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40106-01 - Vorlesung: Game Theory and Theory of the Firm 6 KP

Semester Frühjahrsemester 2021
Angebotsmuster Jedes Frühjahrsem.
Dozierende Dragan Ilic (dragan.ilic@unibas.ch)
Catherine Roux (catherine.roux@unibas.ch, BeurteilerIn)
Inhalt Game Theory (first half of the semester):
The course is divided into lecture hours and exercise hours. Problem sets will be available before every lecture hour and will be partly solved together in class.
Block 1: Static Games of Complete Information:
• Introduction, normal form, best response, dominant strategies, iterated elimination, Nash equilibrium
• Mixed strategies
• Proof of existence, multiple equilibria, refinements
Block 2: Dynamic Games of Complete Information:
• Extensive form, backwards induction
• Subgame perfection, repeated games
• Infinitely repeated games, bilateral bargaining
Block 3: Static Games of Incomplete Information:
• Bayesian games, Bayesian Nash Equilibrium
• First-price auction, double auction
Block 4: Dynamic Games of Complete and Incomplete Information:
• Purification of mixed strategies, Perfect Bayesian Equilibrium
• Signaling games

Theory of the Firm (second half of the semester):
Markets and Prices as Coordination and Incentive Devices
• Transaction Costs
• Team Production
• Asymmetric Information
• Principal-Agent Theory
• Signaling
• Efficiency Wages
Lernziele Game Theory:
As Gibbons (1992, xi) puts it: “Game Theory is the study of multiperson decision problems. Such problems arise frequently in economics. As is widely appreciated, for example, oligopolies present multiperson problems – each firm must consider what the others will do. But many other applications of game theory arise in fields of economics other than industrial organization. At the micro level, models of trading processes (such as bargaining and auction models) involve game theory. At the intermediate level of aggregation, labor and financial economics include game-theoretic models of the behavior of a firm in its input markets (rather than its output market, as in an oligopoly). There are also multiperson problems within a firm: many workers may vie for one promotion; several divisions may compete for the corporation’s investment capital. Finally, at a high level of aggregation, international economics includes models in which countries compete (or collude) in choosing tariffs and other trade policies, and macroeconomics includes models in which monetary authority and wage or price setters interact strategically to determine the effects of monetary policy.”
This course will introduce students to the main concepts and techniques of game-theoretic analysis. At its core lies the understanding of strategic interactions between deciding agents. The students will appreciate how to apply game-theoretic analysis to strategic settings.

Theory of the Firm:
Why do firms exist? Why are firms organized the way they are? Traditional economic models leave little room for firms or other organizations as they focus on market exchange between individuals.
This course will introduce students to microeconomic models that try to explain the existence and structure of firms as we observe them in the real world. Economics brings a rigorous approach that is grounded in theory. The course will provide a basic understanding of economic approaches to modeling and understanding aspects of firms, their structure, the behavior they create, and how they differ from market interaction.
About half of the course will be based on the standard textbook by Milgrom and Roberts, the other half will consist of influential articles on the economics of organizations, by authors such as Coase, Williamson, Hart, and Tirole.
Literatur Literature part Game Theory:
The teaching program follows Robert Gibbon’s book “Game Theory for Applied Economists”, also known as “A Primer in Game Theory,” (Princeton University Press, 1992). Slides for each lecture are uploaded to ADAM in advance.

Literature part Theory of the Firm:
The readings will consist of both scholarly research articles and chapters from the textbook, Economics, Organization and Management, by Paul Milgrom and John Roberts (1992, Prentice Hall). Both kinds of readings will be made available online.
Bemerkungen For all MIME students: This lecture can be a substitute in the Module 1: Advanced Topics in Econonomics for the course 31960 Microeconomics and Psychology of Decision Making which is taught in fall term.
Weblink Weblink zu ADAM

 

Teilnahmebedingungen Completed Bachelor in Business and Economics
Anmeldung zur Lehrveranstaltung Registration: Please enroll in MOnA. EUCOR-Students and students of other Swiss Universities have to enroll at the students administration office (studseksupport1@unibas.ch) within the official enrollment period. Enrollment = Registration for the exam!
Unterrichtssprache Englisch
Einsatz digitaler Medien Online-Angebot obligatorisch

 

Intervall wöchentlich
Datum 03.03.2021 – 16.04.2021
Zeit Mittwoch, 08.15-10.00 Vesalianum Seiteneingang, Grosser Hörsaal (EO.16)
Freitag, 14.15-16.00 Vesalianum Seiteneingang, Grosser Hörsaal (EO.16)

The "in class" sessions are broadcats with livestreams and recorded. After April 16, 2021 the course will be taught digitally without any fixed timeslots.

Datum Zeit Raum
Mittwoch 03.03.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 05.03.2021 14.15-16.00 Uhr - Online Präsenz -, --
Mittwoch 10.03.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 12.03.2021 14.15-16.00 Uhr - Online Präsenz -, --
Mittwoch 17.03.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 19.03.2021 14.15-16.00 Uhr - Online Präsenz -, --
Mittwoch 24.03.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 26.03.2021 14.15-16.00 Uhr - Online Präsenz -, --
Mittwoch 31.03.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 02.04.2021 14.15-16.00 Uhr Ostern
Mittwoch 07.04.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 09.04.2021 14.15-16.00 Uhr - Online Präsenz -, --
Mittwoch 14.04.2021 08.15-10.00 Uhr - Online Präsenz -, --
Freitag 16.04.2021 14.15-16.00 Uhr - Online Präsenz -, --
Module Grundlagenmodul: Advanced Topics in Economics (Masterstudium: International and Monetary Economics)
Kernmodul: BWL (Masterstudium: Wirtschaftswissenschaften) (Pflicht)
Modul: Ausgewählte Themen aus Ökonomie und Rechtswissenschaft (Masterstudium: Actuarial Science)
Modul: Kernbereich Wirtschaftswissenschaften (Masterstudium: Sustainable Development)
Modul: Methoden der Wirtschaftswissenschaften (Masterstudium: European Global Studies)
Modul: Vorbereitung Masterarbeit Wirtschaftswissenschaften (Masterstudium: Sustainable Development)
Leistungsüberprüfung Semesterendprüfung
Hinweise zur Leistungsüberprüfung combined written exam: 10.06.21; 15:00-16:30. The exam will take place at Basel Exhibition Center (Messe Basel). In case COVID-19 protective measures prevent examination on site, the faculty reserves the right to conduct the examination electronically during the same time slot. You will receive details of the on-site examinations (Exhibition Center or WWZ) by email approximately one week before the examination date.
An-/Abmeldung zur Leistungsüberprüfung Belegen via MOnA innerhalb der Belegfrist
Wiederholungsprüfung keine Wiederholungsprüfung
Skala 1-6 0,1
Wiederholtes Belegen beliebig wiederholbar
Zuständige Fakultät Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch
Anbietende Organisationseinheit Wirtschaftswissenschaftliche Fakultät / WWZ

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