits.

BE7 Candidates' performance in a course shall be assessed with the grading system as prescribed in UG5 of the Regulations for First Degree Curricula.

BE8 Candidates who fail in any course may, as directed by the Faculty Board, be permitted to present themselves for re-assessment with or without repeating the failed course. The timing and the form(s) of re-assessment shall be decided by the Faculty Board. Candidates shall not be allowed to repeat a course for which they have achieved a passed grade for upgrading purposes, nor shall they be permitted to repeat a course more than once. The failed grade will be recorded in the official transcripts. The new grade obtained after re-assessment will also be recorded and will replace the previous F grade in the calculation of the cumulative and weighted grade averages. As failed courses shall not be credited towards a degree, failed compulsory courses must be re-assessed.

BE9 Candidates who are unable because of their illness to be present for any written examinations may apply for permission to present themselves for a supplementary examination to be held before the beginning of the first semester of the following academic year. Any such application shall be made on the form prescribed within two weeks of the first day of absence from any examination. Candidates who fail to satisfy the examiners in one or more papers in such a supplementary examination shall be considered under the provisions made in these Regulations for failure at the first attempt at the examination, except that a further supplementary examination shall not be permitted.

BE10 At the end of each semester, candidates' performance shall be assessed for the purposes of determining

(a)	their eligibility for progression to an award of the degree;
(b)	their eligibility for the award; or
(c)	whether they be required to be discontinued from the programme.

BE11 Candidates shall be permitted to progress if they have:

(a)	not exceeded the maximum period of registration; and
(b)	attained a semester GPA of 1.00 or above and accumulated not less than 12 credits over two consecutive semesters, at the end of the second semester; or
(c)	attained a semester GPA of 1.25 or above and accumulated not less than 12 credits over two consecutive semesters, at the end of the third semester; or
(d)	attained a semester GPA of 1.50 or above and accumulated not less than 18 credits over two consecutive semesters, at the end of the fourth or subsequent semester.

Those who have not been able to fulfill the requirements above shall be recommended for discontinuation from the programme under General Regulation G12.

BE12 To be eligible for the award of the degree of BEcon, candidates shall have:

(a)	achieved a cumulative GPA of 1.50 or above;
(b)	accumulated a minimum of 162 credits; and
(c)	satisfied the requirements in UG3 of the Regulations for First Degree Curricula.

BE13 An alphabetical list shall be published of candidates successful in the examinations for each semester. A list of candidates who have successfully completed all the degree requirements shall be published in five divisions: First Class Honours, Second Class Honours Division One, Second Class Honours Division Two, Third Class Honours, Pass.

SYLLABUSES FOR THE DEGREE OF BACHELOR OF ECONOMICS

General Features

1. Curriculum requirements

Regulations BE1 and BE4 specify the requirements with which candidates have to comply for completion of the BEcon degree programme. Further details of the requirements are given in the syllabuses.

Candidates shall enrol in not less than 180 and not more than 198 credits of courses for the curriculum. They shall select not less than 24 and not more than 36 credits of courses for each semester. The normal semester load is 30 credits.

A. Junior level courses

The junior level courses taken must satisfy the following minimum requirements which include the successful completion of the language studies courses and the general studies courses as prescribed in Regulation UG3 "Requirements for Graduation" of the Regulations for First Degree Curricula. For the fulfillment of Regulation UG3, candidates shall also obtain a pass in an Information Technology proficiency test, or successfully complete of a 3-unit course in Information Technology. Candidates may take additional courses and the maximum number of credits of junior level courses to be taken is 78.

Language studies courses:

English for academic communication for economics and finance students

(3 credits)

English for professional communication for economics and finance students

(3 credits)

Practical Chinese language course for social sciences students

(3 credits)

General studies courses:

Culture and value studies or one broadening course from outside the School

(3 credits)

Science and technology studies

(3 credits)

Broadening courses:

Two 3-credit courses from within or outside the School

(6 credits)

Introductory courses:

ECON1001. Introduction to economics I

(6 credits)

ECON1002. Introduction to economics II

(6 credits)

STAT1001 or STAT1003 or STAT1004 (statistics requirement)

(6 credits)

