The Midterm exam is scheduled on Friday 9 Nov
Time 2:00pm until 3:00pm – Venue: Tutorial class lecture room
A mock midterm exam paper is available here
Solutions will be discussed on Wed 7 Nov from 12:30pm until 2:00pm
Due to time constraint the answer to question 3 of the mock midterm exam was not discussed during the Wed 7 Nov rehearsal class. You will find it here
The following simple rules will apply to the forthcoming midterm exam scheduled on Friday, 9 Nov
- The midterm exam is voluntary.
- The course final grade will be the result of a weighted average between the midterm exam mark (45% weight) and the final exam mark (55% weight). The weighted average will apply only if the final exam mark is greater than or equal to 18/30. A “Fail” in the final exam will remain as such and the student must resit the exam regardless of the midterm exam grade.
- The midterm exam result can be used only for the first two exam dates, that is, the one in December 2018 and the one in January 2019. Any student can freely decide whether her/his official course grade is determined by the above weighted average or by the final exam result only.
Midterm exam paper
The grades of the Nov-9 midterm exam paper can be found here
Midterm exam paper with solutions (6 Nov 2018)
Mock final exam paper
An (almost) mock final exam paper is available here (answers)
While browsing over some of the answers to the (modified) Hotelling game (Question 4 of the Dec-14 exam paper) and after a lengthy discussion with the Class Tutor I realised that the approach to the Hotelling game used in the course textbook might lend itself to a potentially flawed interpretation of the concept of “two firms adjacent at the same point”. This concept is made absolutely crystal clear in the lecture notes that I published on the course webpage (and that were borrowed from Prof. Osborne’s “Introduction to Game Theory”). I am also aware that discussions during the tutorials might have added confusion to confusion. Let me just simply state the obvious: the concept of “adjacent locations” on a real line cannot be interpreted as one to the right or to the left of the other. This is just impossible for well-known properties of real numbers. Two firms on the same location means simply that they lay on exactly the same point, then they have equal market shares because consumers are indifferent from which to buy.
In light of all this, I have decided to give some credit to those who have adopted the approach used during the tutorial classes, whereas I will give full credit to those who have used the correct approach (that is, the one consistent with Osborne’s treatment of the Hotelling game).