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Předmět, akademický rok 2022/2023
   Přihlásit přes CAS
Advanced Microeconomics - JEM215
Anglický název: Advanced Microeconomics
Zajišťuje: Institut ekonomických studií (23-IES)
Fakulta: Fakulta sociálních věd
Platnost: od 2021
Semestr: zimní
E-Kredity: 9
Způsob provedení zkoušky: zimní s.:
Rozsah, examinace: zimní s.:2/2, Zk [HT]
Počet míst: 180 / 142 (185)
Minimální obsazenost: neomezen
Virtuální mobilita / počet míst: ne
Stav předmětu: vyučován
Jazyk výuky: angličtina
Způsob výuky: prezenční
Další informace: http://ies.fsv.cuni.cz/en/syllab/JEM003
Poznámka: předmět je možno zapsat mimo plán
povolen pro zápis po webu
při zápisu přednost, je-li ve stud. plánu
Garant: doc. PhDr. Martin Gregor, Ph.D.
Vyučující: doc. PhDr. Martin Gregor, Ph.D.
Tersoo David Iorngurum
prof. Ing. Karel Janda, Dr., Ph.D., M.A.
Diana Kmeťková, M.Sc.
Mgr. Vojtěch Mišák
Mgr. Matěj Opatrný, Ph.D.
Paulo Rotella Junior, Ph.D.
Třída: Courses for incoming students
Neslučitelnost : JEM003
Je neslučitelnost pro: JEM003
Anotace - angličtina
Poslední úprava: prof. Ing. Karel Janda, Dr., Ph.D., M.A. (28.09.2022)
We provide the rigorous theory of risk which serves as fundament for financial economics. We make an introduction to general equilibrium which is a basic ingredient in finance and applied macroeconomic modeling. The course introduces key issues of asymmetric information and principle-agent problems.
Cíl předmětu - angličtina
Poslední úprava: prof. Ing. Karel Janda, Dr., Ph.D., M.A. (28.09.2022)

First part of the course provides an introduction to microeconomics under asymmetric information and uncertainty. Second part of the course covers an introduction to general equilibrium. The theory of uncertainty and risk and general equilibrium under uncertainty serve as fundamental basis for modern finance theory. Therefore the relevance of general microeconomics theory to finance theory is emphasized in this class.

Literatura - angličtina
Poslední úprava: prof. Ing. Karel Janda, Dr., Ph.D., M.A. (29.09.2022)

Main textbook: A. Mas-Colell, M. Whinston, and J. Green: Microeconomic Theory, Oxford University Press, 1995.

Supplementary textbook for games of incomplete information and signaling: R. Gibbons: Game Theory for Applied Economists, Princeton University Press, 1992

Additional literature: S. LeRoy and J. Werner: Principles of Financial Economics 2nd edition, 2014.

J. Danthine and J. Donaldson: Intermediate Financial Theory 3rd edition, 2014.

Blavatskyy, P., Ortmann, A., & Panchenko, V. (2022). On the experimental robustness of the Allais paradox. American Economic Journal: Microeconomics, 14(1), 143-63.

Shepard, M. (2022). Hospital network competition and adverse selection: evidence from the Massachusetts health insurance exchange. American Economic Review, 112(2), 578-615

Fischer, P. E., & Verrecchia, R. E. (2000). Reporting bias. The Accounting Review, 75(2), 229-245.

Edmans, A., & Gabaix, X. (2016). Executive compensation: A modern primer. Journal of Economic Literature, 54(4), 1232-87.

Vedran Kojić, 2015. "Solving the utility maximization problem with CES and Cobb-Douglas utility function via mathematical inequalities," EFZG Working Papers Series 1504.

Microeconomics: Theory with Applications (8th Edition) 8th Edition

B. Curtis Eaton, Diane F. Eaton, Douglas W. Allen: Microeconomics: Theory with Applications 8th Edition, 2011, chapter 17 Choice Making Under Uncertainty

J. Levin: Choice under Uncertainty, Stanford, mimeo, 2006.

Metody výuky - angličtina
Poslední úprava: prof. Ing. Karel Janda, Dr., Ph.D., M.A. (28.09.2022)

Lectures, seminars (including tutorials), homeworks and exams.