MATH0901 or MATH0902 (mathematics requirement for candidates who do not have a pass or above in A-level Pure Mathematics)

(6 credits)

Four 6-credit junior level courses
(at least two from outside the School)

(24 credits)

Note:

All the junior level courses listed above should be taken in the first or second semester of study except English for professional communication for economics and finance students and some of the broadening courses. English for professional communication for economics and finance students should be taken in the third or fourth semester of study.
At least one 3-credit broadening course should be taken in the first or second semester of study.
Unless special permission has been given by the Head of the School, courses taken in the first and second semester must be junior level courses.
Candidates may take at most eight 3-credit courses for the curriculum.
Course ECON1001 is the prerequisite for all senior level courses in the BEcon curriculum.

B. Senior level courses

Candidates are required to take not less than 60 but not more than 96 credits of senior level courses from those listed in the B.Econ. curriculum. Four courses are compulsory: 11101, 11102, 11201 and 11701. Courses 11101 and 11102 have to be taken in the third or the fourth semester of study.

Note:

The junior level courses offered by the School of Economics and Finance include 3-credit broadening courses as well as ECON1001, ECON1002, FINA1001 and FINA1002, each of which carries 6 credits. All other courses listed in the syllabuses offered by the School of Economics and Finance are senior level courses and each carries 6 credits unless otherwise specified.
Up to four courses offered under the syllabuses for the Master of Economics (M.Econ.) are open to candidates in the fifth and subsequent semesters as senior level courses, subject to availability and the approval of the Head of the School. Each of these M.Econ. courses carries 6 credits, unless otherwise specified.

2. Course registration

Course registration will take place before the commencement of each semester. Students are advised to consult relevant teachers or Heads of Department on the suitable combinations of courses and to adhere closely to the normal study pattern. Less suitable combinations of courses may not be permitted because of timetabling difficulties. Courses listed in the syllabuses may not necessarily be offered every year; and depending on the exigencies of staffing, additional courses may be offered.

Candidates may change their course selection during the one-week add/drop period which is scheduled at the beginning of each semester. Changes made in this period will not be recorded in their transcripts. While requests for adding courses after the add/drop period will not be accepted, candidates may apply for permission to withdraw from a course up to two weeks after the commencement of the semester. Withdrawal beyond the 2-week deadline will not be permitted, except for medical or other reasons acceptable by the Faculty Board. Withdrawal without permission will render the course concerned being treated as a failure.

In course registration, candidates should pay special attention to the prerequisite requirements of courses as specified in the syllabuses.

3. Coursework and examination ratio

Each 6-credit course offered by the School of Economics and Finance listed in these syllabuses leads to one written examination paper which will be two hours in length, or three hours in the case of a 12-credit course, unless otherwise specified. The final grading of each course will be determined by performance in the examination and an assessment of coursework in the ratio of 60:40, unless otherwise specified. The examinations and assessments of courses carrying weightings other than 6 and 12 credits are detailed in the syllabuses.

The examinations and assessments of courses offered by other departments are determined by the department concerned.

JUNIOR LEVEL COURSES

Language studies courses

ECEN1904. English for academic communication for economics & finance students (3 credits)

The course prepares students to respond effectively to the communicative demands of academic study in English. Through text-based activities in class and investigative project work related to language and disciplinary issues, the course develops abilities to analyse and evaluate extended texts, and to produce clear and coherent spoken and written discourses. It also emphasizes careful revision and editing of essays and project reports to ensure that lexical and grammatical choices are correct and appropriate. Assessment: 100% coursework.

ECEN2905. English for professional communication for economics and finance students (3 credits)

The course prepares students to deal with basic competencies in the workplace. It focuses on the writing of various types of professional correspondence, including job applications, curricula vitae and reports. Particular attention will be paid to producing appropriate language with reference to lexis and grammar. The course also emphasizes oral skills for formal presentations and meetings. Assessment: 100% coursework.

CSSC1001. Practical Chinese language course for social sciences students (3 credits)

The course is designed to introduce practical Chinese writing skills; letter writing: official & personal, business letters for social sciences students and Chinese IT application; office documents: notices, annoucements, proposals, minutes, reports and Chinese IT application; Chinese culture and the social sciences; target-oriented writing: instructions, brochures, leaflets and press releases; the art of persuasion; the use of rhetorical figures; public speaking; different scripts of Chinese characters and the standardized form. Assessment: 40% coursework, 60% examination.

