040165 PS Risk and Information (BA) (2016S)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften

Continuous assessment of course work

http://homepage.univie.ac.at/ana-begona.ania-martinez/teaching_risk.html

Moodle

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Registration is open from We 17.02.2016 09:00 to We 24.02.2016 12:00
Deregistration possible until Mo 14.03.2016 23:59

Details

max. 24 participants

Language: English

Lecturers

Ana Begona Ania Martinez

Classes (iCal) - next class is marked with N

Monday 07.03. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 14.03. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 04.04. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 11.04. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 18.04. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 25.04. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 02.05. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 09.05. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 23.05. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 30.05. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 06.06. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 13.06. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 20.06. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock
Monday 27.06. 08:00 - 09:30 Seminarraum 13 Oskar-Morgenstern-Platz 1 2.Stock

Information

Aims, contents and method of the course

In a seminar format we introduce the concepts of risk and imperfect information, as well as the microeconomic tools of analysis in situations of risk. Important applications of decisions under risk in the presence of incomplete or asymmetric information are the market for insurance and auctions. These applications will be taken as illustrations of the main ideas.

In the seminar students should: learn how to formally describe risky outcomes; understand how the shape of utility functions describe attitudes towards risk; be able to evaluate risky outcomes and compute risk premia; understand the incentives to purchase insurance; learn the implications of risk for the properties of market outcomes; distinguish the two types of asymmetric information denominated moral hazard and adverse selection; use decision trees for the analysis of risky decisions; distinguish the different types of auctions.

The analysis is done using microeconomic tools, basic calculus, and probability theory.

Assessment and permitted materials

Students are expected to cover part of the literature on their own, write a short assignment, and give a short presentation on their topic. Presence and active participation in class will also be part of the final grade.

Minimum requirements and assessment criteria

The written assignment will account for 40% of the grade, the presentation will account for another 40%, class participation will make the remaining 20%. Students are expected to attend the seminar, more than two unexcused absences will result in zero points for class participation.

Examination topics

Reading list

For an introduction see Besanko and Braeutigam, Microeconomics, Chapter 15.

Association in the course directory

Last modified: Mo 07.09.2020 15:28