 

Important: On Monday (3.10.2022 at 8:00) prof. Janda starts his lecture in person. In case you are not able to attend the lecture you can connect via this link (link works for each session (lecture, seminars): https://teams.microsoft.com/l/meetup-join/19%3ameeting_MzE5N2Y5NTYtODA3OS00OTBhLWEwNmYtZDY4ZjQ3YTA3ZDgy%40thread.v2/0?context=%7b%22Tid%22%3a%22e09276da-f934-4086-bf08-8816a20414a2%22%2c%22Oid%22%3a%22d2bd181b-aae3-4364-a153-ded058e3178e%22%7d

Požadavky ke zkoušce - angličtina
Poslední úprava: prof. Ing. Karel Janda, Dr., Ph.D., M.A. (17.10.2022)

 Exam dates and content: (preliminary, subject to possible change)

Exam 1: October 31, 2022 (MWG chapters 8.E, 9.C, 13, includes also Gibbons sections 3.1, 4.1, 4.2)
Exam 2: November 14, 2022  (MWG 13, 14)

Exam 3: December 5, 2022 (MWG 6, 15, includes consumer optimization from chapter 3)
Exam 4: December 19, 2022 (MWG 15, 19, includes also material from CGE lectures)

Sylabus - angličtina
Poslední úprava: prof. Ing. Karel Janda, Dr., Ph.D., M.A. (29.09.2022)

 

JEM003, JEM215 - Advanced Microeconomics Fall 2022

Teachers: Karel Janda

Assistants: Matej Opatrny (Head TA) Tersoo David Iorngurum, Diana Kmetkova, Vojtech Misak

Covid19 measures: The lectures and discussion sessions are conducted in a regular physical presence format, however they may be also broadcasted online via MS Teams, according to current situation and university regulations.

Obviously, anything can change any time  if Covid 19 becomes serious once more.

Lecture: 8:00-9:20 room 109. Discussion Session: 9:30-10:50 room 314. There is no regular Discussion Session in the time slot 11:00 - 12:20.  However this time slot 11:00 - 12:20  will be used for  additional or make-up lectures or make-up discussion sessions. Already we have scheduled several lectures during this time (October 3, November 28, December 5). So the advice is – keep this time slot free, do not schedule any regular activity there.

Literature: Main sources: A. Mas-Colell, M. Whinston, and J. Green: Microeconomic Theory, Oxford University Press, 1995.

R. Gibbons: Game Theory for Applied Economists, Princeton University Press, 1992

Additional literature: S. LeRoy and J. Werner: Principles of Financial Economics 2nd edition, 2014.

J. Danthine and J. Donaldson: Intermediate Financial Theory 3rd edition, 2014.

Blavatskyy, P., Ortmann, A., & Panchenko, V. (2022). On the experimental robustness of the Allais paradox. American Economic Journal: Microeconomics, 14(1), 143-63.

Shepard, M. (2022). Hospital network competition and adverse selection: evidence from the Massachusetts health insurance exchange. American Economic Review, 112(2), 578-615

Fischer, P. E., & Verrecchia, R. E. (2000). Reporting bias. The Accounting Review, 75(2), 229-245.

Edmans, A., & Gabaix, X. (2016). Executive compensation: A modern primer. Journal of Economic Literature, 54(4), 1232-87.

Vedran Kojić, 2015. "Solving the utility maximization problem with CES and Cobb-Douglas utility function via mathematical inequalities," EFZG Working Papers Series 1504.

Microeconomics: Theory with Applications (8th Edition) 8th Edition

B. Curtis Eaton, Diane F. Eaton, Douglas W. Allen: Microeconomics: Theory with Applications 8th Edition, 2011, chapter 17 Choice Making Under Uncertainty

J. Levin: Choice under Uncertainty, Stanford, mimeo, 2006.

Contact information:

E-mail: Karel-Janda@seznam.cz 
Monday 9:30-11:30 room 408, Opletalova 26;

Wednesday 9:10-11:10  room 182NB, W. Churchilla Square 4.

Explanations:
W.Churchilla Square 4 is the main building of Prague University of Economics and Business.
Opletalova 26 is the building of Institute of Economic Studies of Charles University.
I have no office hours during the following periods: October 3, December 26-February 10.
 

About the class:
First part of the course provides an introduction to microeconomics under asymmetric information and uncertainty. Second part of the course covers an introduction to general equilibrium. The theory of uncertainty and risk and general equilibrium under uncertainty serve as fundamental basis for modern finance theory. Therefore the relevance of general microeconomics theory to finance theory is emphasized in this class.

