Wirtschafts- und

Sozialwissenschaftliche
Fakultät

Module Manual
of the
M.Sc. degree programmes according to FPO 2021 in

Economics

Environmental and Resource Economics

Quantitative Economics

Quantitative Finance

Information is valid for FPO 2021 of the programmes

Date: 3 May 2024

 About the module handbook

Dear students,

This module manual is to provide you with detailed information on the educational objectives, contents
and references that go along with the lectures and seminars offered by the Institute of Economics for
the M.Sc. Programmes in Economics, Environmental and Rescource Economics, Quantitative
Economics and Quantiative Finance.

Even though the module manual is updated frequently, there might be deviations from the information
given in the valid version of the Fachprüfungsordnung (FPO, Examination Regulations). If so, the
german version of the FPO is always binding.

Please find the valid FPO 2021 here:

Economics:
http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-economics-master-1-fach.pdf

Environmental and Resource Economics:

http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-environmental-and-resource-
economics-master-1-fach.pdf

Quantitative Economics:
http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-quantitative-economics-master-
1-fach.pdf

Quantitative Finance:
http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-quantitative-finance-master-1-
fach.pdf

If you study economics as a minor, you can use this module manual for information on the
educational objectives, contents and references of each module. However, binding information on the
attribution to your curriculum and number of ECTS for your studies can only be found in the FPO for
your degree program.

For your study planning, please find a table of the planned lectures and seminars of the Institute of
Economics here: http://www.wiso.uni-kiel.de/de/studium/download/langfristige-veranstaltungsplanung-
vwl.pdf/. If the link does not work, please try https://www.wiso.uni-kiel.de/en/study and klick “Long-term
planning Economics” in the portlet “Planning”.

Further information on your degree program can be found on the website of the Faculty of
Business, Economics and Social Sciences under the heading Studying, especially under your
specific Master’s programme.. If you have any questions about your degree course that you cannot
answer yourself using the documents available, please always contact your academic advisor or the
faculty offering the course. You can find the relevant academic advisors here.

Calcuation of workload: 15 sessions per semester (incl. exams) taken as basis for calculation of
workload
 Table of contents

1. Economics Modules ..................................................................................................................... 6

a. Compulsory Section .......................................................................................... 6
Advanced Macroeconomics ............................................................................................................ 6
Advanced Microeconomics ............................................................................................................. 8
Economic Dynamics ..................................................................................................................... 10
Research and Scientific Writing in Economics ............................................................................. 13
b. Elective Section – Lecture Modules .............................................................. 15
i. Applied Microeconomics .................................................................................... 15
Advanced Topics in Applied Microeconomics: Using Mathematica to solve economic problems 15
Advanced Topics in Applied Microeconomics .............................................................................. 17
Behavioral and Neuroeconomics (currently not offered) .............................................................. 19
Behavioral Economics and Ethics (currently not offered) ............................................................. 21
Experimental Economics .............................................................................................................. 22
Game Theory ................................................................................................................................ 25
Industrial Organization .................................................................................................................. 27
Innovation Economics ................................................................................................................... 29
New Institutional Economics (currently not offered) ..................................................................... 31
ii. Environmental and Resource Economics ......................................................... 33
Advanced Topics in Environmental and Resource Economics .................................................... 33
Climate and Energy Policy ............................................................................................................ 35
Cost-Benefit-Analysis ................................................................................................................... 37
Economics of Geoengineering ...................................................................................................... 39
Economics of Optimal Climate Change Mitigation ....................................................................... 41
Energy Economics ........................................................................................................................ 43
Environmental Economics ............................................................................................................ 45
Environmental Valuation ............................................................................................................... 47
Resource Economics .................................................................................................................... 49
Theories of Distributive Justice and Sustainability ....................................................................... 51
iii. Financial Economics .......................................................................................... 53
Advanced Time Series Analysis ................................................................................................... 53
Advanced Topics in Financial Economics .................................................................................... 56
Agent Based Models in Economics and Finance ......................................................................... 58
Applied Econometrics of Foreign Exchange Markets ................................................................... 61
Empirical International Finance (prev. Research in International Finance) .................................. 63
Foreign Exchange Markets – Theory and Empirics ...................................................................... 65
Foundations of Asset Pricing ........................................................................................................ 67
International Financial Markets ..................................................................................................... 69
Pricing in Derivative Markets ........................................................................................................ 71
Theory of Financial Markets ......................................................................................................... 73
iv. International Economics .................................................................................... 75
Advanced International Trade: Empirical Applications ................................................................. 75
Advanced International Trade Theory .......................................................................................... 78
Advanced Topics in International Economics ............................................................................... 80
Economics and Management of Global Supply Chains ............................................................... 82
Economics of Migration ................................................................................................................ 84
International Development ............................................................................................................ 86
Multinational Enterprises .............................................................................................................. 88
v. Macroeconomics and Growth ............................................................................ 90
Advanced Topics in Macroeconomics and Growth: Fiscal Policy and Macroeconomic Dynamics
...................................................................................................................................................... 90
Economic Growth (currently not offered) ...................................................................................... 92
International Monetary Policy ....................................................................................................... 94
Macroeconomic Dynamics and Optimal Monetary Policy ............................................................ 96
Monetary Policy ............................................................................................................................ 98
Structural Macroeconometrics .................................................................................................... 100
vi. Public Economics ............................................................................................ 102
3
 Advanced Topics in Public Economics ....................................................................................... 102
Economics of Charitable Giving (currently not offered) .............................................................. 104
Economics of Risk and Uncertainty ............................................................................................ 106
Health Economics (currently not offered) ................................................................................... 108
Information Economics ............................................................................................................... 110
Public Economics........................................................................................................................ 112
vii. Spatial Economics (currently not offered) ....................................................... 114
Advanced Topics in Spatial Economics (currently not offered) .................................................. 114
Spatial Economics (currently not offered) ................................................................................... 116
c. Elective Section – Seminar Modules ........................................................... 118
i. Applied Microeconomics .................................................................................. 118
Seminar in Applied Microeconomics ........................................................................................... 118
Seminar in Behavioral Economics .............................................................................................. 120
Seminar in Economics and Ethics .............................................................................................. 122
Seminar in Experimental Economics .......................................................................................... 124
Seminar in Innovation Economics .............................................................................................. 126
Seminar in Microeconometric Data Analysis (Formerly: Seminar in Replication Studies in
Economics) ................................................................................................................................. 129
ii. Environmental and Resource Economics ....................................................... 131
Seminar in Climate and Energy Policy ....................................................................................... 131
Seminar in Economics of Geoengineering ................................................................................. 133
Seminar in Energy Economics .................................................................................................... 135
Seminar in Environmental Economics ........................................................................................ 137
Seminar in Environmental Valuation........................................................................................... 139
Seminar in Resource Economics ................................................................................................ 141
Seminar in Theories of Distributive Justice and Sustainabiliy (currently not offered) ................ 143
iii. Financial Economics ........................................................................................ 145
Seminar in Applied Financial Econometrics ............................................................................... 145
Seminar in Empirical Finance ..................................................................................................... 147
Seminar in Financial Economics ................................................................................................. 149
Seminar in Foreign Exchange Markets....................................................................................... 151
Seminar in International Finance ................................................................................................ 153
iv. International Economics .................................................................................. 155
Seminar Globalization in Developing Countries ......................................................................... 155
Seminar in Advanced International Trade: Empirical Applications ............................................. 158
Seminar in Advanced International Trade Theory ...................................................................... 161
Seminar in International Economics: Empirical Analysis of Trade Policy and other Determinants
of International Trade .................................................................................................................. 163
Seminar in International Economics: Geopolitics and International Economics ........................ 166
v. Macroeconomics and Growth .......................................................................... 169
Seminar in Empirical Macroeconomics....................................................................................... 169
Seminar in Macroeconomics and Growth ................................................................................... 170
vi. Public Economics ............................................................................................ 173
Seminar in Economics of Risk and Uncertainty .......................................................................... 173
Seminar in Information Economics (currently not offered) ......................................................... 175
Seminar in Public Economics ..................................................................................................... 177
vii. Spatial Economics ........................................................................................... 179
Seminar in Spatial Economics (currently not offered) ................................................................ 179
2. Applied Empirical Methods ...................................................................................................... 181
a. Compulsory Section ...................................................................................... 181
Bayesian Econometrics .............................................................................................................. 181
Econometric Methods ................................................................................................................. 184
Inferential Statistics ..................................................................................................................... 186
Nonparametric Statistics ............................................................................................................. 188
Probability Calculus .................................................................................................................... 190
Time Series Econometrics .......................................................................................................... 192
b. Elective Section – Lecture Modules ............................................................ 194
Advanced Topics in Applied Empirical Methods ......................................................................... 194
Applied Business Cycle Analysis and Forecasting ..................................................................... 196

4
 Applied Time Series Analysis ..................................................................................................... 198
Causal Inference in Economics .................................................................................................. 200
Econometrics for Financial Markets ............................................................................................ 202
Macroeconometrics..................................................................................................................... 204
Microeconometrics ...................................................................................................................... 206
Multivariate Methods ................................................................................................................... 208
Multivariate Time Series Analysis and Forecasting .................................................................... 210
Panel Econometrics .................................................................................................................... 212
Portfolio Analysis ........................................................................................................................ 214
Spatial Econometrics (currently not offered) .............................................................................. 217
Statistical Computing (currently not offered) .............................................................................. 219
Statistical Learning...................................................................................................................... 221
Statistics for Financial Markets ................................................................................................... 223
Univariate Time Series Analysis (currently not offered) ............................................................. 225
c. Elective Section – Seminar Modules ........................................................... 227
Seminar in Econometrics ............................................................................................................ 227
Seminar in Statistics ................................................................................................................... 229
3. Mathematical Finance (QF) ...................................................................................................... 231
a. Compulsory Section Mathematical Finance ............................................... 231
Computational Finance ............................................................................................................... 232
Mathematical Finance ................................................................................................................. 234
b. Compulsory Elective Section Specialization in Mathematical Finance ... 236
Ausgewählte Kapitel der Finanzmathematik (Special Chapters from Mathematical Finance) ... 236
Ausgewählte Kapitel aus Numerik und Finanzmathematik (Special Chapters from Numerics and
Mathematical Finance) ............................................................................................................... 237
Risk Management ....................................................................................................................... 238
Versicherungsmathematik und Risikotheorie (Actuarial mathematics and risk theory) ............. 240
Optimierungsprobleme in der Finanzmathematik (Problems of Optimization in Mathematical
Finance) ...................................................................................................................................... 241
Zinsmodelle (Interest Rate theory) ............................................................................................. 242
c. Compulsory Elective Section Seminar (Seminar Mathematical Finance) 244
Seminar Numerik und Finanzmathematik (Seminar in Computational Finance) ....................... 244
Seminar Stochastik und Finanzmathematik (Seminar in Stochastics and Mathematical Finance)
.................................................................................................................................................... 245
4. Corporate Finance (QF) (Modules of the Institute of Business) .......................................... 246
a. Elective Section – Lecture Modules ............................................................ 246
Theorie der Unternehmensfinanzierung (2020100) .................................................................... 246
Empirical Finance (340101) ........................................................................................................ 248
Unternehmensbewertung und angewandte Investitionstheorie (2020300) ................................ 249
Investitionstheorie (2020800) ..................................................................................................... 251
Corporate Finance (2020400) ..................................................................................................... 253
Bilanzanalyse (2060300) ............................................................................................................ 254
b. Elective Section – Seminar Modules ........................................................... 256
Forschungsseminar: Selected Topics in Finance ....................................................................... 256
Forschungsseminar Finanzierungs- und Investitionstheorie (2128500) ..................................... 257
5. Master´s Thesis ......................................................................................................................... 258
Master´s Thesis Economics (30 ECTS)...................................................................................... 258
Master´s Thesis Economics (18 ECTS)...................................................................................... 260
Master´s Thesis Environmental and Resource Economics (30 ECTS) ...................................... 262
Master´s Thesis Environmental and Resource Economics (18 ECTS) ...................................... 264
Master´s Thesis Quantitative Economics (30 ECTS) ................................................................. 266
Master´s Thesis Quantitative Finance (30 ECTS) ...................................................................... 268
Master´s Thesis Quantitative Finance (18 ECTS) ...................................................................... 270
6. Supplementary Subjects .......................................................................................................... 272

5
 1. Economics Modules

a. Compulsory Section
Module Name Module Code Module number
Advanced Macroeconomics VWLmgAdvMa-02a 3010301
Module Coordinator Teachers
Prof. Dr. Maik Wolters Prof. Dr. Maik Wolters
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2
Frequency Annual in summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Economics Compulsory (Economics)
curriculum/
application M.Sc. Quantitative Economics Compulsory (Economics)
in other M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Advanced Macroeconomics Compulsory 2 SWS
Tutorial Advanced Macroeconomics Compulsory 2 SWS
Module was renamed. Formerly: Advanced
Further Information on the Course(s)
Macroeconomics II
Prerequisit for Admission to the
None
Examination(s)

Examination(s)

6
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Written Examination: Written exam Graded Compulsory 100%
Advanced Macroeconomics
Examination number 40220
Further Information on the Examination(s) Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Dynamic Analysis of Small and Large Open Economies
2. A Classical Monetary Model
3. The Baseline New Keynesian Model
Learning Outcomes
Students are able to describe the key components of overshooting models with rational expectations and
flexible exchange rates as well as small scale dynamic stochastic general equilibrium (DSGE) models with
complete microfoundation. They are also able to solve these kinds of models analytically, interpret their
results as well as simulate them via the software MATLAB and the software add-on DYNARE.
Reading List
• Turnovsky, S. J. (2000), Methods of Macroeconomic Dynamics. Second Edition. MIT Press.
• Gärtner (2003), Macroeconomics. Financial Times Prentice Hall.
• Walsh, C. E. (2003), Monetary Theory and Policy. Second Edition. MIT Press.
• Gali, J. (2008), Monetary Policy, Inflation, and the Business Cycle. Princeton University Press.
• Recent papers in economic journals
Knowledge transfer
Interactive lecture, pen & paper and PC tutorials, lecture notes, literature studies, exercises
Additional Information

Application of module

7
Module Name Module Code Module number
Advanced Microeconomics VWLamAdvMic-02a 3010101
Module Coordinator Teachers
Prof. Horst Raff, PhD, Prof. Dr. Sebastian Köhne Prof. Horst Raff, PhD, Prof. Dr. Sebastian Köhne
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 12
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1
Frequency Annual in winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 360 hours
Contact Time 90 hours
Independent Study 270 hours

Attribution Degree programme Status (Section)

to M.Sc. Economics Compulsory (Economics)
curriculum /
application M.Sc. Env. and Res. Economics Compulsory (Economics)
in other M.Sc. Quantitative Economics Compulsory (Economics)
study Compulsory Elective (Supplementary
programmes M.Sc. Quantitative Finance
Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Advanced Microeconomics Compulsory 4 SWS

Tutorial Advanced Microeconomics Compulsory 2 SWS

Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

8
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Written Examination: Written exam Graded Compulsory 100%
Advanced Microeconomics
Examination number 40130
Further Information on the Examination(s) Bonus points for the examination can be achieved (§
12 (4) examination regulations), details will be
announced at the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!

