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SUMMARY:Microeconomics III
DESCRIPTION:Course type\nIWH-DPE Foundation Course\, CGDE First-year Course \nLecturer\nProfessor Dr Daniel Streitz (IWH and Friedrich Schiller University Jena) \nSummary\nThis is the third course of the first-year triple sequence in Microeconomics. \nThis 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. \nSchedule\n08.06.2026          10:30-12:00 and 13:00-15:30      IWH\, Leipziger Str. 100\, 3rd floor\, Conference Room\n22.06.2026          10:30-12:00 and 13:00-15:30      IWH\, Leipziger Str. 100\, 3rd floor\, Conference Room\n06.07.2026          10:30-12:00 and 13:00-15:30      IWH\, Leipziger Str. 100\, 3rd floor\, Conference Room \nContent\n\nAn Economic Overview of Corporate Institutions\nMoral Hazard\nAsymmetric Information\nMonitoring and Control Rights\nMacroeconomic Implications\nSustainable Finance\n\nCourse requirements\nAttendance at all lectures is mandatory and a prerequisite to take the final exam. \nCourse completion requires passing of a written in-person exam. \nRequired Reading\n1. An Economic Overview of Corporate Institutions\nTirole\, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 1 and 2. \n2. Moral Hazard\nTirole\, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 3 and 4. \n3. Asymmetric Information\nTirole\, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapter 6. \n4. Monitoring and Control Rights \nTirole\, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 8.1-8.2\, 9.1-9.2 & 10.1-10.2. \n5. Macroeconomic Implications \nTirole\, J. (2006). The Theory of Corporate Finance. Princeton University Press. Chapters 13.1-13.3. \n6. Sustainable Finance \nOehmke\, M. & Opp\, M. M. (2025). A Theory of Socially Responsible Investment. Review of Economic Studies\, 92(2)\, 1193-1225. \n(Optional) background on principal agent models \nLaffont\, J.-J. & Martimort\, D. (2002). The Theory of Incentives: The Principal-Agent Model. Princeton University Press. \nRegistration\nPlease register for the course until May 31\, 2026 by sending an e-mail to cgde@iwh-halle.de.
URL:https://cgde-home.de/event/microeconomics-iii/2026-06-08/
LOCATION:Halle Institute for Economic Research (IWH) – Member of the Leibniz Association\, Leipziger Straße 100\, 06108 Halle (Saale)\, conference room\, 3rd floor\, Leipziger Strasse 100\, Halle (Saale)\, Saxony-Anhalt\, 06108\, Germany
CATEGORIES:First-Year Courses
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