Topics Covered 

1.       Static Bayesian Games

2.       Dynamic Bayesian Games

3.       Signaling

4.       Adverse Selection

5.       Principal-Agent

6.       Moral Hazard

7.       Uncertainty and  financial assets

8.       Uncertainty – payoff distributions

9.       General equilibrium – introduction

10.   GE with production and Computable GE (CGE) and  Arrow Debreu equilibrium

11.   GE  with Radner equilibrium

12.   GE with asset markets

Parts of MWG textbook required for exams:

Chapters 1  and 3 are not covered in lectures (and only briefly reviewed during discussions sessions). However it is not possible to solve general equilibrium problems without being fluent in consumer optimization. Therefore students have to know consumer optimization (as explained in Chapters 1, 3 and in good microeconomics calculus based classes). We will not explicitly use the Choice Theory approach (chapter 2 and parts of chapter 1)

Chapter 6 – all sections

Chapter 8 – only section E

Chapter 9 – only section C

Chapter 13 – all sections

Chapter 14 – all sections  except 14. D (Hidden Actions and Hidden Information: Hybrid Models)

Chapter 15 – only sections B and C

Chapter 19 – all sections except 19 G (Firm Behavior) 

For Gibbons textbook we use sections 3.1 (Theory: Static Bayesian Games and BNE), 4.1 (Introduction to PBE) and 4.2 (Signaling Games))


Expected timing of lectures:
Lectures 1-3: Mas-Colell, Whinston, Green (MWG) chapters 8.E, 9.C, 13 (also Gibbons sections 3.1 (Theory: Static Bayesian Games and BNE), 4.1 (Introduction to PBE) and 4.2 (Signaling Games))
Lecture 4: MWG chapter 13
Lectures 5-6: MWG chapter 14
Lecture 7-8: MWG chapter 6
Lecture 9-10: MWG chapters 15. B.C, 19
Lectures 11-12: MWG chapter 19

 Exam dates and content: (preliminary, subject to possible change)

Exam 1: October 31, 2022 (MWG chapters 8.E, 9.C, 13, includes also Gibbons sections 3.1, 4.1, 4.2)
Exam 2: November 14, 2022  (MWG 13, 14)

Exam 3: December 5, 2022 (MWG 6, 15, includes consumer optimization from chapter 3)
Exam 4: December 19, 2022 (MWG 15, 19, includes also material from CGE lectures)

There are no additional exams or make-up exams.

During the week of Exam 4, there is obviously no lecture or discussion session, there is only Exam 4 in that week. Exams will be conducted in room 109 (8:00-9:20). In the weeks of Exam 1, 2, 3, there will be a regular lecture instead of discussion session in the room 314 (9:30-10:50) and there may be additional lecture or discussion session during 11:00-12:20.

Libraries, teaching texts availability:
There are libraries with books relevant to our class both at Prague University of Economics and Business  and Institute of Economic Studies. I asked the librarians at Institute of Economic Studies to put one copy of the main textbook for our class on reserve. In addition, the best economic library in Prague is at CERGE-EI on Politickych veznu 7 street. The CERGE-EI library has all the books relevant for our class, some of them available for take-home loans.

The students are evaluated according to online exams.
There will be 4 exams available to take for this class. Only two exams will be used for determining your grade. These will be always the exam with your higher score from Exams 1 and 2 and from Exam 3 and 4. Each of these two exams may give you up to 50 points. So totally you may obtain up to 100 points.

90+ to 100 is A, 80+ to 90 is B, 70+ 80 is C, 60+ to 70 is D, 50+ to 60 is E, under 50 is Fail (F). This means that borderline results are assigned the lower grade (e.g. 90 is B).

(Example: Student obtains the following points: Exam 1=42 points. Exam 2 = 45 points, Exam 3 = 40 points, Exam 4 = 0 points. His score is 45 (best score from Exams 1 and 2) +40 (best score from Exams 3 and 4). So the total score is 85 points with a grade B).


Cheating or other academic dishonesty during exam implies 0 for a particular exam and 10 points taken away from total in the case of slight dishonesty (20 points in the case of serious dishonesty). Any communication among the students during the exam is considered as cheating. Therefore during the exam communicate only with the exam supervisor. You may take watch and simple calculator for exams. Do not take any mobile phones or any other electronic devices for exams.

COVID 19 MAY CHANGE ANYTHING IN THIS SYLLABUS

 

 

Vstupní požadavky - angličtina
Poslední úprava: SCHNELLEROVA (29.08.2019)

No entry requirements for Master students.

 
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