Broadening courses offered by the School of Economics & Finance

ECON0002. Understanding the Chinese economy (3 credits)

An introduction to the development and reform of the Chinese economy since 1978. Topics include: economic opening, transition from plan to market, industrialization, financial development, economic growth and income distribution. In addition to a study of key economic reforms and their effects in the major sectors of the Chinese economy, the course will examine current economic policy changes in China and their implications for Hong Kong.

ECON0003. Great economists of our time (3 credits)

Through a series of biographies of the great economists of our time, the course motivates students to appreciate the power of economic explanations and the fascination of intellectual pursuits. An introduction to the works of modern economists also serves to illustrate the central ideas of economics that are still in use today.

FINA0002. Common sense of investing (3 credits)

The goal of this course is to present to students the concepts and techniques that are of practical value in the field of investments. Explanations will be couched in a language that an educated layman can understand; mathematical and technical details will be excluded. By the end of this course, students should be able to: explain the concepts on gambling, speculation, hedging, and investment; describe the local market structure for stocks, futures, and foreign exchange transactions; understand the properties and the use of various financial instruments; understand the risk-return relationship; perform basic security analysis and develop their own investment strategies.

Courses

ECON1001. Introduction to economics I (6 credits)

(Prerequisite for all senior level courses)

An introduction to the basic concepts and principles of economics, with emphasis on the theoretical framework of choice theory, the nature of constraints, the measure of value, the laws of demand and productivity, and the implications for resource use and employment.

ECON1002. Introduction to economics II (6 credits)

Further discussion of demand and supply and multi-market equilibrium, especially in an aggregative context. An introduction to money, banking, financial markets, and open economies.

STAT1001. Elementary statistical methods (6 credits)

(Not available to candidates with a pass or above in A-level Pure Mathematics.)

The discipline of statistics is concerned with situations involving uncertainty and variability. Variability greatly affects the interpretation of data. Thus statistics forms an important descriptive and analytical tool for social sciences. This elementary course, which is taught without any technical mathematics, presents many standard situations of data interpretation. The statistical tests for these situations are presented.

STAT1003. Introductory statistics (6 credits)

(Candidates with AS-level Mathematics & Statistics or course MATH0901 or MATH0902 are eligible for this course, but may opt for course STAT1001.)

The discipline of statistics is concerned with situations involving uncertainty and variability. The interpretation of data is greatly affected when variability plays a role, as it usually does. Thus statistics forms an important descriptive and analytical tool for social sciences. Candidates with a mathematical background will find this course suitable, because the language of mathematics allows the subject of statistics to be presented with economy and clarity.

Prerequisite:

Either A-level Pure Mathematics or AS-level Mathematics & Statistics or MATH0901 or MATH0902.

STAT1004. Probability and statistics (6 credits)

This course provides the basic foundations in probability and statistics for students in the Statistics Stream or B.Sc.(ActuarSc), though the course is also suitable for mathematically-able students from other quantitative curricula. Probability theory underpins the study of statistics. The course aims firstly to develop skills in probabilistic analysis for problems involving randomness. Random variables and probability distributions are studied in depth. The concepts of statistics are then introduced, guided by motivating examples.

Prerequisite :

A-Level Pure Mathematics or equivalent.

MATH0901. Mathematics for social sciences: course I.1 (6 credits)

(Compulsory for candidates without a pass or above in AS-level Mathematics & Statistics or A-level Pure Mathematics and not taking MATH0902 as an alternative. The Department of Mathematics does not allow candidates with a pass in AS-level Mathematics & Statistics or A-level Pure Mathematics to take this course. Such students are however eligible to take either MATH0902 or MATH1901).

The course is intended for students who wish to use mathematics as a tool and have done little mathematics since Secondary 5. Assessment: 40% coursework and a two-and-a-half-hour examination (60%).

Prerequisite:

CE Mathematics (students with a pass or above in AS-level Mathematics & Statistics or A-level Pure Mathematics are normally not eligible).

