Osaka 2020/1st - Advanced Economic Theory
Advanced Economic Theory | Microeconomic Analysis 1
上級経済理論 | ミクロ経済分析1
Syllabus in English | 講義シラバス(日本語)
1st semester, Mondays 2nd (10:30-12:00), Seminar Room 2(演習室2) → Changed to web-based course for the time being. See announcement below.
Office Hours: To be announced
Last Update: July 20, 2020
Announcement | お知らせ
[20/7/13] --- The deadline of the final report is July 31st (Fri).
[20/7/13] --- There will be NO class on July 27th, so the last meeting is on July 20th.
[20/4/27] --- Photos of the whiteboard in Lec3 (and future lectures as well) have been uploaded here.
[20/4/20] --- The audio and whiteboard of the first two lectures is available here.
[20/4/11] --- Our lectures will be web-based for the time being. The first lecture, April 13 from 10:30 a.m., will be an online class using Zoom. Please e-mail me <yosuke.yasuda@gmail.com> if you haven't received the meeting information via CLE.
[20/1/15] --- The website (here) is open.
Course Objective and Content | 講義概要・目的
We study economic theories in the border areas with other fields, such as decision making theory, behavioral economics, and incomplete contract theory.
[4/11] I pan to replace social choice theory with some chapters from the recent open-textbook below:
Models in Microeconomic Theory by Martin J. Osborne and Ariel Rubinstein
This course is mainly based on students' presentations of representative research papers or/and chapters from the relevant textbooks for each topic.
Learning Goals | 学習目標
To acquire basic analytical skills on economic theories of 1) decision making, 2) social choice, and 3) incomplete contract.
To understand how these theoretical ideas are applied to real-life issues on business and policy rules.
Requirement / Prerequisite | 履修条件・受講条件
Microeconomics at advanced undergraduate level.
Grading Policy | 成績評価
Based on the presentation and final report.
Auditing students SHOULD also make presentation but need NOT submit the final report.
Presentation can be given in English or Japanese, but SLIDES must be typed in ENGLISH.
Final report can be written in Japanese or English. Suggested length is 2 - 5 pages. Your report should be either
1) an original research paper/idea on the topics covered in the lecture,
2) a referee report on a paper (which is not directly covered in class), or
3) a survey on a specific issue of the relevant topics in the lecture.
Related Textbooks | 関連書籍
Decision Making
Kreps, D. (1988). Notes On The Theory Of Choice. Westview Press. Amazon
Rubinstein, A. (2012). Lecture Notes in Microeconomic Theory, 2nd ed. Princeton University Press. Amazon
Gilboa, I. (2009). Theory of decision under uncertainty (Vol. 45). Cambridge university press. Amazon
日本語(川越敏司 訳):『不確実性下の意思決定理論』勁草書房. 2014. Amazon
Wakker, P. P. (2010). Prospect theory: For risk and ambiguity. Cambridge university press. Amazon
Chambers, C. P., & Echenique, F. (2016). Revealed preference theory (Vol. 56). Cambridge University Press. Amazon
Social Choice
Arrow, K. J. (2012). Social choice and individual values (Vol. 12). Yale university press. Amazon
日本語(長名寛明 訳):『社会的選択と個人的評価』勁草書房. 2013. Amazon
Sen, A. (2018). Collective choice and social welfare. Harvard University Press. Amazon
日本語(志田基与師 訳):『集合的選択と社会的厚生』勁草書房. 2000. Amazon
Fishburn, P. C. (2015). The theory of social choice. Princeton University Press. Amazon
Feldman, A. M., & Serrano, R. (2006). Welfare economics and social choice theory. Springer Science & Business Media. Amazon
日本語(飯島大邦ほか 訳):『厚生経済学と社会選択論』CAP出版. 2009. Amazon
Thomson, W. (2019). How to divide when there isn't enough. Cambridge Books. Amazon
Incomplete Contract
Hart, O. (1995). Firms, contracts, and financial structure. Clarendon press. Amazon
日本語(鳥居昭夫 訳):『企業 契約 金融構造』慶應義塾大学出版会. 2010. Amazon
Bolton, P., & Dewatripont, M. (2005). Contract theory. MIT press. Amazon
Gibbons, R., & Roberts, J. (Eds.). (2013). The handbook of organizational economics. Princeton University Press. Amazon
Aghion, P., Dewatripont, M., Legros, P., & Zingales, L. (Eds.). (2015). The impact of incomplete contracts on economics. Oxford University Press. Amazon
Course Schedule | 講義日程
(Introductory parts -- Lectures 1 and 2 -- will be given by the instructor. All the rest consists of students' presentations.)
