Bachelor
2022/2023
Microeconomics III
Type:
Compulsory course (Economics)
Area of studies:
Economics
Delivered by:
Department of Economics
When:
2 year, 4 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Instructors:
Ефимов Константин Дмитриевич,
Свиридов Олег Игоревич,
Aleksandr V. Butukhanov,
Vasily Gusev,
Alex Suzdaltsev,
Серебренников Иван Андреевич,
Шевченко Максим Юрьевич,
Буглевский Евгений Александрович,
Слепов Фёдор Антонович,
Серебренников Иван Андреевич
Language:
English
ECTS credits:
3
Contact hours:
54
Course Syllabus
Abstract
This work program of the discipline establishes the minimum requirements for the knowledge and skills of the student, and also determines the content and types of training sessions and reporting. The program is intended for teachers who lead this discipline, teaching assistants and students of the direction of training economists studying the discipline "Microeconomics - 3 (finance and contracts)". The study of this discipline is based on the following disciplines: "Optimization", "Microeconomics-1", "Microeconomics-2", "Game Theory", "Probability Theory". The main provisions of the discipline should be used in future when studying the following disciplines: "Corporate Finance", "Theory of Finance-2", "Financial Markets", "Corporate Governance", "Theory of Industry Markets", "Public Sector Economics", "Labor Economics" ".
Learning Objectives
- The first goal is to develop students' skills in theoretical analysis and modeling of the behavior of economic agents, including behavior in conditions of externalities, uncertainty and risk, investment, contractual relations, markets with hidden information (learning is achieved by solving problems and analyzing stylized decision-making situations, trading ).
- The second goal for students is to gain knowledge about the micro-foundations of the functioning of financial markets, markets with imperfections, contractual relations. Namely, the following situations are considered: (1) externalities and public goods in markets, (2) intertemporal exchange, i.e., lending, (3) risk exchange - insurance and investment, (4) information trading, (5) open information contracts, (6) hidden information contracts (including hiring, incentives, new discrimination, hidden quality markets).
Expected Learning Outcomes
- Culture of thinking, capability of generalization, analysis, perception of information, setting a goal and choosing ways to achieve it
- Professional competencies in the field of analytical activities
- Professional competencies in the field of research activities
Course Contents
- 1. Externalities and public goods
- 2. Intertemporal Choice and Choice Under Uncertainty
- 3. Contracts with Open Information
- 4. Contracts with Hidden Action (1)
- 5. Contracts with Hidden Action (2)
- 6. Contracts with Hidden Type - Screening 1 (labor contracts)
- 7. Contracts with Hidden Type - Screening 2 (selling contracts)
- 8. Oligopolistic screening - the Rothschild-Stiglitz model
- 9. Akerloff's model for goods with latent quality (Adverse Selection)
Interim Assessment
- 2022/2023 4th module0.25 * Mini-conrol works + 0.15 * Activity in seminars and homeworks + 0.3 * Exam (written) + 0.3 * Conrol work 1
Bibliography
Recommended Core Bibliography
- Intermediate microeconomics : a modern approach, Varian, H. R., 2006
- The theory of corporate finance, Tirole, J., 2006
Recommended Additional Bibliography
- 9780262200714 - Tirole, Jean - The Theory of Industrial Organization - 1988 - MIT Press - https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=11386 - nlebk - 11386