Short Summary

Course Content
1. Theory of the firm
2. Theory of the household
3. Risk and uncertainty
4. Duality theory
5. Partial equilibrium analysis
6. General equilibrium and welfare analysis
7. Public goods and externalities
Learning Outcomes
Students are able to characterize economic decision problems of households and firms. They are in a
position to state these problems verbally and formally, and are able to derive optimal solutions.
Furthermore, they are able to outline, explain, and discuss the assumptions underlying the standard
microeconomic approaches.
Students are able to explain the difference between partial and general equilibrium models and they are
able to choose a model that satisfies the needs of a discussion. They have the skills to analyzes
comparative statics problems, i.e., analyze the impacts of changing exogenous variables on endogenous
variables. They are also able to solve simple equilibrium problems numerically. Additionally, students are
in a position to compare and judge economic outcomes with respect to Pareto efficiency. They are able to
relate Pareto efficiency and market outcomes.
Reading List
• Hal Varian: Microeconomic Analysis
• Geoffrey Jehle and Philip Reny, Advanced Microeconomic Theory, Addison-Wesley 2001.
• Andreu Mas-Colell, Michael Whinston, and Jerry Green: Microeconomic Theory
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

9
Module Name Module Code Module number
Economic Dynamics VWLmgEcDy-02a 3010201
Module Coordinator Teachers
Prof. Dr. Thomas Lux Prof. Dr. Thomas Lux
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

# Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1
Frequency Annual in winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Economics Compulsory (Economics)
curriculum/
application M.Sc. Quantitative Economics Compulsory (Economics)
in other M.Sc. Env. and Res. Economics Compulsory (Economics)
study Compulsory Elective (Supplementary
programmes M.Sc. Quantitative Finance
Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Economic Dynamics Compulsory 2 SWS
Tutorial Economic Dynamics Compulsory 2 SWS
Module was renamed. Formerly: Advanced
Further Information on the Course(s)
Macroeconomics I
Prerequisit for Admission to the
None
Examination(s)

10
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

Written Examination:
Written exam Graded Compulsory 100%
Economic Dynamics
Examination number 40210
Further Information on the Examination(s) Bonus points for the examination can be achieved
(according to § 12 (4) examination regulations), details will
be announced at the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Linear Difference equations
o First and Second Order Difference Equations
- Mathematical Background
- Economic Application: Multiplier-Accelerator Interaction
o Higher-order Difference Equations and Simultaneous Systems of Difference Equations
- Mathematical Background
- Economic Application: Inventory Cycles
2. Linear Differential Equations
o First and Second Order Differential Equations
- Mathematical Background
- Economic Application: Neoclassical Growth Theory
o Higher-order Differential Equations and Simultaneous Systems of Differential Equations
- Mathematical Background
- Economic Application: Stabilization Policy via Feedback Control
3. Saddle Path Dynamics and Rational Expectations
- Mathematical Background
- Economic Example: The Dornbusch Model of Exchange Rate Overshooting
4. Nonlinear Dynamics
o Limit Cycles and Bifurcations
- Mathematical Background
- Economic Applications
o Chaotic Dynamics
- Mathematical Background
- Economic Application: Chaotic Growth
5. Optimal Control of Dynamic Systems and Saddle Path Dynamics
o Pontryagin's Maximum Principle
- Mathematical Background
- Economic Application: Optimal Growth
o Bellman's Principle of Optimality
- Mathematical Background
- Economic Application
Learning Outcomes
Successful completion of this module will provide student with the competences to:
• Discuss complex macroeconomic policy issues and relate arguments to well understood
theoretical principles.
• Distinguish between alternative ways of conceptualizing economic dynamics.
• Assess the aggregation problems associated with the interface between micro
assumptions and macro formulations.
• Assess how well theoretical models depict macroeconomic processes.
• Formulate complex macroeconomic problems and transform them to analytical solutions,
policy discussions and simulation outcomes.

11
Reading List
• Gandolfo, G.: Economic Dynamics. 4th ed., Berlin, 2009
• Occasionally, additional material from other sources might also be used. Some more advanced
references on more recent development in nonlinear economic dynamic include:
• Lorenz, H.-W.: Nonlinear Dynamical Economics and Chaotic Motion, 2nd ed., Springer-Verlag New
York, 1997
• Medio, A.: Nonlinear Dynamics: A Primer, Cambridge: Cambridge University Press (with Marji Lines),
2001
• Medio, A.: Chaotic Dynamics. Theory and Applications to Economics, Cambridge: Cambridge
University Press, 1992
• Rosser, J. B.: From Catastrophe to Chaos: A General Theory of Economic Discontinuities, Kluwer
Academic Publishers, 1991
• Shone, R.: Economic dynamics: phase diagrams and their economic application, 2nd ed., Cambridge,
GB: Cambridge University Press, 2012
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

12
Module Name Module Code Module number
Research and Scientific Writing in Economics VWLswScWr-02a 3010400
Module Coordinator Teachers
Prof. Dr. Jens Ruhose Eric Arndt, Dr. Hauke Jelschen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Pass/Fail
Duration 1 semester
Term (according to the study programme) 2-4
Frequency Every Semester
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Economics Compulsory (Economics)
application in
other study M.Sc. Env. and Res. Economics Compulsory (Economics)
programmes M.Sc. Quantitative Economics Compulsory Elective (Economics)
Compulsory Elective (Supplementary
M.Sc. Quantitative Finance
Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Research and Scientific Writing
Tutorial Compulsory 2 SWS
in Economics
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Pass/Fail Compulsory 100%
Research and Scientific
Writing in Economics
Examination number 3010410

13
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary
The course offers an introduction to research tools and scientific writing in economics (theoretical and
empirical research, research ethics, identifying a research topic, searching and reviewing existing literature,
selecting appropriate theoretical framework and data, data collection and documentation, scientific writing in
economics, presentation methods).
Course Content
1. The basics of theoretical and empirical research in economics
2. Research ethics
3. Identifying a research topic
4. Literature search and review
5. Data collection, management and documentation
6. The basics of scientific writing
7. Topics specific to writing in economics
8. Formulating and presenting a research outline
9. Reviewing and discussing other people’s research (outlines)
10. Presentation methods
11. Individual and group presentations
Learning Outcomes
After completion of the course students will have in-depth knowledge of the research process in economics
and research ethics. They will be able to:
• formulate a topic for a seminar paper or master thesis in economics,
• search and review the existing literature,
• choose an appropriate research approach,
• identify, collect and manage data, and document data sources,
• write an academic paper in economics using an appropriate style of language and the correct
formatting,
• review and comment on existing research papers,
• present their research clearly and professionally.
Reading List
• Swales, J. and C. Feak (2004), Academic Writing for Graduate Students, Chicago Ill: Michigan University
Press.
• Heard, S. (2016),The scientist’s guide to writing: how to write more easily and effectively throughout your
scientific career, Princeton NJ: Princeton University Press.
• Krantz, Steven G. (2016), A Primer of Mathematical Writing, 2nd edition, American Mathematical Society.
• Punch, Keith F. (2016), Developing effective research proposals, 3dEd., London: Sage.
• Craswell, G. (2004), Writing for Academic Success, Sage Publication
• Ethridge, D.E. (2004), Research Methodology and Applied Economics: Organizing, Planning, and
Conducting Economic Research, 2d Ed., Ames, IO: Blackwell Publishing.
• Hashimzade, Nigar and Michael A. Thornton (2015), Handbook of research methods and applications in
empirical macroeconomics, Cheltenham: Edward Elgar.
• Greenlaw, Steven A. (2009), Doing Economics: A Guide to Understanding and Carrying Out Economic
Research, South Western Educational Publishing.
• Crème, P. and M. Lea. (2003), Writing at University, A Guide for Students, Open University Press.
Knowledge transfer
Interactive lecture, writing exercises, group discussion, oral presentations, literature studies
Additional Information

Application of module

14
 b. Elective Section – Lecture Modules
i. Applied Microeconomics

Module Name Module Code Module number

Advanced Topics in Applied Microeconomics:
VWLamAdv-02a 3038101
Using Mathematica to solve economic problems
Subtitle Using Mathematica to solve economic problems
Module Coordinator Teachers
Prof. Dr. Till Requate N.N. Prof. Dr. Till Requate
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in Applied
Lecture Compulsory 2 SWS
Microeconomics
Advanced Topics in Applied
Tutorial Compulsory 2 SWS
Microeconomics
Further Information on the Course(s)

15
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Advanced Topics in Applied
Microeconomics
Examination number 41150
Further Information on the Examination(s)
The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
Varying topics in the field of Microeconomics.
Learning Outcomes
Successful completion of this module will provide students with:
• A deeper understanding of one particular area of research in applied microeconomics
• An understanding of contemporaneous literature and recent advances in a specific area of applied
microeconomics
• The ability to formulate independently research questions in microeconomics and transform them to
analytical or empirical research designs
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention:
Exams in Advanced Topics with the same examination number can only be passed once, regardless of
subtitles. This basically means that online registration in QIS for a second lecture in Advanced topics in
the same module group will be rejected if you have already passed one Advanced topic in this module
group successfully.
Application of module

16
Module Name Module Code Module number
Advanced Topics in Applied Microeconomics VWLamAdv-02a 3038101
Module Coordinator Teachers
Prof. Dr. Till Requate N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in Applied
Lecture Compulsory 2 SWS
Microeconomics
Advanced Topics in Applied
Tutorial Compulsory 2 SWS
Microeconomics
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

17
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Advanced Topics in Applied
Microeconomics
Examination number 41150
Further Information on the Examination(s)
The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
Varying topics in the field of Microeconomics.
Learning Outcomes
Successful completion of this module will provide students with:
• A deeper understanding of one particular area of research in applied microeconomics
• An understanding of contemporaneous literature and recent advances in a specific area of applied
microeconomics
• The ability to formulate independently research questions in microeconomics and transform them to
analytical or empirical research designs
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention:
Exams in Advanced Topics with the same examination number can only be passed once, regardless of
subtitles. This basically means that online registration in QIS for a second lecture in Advanced topics in
the same module group will be rejected if you have already passed one Advanced topic in this module
group successfully.
Application of module

18
Module Name Module Code Module number
Behavioral and Neuroeconomics (currently not
VWLamBaN-02a 3030401
offered)
Module Coordinator Teachers
Prof. Horst Raff, PhD N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency curretly not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Behavioral and Neuroeconomics Compulsory 2 SWS
Tutorial Behavioral and Neuroeconomics Compulsory 2 SWS
Further Information on the Course(s) Currently not offered!
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

19
Module Exam: Module Exam Graded Compulsory 100%
Behavioral and
Neuroeconomics
Examination number 41230
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. The nature of individual preferences
2. Rationality
3. Emotion
4. Memory
5. Mind-reading and empathy
6. Social preferences
7. Identity
8. Altruism and public goods
9. Decision making: prospect theory
10. Mental accounting
11. Intertemporal Choice
12. Fairness
13. Values
Learning Outcomes
Students are able to link the (social and biological) driving forces of human behaviour to economic modelling
and manage to discuss their implications. In particular, they are able to analyse non-pecuniary motives such
as values, fairness, identity, etc. as well as irrationalities within applications of game theory, decision making,
utility theory, and macroeconomic dynamics. Students are competent to assess and explain the connections
between economics and other scientific fields like psychology, sociology, and medicine (neuroscience).
Reading List
• Kahneman and Tversky: Choices, Values, and Frames, 2000, Cambridge University Press.
• Loewenstein: Exotic Preferences: Behavioral Economics and Human Motivation, 2000, Oxford
University Press.
• Selected papers on behavioral and neuroeconomics
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

20
Module Name Module Code Module number
Behavioral Economics and Ethics (currently not
VWLamBEE-02a 3030801
offered)
Module Coordinator Teachers
Prof. Horst Raff, PhD N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered! (See Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum/
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
PhD Programme Quantitative Economics Compulsory Elective
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Behavioral Economics and Ethics Compulsory 2 SWS

Tutorial Behavioral Economics and Ethics Compulsory 2 SWS

Module was renamed. Formerly: Economics and Ethics
Further Information on the Course(s)
Currently not offered!
Prerequisit for Admission to the
None
Examination(s)

21
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Behavioral Economics
and Ethics
Examination number 3030810
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
Remark: If the module is offered, this part must be adjusted to new requirements, see handout.
Learning Outcomes
Remark: If the module is offered, this part must be adjusted to new requirements, see handout.
Reading List
Announced in the lecture
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

Module Name Module Code Module number

Experimental Economics VWLamExEc-02a 3030601
Module Coordinator Teachers
Prof. Dr. Jana Friedrichsen Prof. Dr. Jana Friedrichsen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

22
Status Compulsory elective
ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours
Attribution Degree programme Status (Section)
to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc./M.A. Wirtschaftswissenschaften HDL/Wirtschaftspädagogik
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Experimental Economics Compulsory 2 SWS
Tutorial Experimental Economics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Experimental Economics
Examination number 41160
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!

Short Summary

23
Course Content
The course will cover the following aspects (not necessarily in this order)
1. Principles, design choices & challenges in lab, online and field experiments
2. State-of-the art elicitation procedures for preferences in the lab
3. Randomization and implementation challenges in the field
4. Ethical considerations
5. Process of experimenting
• Planning (and implementing/programming)
• Piloting
• Pre-registration
• Data analysis / management
• Trust in experimental results, replication

Throughout the course, we will discuss examples of experimental studies both seminal ones including
typical results as well as recent developments.

