This module provides students with cutting-edge, hand-on knowledge of how to design mechanisms, especially when information is distributed asymmetrically between economic agents.
A Critically evaluate static and dynamic models of adverse selection and moral hazard.
B Understand the mechanics behind different types of auctions.
C Apply the knowledge to other relevant economic situations.
D Understand the mechanics behind internal organization of firms.
E Analyse the problem of surplus division and assess alternative methods proposed to solve it.
F Demonstrate an in-depth critical understanding of incomplete contracts and their economic significance.
Method of teaching and learning will be by lecture and weekly tutorials.