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23525-01 - Lecture: Computational Economics (3 CP)
| Semester | spring semester 2025 |
| Course frequency | Every spring sem. |
| Lecturers | Dietmar Maringer (dietmar.maringer@unibas.ch, Assessor) |
| Content | The field of computational economics covers a variety of numerical methods and approaches for applications in economics, finance and business. This course highlights key methods provides participants with computational techniques essential for every modern economist's methodological toolbox. After a quick review of basic numerical methods, we will discuss Monte Carlo methods, which can be used to analyze models and systems that involve randomness. Topics include sampling, path generation, modeling uncertainty and risk, and evaluating simulations. Next, we will explore methods for modeling and analyzing complex and adaptive systems in an economic context. Real-world situations often involve heterogeneity, butterfly effects, network effects, self-organization, or critical situations that are challenging to analyze with traditional economic approaches. Agent-based modeling and simulation are increasingly used in this context, and the course will cover these topics in depth. This course is highly hands-on, allowing for extensive practice with individual implementations and experiments. |
| Learning objectives | Successful participants will gain familiarity with fundamental numerical methods, essential for approaching and solving quantitative problems in economics and business. Additionally, they will acquire programming skills to implement economic and management models, along with the necessary computational methods. |
| Bibliography | Course material will be provided. *) Miranda, M. J. & Fackler, P. L. Applied Computational Economics and Finance The MIT Press, 2002 *) Brandimarte, P. Handbook in Monte Carlo Simulation. Applications in Financial Engineering, Risk Management, and Economics Wiley, 2014 *) Brandimarte, P. Numerical Methods in Finance and Economics, Wiley-Interscience, 2006 *) Gilli, M.; Maringer, D. & Schumann, E. Numerical Methods and Optimization in Finance, Academic Press, 2nd edition 2019. *) Kroese, D. P.; Taimre, T. & Botev, Z. I. Handbook of Monte Carlo Methods Wiley, 2011 *) Jones, O.; Maillardet, R. & Robinson, A. Introduction to Scientific Programming and Simulation Using R, CRC Press, 2009 *) Langtangen, H. P. A Primer on Scientific Programming Using Python Springer, 2014 *) Easley, D. & Kleinberg, J. Networks, Crowds and Markets. Reasoning about a Highly Connected World Cambridge University Press, 2010 *) Hommes, C. Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems Cambridge University Press, 2013 *) Jackson, M. O. Social and Economic Networks Princeton University Press, 2008 *) Tesfatsion, L. & Judd, K. J. (Eds.) Handbook of Computational Economics Vol. 2: Agent-Based Computational Economics North-Holland, 2006 Specific recommendations and additional literature to be announced during the course. |
| Comments | Throughout the course, we will use Python to implement various methods and concepts, as well as to conduct experiments. Participants are expected to have a basic knowledge of Python programming, at least to the level taught in "58989 Computing for Business and Economics." |
| Weblink | Weblink |
| Admission requirements | Completed Bachelor in Business and Economics 58989 Computing for Business and Economics or equivalent |
| Course application | 1. Please register for the course and the subsequent assignment via this link here https://adam.unibas.ch/goto.php?target=crs_1489583_rcodeP2fTbUfLmH&client_id=adam from 01.01.25 - 06.02.25. Please make sure that you are already registered for the spring semester and have paid the semester fees. 2. Eucor-/ Mobility students and students from other Swiss Universities/ FHs must then also register with a special course registration sheet at the Studiensekretariat (Student Administration Office). Detailed information can be found on the homepage: https://www.unibas.ch/en/Studies/Mobility.html 3. A deregistration is possible until 11.02.25 at the latest by email to belegungstorno-wwz-at-unibas.ch Please state the course number, title and your matriculation number! 4. Please note that your registration will be entered in your Online Services only after the official deadline of the course registration period, i.e. after 17.03.2025. 5. The following applies to everyone: enrollment = registration for the exam/assignment! In case of non-participation after registration it will be noted as "nicht erschienen" in the transcript. |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| täglich | See individual dates | ||
| Comments | There will be a lunch break at 12 o'clock. |
Dates
| Date | Time | Room |
|---|---|---|
| Monday 10.02.2025 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Tuesday 11.02.2025 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Wednesday 12.02.2025 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Thursday 13.02.2025 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Friday 14.02.2025 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Modules |
Module: Field Electives in Economics and Public Policy (Master's Studies: Economics and Public Policy) Module: Risk Analysis (Master's Studies: Actuarial Science) Module: Specific Electives in Data Science and Computational Economics (Master's Studies: Business and Economics) Module: Technology Field (Master's Studies: Business and Technology) Specialization Module: Areas of Specialization in International and/or Monetary Economics (Master's Studies: International and Monetary Economics) |
| Assessment format | record of achievement |
| Assessment details | Combination of active participation, assignment(s), and final exam. written exam:Date and room tbd |
| Assessment registration/deregistration | Registration/deregistration: teaching staff |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |