Nottingham University Business School
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Risk, Information & Insurance

Please note that the following information may be subject to change.

Programme: Undergraduate

Module Code: N13408

Semester: Autumn

Convenor: Jonathan H W Tan

Credits & Level: 10 credits; Level 3

Pre-requisites: N11606 (Microeconomics for Business A) or N11607 (Business Economics) or an equivalent module from the School of Economics.

Co-requisites: None.

Target Students: Available to all students with the required pre-requisite N11606 Microeconomics for Business A OR N11607 Business Economics.

Delivery: 11 one-hour weekly lectures; 2 two-hour tutorials.

Assessment: One 1.5 hour examination (75%); One 2,000 word essay (25%)

Exam Format:Answer TWO questions. Paper to contain SIX questions.

Summary of Content This module examines individual decision-making under conditions of risk and uncertainty, and investigates the effectiveness of insurance as a means of controlling risk.

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.

Key Words: Risk; uncertainty; decision-taking; insurance; asymmetric information; moral hazard; adverse selection

Learning Objectives & 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

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