434617 VO Information economics

winter semester 2015/2016 | Last update: 28.10.2015 Place course on memo list
VO Information economics
VO 1

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?

Information in decisions against nature (natural sciences); Bayes’ updating rule; Information in decisions against selfish others (games); First order information, second order information; Informational efficiency of financial markets, Private information in efficient and less than efficient markets; Public information in efficient and less than efficient markets.

Lecture with discussion. Paper präsentations and discussions.

Test after the first part (40%)         ;PPT and presentation in the seminar (30%); Quality of the discussion (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 grades of modules according to § 7 Abs. 1 Z 2 to 5

see dates
Group 0
Date Time Location
Tue 2015-10-06
15.00 - 17.45 SR 3 (Sowi) SR 3 (Sowi) Barrier-free
Tue 2015-10-20
15.00 - 17.45 SR 3 (Sowi) SR 3 (Sowi) Barrier-free
Tue 2015-10-27
15.00 - 17.45 SR 3 (Sowi) SR 3 (Sowi) Barrier-free
Tue 2015-11-03
15.00 - 17.45 SR 3 (Sowi) SR 3 (Sowi) Barrier-free
Tue 2015-11-10
17.00 - 18.15 SR 3 (Sowi) SR 3 (Sowi) Barrier-free Klausur