Learning Outcomes
Students can explain why and how experiments may help understand relevant phenomena in economics
They are able to design and implement an experiment to analyze a self-chosen or assigned research
question. They are competent to analyze the generated data and interpret the results with respect to the
chosen design and the research question.
Reading List
Jacquemet, Nicolas and L'Haridon, Olivier: Experimental Economics: Method and Applications, Cambridge
University Press, 2019.
J.H. Kagel, A.E. Roth, The Handbook of Experimental Economics, Princeton University Press, Princeton,
2001
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

24
Module Name Module Code Module number
Game Theory VWLamGaTh-02a 3030701
Module Coordinator Teachers
Prof. Dr. Jana Friedrichsen Prof. Dr. Jana Friedrichsen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Informatik Anwendungsgebiet Volkswirtschaftslehre
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Game Theory Compulsory 2 SWS
Tutorial Game Theory Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

25
Module Exam: Module Exam Graded Compulsory 100%
Game Theory
Examination number 40120
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Static Games of Complete Information
o Normal Form, Dominant and Dominated Strategies, Nash Equilibrium, Mixed Strategies, Equilibrium
Existence, Multiplicity and Refinements

2. Dynamic Games of Complete Information

o Extensive Form, Perfect Information and Backwards Induction, Imperfect Information and Subgame-
Perfect Nash Equilibrium, Repeated Games
o
3. Static Games of Incomplete Information
o Bayesian Nash Equilibrium, Introduction to Mechanism Design

4. More on Dynamic Games (of Complete and Incomplete Information)

o Dynamic Games of Imperfect Information Revisited, Perfect Bayesian Nash equilibrium, Signaling
Games
If time permits, the course may additionally cover topics from: Behavioral Game Theory, Evolutionary
Games, Global Games, or other.
Learning Outcomes
Students are competent to analyse economic problems by using basic game theoretic methods. They are
able to identify, discuss, and compare strategic choices of agents in stylised economic frameworks and
manage to predict respective outcomes using an appropriate equilibrium concept.
Reading List
• Gibbons, Robert (1992): A Primer in Game Theory (aka: Game Theory for Applied Economists)
• Geoffrey Jehle and Philip Reny, Advanced Microeconomic Theory, Addison-Wesley, 3rd edition, 2011.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

26
Module Name Module Code Module number
Industrial Organization VWLamInOr-02a 3030101
Module Coordinator Teachers
Prof. Horst Raff, PhD Prof. Horst Raff, PhD
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Industrial Organization Compulsory 2 SWS
Tutorial Industrial Organization Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Type of Compulsory/ compulsory
Examination Name Evaluation Weighting
Examination elective/ optional

27
Module Exam: Module Exam Graded Compulsory 100%
Industrial Organization
Examination number 41110
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Exercise of Monopoly Power
o Monopoly
o Price Discrimination
o Vertical Restraints
2. Strategic Interaction
o Oligopoly Models
o Collusion
o Entry Deterrence
o Mergers
3. Incomplete Information
o Limit Pricing
o Advertising
Learning Outcomes
Students are competent to analyse behavior of firms in non-perfect market situations. They are able to
predict outcomes and evaluate these with simple welfare measures. Furthermore, they manage to discuss
the effectiveness of certain policy measures.
Reading List
• Paul Belleflamme and Martin Peitz, Industrial Organization: Markets and Strategies, Cambridge
University Press 2010.
• Jean Tirole, Industrial Organization, MIT Press 1988
• recent papers in economics journals
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

28
Module Name Module Code Module number
Innovation Economics VWLamInEc-02a 3030501
Module Coordinator Teachers
Prof. Dr. Dirk Dohse (IfW) Prof. Dr. Dirk Dohse (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc./M.A. Wirtschaftswissenschaften HDL/Wirtschaftspädagogik
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Innovation Economics Compulsory 2 SWS
Tutorial Innovation Economics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

29
Module Exam: Module Exam Graded Compulsory 100%
Innovation Economics
Examination number 41140
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Measurement of Innovation
3. Investing in Knowledge: The Role of Intellectual Property, Prizes and Contests
4. Innovation and Market Structure
5. Network Externalities
6. Diffusion of Innovation and Spillover of Knowledge
7. Innovation Outcomes
8. The Financing of R&D and Innovation
9. On the Optimal Design of Intellectual Property
10. Problems of Cumulative Innovation
11. Public Policy Towards Innovation
12. Innovation Policy in the Global Economy
Learning Outcomes
Students are able to explain the most important concepts in Innovation Economics. They manage to critically
assess the strengths and limitations of different theoretical approaches. They understand the potentials and
limits of different measures of innovation and are competent to choose and apply them. Moreover, students
are in a position to apply their knowledge to practical problems of innovation and technology policy.
Reading List
• Acemoglu, D., Aghion, P., Barrage, L. and Hémous, D. (2023). Green innovation and the transition
toward a clean economy. Peterson Institute for International Economics Working Paper 23-14.
• Hall, B., Rosenberg, N., (2010) Handbook of the Economics of Innovation, North Holland, Amsterdam.
• Scotchmer, S. (2004), Innovation and Incentives. Cambridge, MA: MIT Press.
• Baumol, W. (2002), The Free Market Innovation Machine – Analyzing the Growth Miracle of
Capitalism. Princeton University Press.
• Bester, H. (2012), Theorie der Industrieökonomik, 6. Auflage. Springer.
• Fagerberg, J., Mowery, D. and Nelson, R. (2005), The Oxford Handbook of Innovation. Oxford
University Press.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises, independent learning, wider
reading (including more recent research on the cutting edge of Innovation Economics), discussing current
problems of Innovation Economics with peers and lecturer.
Additional Information

30
Module Name Module Code Module number
New Institutional Economics (currently not offered) VWLamNIE-02a 3030201
Module Coordinator Teachers
Prof. Dr. Till Requate NN
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture New Institutional Economics Compulsory 2 SWS
Tutorial New Institutional Economics Compulsory 2 SWS
Further Information on the Course(s) Currently not offered!
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

31
Module Exam: Module Exam Graded Compulsory 100%
New Institutional
Economics
Examination number 41120
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Transaction Costs
3. Property Rights
4. Externalities and Property Rights
5. Contracts
o General
o Adverse Selection
o Moral Hazard
o Signalling
o Incomplete Contracts
Learning Outcomes
Remark: If the module is offered, this part must be adjusted to new requirements, see handout.
Reading List
• R. Richter, und E. Furubotn: Neue Institutionenökonomik, Mohr Siebeck, Tübingen, 1996, 3. Auflage
• B. Salanie: The Economics of Contracts, MIT Press, Cambridge, MA 1997
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

32
 ii. Environmental and Resource Economics

Module Name Module Code Module number

Advanced Topics in Environmental and Resource
VWLerAdv-02a 3048102
Economics
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in Environmental
Lecture Compulsory 2 SWS
and Resource Economics
Advanced Topics in Environmental
Tutorial Compulsory 1 SWS
and Resource Economics
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)
33
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Advanced Module Exam Graded Compulsory 100%
Topics in Environmental and
Resource Economics
Examination number 41750
Further Information on the Examination(s) The exact form of examination will be announced in
a suitable manner up to two weeks before the start
of the course (according to FPO § 12 (2).
Bonus points for the examination can be achieved
(§ 12 (4) examination regulations), details will be
announced at the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
Varying topics in the field of Environmental & Resource Economics.
Learning Outcomes
Successful completion of this module will provide students with:
• A deeper understanding of one particular area of research in environmental and resource economics
• An understanding of contemporaneous literature and recent advances in a specific area of environmental
and resource economics
• The ability to formulate independently research questions in environmental and resource economics and
transform them to analytical or empirical research designs
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one Advanced
topic in this module group successfully.
Application of module

34
Module Name Module Code Module number
Climate and Energy Policy VWLerCEP-02a 3040502
Module Coordinator Teachers
Prof. Dr. Sonja Peterson (IfW) Prof. Dr. Sonja Peterson (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Familarity with basics of micro-economics and mathematical
Recommended Requirements
optimization.

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Climate and Energy Policy Compulsory 2 SWS

Tutorial Climate and Energy Policy Compulsory 2 SWS

Knowledge of the content of the lecture “Environmental
Further Information on the Course(s)
Economics” is recommended but not required.

35
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Climate and Energy Policy

Examination number 41770

Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of
the course according to examination regulations § 12 (2).
Bonus points for the examination can be achieved.
Details will be announced at the beginning of each
module. Attention: Even without bonus points the
maximum score of the module exam can be reached!

Short Summary

Course Content
1. Theoretical Foundations and Policy Instruments
2. Analytical Tools
3. History of International Climate Policy
4. International climate regime proposals and Burden Sharing
5. Unilateral Climate Policy
6. Emissions trading
7. The EU Emissions Trading Scheme
8. Energy and Carbon Taxes
9. Taxes vs. Emissions trading
10. Environmental Technology Policy
11. Renewable Energy Policies and Policy Mix
12. One or two further selected topics in Climate and Energy Policy depending on topical work and
student interests
Learning Outcomes
Students are able to give an overview of the development of climate and energy policy on national, European
and international level and to economically analyze prevailing policies in this field. Students are competent
to explain and apply important theoretical foundations and modeling approaches to analyze conceptual
issues of climate policies as well as concrete international, European and German policies. In particular,
they are able to debate prevailing proposals for international climate regimes, European Climate Policy
(including the Emissions Trading Scheme) and support for renewable energies with respect to different
criteria including economic efficiency, political and administrative feasibility, distributional impacts and
interaction with other policies.
Reading List
• Hanley, N., J. Shogren& B. White (2007). Environmental Economics in Theory and Practice. 2 nd
Edition. Palgrave Maccmillan.
• Kolstadt, Ch. (2011). Environmental Economics.
• States and Trends of the Carbon Market. World Bank.
• A number of topic specific reports and scientific articles to be announced in the lecture
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

36
Module Name Module Code Module number
Cost-Benefit-Analysis VWLerCBA-02a 3040701
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz Prof. Dr. Katrin Rehdanz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Cost-Benefit-Analysis Compulsory 2 SWS
Tutorial Cost-Benefit-Analysis Compulsory 2 SWS
Further Information on the Course(s) Currently this course is not offered!
Prerequisit for Admission to the
None
Examination(s)

37
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Cost-Benefit-Analysis
Examination number 3040710
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Welfare economic base
3. The social value of projects
4. Discounting and the future
5. Distribution, equity and CBA
6. Risk and uncertainty
7. Sustainability and natural capital
8. Applications
Learning Outcomes
Successful completion of this module will provide students with:
• A deeper understanding of basic principles of CBA and its challenges
• An understanding of the contemporaneous literature and recent advances in CBA
• The ability to formulate independently research questions and transform them to empirical research
designs
Reading List
Announced in the lecture.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

38
Module Name Module Code Module number
Economics of Geoengineering VWLerEcGeo-02a 3070501
Module Coordinator Teachers
Prof. Dr. Wilfried Rickels (IfW) Prof. Dr. Wilfried Rickels (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency WiSe (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Familarity with basics of micro-economics and mathematical
Recommended Requirements
optimization.

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Economics of Geoengineering Compulsory 2 SWS

Tutorial Economics of Geoengineering Compulsory 1 SWS

Knowledge of the content of the lecture “Environmental
Further Information on the Course(s)
Economics” is recommended but not required.

39
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Economics of
Geoengineering
Examination number 3070510
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of
the course according to examination regulations § 12 (2).
Bonus points for the examination can be achieved.
Details will be announced at the beginning of each
module. Attention: Even without bonus points the
maximum score of the module exam can be reached!

Short Summary

Course Content

Learning Outcomes
Climate policies in line with the temperature targets as specified in the Paris Agreement face the challenge
to achieve, first, net-zero carbon emissions and later, net-negative carbon emissions to achieve net-zero
greenhouse gas emissions in the second half of the century. The lecture aims to introduce various economic
questions related to these net-zero and net-negative targets, namely how carbon dioxide removal changes
integrated assessment of climate change mitigation and how economic instruments like emissions trading
have to be adjusted to include carbon offsets from carbon dioxide removal. Furthermore, the lecture also
covers the option of solar geoengineering which fundamentally changes the free-rider problem of climate
change mitigation. Hence, the lecture aims to present how for example international agreements change
with the presence of solar geoengineering.

Reading List
Is provided via OLAT
Knowledge transfer

Additional Information

40
Module Name Module Code Module number
Economics of Optimal Climate Change Mitigation VWLerOptCCM-02a 3040901
Module Coordinator Teachers
Prof. Dr. Ulrike Kornek Prof. Dr. Ulrike Kornek
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (See Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution Degree programme Status (Section)

to M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
curriculum /
application M.Sc. Quantitative Economics Compulsory Elective (Economics)
in other Compulsory Elective (Supplementary
M.Sc. Quantitative Finance
study Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Economics of Optimal
Lecture Compulsory 2 SWS
Climate Change Mitigation
Economics of Optimal
Tutorial Compulsory 1 SWS
Climate Change Mitigation
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

41
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Economics of Optimal
Climate Change
Mitigation
Examination number 3040910
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary
The course applies state-of-the-art economic theory to the problem of climate change. The impacts from a
changing climate will be analyzed and valued against the costs of avoiding climate change. Optimal
climate change in a dynamic context will be derived using the DICE model, where the role of discounting
future generation’s well-being is central. Achieving temperature goals through cost-effective emission
reductions is presented as an alternative to cost-benefit analysis. Finally, the course applies game-theory
to the problem of climate change to study the incentives of individual countries to mitigate their emissions.
Course Content
A) Impacts of climate change:
1) Basics of climate physics
2) Impacts from climate change: physical, biological, human
3) Economic impacts
B) Economics of climate change
4) Static cost-benefit analysis
5) Introduction to time: Growth theory as Ramsey model
6) DICE model: equations and optimum
7) Cost-effective climate change mitigation
C) Game-theory
8) Public good games: static and dynamic
9) The climate game and issue linkage
10) The reality of international climate governance

Learning Outcomes
- Knowledge of state-of-the-art climate change impacts
- Application of static and dynamic cost-benefit analysis of climate change mitigation and reflecting
its basic assumptions
- Understanding of static and dynamic cost-effectiveness analysis
- Deriving free-riding incentives in the climate game as well as knowledge about how to address free-
riding
Reading List
Perman et al: Natural Resource and Environmental Economics
Stern Review:
http://mudancasclimaticas.cptec.inpe.br/~rmclima/pdfs/destaques/sternreview_report_complete.pdf
Nordhaus: A question of balance (2008) Yale University Press
Tol, R: Climate Economics: Economic Analysis of Climate, Climate Change and Climate Policy, Elgar
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

42
Module Name Module Code Module number
Energy Economics VWLerEnergyEc-02a 3040601
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz Prof. Dr. Katrin Rehdanz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution Degree programme Status (Section)

to M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
curriculum/
application M.Sc. Economics Compulsory Elective (Economics)
in other M.Sc. Quantitative Economics Compulsory Elective (Economics)
study Compulsory Elective (Supplementary
programmes M.Sc. Quantitative Finance
Economics)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Energy Economics Compulsory 2 SWS
Tutorial Energy Economics Compulsory 1 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

43
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Energy Economics
Examination number 3040610
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to examination regulations § 12 (2).
Bonus points for the examination can be achieved, details will
be announced at the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Energy demand: The top-down approach
3. Energy demand: The bottom-up approach
4. Energy demand: Forecasting
5. Energy supply: Non-renewable resource use
6. Energy supply: Resource curse
7. Energy supply: Renewable energy
8. Energy supply: Investment and support mechanisms
9. Energy markets
10. Electricity markets
11. Externalities
Learning Outcomes
Students have gained the skills required to understand and analyse complex energy issues from an
economic perspective. They are competent to discuss contemporary (current) topics and questions in major
areas of energy economics. By applying basic economic theory and their results, they are able to debate
regulatory and governance issues.
Reading List
• Bhattacharyya, S.C. (2019 / 2011) Energy Economics – Concepts, Issues, Markets and
Governance, 2nd / 1st edition, Springer, Berlin.
• Zweifel, P., Praktiknjo, A. and G. Erdmann (2017) Energy Economics – Theory and Application,
Springer, Berlin.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

44
Module Name Module Code Module number
Environmental Economics VWLerEnEc-02a 3040102
Module Coordinator Teachers
Prof. Dr. Till Requate Prof. Dr. Till Requate
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Environmental Economics and Resource Economics can be
Frequency offered either in summer or in winter term but not less than once
per academic year. (See Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree Programme Status (Section)

to M.Sc. Env. and Res. Economics Compulsory (ERE)
curriculum /
application M.Sc. Quantitative Economics Compulsory Elective (Economics)
in other Compulsory Elective (Supplementary
M.Sc. Quantitative Finance
study Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Environmental Economics Compulsory 2 SWS

Tutorial Environmental Economics Compulsory 2 SWS

Further Information on the Course(s) Switch to winter term starting WT22/23
Prerequisit for Admission to the
None
Examination(s)

45
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Environmental
Economics
Examination number 41710
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of the
module exam can be reached!

