230388 :Microeconomics 3 (CentER) (3 ECTS)

Algemeen

Voertaal Engels
Werkvorm: lectures + tutorials (Geen informatie over collegetijden bekend)
Tentamenvorm: Written final exam (80%) and regular graded homework assignments (20%). (Tentamenrooster)
Niveau:Master
Studielast:3 ECTS credits
Blackboard informatieLink to Blackboard (Als u de melding 'Guest are not allowed in this course' krijgt, dient u nog bij Blackboard in te loggen)

Docent(en)


prof. dr. A.J.J. Talman (Coordinator)

prof. dr. P.M. Kort


Doel van de cursus (alleen in het Engels beschikbaar)

The goal of the course is to make the students familiar with the economics of incomplete information.. In case of incomplete or specifically asymmetric information market equilibria fail to be Pareto efficient, a situation known as market failure. Equilibrium concepts from game theory are needed to obtain efficient outcomes in case information to the agents about their preferences or performance is incomplete.


Inhoud van de cursus (alleen in het Engels beschikbaar)

In the presence of asymmetric information market equilibria often fail to be Pareto optimal. Adverse selection arises when an informed individual's decisions depend on his privately held information that adversely affects uninformed market participants. Informed individuals may find ways to signal information about their unobservable knowledge through observable actions or uniformed parties may screen informed individuals. In case an individual hires another to take some action for him as his agent informational problems arise in this principal-agent setting from hidden actions (moral hazard) and hidden information.


Bijzonderheden (alleen in het Engels beschikbaar)

Before enrolling all non-CentER students should ask permission to the Director of Graduate Studies in Economics. Please send your request for permission to CentER Graduate School at center-gs@uvt.nl.


Verplichte literatuur

  1. A. Mas-Colell, M.D. Whinston, and J.R. Green, Microeconomic Theory, Oxford University Press, 1995, ISBN 978-0-1950-7340-9.


Vereiste voorkennis

Quantitative Methods (CentER)


Verplicht voor

  • Research Master in Business: Finance ( 2016, 2017 )

(25-aug-2017)