LFU:online

The module will give an introduction to modern information economics related to fi­nancial markets. Participants should be able to give meaningful answers to questions like:         
Is the value of an information always positive?
Should inside trading be prohibited?             
To what extent can Bayes’ decision rule be adopted in financial markets?        
How should a rational investor deal with financial information?  
To what extent indexed investments are rational?

Are ‘Noise Traders’ needed?

Information economics, experimental economics and agent based modelling

What happens in the financial market if everybody does the best he can do?

Is the financial market a minority game?     

To what extent can Bayes’ decision rule be adopted in financial markets?

What does it mean to be good informed?    

Why indexed investments have been so successful?           

Are there limits to indexed investments?

Arguments against insider trading regulation

Arguments in favour of insider trading regulation

Vorlesung mit Diskussion. Seminararbeiten und Sitzungsmoderation

Schriftliche Prüfung nach dem ersten Teil (40%); Seminarpräsentation (30%); Moderation und Diskussion (30%)

Birchler, Urs; Bütler, Monika: Information Economics, Routledge 2007

Schredelseker, Klaus: Grundlagen der Finanzwirtschaft – Ein informationsökonomischer Zugang, München 2013

Schredelseker, Klaus: Pascal’s Wager and Information, JoForecasting 2014, 455-470

Stiglitz, Joseph: The Contribution of the Economics of Information to Twentieth Century Economics, QJE 2000, 1441-1478

Strong, Norman; Walker, Martin: Information and Capital Markets, Basil Blackwell 1987

Positive Beurteilung der Module gemäß § 7 Abs. 1 Z 2 bis 5