Short Summary

Course Content
1. Introduction: Environmental economics versus ecological economics
2. Stylized facts: Time series for different pollutants und ecological damages, policy approaches in
different countries
3. A simple model in Environmental Economics: model description, efficiency conditions, policy
instruments
4. Imperfect information: Effects of environmental policy instruments if the level of social damage or
abatement costs are unknown, solution mechanisms
5. Output markets: Extension of the model, efficiency conditions, policy instruments, relative standards,
market entry and exit
6. Imperfect competition: Effects of environmental policy instruments under monopoly and oligopoly
7. Environmental economics in open economies: Cooperative and non-cooperative approaches,
environmental policy as trade policy
8. Ecological tax reform: Weak, strong and double dividend, conditions for existence (non-existence) of
double dividends
9. Economic incentives for innovation: Incentives for technology adoption and R&D
10. Valuation of environmental damages: Hedonic pricing, method on household production functions
(e.g. traveling costs method), stated preferences (e.g. contingent valuation).
Learning Outcomes
Students are able to explain the potential relations between environmental and economic problems. They
are able to identify environmental economic problems caused by non-compensated externalities and
insufficiently defined property rights. They are able to explain and assess the mechanism and effectiveness
of the most important environmental policy instruments, and to discuss their advantages and disadvantages.
Moreover, students are in a position to extend the discussion of environmental policy to specific aspects of
environmental policy in open economies, incentives for innovation and problems on ecological tax reforms.
Furthermore, students are able to apply basic techniques to evaluate environmental damages.
Reading List
• Kohlstad, C. Environmental Economics
• Perman, R., Y. Ma, J. McGilvray, and M. Common: Natural Resource and Environmental
Economics, Prentice Hall.
• Requate, T. and D. Phaneuf: Lecture Notes: Advanced Environmental Economics.
• Tietenberg, T. Environmental Economics & Policy, Addison Wesley.
• Tietenberg, T. Environmental and Natural Resource Economics, Addison Wesley
• Freeman III, A.M.: The Measurement of Environmental and Resource Values, Resources for the
Future, Washington D.C.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

46
Module Name Module Code Module number
Environmental Valuation VWLerEnVa-02a 3040202
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz Prof. Dr. Katrin Rehdanz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Annual in summer term (See Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Env. and Res. Economics Compulsory (ERE)
application in
other study M.Sc. Quantitative Economics Compulsory Elective (Economics)
programmes Compulsory Elective
M.Sc. Quantitative Finance
(Supplementary Economics)
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc./M.A. Wirtschaftswissenschaften HDL/Wirtschaftspädagogik
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Environmental Valuation Compulsory 2 SWS
Tutorial Environmental Valuation Compulsory 1 SWS
Further Information on the Course(s)
Prerequisit for Admission to the None
Examination(s)

47
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Environmental Valuation
Examination number 41730
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to the examination regulations § 12 (2).
Bonus points for the examination can be achieved, details
will be announced at the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Introduction: The nature of value
2. Demand and welfare theory
3. Hedonic pricing
4. Production function approaches
5. Contingent valuation
6. Choice modelling
7. Life-satisfaction approach
8. Benefit transfer and meta-analysis
9. Cost-Benefit-Analysis
Learning Outcomes
Students are competent to explain and apply most relevant approaches of monetising the value of
environmental externalities, focusing on neo-classical theory but also discussing its alternatives. They are
able to differentiate between categories of economic value assigned to the natural environment, and they
are competent to distinguish between use and non-use values. The students manage to link environmental
valuation techniques to utility theory and they are able to explain how the individual approaches infer use
and/or non-use values.
Reading List
• Phaneuf, D.J. and T. Requate (2016). A course in environmental economics: theory, policy, and
practice. Cambridge University Press.
• Perman,R., Ma, Y., Common, M., Maddison, D. and J. McGilvray(2011) Natural Resource and
Environmental Economics, Pearson Education, Harlow, 4th edition
• Champ, P.A., Boyle, K.J. and T.C. Brown (eds.) (2003) A Primer on Nonmarket Valuation, Kluwer
Academic Publishers, Dordrecht
• Freeman III, A.M. (2003) The Measurement of Environmental and Resource Values, Resources
for the Future, Washington D.C.
• Hanley, N. and E.B. Barbier (2009) Pricing nature: Cost-benefit analysis and environmental policy,
Edward Elgar, Cheltenham
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

48
Module Name Module Code Module number
Resource Economics VWLerReEc-02a 3040302
Module Coordinator Teachers
Prof. Dr. Ulrike Kornek Prof. Dr. Ulrike Kornek, Dr. Nada Maamoun
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1
Environmental Economics and Resource Economics can be
Frequency offered either in summer or in winter term but not less than once
per academic year. (See Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Env. and Res. Economics Compulsory (ERE)
curriculum /
application M.Sc. Quantitative Economics Compulsory Elective (Economics)
in other Compulsory Elective (Supplementary
M.Sc. Quantitative Finance
study Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Resource Economics Compulsory 2 SWS
Tutorial Resource Economics Compulsory 2 SWS
Further Information on the Course(s) Switch to summer term starting ST22.
Prerequisit for Admission to the
None
Examination(s)

49
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Resource Economics
Examination number 41720
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Economic analysis of overfishing
3. Optimal fisheries management
4. Economic policy instruments of fisheries policy
5. Forestry economics
6. Economics of non-renewable resources and the theory of oil price development
7. Economic principles of sustainable development
8. Criteria of sustainable development
9. Biodiversity and species protection
10. Land use
Learning Outcomes
Students manage to derive optimal rules to extract renewable and non-renewable natural resources. They
are able to discuss market performance and market failures for these resources. Additionally, they are
competent to assess the potential of policy instruments to correct these failures.
Furthermore, they manage to use methods of dynamic optimization, in particular control theory (e.g.
Hamiltonians and Bellman equations) to analyse simple dynamical optimization problems. They are able to
derive first-order conditions and the Euler condition for optimal resource extraction.
Reading List
• J.M. Conrad (1999), Resource Economics, Cambridge University Press
• R. Perman, Y. Ma, J. McGilvray and M. Common (2003), Natural Resource and Environmental
Economics, Addison Wesley
• J. Shogren, N. Hanley and B. White (1996), Environmental Economics in Theory and Practice, Oxford
University Press
• A. Chiang (1992) Elements of Dynamic Optimization, McGraw-Hill, Inc. New York.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

50
Module Name Module Code Module number
Theories of Distributive Justice and Sustainability VWLerTDJS-02a 3040402
Module Coordinator Teachers
Prof. Dr. Ulrike Kornek Prof. Dr. Ulrike Kornek
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered. (See Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Sustainability, Society and the Environment
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Theories of Distributive Justice
Lecture Compulsory 2 SWS
and Sustainability
Theories of Distributive Justice
Tutorial Compulsory 1 SWS
and Sustainability
Further Information on the Course(s) Currently not offered!
Prerequisit for Admission to the
None
Examination(s)
51
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Theories of Module Exam Graded Compulsory 100%
Distributive Justice and
Sustainability
Examination number 41740
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction: Economic Notions of Distributive Justice and Fairness
2. Measurement of Utility and Arrow’s Theorem
3. Utilitarianism
4. Primary Goods, Fundamental Preferences and Functioning
5. Equality of Welfare vs. Equality of Resources
6. Equality of Opportunity for Welfare
7. Sustainable Development as Intergenerational Distributive Justice
Learning Outcomes
By applying philosophical and economic concepts of distributional justice students are able to answer the
question of how a society should allocate its scarce resources or products among individuals with competing
needs or claims. Students are competent to assess the potential and limitations of the most relevant current
economic approaches to distributive justice and their application to current problems of sustainable
development.
Reading List
• J.E. Roemer (1996), Theories of Distributive Justice, Harvard University Press
• A. Sen (1999), Development as Freedom, Oxford University Press
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

52
 iii. Financial Economics

Module Name Module Code Module number

Advanced Time Series Analysis VWLfeAdvTSA-02a 3050801
Module Coordinator Teachers
Prof. Dr. Thomas Lux Dr. Cristina Sattarhoff
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Finance Compulsory Elective (FinEc & Cofi)
application in
other study M.Sc. Quantitative Economics Compulsory Elective (AEM)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
M.Sc. Finanzmathematik

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
This module can be used as a financial economics module or
Recommended Requirements
applied empirical methods module.

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Advanced Time Series Analysis Compulsory 2 SWS
Tutorial Advanced Time Series Analysis Compulsory 2 SWS
This module can be used as a financial economics module or
Further Information on the Course(s)
applied empirical methods module.
Prerequisit for Admission to the
Basic Knowledge of R.
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
53
Module Exam: Advanced Module Exam Graded Compulsory 100%
Time Series Analysis
Examination number 3050810
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved
(according to § 12 (4) examination regulations), details
will be announced at the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!
Short Summary

Course Content
1. Review of Time Series Analysis Methods
o Introduction
o Basic concepts
o Linear models
o Invertible linear models
o Building ARIMA models
2. Spectral analysis and filtering
o Cyclical behaviour and periodicity
o Periodogram analysis
- Periodogram interpretation and pitfalls
- Testing for a periodic component
- White noise test
o The discrete-time Fourier transform
o The spectrum
o The spectrum of some common processes
o Spectral estimation
- Spectral estimation with the periodogram
- Smoothed spectral estimation
- Parametric spectral estimation
3. Long memory processes
o Introduction
o Estimation of the fractional differencing parameter
o ARFIMA models
o The ARFIMA model for realized volatilities
o Multifractal volatility models and applications
4. Point processes
o Introduction
o Hawkes processes
o Applications in high-frequency finance
Learning Outcomes
Students can apply basic time series analysis methods in the time domain and have a profound
knowledge of time series representations and methods in the frequency domain. Especially, they can
estimate the spectrum and analyse periodicities and cyclical patterns based on spectral estimates.
Students are able to do advanced empirical studies, e.g. estimate the fractional exponent of long memory
series, fit ARFIMA models, forecast the volatility of financial time series based on the dynamics of daily
realized volatilities. They can analyse scaling properties of financial data and exploit these properties to
construct and forecast multifractal models of financial volatility. They can analyse high-frequency trading
data using Hawkes processes. They are competent to perform these studies by using the software R.
Reading List
• Shumway, R. H. und Stoffer, D. S. (2011), Time Series Analysis and Its Applications, 3 rd, Springer,
New York.
• Wei, W. (2005), Time series analysis, 2nd ed., Pearson Education (US)
• Hautsch, N. (2012), Econometrics of Financial High-Frequency Data, Springer, Berlin Heidelberg
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
54
Additional Information

55
Module Name Module Code Module number
Advanced Topics in Financial Economics VWLfeAdv-02a 3058101
Module Coordinator Teachers
Prof. Dr. Thomas Lux, Dr. Duc Thi Luu Prof. Dr. Thomas Lux, Dr. Duc Thi Luu
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in Financial
Lecture Compulsory 2 SWS
Economics
Advanced Topics in Financial
Tutorial Compulsory 2 SWS
Economics
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

56
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Advanced Topics in
Financial Economics
Examination number 41350
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
Varying topics in the field of financial economics.
Learning Outcomes
Successful completion of this module will provide student with:
• A deeper understanding of one particular area of research in financial economics
• The capacity of applying the basic paradigms of price formation and statistical analysis of
financial markets to one specific area of specialization
• An understanding of contemporaneous literature and recent advances in a specific area of
financial economics
• The ability to formulate independently research questions in financial economics and
transform them to analytical or empirical research designs.
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one Advanced
topics in this module group successfully.
Application of module

57
Module Name Module Code Module number
Agent Based Models in Economics and Finance VWLfeABM-02a 3050701
Module Coordinator Teachers
Prof. Dr. Thomas Lux Prof. Dr. Thomas Lux
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Agent Based Models in Economics
Lecture Compulsory 2 SWS
and Finance
Agent Based Models in Economics
Tutorial Compulsory 2 SWS
and Finance
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

58
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Agent Based Models in
Economics and Finance
Examination number 3050710
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Social Interactions and Opinion Formation of Agents
o Interaction and emergence of macroscopic order: an example of involuntary racial segregation
o Strategic choice and historical path dependence
o Discrete choice with social interaction
2. Stochastic Models of Interacting Agents: Structure and Quantitative Modeling Concepts
o The master equation formalism: stationary solutions and transient behavior
o Dynamics of means and higher moments
o Heterogeneous beliefs and asset price dynamics
o Artificial markets with herding and strategy choice
o Estimation of agent-based models
3. Agents with Artificial Intelligence
o Genetic algorithms: principles and economic applications
o Genetic algorithms as explanations of human behavior
Learning Outcomes
Students are able to explain recent stochastic models of interacting autonomous agents with a particular
emphasis on financial applications and their empirical motivation. They manage to sketch the analytical
apparatus that has been developed to derive macroscopic approximations for mean values and higher
moments of the aggregate dynamics of distributed systems of agents and they are able to illustrate how
simple ABMs can be rigorously estimated on the base of such analytical solutions. Furthermore, they are
competent to describe methods from artificial intelligence and machine learning that have been used to
model the active adaptation of economic agents to changing environments.
Reading List
Nice introductory examples can be found in:
Schelling, T., Micromotives and Macrobehavior, New York, 2006
Arthur, B., Competing Technologies, Increasing Returns and Lock-in by Historical Events, Economic
Journal, 99, 106-131, 1989
Excellent introductions to stochastic modeling principles for systems of interacting agents and
more interesting applications can be found in:
Weidlich, W. and G. Haag, Concepts and Models of a Quantitative Sociology: The Dynamics of Interacting
Populations, Springer: Berlin 1983
Weidlich, W. , Sociodynamics: A Systematic Approach to Mathematical Modelling in the Social Sciences.
Amsterdam , Harwood Academic, 2000.
Aoki, M., Modeling Aggregate Behavior and Fluctuations in Economics: Stochastic Views of Interacting
Agents. Cambridge: University Press 2002
Aoki, M. and H. Yoshikawa, Reconstructing Macroeconomics: A Perspective from Statistical Physics and
Combinatorial Stochastic Processes. Cambridge University Press, 2007.
Additional sources for computational applications:
Epstein, J. M. and R. Axtell, R, Growing Artificial Societies: Social Science from the Bottom Up. MIT Press
2007.
59
Hamill, L. and N. Gilbert, Agent-Based Modelling in Economics. John Wiley 2015.
Caiani, A., Russo, A., Palestrini, A. and M. Gallegati, Economics with Heterogeneous Interacting Agents:
A Practical Guide to Agent-Based Modeling. Springer 2016.

