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65937-01 - Vorlesung: Advanced Microeconomics (6 KP)

Semester Herbstsemester 2024
Angebotsmuster Jedes Herbstsemester
Dozierende Georg Nöldeke (georg.noeldeke@unibas.ch, BeurteilerIn)
Cédric Wasser (c.wasser@unibas.ch)
Inhalt This course covers four of the topics at the core of modern microeconomic theory:

1. Consumer Theory. We first review the basic microeconomic model of individual decision making in the context of consumer choice, which models demand as a solution to a utility maximization problem, where utility in turn is viewed as a representation of preferences. In applications of consumer theory to fields such as industrial organization and marketing it is often essential to allow for some element of randomness in choice behavior. Hence, this part of the course will also offer an introduction to the kind of stochastic choice models considered in such applications.

2. Decision Under Uncertainty. Many economic decisions contain some element of uncertainty about the outcome of the choice that is made. To model this, most of economics relies on expected utility theory, which allows to capture attitudes towards risk in terms of properties of a so-called von Neumann-Morgenstern (VNM) utility function. This part of the course begins by discussing and illustrating this relationship between risk attitudes and the VNM utility function. It then turns to the foundations of expected utility theory and concludes by considering an extension of the theory that allows for the phenomenon of ambiguity aversion.

3. Social Choice. Social choice theory studies collective decision making, i.e., how individual opinions of members of a society can be combined (e.g., by voting) to reach a decision or a ranking of alternatives. This part of the course introduces the basic concepts and covers Arrow’s impossibility theorem, the Gibbard-Satterthwaite theorem, and single-peaked preferences.

4. Auctions and Mechanism Design. Which procedure should a seller use to maximize her revenue from selling a good? Should she simply post a price? Bargain? Run an auction? This part of the course introduces some of the tools from the theory of mechanism design that economists have developed to answer these and related questions. In doing so, we pay special attention to auctions as these can be used to both motivate and illustrate the theory.

Concepts: preferences, utility, optimal choice, risk and uncertainty, expected utility, risk and risk attitudes, subjective probability, ambiguity, aggregation of preferences, social welfare and social choice, strategy-proofness, games with asymmetric information, auctions and more general (selling) mechanisms, revenue equivalence, individual rationality, incentive compatibility, revelation principle, optimal mechanisms

Methods: Some Analysis (Sets, Functions, Convexity, Continuity, Compactness,...), Calculus, Static Optimization, Probability, Basic Logic
Lernziele Students understand the logic of microeconomic models and know important concepts and results relating to the four topics considered in the course. This prepares students to conduct further, independent studies of microeconomic theory as is required for (a) understanding the various elements of microeconomic theory that appear in almost all fields of economics or (b) writing a master thesis in microeconomic theory.
Literatur Chapters 1, 2, 6, and 9 of the textbook «Advanced Microeconomic Theory» by Geoffrey Jehle and Philip Reny cover most of the content of the course at an appropriate level. Further references to relevant readings will be provided in the syllabus posted to ADAM at the beginning of the semester.

 

Teilnahmevoraussetzungen While there are no formal prerequisites, the course presumes the ability and willingness to engage with mathematical arguments at the level appropriate for students majoring in Economics within the MSc in Business and Economics. Consequently, it is strongly recommended that students take

18545-01 Advanced Mathematics for Economists

before attending this course. The two mathematical appendices in the textbook «Advanced Microeconomic Theory» by Geoffrey Jehle and Philip Reny provide a good review of the mathematical concepts most relevant for this course.

Prior exposure to the material covered in

10134-01 Intermediate Micreconomics

is advantageous but not presumed.
Anmeldung zur Lehrveranstaltung Registration: Please enroll in the Online Services (services.unibas.ch);

Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the start of the course and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html
After successful registration you can enroll for the course in the Online Services (services.unibas.ch).

Applies to everyone: Enrolment = Registration for the course and the exam!
Unterrichtssprache Englisch
Einsatz digitaler Medien kein spezifischer Einsatz

 

Intervall Wochentag Zeit Raum
wöchentlich Montag 08.15-10.00 Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
wöchentlich Donnerstag 08.15-10.00 Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31

Einzeltermine

Datum Zeit Raum
Donnerstag 19.09.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 23.09.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 26.09.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 30.09.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 03.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 07.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 10.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 14.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Auditorium
Donnerstag 17.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 21.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 24.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 28.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 31.10.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 04.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 07.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 11.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 14.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 18.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 21.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 25.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 28.11.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 02.12.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 05.12.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Montag 09.12.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Donnerstag 12.12.2024 08.15-10.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31
Module Grundlagenmodul: Advanced Topics in Economics (Masterstudium: International and Monetary Economics)
Modul: Ausgewählte Themen aus Ökonomie und Rechtswissenschaft (Masterstudium: Actuarial Science)
Modul: Core Courses in Business and Economics (Masterstudium: Wirtschaftswissenschaften)
Modul: Core Courses in Economics (Masterstudium: Wirtschaftswissenschaften)
Modul: Field Electives in Economics and Public Policy (Masterstudium: Economics and Public Policy)
Modul: Kernbereich Wirtschaftswissenschaften (Masterstudium: Sustainable Development)
Modul: Specific Electives in Business and Economics (Masterstudium: Wirtschaftswissenschaften)
Modul: Specific Electives in Economics (Masterstudium: Wirtschaftswissenschaften)
Modul: Specific Electives in Finance, Controlling, Banking (Masterstudium: Wirtschaftswissenschaften)
Prüfung Leistungsnachweis
Hinweise zur Prüfung Written exam: 19.12.24; 8:30-10:00. WWZ Auditorium: A-L; WWZ S15: K-Z.

Exam rooms will be published until 09 December 24.
You can still withdraw from the examination by submitting a completed, signed form to our office from 15.10.24 until 25.10.24 / 12:00 o’clock. The deregistration form and the mail address can be found on the homepage of the Dean of Studies Office: https://wwz.unibas.ch/en/studies/examinations/de-/registration-of-examinations/
Prior to 14.10.24, please deregister only in the Online Services.
An-/Abmeldung zur Prüfung Anm.: Belegen Lehrveranstaltung; Abm.: stornieren
Wiederholungsprüfung keine Wiederholungsprüfung
Skala 1-6 0,1
Belegen bei Nichtbestehen beliebig wiederholbar
Zuständige Fakultät Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch
Anbietende Organisationseinheit Wirtschaftswissenschaftliche Fakultät / WWZ

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