First cycle
degree courses
Second cycle
degree courses
Single cycle
degree courses
School of Economics and Political Science
ECONOMICS AND FINANCE
Course unit
ADVANCED MICROECONOMICS
EPP6077337, A.A. 2017/18

Information concerning the students who enrolled in A.Y. 2017/18

Information on the course unit
Degree course Second cycle degree in
ECONOMICS AND FINANCE
EP2422, Degree course structure A.Y. 2017/18, A.Y. 2017/18
N0
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Degree course track ECONOMICS [002PD]
Number of ECTS credits allocated 10.0
Type of assessment Mark
Course unit English denomination ADVANCED MICROECONOMICS
Department of reference Department of Economics and Management
E-Learning website https://elearning.unipd.it/economia/course/view.php?idnumber=2017-EP2422-002PD-2017-EPP6077337-N0
Mandatory attendance No
Language of instruction English
Branch PADOVA
Single Course unit The Course unit CANNOT be attended under the option Single Course unit attendance
Optional Course unit The Course unit can be chosen as Optional Course unit

Lecturers
Teacher in charge BRUNO MARIA PARIGI SECS-P/01
Other lecturers FABIO MANENTI SECS-P/01

Mutuating
Course unit code Course unit name Teacher in charge Degree course code
ECM0013170 FINANCIAL ECONOMICS BRUNO MARIA PARIGI EP2422

ECTS: details
Type Scientific-Disciplinary Sector Credits allocated
Core courses SECS-P/01 Political Economy 10.0

Mode of delivery (when and how)
Period First semester
Year 1st Year
Teaching method frontal

Organisation of didactics
Type of hours Credits Hours of
teaching
Hours of
Individual study
Shifts
Lecture 10.0 70 180.0 No turn

Calendar
Start of activities 02/10/2017
End of activities 19/01/2018

Examination board
Examination board not defined

Syllabus
Prerequisites: FINANCIAL ECONOMICS

Math, Statistics, Econometrics

This course is math-intensive and statistics-intensive and it is a difficult course, unsuitable for undergraduate Erasmus exchanges.

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ADVANCED MICROECONOMICS

Math, Statistics, Econometrics

This course is math-intensive and statistics-intensive and it is a difficult course, unsuitable for undergraduate Erasmus exchanges.
Target skills and knowledge: FINANCIAL ECONOMICS

Aim of the course is to offer students some of the economics tools applicable to finance. Both micro and macroeconomic models are introduced to present various economic and finance issues. The main themes recurring throughout the course are uncertainty, asymmetric information, intertemporal decisions of consumption and investment and asset pricing. Various aspects of the 2007-2009 financial crisis, and how it morphed into the public debt crisis will be analyzed. The course is maths and statistics intensive. Passed experiences suggest that this is a difficult course, unsuitable for undergraduate Erasmus exchanges.


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ADVANCED MICROECONOMICS

Aim of the course: to introduce and extend major topics in microeconomics including consumer theory, production theory, economics of uncertainty, information asymmetry, signaling.
At the end of the course, students will have the groundwork necessary for taking economics to a higher level.

The course is offered jointly by Prof. Manenti (28 hours) and Prof. Parigi (42 hours) that will alternate in class according to the tentative schedule indicated below. For organizational reasons the lectures on Uncertainty: Introduction, and Information: Moral hazard and Adverse selection (approx 22 hours), are offered together with the students of the curriculum in Banking and Finance.

Course attendance is strongly suggested. Only part of the material for the exam is available on line. For those students that for whatever reason (e.g. work, distance, late graduation, etc.) cannot attend a large number of classes we suggest to talk to the teachers in person before attempting the exam, as we would be happy to provide guidance.
Examination methods: FINANCIAL ECONOMICS

Exam sessions: written or oral at the teacher discretion. Students are expected to answer 4 questions: 3 are closed form analytical questions; 1 is an open question aimed at testing critical thinking.

Copies of previous exams and their solutions are available on line.

Students are invited to obtain them to familiarize with style and difficulty.


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ADVANCED MICROECONOMICS

To be announced at the beginning of the course
Assessment criteria: FINANCIAL ECONOMICS

Details to be announced at the beginning of the course

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ADVANCED MICROECONOMICS

Details to be announced at the beginning of the course
Course unit contents: FINANCIAL ECONOMICS

PART I. METHODOLOGY

Decisions under uncertainty and demand for insurance

Demand for insurance with asymmetric information

Basic of bonds, stocks, seniority, collateral

PART II. CRISIS

Financial instability: Theory

Financial instability: Applications

Financial instability: liquidity

The role of bank capital

Crisis: debt overhang, legacy assets, difficulty of raising capital

Crisis and asset valuations

Credit relationship

PART PART III MACRO

Crisis and public debt: models

Crisis and public debt: empirical evidence

Asset pricing

Anomalies in Portfolio choices

PART IV. CORPORATE FINANCE

Signaling in corporate finance

Payout policies

Market micro structure

Corporate Governance and incentives

PART V. RISK

Risk structure of interest rates and hedging


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ADVANCED MICROECONOMICS

CONSUMER THEORY (Manenti) approx. 10 hours

UNCERTAINTY: INTRODUCTION (Parigi) approx. 12 hours together with students of Financial Economics

INFORMATION: MORAL HAZARD AND ADVERSE SELECTION (Parigi) approx. 10 hours together with students of Financial Economics

PRODUCTION THEORY (Manenti) approx. 8 hours

MARKET STRCUTURE: INTRODUCTION (Manenti) approx. 10 hours

UNCERTAINTY: ADVANCED TOPICS (Parigi) approx. 8 hours

INCENTIVES (Parigi) approx. 6 hours

SIGNALING (Parigi) approx. 6 hours
Planned learning activities and teaching methods: FINANCIAL ECONOMICS

Presentation of mathematical models by teacher and exercises. Students presentations.

ADVANCED MICROECONOMICS

Presentation of mathematical models by teacher and exercises.
Additional notes about suggested reading: FINANCIAL ECONOMICS

There is no textbook, only teacher’s lecture notes.

Most of the lectures are on line in the web site of this course and the relevant file is indicated near the topic.

Previous exams and solutions are on line in the web site of this course.

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ADVANCED MICROECONOMICS

The lectures of Manenti are based on i) teacher’s notes and ii) a good text in Microeconomics, e.g. Varian, H. Microeconomic Analysis, Norton, 1994.

The lectures of Parigi are based on teacher’s notes. The texts of many, but not all, lectures are available on line in the moodle platform.
Textbooks (and optional supplementary readings)
  • none, --. --: --, --. Cerca nel catalogo