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Microeconomics 1

First-year undergraduate course


  • Tuesday 08.30– 10.00 (Deutsch)
  • Thursday 10.15– 11.45 (English)

Room: A3 001

See course website.

Advanced Microeconomics 2

Graduate course


  • Monday 8.45 – 10.15
  • Wednesday, 10.15– 11.00

Room: P 044 (L7)

Performance evaluation: Final examination (70 percent), one homework (30 percent).

The course is taught in the form of 2-3h of class teaching and occasional exercise sessions. There is no assistant for the course.

The course covers the basics of contract theory or principal-agent theory and begins with a brief introduction to dynamic game theory under incomplete information. Different from other introductory courses to contract theory, it places emphasis on examples from finance, such as IPOs (initial public offerings), insurance, market microstructure, portfolio management, and banking. Time permitting, it covers static screening, signalling, ex-ante contracting, and hidden action models, as well as incomplete contracts and dynamic models.

A good book for background reading is

P. Bolton, M. Dewatripont, Contract Theory, Cambridge (MA), London: MIT Press 2005.

Always useful to consult is, of course,

A. Mas-Colell, M. Whinston, E. Green: Microeconomic Theory; Oxford, New York: Oxford University Press, 1995.