Checking date: 20/05/2019


Course: 2019/2020

Microeconomics III
(16862)
Study: Master in Economic Analysis (68)
EPC


Coordinating teacher: SCHNEIDER , JOHANNES SIEGFRIED

Department assigned to the subject: Department of Economics

Type: Compulsory
ECTS Credits: 9.0 ECTS

Course:
Semester:




Students are expected to have completed
Microeconomics I and Microeconomics II
Competences and skills that will be acquired and learning results.
-Build and analyze models with asymmetric or incomplete information. -Familiarize with the classic applications of these models to real life economic problems. -Grasp the magnitude of the problems in real economies due to asymmetric or incomplete information. -Develop the skills to use the analytical tools of the models of asymmetric or incomplete information: adverse selection, moral hazard, screening, signaling, mechanisms, contracts.
Description of contents: programme
Introduction to topics and tools of modern theory of information. 1. Games with Incomplete Information: elements of a game of incomplete and/or asymmetric information, Bayes-Nash equilibrium, perfect equilibrium. 2. Adverse selection and moral hazard: unobservable characteristics (screening and signalling); unobservable actions: ex ante, interim and ex post efficiency. 3. Introduction to contract theory: menus of contracts, guaranties, bilateral contracts: insurance, credit, labor. 4. Introduction to mechanism design: Bayesian implementation with transferable utility, applications: monopoly, auctions, public goods, bilateral trade. Dominant and ex post implementation with transferable utility
Assessment System
  • % end-of-term-examination 60
  • % of continuous assessment (assigments, laboratory, practicals...) 40
Basic Bibliography
  • Boergers (with a chapter by Kraehmer and Strauss) . An Introduction to the Theory of Mechanism Design. Oxford University Press. 2015
  • Bolton and Dewatripont . Contract Theory. MIT Press. 2005
  • Mas Colell, Whinston and Green. Microeconomic Theory. Oxford University Press. 1996
Additional Bibliography
  • Myerson. Game Theory. Harvard University Press. 1997

The course syllabus and the academic weekly planning may change due academic events or other reasons.


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