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Advanced Micro

Advanced Micro. Lecturer Stijn Vanormelingen. Advanced Micro Contents. Introduction to basic concepts and ideas of Industrial Organization (IO) IO is concerned with how firms compete Focus is on markets with imperfect competition Central concept is market power Is there market power?

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Advanced Micro

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  1. Advanced Micro LecturerStijnVanormelingen

  2. Advanced MicroContents • Introduction to basic concepts and ideas of Industrial Organization (IO) • IO is concerned with how firms compete • Focus is on markets with imperfect competition • Central concept is market power • Is there market power? • How do firms acquire and maintain market power? • What are the implications of market power? • Role for public policy regarding market power? • Difference between Micro and IO • Micro focuses on perfect competition and monopoly

  3. Advanced MicroContents One or two session will focus on exercises. Small changes in the program are possible, depending on how fast we move on.

  4. Advanced MicroApproach • Weekly lecture • Illustrate and explain most important insights • CABRAL, L. (2000), Introduction to Industrial Organization, MIT Press • Where appropriate, by means of practical examples • Additional material available on HUBWise • Slides, mathematical notes, solutions to exercises

  5. Advanced MicroPrerequisites • Introductory course in • Micro economics or Managerial Economics • Mathematics for economists • Simple mathematical skills are required • Solve system of linear equations • 1st and 2nd order derivatives, integrals… • Solve a simple constrained optimization problem

  6. Advanced MicroEvaluation • Written, closed-book exam • More details will be provided by prof. Vanormelingen • Purpose • (1) Test insight into and understanding of theoretical concepts • (2) Test ability to apply theoretical concepts to real world cases or to stylized examples

  7. Economics of social security and social insurance Marjan Maes

  8. Aim of the course • Insight in the functioning, structure and performance of welfare states in OECD countries • Review the important challenges that these OECD-welfare states face • Evaluate reforms of social security schemes in terms of efficiency and equity

  9. Course Content: general background • Definition of the welfare state and social versus private insurance • Sources of financing welfare states • Typology of welfare states

  10. Course content: examples of specific topics • Pensions, ageingandearlyretirement • Health care reform in the US • Unemploymentandlabour market policies/institutions • Child/family policies, fertilityandfemalelaboursupply • Povertyandincomeinequality in OECD countries

  11. Evaluation • Written closed book exam • 2 hours • Open questions • Examples of exam questions available on slides

  12. Example question • The US health system is characterized by low performance although health spending in the US is very high. What are the reasons for this inefficiency? What should the US governement do in order to improve health performance and/or to keep spending moderate? To what extent will this be achieved by the Obamacare health reform?

  13. Exam question • Demonstrate what are the fundamental parameters that determine the degree of financial sustainability of a PAYG pension system. Explain why nowadays PAYG systems are unsustainable. Wouldn’it be better to switch to fully funded pension system? Why (not)?

  14. Environmental EconomicsAcademic year 2012-2013 Johan Eyckmans

  15. Course objectives • After this course, students should: • be able answer the question: what is, from a society point of view, the desired level of environmental quality, • know the most common valuation techniques for non-market goods and services, • have an insight in the advantages and disadvantages of different environmental policy instruments. • how profit maximizing businesses should react on specific environmental policy instruments.

  16. Valuation techniques • Valuation of negative externalities of noise externalities of Brussels airport by means of hedonic price techniques (house sales prices):

  17. Carbon emissions trading • EU ETS: price formation,fundamentals, future regulatory framework, …

  18. Are we running out of oil? • Hoteling model 18

  19. Course material • PPT slides: • HUBwise • Textbook: • Hanley, N., Shogren, J., and B. White. 2001. Introduction to Environmental Economics. Oxford University Press. • Through campus bookshop. • 35£ = 40€ at Amazon.co.uk

  20. Exam • WRITTEN and CLOSED BOOK exam. • A number of multiple-choice questions [10pt] • Require theoretical insight into the subject matter. • Correction for random guessing: • A number of open questions [10pt] • Testing your capacity to situate current environmental problems and policy instruments in the course material (recent articles and/or case studies). • Some questions require basic arithmetic skills.

  21. Public Economics Contents • Why does a government intervene in the economy? • And by doing so, can it increase total welfare of its population?

  22. Public Economics Approach • We explain government intervention by means of economic theory • We refer to real life examples: • Is Obama’s health care reform a good thing for US citizens? • What is the role of the government in the financial sector? • Should a government support the construction of the electrical car? • At the end of the course, students should be able to provide an answer to such questions that is not only based on “gut feeling”.

  23. Economics of Innovation (Johan Albrecht) Contents • What is ‘economics of innovation’, why innovation policy? • Innovation and industrial evolution • Dynamics of innovation in network economies (economics of QWERTY) • How to organise innovation policy?

  24. Economics of Innovation Approach • Perspective is macro, policy-oriented (not the typical management perspective) • Building blocks are first introduced • Innovation dynamics in selected industries are analysed from an historical perspective (IT, biotech) and later applied in the case of energy technology innovations (renewables) • ex-cathedra

  25. Culture&Economies

  26. Some illustrations • Consider this: • In our society some things can be • easily bought (and sold): • most goods, even illegal ones • such as cocaine, but also • education and sex • Other things that are often highly • regarded cannot be bought: • people, jobs, esteem • Why?

  27. Some illustrations Or compare these commodities: BMW versus Skoda iPhone versus a mainstream cell Rolex versus a 10€ watch Some goods seem to have a value that exceeds its ‘use value’ Why?

  28. Some illustrations • And finally… • Do the poor always want more social • welfare provisions and the rich less • taxes? • Is corruption a cultural or a structural • feature? • Is becoming an entrepreneur a • function of attitudes and values, or • just an effect of profit opportunities?

  29. Contents • General rationale of the course • Some choices regarding the economy • seem attached to ‘culture’ in the broad • sense • Economic phenomena are immersed • in a web of cultural sense-making and • social norms • Affects activities (work, consumption, • entrepreneurship,...) and structures • (markets, firms, government, • households)

  30. Approach • Interdisciplinary (economics, history, • psychology, sociology), but not an ethics class! • No maths, wide use of statistical techniques and • some qualitative studies • First: theoretical & methodological introduction • More active approach after a few weeks: • One theme per week, preparatory reading • Short lecture, small groups assignment • Presentation, discussion, active contribution • Preparatory reading and presence are • compulsory & checked! • Scoring system: ¼ assignments, ¾ exam (case, concepts, multiple choice)

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