Risk, Information & Insurance
| Code | School | Level | Credits | Semesters |
| BUSI3008 | Business | 3 | 10 | Autumn UK |
- Code
- BUSI3008
- School
- Business
- Level
- 3
- Credits
- 10
- Semesters
- Autumn UK
Summary
This module examines individual decision-making under conditions of risk and uncertainty, and investigates the effectiveness of insurance as a means of controlling risk.
Target Students
Undergraduate students who have taken either BUSI1100 Business Economics OR BUSI1097 Economic Principles OR BUSI1095 Introduction to Economics. Also available to exchange students.
Classes
- One 2-hour seminar each week for 2 weeks
- One 1-hour lecture each week for 11 weeks
11 one-hour weekly lectures; 2 two-hour tutorials.
Assessment
- 25% Coursework: One 1,500 word essayReassessment of this module is 100% exam
- 75% Exam (2-hour): One written exam.
Assessed by end of autumn semester
Educational Aims
To provide a conceptual framework necessary for an understanding of decision-taking under risk and uncertainty, and to use this framework to explore issues in the market for insurance such as those involving asymmetric information.Learning Outcomes
Knowledge and understanding
This module develops a knowledge and understanding of:
• The development, access and operation of markets for resources, goods and services
• Applications of economics & choice to the field of risk and insurance.
Intellectual skills
This module develops:
• The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions
• The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making
• Conceptual and critical thinking, analysis, synthesis and evaluation
Professional practical skills
This module develops:
• Numeracy and quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena
• Facility with key concepts used in decision-making.
Transferable (key) skills
This module develops:
• Communication and listening including the ability to produce clear, structured business communications in a variety of media
• Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time
• Articulating and effectively explaining information
• Subject specific transferable skills including abstraction analysis, deduction and induction and problem framing.
Knowledge and understanding (Industrial Economics)
This module develops a knowledge and understanding of:
• Economic principles and tools addressing the microeconomic issues of decision and choice