Microeconomics III

First-Year Courses

Microeconomics III

Event Series: Microeconomics III
Date: June 8, 2026Time: 10:30 am - 3:30 pm Europe/BerlinVenue: Halle Institute for Economic Research (IWH) – Member of the Leibniz Association, Leipziger Straße 100, 06108 Halle (Saale), conference room, 3rd floorLecturer: Professor Dr Daniel Streitz

Course description

Course type

IWH-DPE Foundation Course, CGDE First-year Course

Lecturer

Professor Dr Daniel Streitz (IWH and Friedrich Schiller University Jena)

Summary

This is the third course of the first-year triple sequence in Microeconomics.

This course provides students with a thorough understanding of two key frictions that are central to the financing of corporations as well as in many other economic settings: moral hazard and asymmetric information. The course will also cover the effects of (outside) monitoring on firms and the allocation of control rights across claim holders. The course will conclude with a discussion of macroeconomic implications, and, if time permits, a session on ESG.

Schedule

08.06.2026          10:30-12:00 and 13:00-15:30      IWH, Leipziger Str. 100, 3rd floor, Conference Room
22.06.2026          10:30-12:00 and 13:00-15:30      IWH, Leipziger Str. 100, 3rd floor, Conference Room
06.07.2026          10:30-12:00 and 13:00-15:30      IWH, Leipziger Str. 100, 3rd floor, Conference Room

Content

  1. An Economic Overview of Corporate Institutions
  2. Moral Hazard
  3. Asymmetric Information
  4. Monitoring and Control Rights
  5. Macroeconomic Implications
  6. Sustainable Finance

Course requirements

Attendance at all lectures is mandatory and a prerequisite to take the final exam.

Course completion requires passing of a written in-person exam.

Required Reading

1. An Economic Overview of Corporate Institutions
Tirole, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 1 and 2.

2. Moral Hazard
Tirole, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 3 and 4.

3. Asymmetric Information
Tirole, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapter 6.

4. Monitoring and Control Rights

Tirole, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 8.1-8.2, 9.1-9.2 & 10.1-10.2.

5. Macroeconomic Implications

Tirole, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 13.1-13.3.

6. Sustainable Finance

Oehmke, M. & Opp, M. M. (2025). A Theory of Socially Responsible Investment. Review of Economic Studies, 92(2), 1193-1225.

(Optional) background on principal agent models

Laffont, J.-J. & Martimort, D. (2002). The Theory of Incentives: The Principal-Agent Model. Princeton University Press.

Registration

Please register for the course until May 31, 2026 by sending an e-mail to cgde@iwh-halle.de.

Course details