ECTS : 4
Volume horaire : 36
Description du contenu de l'enseignement :
The course runs through 11 3-hour sessions.
Session 1 to 6, Intertemporal general equilibrium, with
- session 1: General equilibrium in a pure exchange economy ? Pareto-optimal allocation in an economy with two dates
- session 2: General equilibrium in a pure exchange economy ? General equilibrium with a loan market
- session 3: General equilibrium in an economy with production ? General framework and equilibrium conditions with or without financial markets
- session 4: General equilibrium in an economy with production ? The Fisher separation theorem
- session 5: General equilibrium and pricing of financial assets
- session 6: correction of training exercises of part 1
Week of interruption: mid-term exam
Sessions 7 to 11, General equilibrium with uncertainty, with
- session 7: Uncertainty
- session 8: Financial assets with uncertainty, no-arbitrage pricing and market structure
- session 9: General equilibrium with uncertainty ? General equilibrium with financial assets markets
- session 10: General equilibrium with uncertainty ? General equilibrium with forward markets for contingent goods
- session 11: correction of training exercises of part 2
Compétence à acquérir :
This course of microeconomics extends the general equilibrium in perfect competition to two dimensions: time then uncertainty.
It focuses on the two fundamental roles of financial markets (loanable funds markets, financial assets markets, forward markets):
- intertemporal reallocation;
- risk-sharing.
It then deals with the issue of asset-pricing.
Mode de contrôle des connaissances :
50% mid-term exam (problems + questions)
50% final exam
Bibliographie, lectures recommandées :
H. Varian [1992], Microeconomic analysis, W. W. Norton & Company ? one chapter on intertemporal general equilibrium
H. Varian [1993], Intermediate microeconomics, W. W. Norton & Company ? one chapter on uncertainty