DECISION MAKING
Lecture 1. Choice over Certain Outcomes | 4/13
Lecture
Slide
Lecture 2. Choice over Risky Outcomes | 4/20
Lecture
Slide
Lecture 3. Uncertainty | 4/27
Presentations
Machina, M. (1987), pp.121-135 --- 方
Machina, M. (1987), pp.136-150 --- 王
References
TBA
Lecture 4. Ambiguity | 5/11
Presentations
Gilboa, I. and Schmeidler, D. (1989) --- 川中
References
Ellsberg, D. (1961)
Schmeidler, D. (1989)
Maccheroni, F., Marinacci, M. and Rustichini, A. (2006)
BEHAVIORAL ECONOMICS
Lecture 5. Prospect Theory | 5/18
Presentations
Kahneman, D. and Tversky, A. (1979) --- 別府
References
Tversky, A. and Kahneman, D. (1992)
Thaler, R. (1980)
Lecture 6. Fairness | 5/25
Presentations
Rabin, M. (1993) --- カ セン
Fehr, E. and Schmidt, K. M. (1999) --- ソウ ロ
References
Geanakoplos, J., Pearce, D. and Stacchetti, E. (1989)
Kahneman, D., Knetsch, J. L. and Thaler, R. (1986)
Lecture 7. Dynamic Inconsistency | 6/1
Presentations
O'Donoghue, T., & Rabin, M. (1999) --- 長田
References
Laibson, D. (1997)
Rubinstein, A. (2003)
Strotz, R. H. (1955)
Pollak, R. A. (1968)
Lecture 8. Axiomatic Approach | 6/8
Presentations
Gul, F. and Pesendorfer, W. (2001) --- 鄭 凱中
Masatlioglu, Y., Nakajima, D., & Ozbay, E. Y. (2012) --- PEI JINGRU
References
Kreps, D. M. (1979)
Dekel, E., Lipman, B. and Rustichini, A. (2001)
OSBORNE AND RUBINSTEIN (2020)
Lecture 9. Equilibrium | 6/15 => 6/22
Presentations
Ch8: A Jungle --- 孫 鈺博
Ch9: A Market ---
References
TBA
Lecture 10. Mechanism | 6/22
Presentations
Ch17: Mechanism Design --- 別府
Ch18: Matching ---
References
TBA
Lecture 11. Society | 6/29
Presentations
Ch19: Socialism --- 王
Ch20: Aggregating Preferences --- 川中
References
TBA
INCOMPLETE CONTRACT
Lecture 12. Property Rights | 7/6
Presentations
Grossman, S. J., & Hart, O. D. (1986) --- Song Lu
Hart, O., & Moore, J. (1990) --- 方
References
TBA
Lecture 13. Cooperate Governance | 7/13
Presentations
Bolton, P., & Scharfstein, D. S. (1990) --- 何 璇
Aghion, P., & Bolton, P. (1992) --- PEI JINGRU
References
TBA
Lecture 14. Authorities | 7/20
Presentations
Aghion, P., & Tirole, J. (1997) --- 長田
Dessein, W. (2002) --- 鄭 凱中
References
TBA
Lecture 15. Relational Contracts
Presentations
MacLeod, W. B., & Malcomson, J. M. (1989) ---
Levin, J. (2003) ---
References
TBA
Related Papers | 関連書籍論文
Decision Making
Fehr, E. and Schmidt, K. M. (1999). A Theory of Fairness, Competition, and Cooperation, Quarterly Journal of Economics, 114: 817-868.