Part 2 of the lecture draws on material from the following papers:

Lux, T., Rational Forecasts or Social Opinion Dynamics: Identification of Interaction Effects in a Business
Climate Index, in: Journal of Economic Behavior and Organization 72, 2009, 638 – 655
Lux, T. , Stochastic Behavioral Asset Pricing Models and the Stylized Facts, chapter 3 in T. Hens and K.
Schenk-Hoppé, eds., Handbook of Financial Markets: Dynamics and Evolution. Amsterdam, 2009, 161 –
215 (North-Holland)
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

60
Module Name Module Code Module number
Applied Econometrics of Foreign Exchange
VWLfeAEFEM-02a 3050501
Markets
Module Coordinator Teachers
Prof. Dr. Stefan Reitz Prof. Dr. Stefan Reitz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M. Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Applied Econometrics of
Lecture Compulsory 2 SWS
Foreign Exchange Markets
Applied Econometrics of
Tutorial Compulsory 2 SWS
Foreign Exchange Markets
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

61
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Applied Module Exam Graded Compulsory 100%
Econometrics of Foreign
Exchange Markets
Examination number 41370
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction to R programming
2. The linear regression model
3. Time series models of exchange rate
4. Modelling volatility
5. Modelling non-linearities
6. Cross-sectional analysis of currency returns
Learning Outcomes
Students are competent to perform empirical analysis of modern exchange rate economics in the software
R. They are able to econometrically test important concepts of exchange rate economics such as
purchasing power parity, uncovered interest parity, and ARCH effects in FX returns using data from
various sources. Finally, participants manage to derive empirical results from their own econometric
programs, which can include nonlinear and cross-sectional models as well.
Reading List
• Sarno, L.; Taylor, M., The Economics of Exchange Rates, Cambridge University Press, 2002.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

62
Module Name Module Code Module number
Empirical International Finance (prev. Research in
VWLfeRIF-02a 3902301
International Finance)
Module Coordinator Teachers
Prof. Dr. Christoph Trebesch (IfW) Prof. Dr. Christoph Trebesch (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum/
application M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Finanzmathematik
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Empirical International Finance Compulsory 2 SWS

Tutorial None Compulsory 0 SWS

Further Information on the Course(s) Module was renamed. Formerly: Research in International
Finance
Prerequisit for Admission to the
None
Examination(s)

63
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Empirical International
Finance
Examination number 3902310
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary
In the first part of each session, we will discuss current research contributions and how they relate to the
fundamental questions in international finance and international macroeconomics (lecture). The second
part will be more interactive with more inputs from students (tutorial). We will jointly discuss the required
readings for each week on which students are supposed to write a referee report.
Course Content
The course focuses on three main topics
1. Sovereign risk, international lending, and debt crises
2. Cross-border capital flows, the current account, and sudden stops
3. Exchange rate regimes and the international financial architecture
Learning Outcomes
Students, who successfully completed this course, are competent to discuss current policy issues and
research in the field of international finance.
Methodologically, students manage to critically assess advanced empirical work in international finance
especially with respect to a good research design.
Specifically, students are able to
- use data based approaches to analyse important issues in international finance and international
macroeconomics,
- identify flaws and limitations of recent research,
- set up an applied research project that builds on existing work.
Reading List
The course will not follow a textbook but build on much cited papers in the field, mostly empirical
contributions.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies and extensive reading (including recent
research on cutting edge work), writing a referee report and developing a research proposal, discussing
research with peers and lecturer
Additional Information

Application of module

64
Module Name Module Code Module number
Foreign Exchange Markets – Theory and Empirics VWLfeFEM-02a 3050401
Module Coordinator Teachers
Prof. Dr. Stefan Reitz Prof. Dr. Stefan Reitz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (FinEc & Cofi)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Foreign Exchange Markets –
Lecture Compulsory 2 SWS
Theory and Empirics
Foreign Exchange Markets –
Tutorial Compulsory 2 SWS
Theory and Empirics
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

65
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Foreign Exchange Markets
– Theory and Empirics
Examination number 41360
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Description of foreign exchange (FX) trading
o FX instruments
o FX market segments
o FX market participants
2. The dealers’ perspective
o The single dealer approach
o Dealer trading in segmented markets
o The multiple dealer approach
3. The customers’ perspective
o Importers / exporters
o International investors
4. Recent approaches in FX research
Learning Outcomes
Students are able to explain the market microstructure of foreign exchange trading at a basic level. They
are competent to analyze the role of order flow and inventory risk management in a theoretical and an
empirical framework. In addition, they are able to discuss the trading perspectives of importers/exporters
and international investors by deriving and empirically testing equilibrium relationships in foreign exchange
markets. Furthermore, students manage to outline recent approaches in FX research.
Reading List
• Lyons, R.: The Microstructure Approach to Exchange Rates, MIT Press Cambridge, MA., 2001
• Sarno, L./ Taylor, M.: "The Economics of Exchange Rates". Cambridge University Press, Cambridge
2002.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

66
Module Name Module Code Module number
Foundations of Asset Pricing VWLqfFOAP-02a 3050901
Module Coordinator Teachers
Prof. Dr. Stefan Reitz Prof. Dr. Stefan Reitz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study
1-3
programme)
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (FinEc & Cofi)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Foundations of Asset Pricing Compulsory 2 SWS

Tutorial Foundations of Asset Pricing Compulsory 2 SWS

Further Information on the Course(s)

Prerequisit for Admission to the
None
Examination(s)
Examination(s)

67
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Foundations of Asset
Pricing
Examination number 3050910
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction and Motivation
2. Stochastic Discount Factor
3. Foundations of Portfolio Theory
4. Asset Pricing Models
5. Empirical Models of Asset Pricing
6. Microstructure Theory of Asset Markets
Learning Outcomes
Students are able to describe and explain theoretical foundations of asset pricing. They understand the
role of stochastic discount factors as a pricing kernel of assets and are able to derive the associated risk
premiums. Furthermore, they are competent to describe foundations of portfolio theory and modern asset
pricing approaches. Students are also confident applying empirical models of asset pricing and
understand the role of asymmetric information, inventory effects, and market liquidity for asset pricing.
Reading List
• Bodie, Z., Kane, A., and Marcus, A. (2023), Investments, 13th ed., Mc Graw Hill.
• Campbell, J. (2018), Financial Decisions and Markets, Princeton University Press.
• Cochrane, J. (2005), Asset Pricing, Revised Edition, Princeton University Press.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises, computer program codes
Additional Information

68
Module Name Module Code Module number
International Financial Markets VWLfeIFM-02a 3050101
Module Coordinator Teachers
Prof. Dr. Thomas Lux Prof. Dr. Thomas Lux
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
application M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture International Financial Markets Compulsory 2 SWS
Tutorial International Financial Markets Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

69
Module Exam: International Module Exam Graded Compulsory 100%
Financial Markets
Examination number 41310
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Trading Volume and Organization of International Financial Markets
2. Foreign Exchange Markets and Macroeconomic Theory
o The Lack of Explanatory Power of Traditional Macroeconomic Models of the Exchange Rate
o Speculative Efficiency of the Foreign Exchange Market?
3. Speculation, Excess Volatility and Stabilization of the Exchange Rate
o Rational Speculative Bubbles in Foreign Exchange Markets
o "Peso-Problems" and Noise Traders
o Interaction of Chartists and Fundamentalists
o The Tobin Tax and other Regulatory Interventions
4. Exchange Rate Target Zones and "Dirty Floating"
o Endogenous Stabilization through Target Zones
o The Credibility of Target Zones
5. Exchange Rate Crisis and Speculative Attacks
o The Collapse of Unsustainable Fixed Exchange Rates
o Crisis and Multiple Equilibria
o The Crisis in South-East Asia and "Third Generation" Models of Exchange Rate Crisis
o Contagion Effects and the Role of the IMF
6. The Great Financial Crisis of 2008
Learning Outcomes
Students are able to explain developments on foreign exchange markets and exchange rate determination
with modern finance theories. They are competent to assess the importance of investors’ expectations and
speculative behavior and their explanatory power for excessive volatility of foreign exchange rates compared
to macroeconomic fundamentals. Furthermore, students are able to explain the determinants of major
historical currency crises and manage to discuss the effects of political interventions to curb speculative
activity.
Reading List
• Copeland, L., Exchange Rates and International Finance. 6th ed., London, 2014
• Cuthbertson, K. and D. Nitzsche, Quantitative Financial Economics: Stocks, Bonds and Foreign
Exchange. New York 2005
• Gandolfo, G., International Finance and Open-Economy Macroeconomics. Springer, 2nd ed. Berlin
2016
• Hallwood, C./ McDonald, R., International Money and Finance, 3rd. ed. Oxford 2000
• Nelson, M., International Macroeconomics and Finance: Theory and Econometric Methods, Blackwell
Publishers, 2001
• Pilbeam, K., International Finance. 4th ed., London, 2013
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

70
Module Name Module Code Module number
Pricing in Derivative Markets VWLfePDM-02a 3050301
Module Coordinator Teachers
Prof. Dr. Thomas Lux Prof. Dr. Thomas Lux
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum/
application M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Pricing in Derivative Markets Compulsory 2 SWS

Tutorial Pricing in Derivative Markets Compulsory 2 SWS

Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

71
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Pricing in Derivative
Markets
Examination number 41330
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!
Short Summary
The course provides an introduction to the pricing of financial derivatives and is logically split into two
parts. The first part deals with the mechanics of derivative markets and instruments. The second part
focuses on the mathematical concepts that are used to price these derivatives, often summarized under
the catch-all phrase of financial engineering.
Course Content
1. An introduction to derivative markets:
Forwards and futures, interest rate derivatives, swaps, options
2. Microeconomic foundations:
Complete markets, arbitrage, contingent claims, Arrow securities
3. Basic option pricing theory:
Binomial model, Wiener Processes and Itô’s Lemma, Black-Scholes model, Greek letters
4. Numerical methods in option pricing:
Finite difference methods for standard options, finite difference methods for American options
5. Credit risk and credit derivatives:
Credit risk assessment, credit derivatives
6. Interest rate derivatives
Learning Outcomes
Students are able to price basic financial derivatives. They are competent to explain how derivative
markets and its instruments work. They manage to select and apply methods of financial engineering to
price derivatives.
Reading List
Microeconomic Foundations:
• J. Eichberger and I. Harper, Financial Economics. Oxford Univ. Press, 1997.

General derivative pricing:

• John C. Hull, "Options, Futures, and Other Derivatives," 9. ed., Prentice Hall, 2018.
• R. Seydel, "Tools for Computational Finance," Berlin Springer, 2002.
• P. Wilmott, S. Howson and J. Dewynne "The Mathematics of Financial Derivatives: A Student
Introduction," Cambridge Univ. Press, 1995.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

72
Module Name Module Code Module number
Theory of Financial Markets VWLfeTFM-02a 3050201
Module Coordinator Teachers
Prof. Dr. Thomas Lux Prof. Dr. Thomas Lux, Dr. Christina Sattarhoff
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum/
application M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programes
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Theory of Financial Markets Compulsory 2 SWS
Tutorial Theory of Financial Markets Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

73
Module Exam: Module Exam Graded Compulsory 100%
Theory of Financial Markets
Examination number 41320
Further Information on the Examination(s) The exact form of examination will be announced in
a suitable manner up to two weeks before the start
of the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!

