ECONOMICS OF INFORMATION AND UNCERTAINTYⅡ

概要

Course Content Economics of information and uncertainty I & II aim to explain how economics deals with issues related to uncertainty and informational asymmetry. The focus of Economics of information and uncertainty II is on incomplete contract theory. First, we look at examples of asymmetric information and examine its adverse effects on the competitive market. Then, we learn how economic agents address problems posed by informational asymmetry. Second, we study social welfare functions and welfare maximization, which help students to understand mechanism design problems. Then, we learn mechanism design problems, i.e. how the center constructs economic institutions or games to achieve its policy targets under informational asymmetry among economic agents. Lecturers are delivered mainly in English with some remarks in Japanese.

目標

1. Learn welfare functions and welfare maximization. 2. Identify issues posed by asymmetric information that economic agents face. 3. Understand the working of the market mechanism under symmetric information and asymmetric information.

授業外の学習

Assignments are given for review. Each assignment takes two or more hours.

所要時間: 190分