Gilboa, I., & Schmeidler, D. (1989). Maxmin expected utility with non-unique prior. Journal of Mathematical Economics, 18(2), 141-153.
Machina, M. (1987). Choice under Uncertainty: Problems Solved and Unsolved. Journal of Economic Perspectives, 1(1), 121-54.
<Related Papers>
Ellsberg, D. (1961). Risk, ambiguity, and the Savage axioms. The quarterly journal of economics, 643-669.
Maccheroni, F., Marinacci, M. and Rustichini, A. (2006). Ambiguity Aversion, Robustness, and the Variational Representation of Preferences, Econometrica, 74: 1447–1498.
Schmeidler, D. (1989). Subjective probability and expected utility without additivity. Econometrica: Journal of the Econometric Society, 571-587.
<Survey Articles>
TBA
Behavioral Economics
Fehr, E., & Schmidt, K. M. (1999). A theory of fairness, competition, and cooperation. The quarterly journal of economics, 114(3), 817-868.
Gul, F., & Pesendorfer, W. (2001). Temptation and self‐control. Econometrica, 69(6), 1403-1435.
Kahneman, D. and Tversky, A. (1979), Prospect Theory: An Analysis of Decision under Risk, Econometrica, 47: 263–291.
Laibson, D. (1997). Golden eggs and hyperbolic discounting. The Quarterly Journal of Economics, 112(2), 443-478.
Masatlioglu, Y., Nakajima, D., & Ozbay, E. Y. (2012). Revealed attention. American Economic Review, 102(5), 2183-2205.
O'Donoghue, T., & Rabin, M. (1999). Doing it now or later. American economic review, 89(1), 103-124.
Rabin, M. (1993). Incorporating fairness into game theory and economics. The American economic review, 1281-1302.
<Related Papers>
Geanakoplos, J., Pearce, D. and Stacchetti, E. (1989), Psychological games and sequential rationality, Games and Economic Behavior, 1: 60-79.
Kahneman, D., Knetsch, J. L. and Thaler, R. (1986), Fairness as a Constraint on Profit Seeking: Entitlements in the Market, American Economic Review, 76: 728-741.
Kreps, D. M. (1979). A representation theorem for" preference for flexibility". Econometrica: Journal of the Econometric Society, 565-577.
Rubinstein, A. (2003). “Economics and Psychology”? The Case of Hyperbolic Discounting, International Economic Review, 44: 1207-1216.
Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of economic behavior & organization, 1(1), 39-60.
Tversky, A. and Kahneman, D. (1992), Advances in prospect theory: Cumulative representation of uncertainty, Journal of Risk and Uncertainty, 5: 297-323.
<Survey Articles>
TBA
Osborne and Rubinstein
TBA
Incomplete Contract
Aghion, P., & Bolton, P. (1992). An incomplete contracts approach to financial contracting. The review of economic Studies, 59(3), 473-494.
Aghion, P., & Tirole, J. (1997). Formal and real authority in organizations. Journal of political economy, 105(1), 1-29.
Bolton, P., & Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American economic review, 93-106.
Dessein, W. (2002). Authority and communication in organizations. The Review of Economic Studies, 69(4), 811-838.
Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of political economy, 94(4), 691-719.
Hart, O., & Moore, J. (1990). Property Rights and the Nature of the Firm. Journal of political economy, 98(6), 1119-1158.
Levin, J. (2003). Relational incentive contracts. American Economic Review, 93(3), 835-857.
MacLeod, W. B., & Malcomson, J. M. (1989). Implicit contracts, incentive compatibility, and involuntary unemployment. Econometrica: Journal of the Econometric Society, 447-480.
<Related Papers>
TBA
<Survey Articles>
TBA
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