The ECO 431 course extends the ECO 361 course in the first year, taking a more in-depth look at microeconomic analysis. Five main themes are covered:
- The behaviour of individuals, the notion of individual and collective preferences.
- Allocation problems.
- Market equilibrium, whether competitive or not.
- Government intervention.
- Choices under uncertainty.
- Information asymmetry.
This course is an introduction to modern macroeconomics, divided into two parts.
In the first part, elements of understanding short-term fluctuations and the role of major players (consumers, firms, government, central banks, etc.) are established.
The second part deals with long-term equilibrium fluctuations through a few selected themes.
The course also aims to introduce macroeconomic modeling, an aspect particularly developed through work in small groups.
This course is designed for students wishing to familiarize themselves with economic and business issues.
It aims to provide an understanding of the macroeconomic trends structuring business life.
The operational tools of strategic and financial analysis are needed to manage a company, without being in the question of operational management techniques.
Course structure:
- The aim of the lecture is to explain and illustrate the concepts and tools of strategic analysis. Examples linked to current events will be frequently used. High-level keynote speakers (company directors, consultants) will be invited to describe the use of strategy in a professional context.
Concepts and situations are systematically illustrated with examples from the real economy. Students are encouraged to read the business press. A 10-minute press review begins the course. Interactive experiments will be used in lecture halls.
- Small classes, led by professional strategy consultants, are devoted to case studies. These cases are generally produced by American or European business schools. They are written in English. The aim of the case method is to put students in the position of strategic decision-makers, using the facts, figures and concrete situations presented in the case (10 to 15 pages).
The final exam consists of solving a case (in 2014 Apple and the iPad, in 2013 Google).
Almost all cases are written in English: a good knowledge of written English is therefore necessary.
Designing experiments to inform economic theory
Laboratory experiments about human decision-making have gained increasing importance in economics. The list of phenomena uncovered by laboratory experiments includes, but is not limited to: bounded rationality (statistical fallacies, learning biases…), motivated beliefs (overconfidence, anticipatory utility…), reference-dependence, dynamic inconsistency… This project will focus on one particular behavioral bias, chosen as a function of students’ interests. We will then review the theoretical and experimental literature on this specific phenomenon, and identify gaps in our knowledge. The project will culminate in an experiment designed and ran by the students to further advance our understanding of the relevance, importance and/or implications of the bias. The methodology will be based on a back-and-forth between microeconomic modeling (decision theory, game theory) and experimental economics.
Pre-requisites : ECO361 and ECO431
References: Falk, A., & Heckman, J. J. (2009). Lab experiments are a major source of knowledge in the social sciences. science, 326(5952), 535-538.
Levitt, S. and J. A. List. (2007). Viewpoint: On the generalizability of lab behaviour to the field. Canadian Journal of Economics 40(2): 347-370.
Levitt, S. and J. A. List. (2007). What do laboratory experiments measuring social preferences reveal about the real world. Journal of Economic Perspectives 21(2): 153-174.
Camerer, C. (2011). The promise and success of lab-field generalizability in experimental economics: A critical reply to Levitt and List. Working paper.
In the first part, we'll look at the deciding factors of a country's competitiveness on international markets: how do Germany and China come out on top in the international competitiveness rankings despite very different production structures?
In the second part we will look at the deciding factor of international capital flows. We'll try to understand what expalins that a country like the USA can accumulate substantial net external deficits over a relatively long period, without suffering the distrust of international investors. This part of the course will also look at the question of exchange rates, which has proved to be crucial in understanding a number of international currency crises, such as the Asian crisis of the late 90s. Finally, we will tackle the specific nature of the monetary zone, to gain insight on the economic policy options available to the leaders of the eurozone economies.
Course language: French
The analysis of the American Endangered Species Program - The Endangered Species Act (ESA) was signed on December 28, 1973, and provides for the conservation of species that are endangered or threatened throughout all or a significant portion of their range, and the conservation of the ecosystems on which they depend.
The ESA replaced the Endangered Species Conservation Act of 1969; that has been modified several times.
A “species” is considered endangered if it is in danger of extinction (throughout all or a significant portion of its distribution area) and threatened if it is likely to become an endangered species within the foreseeable future. For each listed species the government is required to elaborate and fund a preservation plan that includes habitat restoration, studies on species status, educating and raising public awareness, reproduction in captivity and reintroduction, nesting studies, genetic studies and elaboration of management plans.
