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Октябрь

Information Economics

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
3
Кредиты
Статус:
Курс по выбору
Когда читается:
3-й курс, 2 модуль

Преподаватель

Course Syllabus

Abstract

The course focuses on the role of information in economic modeling. We will study models featuring informational asymmetries, and their consequences on both micro and macroeconomic behavior. On the theoretical level, the course will introduce students to the modeling framework ofadverse selection, signaling, screening, principal-agent problem, auction theory, global games and rational inattention. On the level of applications, we will look closer into insurance market, pricing, financial bubbles,issues of central banking and labor market.
Learning Objectives

Learning Objectives

  • Understand consequences for the character and efficiency of the interaction between individuals and organizations, when one party has more or better information on some aspect of relationship
  • Know how to evaluate the value of information.
  • Know the ways to measure uncertainty
  • Understand the consequences of endogenous information acquisition.
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand consequences for the character and efficiency of the interaction between individuals and organizations, when one party has more or better information on some aspect of relationship
  • Know how to evaluate the value of information.
  • Know the ways to measure uncertainty.
  • Understand the consequences of endogenous information acquisition.
Course Contents

Course Contents

  • Models of signalling
  • Information asymmetries
    - Adverse Selection - Signaling - Screening Utility Maximization and Choice
  • Principal-Agent Problem
    - Hidden Actions (Moral Hazard) - Hidden Information(Menu of Contracts)
Assessment Elements

Assessment Elements

  • non-blocking Class test 1
  • non-blocking Class test 2
  • non-blocking Home assignment 1
  • non-blocking Home assignment 2
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.16 * Class test 1 + 0.28 * Class test 2 + 0.28 * Home assignment 1 + 0.28 * Home assignment 2
Bibliography

Bibliography

Recommended Core Bibliography

  • Krishna, V. (2010). Auction Theory (Vol. 2nd ed). Burlington, MA: Academic Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=297062

Recommended Additional Bibliography

  • Christian Merkl. (2012). Veldkamp, L.: Information Choice in Macroeconomics and Finance. Journal of Economics, (1), 97. https://doi.org/10.1007/s00712-012-0282-8