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LEARNING OBJECTIVES:
Upon completion of the course the student should be able to apply advanced tools from microeconomic theory to analyze problems with asymmetric information. In particular the student should be able to
COURSE DESCRIPTION:
The purpose of this course is to expose the student to formalized treatments in microeconomic theory at a deep level. The focus will be on theoretical tools needed to set up and analyze game theoretic models of markets and mechanism design problems.
The student is expected to have a reasonable knowledge - often at the Masters level - of game theory and microeconomics. In particular, the course will assume a familiarity with solution concepts such as Nash equilibrium, dominant strategy equilibrium, and subgame perfection, as well as with asymmetric information problems and principal-agent models.
1. The Principal-Agent Model with a Continuum of Types
2. Topics in Auction Theory
3. Topics in matching Theory
REQUIRED COURSES:
Micro 1 and Micro 2
LECTURER:
John Kennes and Alexander Koch.
TEACHING METHOD:
Lectures.
LITERATURE
The course is organized around key journal articles, textbook chapters, and lecture notes:
• Hatfield, J.W. and Milgrom, P.R. (2005). "Matching with Contracts," American Economic Review 95, 913-935.
• Kelso, A. and Crawford, V. (1982). "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica 50, 1483-1504
• Nöldeke, G. and Samuelson, L. (2007). "Optimal bunching without optimal control," Journal of Economic Theory 134, 405 - 420.
• Krishna, Vijay (2002). Auction Theory, New York: Academic Press.
The course will also draw on the following supplementary textbooks:
• Mas Colell A., M. Whinston and J. Green (1995). Microeconomic Theory, Oxford: Oxford University Press.
• Roth, A. E. and M. Sotomayor (1992). Two-Sided Matching: A Study in Game-Theoretic Modeling and Analysis, Cambridge University Press.
Note: There may be a few additional readings
Total: Approx. 200 pages
FORM OF ASSESSMENT: Take-home exam.