Short Summary

Course Content
1. "Stylized facts“ of financial market data
o The random walk property of prices
o The distributional properties of returns
o The dynamics of volatility
2. Financial market efficiency and the problem of information transmission
o Equilibrium prices and the "efficient market hypothesis" (EMH)
o The Grossman/Stiglitz-paradoxon of the impossibility of informational efficiency markets
o The revelation of information through transactions
o Information transmission under strategic behavior
3. Pricing on incomplete markets
o Speculation: Stabilizing or destabilizing?
- Keynes vs. Friedman: A survey of older approaches
- The theory of rational speculative bubbles
- "Bounded rational“ speculation: models with chartists and fundamentalists
o "Noise trading“: Survival with wrong information
o Imitation and development of speculative bubbles
o Explanation of stylized facts in "artificial“ financial market models
Bank panics, financial crises and the hypothesis of the fragility of the financial sector
Learning Outcomes
Successful completion of this module will provide student with the competences to:
• analyze financial time series, and identify their basic ‘stylized facts”,
• understand and apply basic pricing principles of arbitrage-free pricing in financial markets,
• understand the theoretical foundations of the paradigm of informationally efficient markets, and its
empirical problems,
• understand the principles of rational processing of information, and its application in financial
economics,
understand the role of speculative activity and herd behavior in financial markets, and the theoretical
analysis of these phenomena in the ‘behavioral finance’ literature
Reading List
• Aschinger, G.: Börsenkrach und Spekulation: Eine ökonomische Analyse. München 1995.
• Brunnermeier, M.K.: Asset Pricing under Asymmetric Information. Oxford 2001.
• Campbell, J./ Lo, A./ MacKinlay, A.: The Econometrics of Financial Markets. Princeton 1997.
• Cuthbertson, K./Nitzsche, D.: Quantitative Financial Economics: Stocks, Bonds and Foreign Exchange.
2nd ed., New York 2004.
• Dacorogna, M.M / Gencay, R./ Müller, U.A./ Olsen, R.B./ Pictet, O.V.: An Introduction to High-Frequency
Finance. New York, London 2001.
• O’Hara, M.: Market Microstructure Theory. Oxford 1995.
• Schmidt, A,; Modern Equity Investung Strategies. Singapore, 2021
Knowledge Transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

74
 iv. International Economics

Module Name Module Code Module number

Advanced International Trade: Empirical
VWLieAITEA-02a 3060201
Applications
Module Coordinator Teachers
Prof. Holger Görg, PhD (IfW) Prof. Holger Görg, PhD (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced International Trade:
Lecture Compulsory 2 SWS
Empirical Applications
Advanced International Trade:
Tutorial Compulsory 2 SWS
Empirical Applications
Module was renamed! Formerly: Advanced International
Further Information on the Course(s)
Trade II
Prerequisit for Admission to the
None
Examination(s)

75
76
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Advanced Module Exam Graded Compulsory 100%
International Trade:
Empirical Applications

Examination number 41420

Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Outsourcing and wages
2. Estimating gravity equations
3. Performance differences between multinational enterprises and domestic firms
4. Implications of multinational enterprises for economic development of the host country
4.1 Productivity growth
4.2 Labour markets
4.3 Environment
Learning Outcomes
On completing this module, the learning outcomes are such that students will be able to
• Apply economic theory and economic reasoning to applied topics
• Select different approaches towards identifying economic mechanisms
• Apply appropriate econometric techniques to address problems
• Appreciate and discuss critically assumptions of different econometric techniques
• Justify conclusions using economic arguments with appropriate rigour
• Appraise related government policy
Reading List
• Robert Feenstra, Advanced International Trade, Princeton University Press, 2004.
• Holger Görg, Multinational Enterprises and Host Country Development, World Scientific Publishers, 2016
• Holger Görg and Aoife Hanley, Offshoring: Causes and Consequences at the Firm and Worker Level,
World Scientific Publishers, 2018
• recent papers in international journals
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

77
Module Name Module Code Module number
Advanced International Trade Theory VWLieAITT-02a 3060101
Module Coordinator Teachers
Prof. Horst Raff, PhD Prof. Horst Raff, PhD
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced International Trade
Lecture Compulsory 2 SWS
Theory
Advanced International Trade
Tutorial Compulsory 2 SWS
Theory
Module was renamed. Formerly: Advanced International
Further Information on the Course(s)
Trade I
Prerequisit for Admission to the
None
Examination(s)

78
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Modul Exam: Module Exam Graded Compulsory 100%
Advanced International
Trade Theory
Examination number 41410
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Neoclassical Trade Theory
o Two-Sector Models
o Heckscher-Ohlin Model
o Empirical Tests
2. Increasing Returns and the Gravity Equation
o Reciprocal Dumping
o Monopolistic Competition Model
o Gravity Equation
o Trade Theory with Heterogeneous Firms
3. Trade Policy
o Gains from Trade
o Tariffs, Quotas, Dumping
o Trade Conflicts and Agreements
o Political Economy
Learning Outcomes
Students are competent to explain the most important theories of international trade. Students are able to
assess the causes of international trade and its consequences for structural change in the economy,
income distribution and social welfare. Furthermore, students manage to evaluate the effects of trade
policy.
Reading List
• Robert Feenstra, Advanced International Trade, Princeton University Press, 2nd edition 2016.
• recent journal articles on international trade
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

79
Module Name Module Code Module number
Advanced Topics in International Economics VWLieAdv-02a 3068101
Module Coordinator Teachers
Prof. Horst Raff, PhD N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum/
application M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
programmes
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in International
Lecture Compulsory 2 SWS
Economics
Advanced Topics in International
Tutorial Compulsory 2 SWS
Economics
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

80
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Advanced Topics in
International Economics
Examination number 41450
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
Varying topics in the field of International Economics.
Learning Outcomes
Successful completion of this module will provide student with:
• A deeper understanding of one particular area of research in international economics
• The capacity of applying basic theories of international economics and empirical methods to one
specific area of specialization
• An understanding of contemporary literature and recent advances in a specific area of
international economics
• The ability to formulate independently research questions in international economics and
transform them to analytical or empirical research designs.
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one Advanced
topics in this module group successfully.
Application of module

81
Module Name Module Code Module number
Economics and Management of Global Supply
VWLieEMGSC-02a 2070501
Chains
Module Coordinator Teachers
Prof. Dr. Frank Meisel, Prof. Horst Raff, PhD Prof. Dr. Frank Meisel, Prof. Horst Raff, PhD
Organizer
Institute of Business
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Economics and Management of
Lecture Compulsory 2 SWS
Global Supply Chains
Economics and Management of
Tutorial Compulsory 2 SWS
Global Supply Chains
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

82
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Economics and
Management of Global
Supply Chains
Examination number 2070510
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary
This course provides a comprehensive analysis of global supply chains from the perspectives of both
economics and management science.
Course Content
1. Introduction to Global Supply Chain Management: Current Challenges, Measuring Supply Chain Trade
2. Supplier Network Development: International Division of Labor, Outsourcing, Offshoring, Network
Development
3. Trade Flows and Transportation Logistics: Trade Costs, Gravity Equation, Logistics
4. Risk Management: Economic Risk and Uncertainty, Risk Management Instruments
5. Trade Rules and Trade Barriers
6. Internalization and Supply Chain Contracting
Learning Outcomes
Students are able to identify the main challenges facing global supply chains, and to explain different
concepts of supply chain trade, the international organization of production and international network
design. They are able to assess the effect of distance and national borders on trade flows and
characterize transportation logistics solutions. Students are in a position to identify risks and uncertainty
associated with global supply chains and to apply appropriate risk management tools. They are also able
to assess the effects of trade barriers and different international trading arrangements on global supply
chains. Additionally, students are in a position to compare and judge different contractual solutions to
solve incentive problems in supply chains.
Reading List
• Keith Head (2007) “Elements of Multinational Strategy”
• Dornier et al. (1998) “Global Operations and Logistics”
• recent papers from scientific journals.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

83
Module Name Module Code Module number
Economics of Migration VWLieEcMi-02a 3069201
Module Coordinator Teachers
Prof. Dr. Jens Ruhose Prof. Dr. Jens Ruhose
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
• Basic macroeconomics and microeconomics
Recommended Requirements
• Econometric methods

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Economics of Migration Compulsory 2 SWS
Tutorial Economics of Migration Compulsory 1 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

84
Module Exam: Module Exam Graded Compulsory 100%
Economics of Migration
Examination number 3069210
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. The Migration Decision
3. Migrant Selection
4. Estimating Causal Effects of Migration
5. Immigrant Integration
6. Impact of Migration
7. Migration Policies
Learning Outcomes
At the end of the course, students are familiar with basic theoretical and empirical concepts in the area of
economics of migration, with a special focus on the identification of causal effects. Providing students with
an analytical framework and key facts, they are able to critically assess related research and make
informed contributions to the often-controversial policy debates surrounding international migration.
Moreover, students have developed the ability to read and understand the content of economic papers
and write (short) critical academic essays.
Reading List
Announced in the lecture
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

85
Module Name Module Code Module number
International Development VWLieIDev-02a 3069400
Module Coordinator Teachers
Prof. Dr. Tobias Heidland (IfW) Prof. Dr. Tobias Heidland (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture International Development Compulsory 2 SWS

Tutorial International Development Compulsory 1 SWS

Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

86
Module Exam: Module Exam Graded Compulsory 100%
International Development
Examination number 3069410
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary
This course uses economic theory and empirical evidence to explore the most important aspects of
international development. Why do some countries grow rich, while others remain poor? In this course, we
will take a global perspective and analyze development issues focusing on their international dimension.
Thus, a central theme will be the availability and returns to factors of production such as labor, capital, and
knowledge. Throughout the course we will engage with empirical methods that can be used to draw causal
causal statements and arrive at internally and externally valid policy conclusion.
Course Content
• Introduction
• Theories of Economic Growth
• Institutions and Political Economy
• Human Capital and Migration
• Capital, Capital Flows, and Foreign Aid
• Land
• Trade, Technology, and Industrial Policy
Learning Outcomes
Students will be able to discuss advanced topics in development economics, focusing on international
aspects. Students will gain the necessary knowledge to undertake research in development economics
and critically assess others' research in the field. By reading and discussing academic papers, students
will gain the ability to apply and/or evaluate topic related empirical methods.
Linking theory and empirics should enable students to critically assess the strengths and limitations of
different approaches, with a focus on causal methods. Through lectures, excercises, course material and
discussion in class, students will be better able to judge different policy approaches to improving
development outcomes.
Reading List
To be announced on OLAT
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

87
Module Name Module Code Module number
Multinational Enterprises VWLieMuEn-02a 3060301
Module Coordinator Teachers
Prof. Horst Raff, PhD Prof. Horst Raff, PhD
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Multinational Enterprises Compulsory 2 SWS
Tutorial Multinational Enterprises Compulsory 2 SWS
Further Information on the Course(s) Currently not offered!
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

88
Module Exam: Module Exam Graded Compulsory 100%
Multinational Enterprises
Examination number 41430
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Multinational Enterprises and the New Trade Theory
o Models of MNEs and international trade
o Horizontal and vertical FDI
o Empirical Evidence
2. Ownership Structure
o International Mergers and Acquisitions
o Joint Ventures
3. International Taxes and Transfer Prices
o Tax Competition
o Double Taxation
o Transfer Pricing
Learning Outcomes
Students are able to explain and discuss the most important theories and empirical studies concerning
multinational enterprises. Students are competent to evaluate the causes of foreign direct investment and
debate the consequences for competition, income distribution and social welfare.
Reading List
• Giorgio Barba Navaretti and Anthony Venables, Multinational Firms in the World Economy,
Princeton University Press, 2006.
• James Markusen, Multinational firms and the theory of international trade. MIT Press, 2002.
• recent papers in international journals.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

89
 v. Macroeconomics and Growth
Module Name Module Code Module number
Advanced Topics in Macroeconomics and Growth:
VWLmgAdv-02a 3078101
Fiscal Policy and Macroeconomic Dynamics
Subtitle Fiscal Policy and Macroeconomic Dynamics
Module Coordinator Teachers
PD Dr. Stephen Sacht PD Dr. Stephen Sacht
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in Macroeconomics
Lecture Compulsory 2 SWS
and Growth
Advanced Topics in Macroeconomics
Tutorial Compulsory 2 SWS
and Growth
Advanced Topics in Macroeconomics
PC-Tutorial Optional 1 SWS
and Growth
Further Information on the Course(s)

90
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Advanced Topics in
Macroeconomics and
Growth
Examination number 41240
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).

Short Summary

Course Content
1. Introduction & basics: stylized facts and fiscal rules
2. Static approach: fiscal multipliers and budget financing
3. Dynamic approach I: fiscal policy via feedback control
4. Dynamic approach II: optimal fiscal policy in business cycle models
5. Dynamic approach III: fiscal policy under bounded rationality
Learning Outcomes
Students are competent to link theoretical results and real-life examples of fiscal policy rules. They are
able to discuss the effects of fiscal policy within comparative-static analytical frameworks (with and without
explicit budget financing) and in continuous and discrete time models. They manage to formulate
stabilization policy via differential equations and are able to discuss a step-by-step routine in order to build
up and analyze shocks in a dynamic stochastic general equilibrium model. Within that model framework,
they are able to derive an optimal fiscal policy instrument rule via methods of optimal control. They are
competent to extend the discussion to an agent-based version in which heterogeneous agents form their
expectations under bounded rationality.
Reading List
• Frenkel, J.A. and A. Renzin (1996): Fiscal Policies and Growth in the World Economy. MIT Press,
Cambridge MA, 3rd edition.
• Gandolfo, G. (2010): Economic Dynamics, Springer, 4th edition.
• Gillman, M. (2011): Advanced Modern Macroeconomics – Analysis and Application. Pearson
Education Limited.
• Heijdra, B. (2017): Foundations of Modern Macroeconomics. Oxford University Press, 3rd edition.
• Reinhart, C.M. and K.S. Rogoff (2009): This Time is Different: Eight Centuries of Financial Folly.
Princeton University Press.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises, computer program codes
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one Advanced
topics in this module group successfully.

91
Module Name Module Code Module number
Economic Growth (currently not offered) VWLmgEcGr-02a 3070201
Module Coordinator Teachers
PD Dr. Stephen Sacht NN
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Economic Growth Compulsory 2 SWS
Tutorial Economic Growth Compulsory 2 SWS
Further Information on the Course(s) Currently not offered anymore!
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

92
Module Exam: Module Exam Graded Compulsory 100%
Economic Growth
Examination number 41220
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).)