MATH0902. Mathematics for social sciences: course I.2 (6 credits)

The course introduces students to the basic techniques of mathematics. It is intended for students who wish to use mathematics as a tool. A student may not take both MATH0901 and MATH0902. Assessment: 40% coursework and a two-and-a-half-hour examination (60%).

Prerequisite:

CE Mathematics, and with CE Additional Mathematics or its equivalent. (Recommended for students with AS-level Mathematics & Statistics. Students with a pass or above in A-level Pure Mathematics are normally not eligible. Special cases will be considered by the Department.)

SENIOR LEVEL COURSES

11101. Microeconomic theory (6 credits)

The laws of demand, supply, returns, and costs; price and output determination in different market situations; theory of factor pricing and income distribution; general equilibrium; interest and capital.

11102. Macroeconomic theory (6 credits)

Theories of income, employment, and the price level; analysis of secular growth and business fluctuations; introduction to monetary and fiscal policy.

11201. Money and banking (6 credits)

Principles of money and banking; measurement of monetary aggregates; central banking and commercial banking; money supply process; instruments, effects and practices of monetary policy.

11701. Introductory econometrics (6 credits)

This course is an elementary introduction to basic empirical techniques. Topics include: the linear regression model, model specification, properties of the linear model under alternative assumptions, dynamic and simultaneous equation models.

Elective courses

Field 1. General Economic Theory

11103. The economics of human resources (6 credits)

Investment in human capital; the economics of the family and of discrimination; wage determination and the operation of the labour market; the choice of labour contracts.

11104. Public finance (6 credits)

Government revenue and expenditure; resource allocation between the public and private sectors; the fiscal system and internal and external stability; fiscal policy for growth and development; adjustments to budget policy; and analysis of some major forms of taxation.

11105. The economics of consumption behaviour (6 credits)

Economic theories of consumption behaviour, from micro to macro levels. Constraints upon choice. Preference maximization and duality. Static demand analysis and demand systems. Separable preferences. Aggregation of preferences. Choice over time and the life cycle hypothesis. Integrated models of consumption and labour supply. Dynamic demand systems. Choice under uncertainty. The Euler equation approach to macroeconomic consumption behaviour. Consumption-based models of asset pricing. The problem of durables. Rational expectations.

11106. Games and decisions (6 credits)

The course offers an introduction to the theory of games and decision making under uncertainty, illustrated by examples from specialized branches of economics. Topics may include: expected utility theory, moral hazard and adverse selection, bargaining over the division of a good, models of auctions and bidding behaviour, and the theory of repeated interaction.

11107. History of economic thought (6 credits)

A survey of the major analytical writings of economists from Smith to immediately after the Second World War, with emphasis placed on Smith, Ricardo, Marx, Jevons, Marshall, and Keynes.

11108. Selected topics in price theory (6 credits)

(Note: This course is available only to students in the fifth and subsequent semesters)

Alternative meanings of economic efficiency, the specification of constraints for hypothesis testing, the problem of social cost, the dissipation of rent, the theory of the firm and the state, and/or other topics selected by the lecturer(s).

Field 2. Money and Finance

11202. European financial history (6 credits)

A survey of the development of money, banking and financial institutions in Europe from early times to the twentieth century. Topics such as bimetallism, the silver standard, the gold standard, inflation and monetary reconstruction after the Napoleonic, First World War and Second World War will also be discussed.

11203. Money and financial markets (6 credits)

Money and asset markets; financial sector equilibrium; level and term structure of interest rates; level and growth rate of money and financial assets; transmission of money shocks; theory of monetary policy; money, assets and growth.

11204. The economics of finance (6 credits)

A survey of the economic theory underlying corporate and investment finance models, with emphasis on financial instruments. Topics include: balance sheet management and evaluation, capital market equilibrium and efficiency, evolution of credit and financial instruments like financial swaps, stocks and bonds, financial futures and options. Eurocurrencies and the role played by banks, insurance companies and other financial institutions.

11205. Theories of investment (6 credits)

Applications of the theory of choice over time (capital theory) to the investment decisions of individuals, firms and economies, under different assumptions regarding certainty, uncertainty, and adjustment costs.

11206. Capital theory (6 credits)

General equilibrium theory involving time under certainty conditions. The concepts of full information, stationary state, and steady state. Assumptions about information costs, transaction costs and complete markets. Fisher's separation theorem. Theory of consumption over discrete and continuous time. Theory of production over discrete and continuous time. Determination of general equilibrium over time. Intertemporal prices and interest rates.

38103. International banking (6 credits)

Nature of international banking. Comparison with domestic banking. Jurisdiction and regulatory framework: the Basle Concordat. Xeno-currency markets and international banking. International financing techniques: loan syndication, project finance, NIFs, RUFs etc. Risk exposure and control: sovereign risk, country risk, exchange risk, interest risk and credit risk. Management and strategies of international banks. "National treatment" and financial centres.

Field 3. International Economics

11301. Theory of international trade (6 credits)

The theory of international trade; the bases, direction, terms, volume, and gains of trade. The effects of tariffs, quantitative restrictions, and international integration.

11302. International finance (6 credits)

The interpretation of balance of payments and the adjustment to national and international equilibria, through changes in price levels, exchange rates, and national income. Other topics may include: foreign exchange market and Eurocurrency market, alternative exchange rate regimes, capital movements, exchange controls, and international monetary organizations.

11303. Open economy macroeconomics (6 credits)

Topics in the macroeconomics of interdependent economies, which may include: asset market approach to exchange rate and balance of payments determination; rational expectations econometric analysis of exchange markets; game-theoretical analysis of interdependence; international economic policy coordination; devaluation, stabilization and developing countries; international financial integration and regulation.

Field 4. Economic Institutions

11401. Comparative economic systems (6 credits)

Alternative approaches to the understanding of the operation of economic systems, including an approach based on different structures of property rights.

11402. Industrial organization (6 credits)

Study of the pricing and output decisions of firms under conditions of less than perfect competition or monopoly; theories of oligopoly and monopolistic competition; information costs and advertising; examination of pricing practices such as price discrimination, tie-in selling, predatory pricing and resale price maintenance.

11403. The economics of property rights (6 credits)

Implications of different structures of property rights for economic behaviour; rights structures classified in terms of exclusivity and transferability; costs of enforcing rights and of forming contracts as main constraints in the derivation of hypotheses; the Coase Theorem and the theories associated with contracting and with the dissipation of rent.

11404. Topics in economic history (6 credits)

This course consists of case studies from history to illustrate the development of institutions via the neoinstitutional economics approach.

11405. The economics of law (6 credits)

Economic analysis applied to law. Topics may include: efficiency of law, rules of liability, tort rights and remedies, criminal sanction, legislative processes as resource allocating and income distributing mechanisms.

11406. The economy and the state (6 credits)

Economic analysis is applied to the study of public choice and the relationship between the state and the economy. Topics include: social choice, collective action, voting and elections, interest groups, bureaucracy, constitutions, law and courts, property rights and institutional change.

Field 5. Development and Urbanization

11501. Economic development (6 credits)

Characteristics of underdevelopment; factors in economic development; theoretical and policy aspects of development.

11502. Urbanization and economic development (6 credits)

Location decisions and agglomeration; system of cities and urban hierarchy; income and employment of cities: determination, fluctuations, and variation; economics of city size. Urban growth analysis; growth of cities, regions, and national economic development. Urbanization in the developing world; cities and growth in East Asia; urban policy in China.

11503. Urban economic problems (6 credits)

Study of urban problems and urban economics, with emphasis on microeconomic theory using elementary calculus. Topics covered: cost-benefit analysis and urban problems, urban public finance and fiscal federalism, urban transportation economics, housing market, theory of land rent and land use, environmental economics and pollution.

11504. Transportation economics (6 credits)

Microeconomic theory applied to transportation, with emphasis placed on intercity freight and passenger transportation. Topics include: cost function approach to transport supply, economies of scale and traffic density, structure of demand among discrete modal choices, value of time, forecasting of demand and modal split, optimal pricing and investment in infrastructure, contestable markets and the theory of network competition, and regulation of rates, entry and exit.