Short Summary

Course Content
1. Introduction: stylized facts
2. The Solow model with constant technology
3. The Solow model with exogenous technical progress
4. Speed of convergence: theory and measurement
5. The Ramsey-Cass-Koopman model
6. Endogenous growth: AK models
7. Product innovation
8. Process innovation
Learning Outcomes
Students are able to explain the long run dynamics of economies and are able to trace them back to their
main sources of factor accumulation and innovation. They are competent to analyze questions of growth
and development in developed as well as in less developed countries with methods of modern micro-
founded growth theory. Regarding the latter, students are able to apply the solution technique and stability
analysis of a standard system-of-equations model in continuous time. Furthermore, students manage to
assess results from modern growth empirics.
Reading List
• D. Acemoglu: Introduction to Modern Economic Growth. Princeton University Press, Princeton, 2009.
• P. Aghion and P. Howitt: The Economics of Growth. MIT Press, Cambridge, Massachusetts, 2009.
• R. Barro and X. Sala-i-Martin: Economic Growth. 2nd edition, McGraw-Hill, New York, 2004.
• G. Gandolfo. Economic Dynamics: Springer, Berlin, Heidelberg, 2010.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

93
Module Name Module Code Module number
International Monetary Policy VWLmgIMP-02a 3070301
Module Coordinator Teachers
Prof. Dr. Stefan Reitz Prof. Dr. Stefan Reitz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture International Monetary Policy Compulsory 2 SWS
Tutorial International Monetary Policy Compulsory 2 SWS
Further Information on the Course(s) Currently not offered!
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

94
Module Exam: International Module Exam Graded Compulsory 100%
Monetary Policy
Examination number 41260
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. A simple macro-model of a small open economy
3. The theory of optimum currency areas
4. The working international monetary policy measures
5. Speculative attacks and currency crisis
Learning Outcomes
Students are able to describe and explain simple theoretical foundations of the open economy policy
environment. They are able to discuss the theory of optimum currency areas and manage to relate that to
recent Euro Area experience. Furthermore, they are competent to analyse international monetary policy
measures like international policy coordination, central bank intervention, target zones and currency
boards and they are able to outline adverse reactions of market participants.
Reading List
• Bofinger, P; Mayer, E.; Wollmershäuser, T. (2002), The BMW model: Simple Macroeconomics for closed
and open economies, Würzburg Economic Papers No. 35.
• De Grauwe, P. (2005), Economics of Monetary Union, 6. Auflage, OxfordUniversity Press.
• Dominguez, K.; Frankel, J. (1993), Does Foreign Exchange Intervention Work?, Institute for International
Economics, Washington.
• Krugman, P.; Obstfeld, M. (2008), International Economics – Theory and Policy, 8. Auflage, Addison
Wesley, Boston.
• Sarno, L. und Taylor, M. P. (2003), The Economics of Exchange Rates, Cambridge University Press.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

95
Module Name Module Code Module number
Macroeconomic Dynamics and Optimal Monetary
VWLmgMDOMP-02a 3070101
Policy
Module Coordinator Teachers
Prof. Dr. Maik Wolters Prof. Dr. Maik Wolters
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester (ususally 2nd half of semester)
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum/
Compulsory Elective (Supplementary
application M.Sc. Quantitative Finance
Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit
elective/ optional hours
Macroeconomic Dynamics and Optimal
Lecture Compulsory 2 SWS
Monetary Policy
Macroeconomic Dynamics and Optimal
Tutorial Compulsory 2 SWS
Monetary Policy
Further Information on the Course(s) The course was switched to the winter term.
Prerequisit for Admission to the
None
Examination(s)

96
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Macroeconomic Dynamics
and Optimal Monetary
Policy
Examination number 41270
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course (according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. The Baseline Real Business Cycle Model
2. The Baseline New Keynesian Model
3. A Stylized New Keynesian Model for a Small Open Economy
4. The New Keynesian Model with bounded rationality
5. Optimal Unrestricted Monetary Policy in the Basic New Keynesian Model
6. Discretion and Optimal Simple Rules
Learning Outcomes
Students are able to apply the concepts of optimal targeting rules (commitment, discretion) as well as of
optimal instrument rules and compare the results. From a more general perspective, students are able to
explain basic solution approaches to dynamic optimal control problems in models with forward-looking and
boundedly rational agents. Additionally, they are able to solve optimal control problems via the software
add-on DYNARE for MATLAB.
Reading List
• Gali J. (2008), Monetary Policy, Inflation and the Business Cycle
• Walsh, C.E. (2003), Monetary Theory and Policy, Cambridge (Mass.)
• Recent papers in economic journals
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

97
Module Name Module Code Module number
Monetary Policy VWLmgMoPo-02a 3070601
Module Coordinator Teachers
Prof. Dr. Maik Wolters Prof. Dr. Maik Wolters
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study
1-3
programme)
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements A core Macroeconomics course on the Bachelor level

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Monetary Policy Compulsory 2 SWS

Tutorial Monetary Policy Compulsory 2 SWS

Further Information on the Course(s)

Prerequisit for Admission to the
None
Examination(s)

Examination(s)
98
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Monetary Policy

Examination number 3070610

Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
Part 1: Basic Macroeconomic Concepts
▪ GDP Measurement, Growth and Business Cycles
▪ The Long Run: Solow Model and Equilibrium Unemployment
▪ The Long Run: Natural Interest Rate and Quantity Theory
▪ The Short Run: Introduction to the IS-MP-PC Model

Part 2: Conventional Monetary Policy

▪ Monetary Policy Framework, Optimal Rate of Inflation, Inflation Targeting
▪ Monetary Policy Rules, The Complete IS-MP-PC Model
▪ Solving the IS-MP-PC Model, Rational Expectations, Time-Inconsistency, and Credibility

Part 3: Monetary Policy at the Zero Lower Bound on Nominal Interest Rate
▪ Monetary Policy Transmission, Zero Lower Bound in the IS-MP-PC model
▪ IS-MP-PC Model With ZLB, Unconventional Monetary Policy
▪ Unconventional Policy Effects, Zero Interest Equilibrium
Part 4: Monetary and Fiscal Interactions
▪ Fundamental Connections Between Monetary and Fiscal Policy
▪ Fiscal Policy and the ZLB

Learning Outcomes
The course aims at building a bridge between economic theory and the reality of practical economic
policymaking. Students learn conceptual frameworks to address practical macroeconomic developments
and monetary policy issues.

Reading List
▪ Carl Walsh (2017). Monetary Theory and Policy, MIT Press, 4th edition
▪ Jordi Galí (2015). Monetary Policy, Inflation, and the Business Cycle, Princeton University Press, 2 nd ed.
▪ Peter Birch Sørensen and Hans Jørgen Whitta-Jacobsen (2010). Introducing Advanced
Macroeconomics, McGraw Hill, 2nd Edition.
▪ Bénassy-Quéré, Cœré, Jacquet, and Pisani-Ferry (2019). Economic Policy: Theory and Practice, Oxford
University Press, Second Edition.

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

99
Module Name Module Code Module number
Structural Macroeconometrics VWLmgStMa-02a 3070501
Module Coordinator Teachers
Prof. Dr. Daniel Fehrle Prof. Dr. Daniel Fehrle
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Macroeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Structural Macroeconometrics Compulsory 2 SWS

Further Information on the Course(s)

Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

100
Module Exam: Module Exam Graded Compulsory 100%
Structural
Macroeconometrics

Examination number 3070510

Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary
This course will introduce taking deep structural models (e.g., DSGE) to the data. The course covers all
the basic steps in quantitative macro: modeling, solutions techniques, data preparation, quantification, and
estimation. Real and monetary business cycle models will provide suitable applications.
Course Content
1. Introduction
2. Casting Models
3. Solutions techniques
4. Data exploration
5. Quantification and Estimation
Learning Outcomes

Students are able to formulate, solve, evaluate, and estimate dynamic stochastic models. In particular,
they are familiar with different computational methods and competent in choosing suitable ones for the
problems at hand. Similarly, students master data manipulation techniques. Additionally, they are
acquainted with further reading and common pitfalls.

Reading List
Primary
• DeJong D., Dave C. (2011) Structural Macroeconometrics, 2nd Edtion, Princeton University Press.
• Ferández-Villaverde J., Rubio-Ramírez, Schorfheide, F. (2016) Handbook of Macroeconomic
Volumke 2A, Chapter 9: Solution and Estimation Methods for DSGE Models, Edt.: Taylor, J.,
Uhlig, H., Esevier B.V., North-Holland.
• Ljungqvistm L., Sargent T. (2018), Recursive Macroeconomic Theory, 4th Edition, MIT Press.
Secondary
• Canova, F. (2007) Methods for Applied Macroeconomic Research, Princeton University Press.
• Maußner, A., Heer, B. (2009) Dynamic General Equilibrium Modeling, 2nd Edition, Springer.
• Miranda, M., Fackler, P. (2002) Applied Computational Economics and Finance, MIT Press.
• Judd, K. (1998) Numerical Methods in Economics, MIT Press.
• Hamilton, J. (1994) Time Series Analysis, Princeton University Press.
• Schlittgen, R., Streitberg, H. (2001) Zeitreihenanalyse, 9. unwes. Veränd. Aufl., Oldenbourg.
• Herbst, E., Schorfheide, F. (2016) Bayesian Estimation of DSGE Models, Princeton University Press.
Knowledge transfer
Interactive lecture, lecture notes, literature studies, exercises, computer program codes, presentations
Additional Information

101
 vi. Public Economics

Module Name Module Code Module number

Advanced Topics in Public Economics VWLpeAdv-02a 3088101
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution to Degree programme Status

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Advanced Microeconomics

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Advanced Topics in Public Economics Compulsory 2 SWS
Tutorial Advanced Topics in Public Economics Compulsory 1 SWS
Further Information on the Course(s)
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
102
Module Exam: Advanced Module Exam Graded Compulsory 100%
Topics in Public Economics
Examination number 41640
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Market Failures
2. Political Economy
3. Tax Policy
Learning Outcomes
Students are able to discuss the main reasons for government intervention in the economy. They are able
to apply microeconomic tools to characterize optimal policies in advanced models of public economics. They
are able to summarize and interpret the main empirical findings regarding these policies. Students are able
to evaluate advanced theoretical and empirical results of public economics to investigate recent policy
questions.
Reading List
• A.J. Auerbach, M. Feldstein (eds.), Handbook of Public Economics, Vol. I-IV, North-Holland,
Amsterdam, 1985/1987/2002.
• Selected research papers
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one Advanced
topics in this module group successfully.
Application of module

103
Module Name Module Code Module number
Economics of Charitable Giving (currently not
VWLpeECG-02a 3080501
offered)
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc./ M.A. Wirtschaftswissenschaften HDL/Wirtschaftspädagogik
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Economics of Charitable Giving Compulsory 2 SWS
Tutorial Economics of Charitable Giving Compulsory 2 SWS
Further Information on the Course(s)
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

104
Module Exam: Economics Module Exam Graded Compulsory 100%
of Charitable Giving
Examination number 3080510
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Public and private provision of public goods
2. Crowding out of charitable giving
3. Fundraising mechanisms
4. Altruism and reciprocity
5. Reputation and self-image concerns
6. Corporate social responsibility
Learning Outcomes
Students are competent to assess the importance and difficulty of efficient public goods provision. They are
able to explain models of charitable giving and pro-social behavior. They manage to examine and debate
central points and concepts currently discussed in the literature.
Reading List
• Kolm, Serge-Christophe, and Jean Mercier Ythier (2006). Handbook of the economics of giving,
altruism and reciprocity. Amsterdam: North-Holland.
• Bergstrom, Ted, Larry Blume, and Hal Varian (1986). On the Private Provision of Public Goods.
Journal of Public Economics 29, 25-49.
• Andreoni, James (1990). Impure altruism and Donations to Public Goods: A Theory of Warm
Glow. Economic Journal 100, 464-477.
• Andreoni, James (1993). An experimental test of the public goods crowding-out hypothesis.
American Economic Review 83, 1317–1327.
• Eckel, Catherine, Philip Grossman, Rachel Johnston (2005). An experimental test of the crowding
out hypothesis, Journal of Public Economics 89, 1543-1560.
• Benabou, Roland and Jean Tirole (2006). Incentives and prosocial behavior. American Economic
Review 96, 1652-1678.
• Ariely, Dan, Anat Bracha and Stephan Meier (2009). Doing Good or Doing Well? Image Motivation
and Monetary Incentives in Behaving Prosocially. American Economic Review 99, 544-555.
• Mellström, Carl, and Magnus Johannesson (2008). Crowding Out in Blood Donations: Was
Titmuss Right? Journal of the European Economic Association 6, 845-863.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

105
Module Name Module Code Module number
Economics of Risk and Uncertainty VWLpeERU-02a 3080401
Module Coordinator Teachers
Prof. Dr. Ulrich Schmidt (IfW) Prof. Dr. Ulrich Schmidt (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Economics of Risk and Uncertainty Compulsory 2 SWS
Tutorial Economics of Risk and Uncertainty Compulsory 2 SWS
Further Information on the Course(s)
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

106
Module Exam: Module Exam Graded Compulsory 100%
Economics of Risk and
Uncertainty
Examination number 41630
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Expected Utility
3. Non-expected Utility
4. Applications to insurance economics
5. Applications to financial markets
Learning Outcomes
Student are able to explain and differentiate between concepts and theories of decision-making under risk.
They manage to link these to decision problems in finance and insurance economics and they are
competent to apply them for an analysis and to develop solutions.
Reading List
• Schmidt, U., Alternatives to Expected Utility: Some Formal Theories, in: S. Barberà, P.J.
Hammond and C. Seidl (eds.), Handbook of Utility Theory, Vol. II, Kluwer, Boston, 2004.
• Bleichrodt, H. And U. Schmidt, Applications of Non-Expected Utility, in: P. Anand and C. Puppe
(eds.), Handbook of Rational and Social Choice, Oxford University Press, 2009.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

107
Module Name Module Code Module number
Health Economics (currently not offered) VWLpeHeEc-02a 3080201
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Health Economics Compulsory 2 SWS
Tutorial Health Economics Compulsory 2 SWS
Further Information on the Course(s) Currently not offered!
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

108
Module Exam: Module Exam Graded Compulsory 100%
Health Economics
Examination number 41620
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
Remark: If the module is offered, this part must be adjusted to new requirements, see handout.
Learning Outcomes
Remark: If the module is offered, this part must be adjusted to new requirements, see handout.
Reading List
Announced in the lecture.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

109
Module Name Module Code Module number
Information Economics VWLpeInEc-02a 3101101
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne Prof. Dr. Sebastian Köhne
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (Economics)
curriculum /
Compulsory Elective
application M.Sc. Quantitative Finance
(Supplementary Economics)
in other
study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Advanced Microeconomics

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Information Economics Compulsory 2 SWS
Tutorial Information Economics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

110
Module Exam: Module Exam Graded Compulsory 100%
Information Economics
Examination number 3101110
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

This course studies how information affects economic transactions.

Course Content
Economic decisions are often affected by imperfect or asymmetric information. For example, potential
buyers of a second-hand good have only limited information about the good’s quality; car insurance
companies cannot observe the driving style of insured individuals; employers need to estimate an
applicant’s future performance on a job, and so on.