11505. Project evaluation & financing (6 credits)

This course deals with the evaluation and financing of infrastructure projects using microeconomic tools. It explores the normative aspects of infrastructure projects, analyzes public investment criteria and techniques for performing project appraisal, and employs basic financial analysis, including present value, cost of capital, cost-benefit ratio and internal rates of return calculations. Issues on infrastructure projects such as Build-Operate-Transfer projects, toll roads and bridges, the role of public-private sector participation, cost recovery, international development banks and governmental guarantees will also be discussed.

(Note: This course is available only to students in the fifth and sixth semesters.)

Field 6. Regional Economics

11601. Economic development of China (6 credits)

An analytical study of the major problems in China's economic development since 1949. Topics include: economic heritage, development strategy, economic organization, planning, management, reform, and an evaluation of the Chinese experiments.

11602. Foreign trade and investment in China (6 credits)

This course has three parts: China trade, Chinese financial markets and direct investment in China. For China trade, topics include: structure and trend of Chinese exports and imports, reform of Chinese foreign trade regime, foreign exchange rate regime and China's role in the new trade environment under the World Trade Organization. For Chinese financial markets emphasis will be placed on Chinese financial institutions and markets including: the central banking system, the commercial banking industry, government and corporate debt markets, the stock market, and the foreign exchange market. For direct investment, theories of corporate finance and corporate governance will be used to analyze the behaviour of Chinese enterprises and the implications of such behaviour for foreign joint ventures. Government regulations will also be covered.

11603. The economic system of Hong Kong (6 credits)

Various aspects of the economic system of Hong Kong: its economic structure, the public sector, monetary system and banking, foreign trade and balance of payments, industry, labour and service sector, land and housing, and economic relations with China.

11604. The Japanese economy (6 credits)

A survey of the contemporary Japanese economy.

Field 7. Quantitative Economics

11702. Mathematical methods in economics (6 credits)

A survey of the application of basic mathematical techniques in the analysis of economic problems.

11703. Mathematical economics (6 credits)

Modern economic theory treated mathematically. Topics may include: applications of optimization to choice theory, applications of the implicit function theorem to comparative statics, applications of differential and difference equations to stability of equilibrium, applications of linear mathematics and fixed point theorems to Leontief and Arrow-Debreu models.

11704. Applications of econometrics (6 credits)

A survey of empirical work in economics. Topics may vary from year to year, and include: the consumption function, the investment function, the demand for money, and simultaneous equation models.

Candidates are required to offer an original project paper in lieu of a written paper in the Final Examination, and it must be presented not later than May 31 of the academic year in which the teaching programme ends. Candidates shall submit a statement that the project paper represent their own work (or in the case of joint work, a statement countersigned by their co-worker(s), which shows the degree of their works) undertaken after registration in the course.

Prerequisite: 11701 or 17203 or 17262.

11705. General equilibrium theory (6 credits)

A survey of general equilibrium theory, without advanced mathematics whenever possible. Topics include: geometry and applications of the two sector model; existence and stability of equilibrium in n-good models; efficiency properties of general equilibrium.

Semester V/VI elective courses

Field 8. Reading Course and Dissertation

11801. Reading course (6 credits)

This course consists of supervised reading and written work. Candidates may specialize in one topic under the supervision of a lecturer(s). Examples of topics are: the problem of social cost, investment in human capital, general equilibrium theory, empirical methods in international trade, international monetary relations, theories of saving and the East Asian economies, and current economic problems of Hong Kong.

An original project paper is required in lieu of a written paper in the Final Examination. It shall not exceed 10,000 words in length, and must be completed and presented not later than May 31 of the Semester VI of the curriculum. Candidates shall submit a statement that the project paper represent their own work (or in the case of joint work, a statement countersigned by their co-worker(s), which shows the degree of their works) undertaken after the registration in the course.

11802. Dissertation (12 credits)

Candidates may write a dissertation under the supervision of a lecturer(s). Topics offered may vary from year to year, depending on the research interests of the staff. A satisfactory dissertation may be offered in lieu of two papers in the Final Examination.

Candidates must submit the titles and outlines of their dissertations for approval by the Head of the School not later than January 1 of the Semester VI of the curriculum, and the dissertations, which should not exceed 20,000 words in length, shall be completed and presented not later than May 31 of that academic year.

(Note: The course extends over two semesters)