This course provides a general theoretical analysis of economic transactions in which information plays a
key role. Different applications will be considered:
1. Consumer search: monopoly price paradox, price distributions, bargaining
2. Asymmetric quality information: adverse selection, product warranties, moral hazard and reputation
3. Labor markets: efficiency wages and unemployment, job market signaling
4. Credit markets
Learning Outcomes
Students are able to identify economic environments with imperfect or incomplete information. They are
able to apply microeconomic tools to solve models of consumer search and asymmetric information. They
are also able to interpret the theoretical results and relate them to some stylized empirical facts.
Reading List
• Selected research papers
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

111
Module Name Module Code Module number
Public Economics VWLpePuEc-02a 3080101
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne Prof. Dr. Sebastian Köhne, Dr. Lasse J. Jessen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 45 hours
Independent Study 135 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Advanced Microeconomics

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Public Economics Compulsory 2 SWS
Tutorial Public Economics Compulsory 1 SWS
Further Information on the Course(s)
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Public Economics
112
Examination number 41610
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Theoretical Tools of Public Finance
2. Public Goods
3. Externalities
4. Political Economy
5. Taxation of Goods and Services
6. Income Taxation
Learning Outcomes
Students are able to discuss the main reasons for government intervention in the economy. They are able
to apply microeconomic tools to characterize optimal policies in frameworks with public goods, externalities,
collective decisions, commodity taxes or income taxes. They are able to summarize and interpret the main
empirical findings regarding these policies. Students are able to evaluate theoretical and empirical results
of public economics in order to investigate recent policy questions.
Reading List
• J. Gruber, Public Finance and Public Policy, sixth edition, Macmillan, 2019,
• J. Hindricks, G. D. Myles, Intermediate Public Economics, second edition, MIT Press, 2013.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

113
 vii. Spatial Economics (currently not offered)

Module Name Module Code Module number

Advanced Topics in Spatial Economics (currently
VWLseAdv-02a 3098101
not offered)
Module Coordinator Teachers
N.N. N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
Compulsory Elective (Supplementary
other study M.Sc. Quantitative Finance
Economics)
programmes
M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Advanced Topics in Spatial Economics Compulsory 2 SWS
Tutorial Advanced Topics in Spatial Economics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisite for Admission to the None
Examination(s)

Examination(s)

114
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Advanced Module Exam Graded Compulsory 100%
Topics in Spatial Economics
Examination number 41550
Further Information on the Examination(s) The exact form of examination will be announced in
a suitable manner up to two weeks before the start
of the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved
(§ 12 (4) examination regulations), details will be
announced at the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!

Short Summary

Course Content
• Microeconomic foundations of agglomeration economies
• Agglomeration economies and heterogeneous agents
• Empirics of agglomeration economies
• Land use, urban structure and sprawl
• Placed-based policies
Learning Outcomes
Students are able to explain different microeconomic foundations (matching, sharing, learning) that give
rise to various agglomeration economies. They are in the position to extend the basic theoretical
framework and to examine selection effects and the spatial sorting of heterogeneous agents. Students
have in-depth knowledge of quantitative methods that are applied to investigate the significance of
agglomeration effects. They are able to explain the econometric issues involved and how to tackle these
problems. Additionally, students are in a position to describe the monocentric model of urban land use and
its most common extensions. They have the skills to analyze urban sprawl within this framework.
Furthermore, students are able to explain how place-based policies can be rationalized by different
hypotheses in urban and labour economics. They have knowledge of quantitative methods that are used
to identify causal effects of placed-based policies and of the econometric challenges to reliably estimating
these effects.
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one Advanced
topics in this module group successfully.
Application of module

115
Module Name Module Code Module number
Spatial Economics (currently not offered) VWLseSpEc-02a 3090101
Module Coordinator Teachers
N.N. N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Mathematik – NF VWL Variante Microeconomics
M.Sc. Wirtschaftsinformatik – VWL/Economics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Spatial Economics Compulsory 2 SWS
Tutorial Spatial Economics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Spatial Economics
116
Examination number 41510
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of the
module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Interregional trade with heterogeneous goods: the Dixit-Stiglitz model
3. Empirics on trade and market access
4. Two regions equilibrium: the Footloose-Capital model
5. The centre-periphery model
6. International specialization
7. The Footloose-Entrepreneur model
8. The centre-periphery model with quadratic preferences
9. Trade and growth
Learning Outcomes
Students are able to explain how market forces create spatial structure of economic features and spatial
interactions. They manage to analyze these structures by applying modern general equilibrium models,
which incorporate imperfect competition and transport costs. Furthermore, students are able to assess
impacts on market structures with respect to allocative and distributive targets.
Reading List
• R. Baldwin, R. Forslid, Ph. Martin, G. Ottaviano, F. Robert-Nicoud: Economic Geography and Public
Policy, 2003 Princeton, Princeton University Press,
• M. Fujita, P. Krugman, A.J. Venables: The Spatial Economy: Cities, Regions, and International
Trade, 2000 Cambridge MA, MIT Press.
• M. Fujita, J.-F. Thisse: Economics of Agglomeration: Cities, Industrial Location and Regional Growth,
2002 Cambridge, Cambridge University Press.
• G.I.P. Ottaviano and J.-F. Thisse: Integration, agglomeration and the political economics of factor
mobility, Journal of Public Economics, Vol. 83 (2002), pp. 429-456, 2002.
• G.I.P. Ottaviano, T. Tabuchi, J.-F. Thisse: Agglomeration and trade revisited, International Economic
Review, Vol. 43 (2002), pp. 409--435.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

117
 c. Elective Section – Seminar Modules
i. Applied Microeconomics
Module Name Module Code Module number
Seminar in Applied Microeconomics VWLamApMiSem-02a 3039101
Module Coordinator Teachers
Prof. Dr. Till Requate N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Applied Microeconomics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

118
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Applied Microeconomics
Examination number 41170
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO
§ 12 (5).

Short Summary

Course Content
Selected topics from Applied Microeconomics.
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of applied microeconomics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Applied Microeconomics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work)

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

119
Module Name Module Code Module number
Seminar in Behavioral Economics VWLamBeEcSem-02a 3100701
Module Coordinator Teachers
Prof. Dr. Jana Friedrichsen Prof. Dr. Jana Friedrichsen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/ winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Behavioral Economics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.

Currently not offered!

Prerequisit for Admission to the
None
Examination(s)

120
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Behavioral Economics
Examination number 3100710
Further Information on the The exact form of seminar contribution will be announced
Examination(s) in a suitable manner up to two weeks before the seminar
registration period ends according to FPO § 12 (5).

Short Summary

Course Content
- selected topics from Behavioral Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments on some main topic (own choice/or assigned by
the lecturer) in the field of Behavioral Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Behavioral Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

121
Module Name Module Code Module number
Seminar in Economics and Ethics VWLamEcEthSem-02a 3100801
Module Coordinator Teachers
Prof. Dr. Jana Friedrichsen Prof. Dr. Jana Friedrichsen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Economics and Ethics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and
Scientific Writing in Economics" (VWLswScWr-02a) has
already been completed.
Prerequisit for Admission to the
Examination(s) None

Examination(s)

122
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Economics and Ethics
Examination number 3100810
The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
Further Information on the Examination(s) the seminar registration period ends according to FPO §
12 (5).

Short Summary

Course Content
- selected topics in the area of ethics and economics

Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments on some main topic (own choice/or assigned by
the lecturer) in the field of Economics and Ethics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Economics and Ethics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work)

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

123
Module Name Module Code Module number
Seminar in Experimental Economics VWLamExEcSem-02a 3100501
Module Coordinator Teachers
Prof. Dr. Jana Friedrichsen Prof. Dr. Jana Friedrichsen
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Experimental
Seminar Compulsory 2 SWS
Economics
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning of
the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

124
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Experimental Economics
Examination number 3100510
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO §
12 (5).

Short Summary

Course Content
- In-depth study of selected aspects of the lecture Experimental Economics
- Selected topics from Experimental Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments on a specific topic (own choice/or assigned by
the lecturer) in the field of Experimental Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o (conduct and analyse their own economic experiment,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods including the use of economic experiments. They acquire fundamental knowledge of
their topic and are able to critically debate research questions linked to the field of Experimental
Economics, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

125
Module Name Module Code Module number
Seminar in Innovation Economics VWLamInEcSem-02a 3100601
Module Coordinator Teachers
Prof. Dr. Dirk Dohse (IfW) Prof. Dr. Dirk Dohse (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in other
study programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Innovation
Seminar Compulsory 2 SWS
Economics
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning of
the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

126
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Innovation Economics
Examination number 3100610
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO
§ 12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Innovation Economics
- selected topics from Innovation Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Innovation Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Innovation Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

127
128
Module Name Module Code Module number
Seminar in Microeconometric Data Analysis
(Formerly: Seminar in Replication Studies in VWLamReStSem-02a 3101201
Economics)
Module Coordinator Teachers
Prof. Dr. Jens Ruhose Prof. Dr. Jens Ruhose
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study
2-4
programme)
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Module "Research and Scientific Writing in Economics"
Recommended Requirements
Module "Causal Inference in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Replication
Seminar Compulsory 2 SWS
Studies in Economics
Further Information on the Course(s) Important: Application and registration through the OLAT-
Course “Seminar Registration MA-VWL” is required by the end
of the previous semester! All further information can be found
in the OLAT-Course “Seminar Registration MA-VWL”
Prerequisite for Admission to the
None
Examination(s)

129
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Replication Studies in
Economics
Examination number 3101210
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO
§ 12 (5).

Short Summary

Course Content
In this seminar, we replicate existing empirical studies that are published in leading scientific journals.
Students choose a study of their own choice, replicate the findings, and extend them in a meaningful way.
Thereby, they apply empirical microeconometric methods that they have learned in other courses (incl.
Causal Inference in Economics). The results are presented and discussed in a seminar.
Learning Outcomes
Students can apply empirical methods to replicate and extend published studies. They understand the
possibilities and limitations of modern empirical techniques and can scrutinize the reliability of results.
After successful completion of the seminar, students are prepared to craft their own empirical master
thesis.
Reading List
• Cunningham, Scott (2020). Causal Inference: The Mixtape. Yale University Press.
• Angrist, Joshua D. and Jörn-Steffen Pischke (2009). Mostly Harmless Econometrics: An Empiricists’
Companion. Princeton University Press.
Knowledge transfer
Seminar thesis, presentation, discussion
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

130
 ii. Environmental and Resource Economics
Module Name Module Code Module number
Seminar in Climate and Energy Policy VWLerCEPSem-02a 3049502
Module Coordinator Teachers
Prof. Dr. Sonja Peterson Prof. Dr. Sonja Peterson
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Climate and Energy Policy Compulsory 2 SWS
Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
Further Information on the Course(s) this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

131
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Climate and Energy Policy
Examination number 3049510
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to
examination regulations § 12 (5).

Short Summary

Course Content
- in-depth study on topics in Climate and Energy Policy
- investigation of different papers or topics in climate and energy policy

The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned
by the lecturer) in the field of Climate and Energy Policy,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present to and discuss the paper with other participants, do a co-presentation of a paper of some
other participant.

Learning Outcomes
Students are able to do structured research of literature and they manage to filter that with respect to their
own topic. They are able to summarise, compare, analyse and discuss different scientific approaches and
results. They are able to set up own research questions and answer them by using scientific methods.
They acquire fundamental knowledge of their topic and are able to critically debate research questions
linked to the field of Climate and Energy Policy, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

132
Module Name Module Code Module number
Seminar in Economics of Geoengineering VWLerEcGeoSem-02a 3049701
Module Coordinator Teachers
Prof. Dr. Wilfried Rickels (IfW) Prof. Dr. Wilfried Rickels (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency WiSe (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Economics of
Seminar Compulsory 2 SWS
Geoengineering
Important: Application and registration through the OLAT-
Course “Seminar Registration MA-VWL” is required by the end
Further Information on the Course(s)
of the previous semester! All further information can be found
in the OLAT-Course “Seminar Registration MA-VWL”
Prerequisit for Admission to the
None
Examination(s)

133
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Economics of
Geoengineering
Examination number 3049710
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to
examination regulations § 12 (5).

Short Summary

Course Content

- in-depth study of previous semester‘s lecture contents of the lecture Economics of Geoengineering
- Investigating and summarizing recent literature in the corresponding field, selected from leading
economic field journals
- Understanding how carbon dioxide removal and solar geoengineering technologies affect the integrated
assessment of climate change mitigation, climate policy framework and climate treaty negotiations;
understand which steps in terms of for example carbon removal accounting are required for the
integration into climate policy

Learning Outcomes
Students are able to do structured research of literature and they manage to filter that with respect to their
own topic. They are able to summarie, compare, analyse and discuss different scientific approaches and
results. They are able to set up own research questions and answer them by using scientific methods.
They acquire fundamental knowledge of their topic and are able to critically debate research questions
linked to the field of Climate and Energy Policy, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

134
Module Name Module Code Module number
Seminar in Energy Economics VWLerEnergyEcSem-02a 3049601
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz Prof. Dr. Katrin Rehdanz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Energy Economics Compulsory 2 SWS
Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
Further Information on the Course(s) this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

135
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Energy Economics
Examination number 3049610
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to
examination regulations § 12 (5).

Short Summary

Course Content
o in-depth study of previous semester‘s lecture contents of the lecture Energy Economics
o selected topics of Energy Economics

The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Energy Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present to and discuss the paper with other participants, do a co-presentation of a paper of some
other participant.
Learning Outcomes
Students are able to do structured research of literature and they manage to filter that with respect to their
own topic. They are able to summarise, compare, analyse and discuss different scientific approaches and
results. They are able to set up own research questions and answer them by using scientific methods.
They acquire fundamental knowledge of their topic and are able to critically debate research questions
linked to the field of Energy Economics, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

136
Module Name Module Code Module number
Seminar in Environmental Economics VWLerEnEcSem-02a 3049202
Module Coordinator Teachers
Prof. Dr. Till Requate Prof. Dr. Till Requate
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree Programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Environmental Economics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)

137
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Environmental Economics
Examination number 3049210
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to
examination regulations § 12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of either the lecture Environmental Economics,
Resource Economics or Environmental Valuation
- selected topics of Environmental Economics

The participation in the seminar enables students to

- research and review recent scientific developments in some main topic (own choice/or assigned by the
lecturer) in the fields of Environmental and Resource Economics,
- (Identify a subtopic, that can be handled in a seminar paper,)
- write a scientific seminar paper,
- present to and discuss the paper with other participants, do a co-presentation of a paper of some other
participant.
Learning Outcomes
Students are able to do structured research of literature and they manage to filter that with respect to their
own topic. They are able to summarise, compare, analyse and discuss different scientific approaches and
results. They are able to set up own research questions and answer them by using scientific methods.
They acquire fundamental knowledge of their topic and are able to critically debate research questions
linked to the fields of Environmental and Resource Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work)

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

138
Module Name Module Code Module number
Seminar in Environmental Valuation VWLerEnVaSem-02a 3049402
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz Prof. Dr. Katrin Rehdanz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Environmental Valuation Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

139
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Environmental Valuation
Examination number 3049410
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to
examination regulations § 12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Environmental Valuation
- selected recent advanced topics of environmental and sustainability economics
- selected environmental topics regarding the economic valuation of nature/the environment

The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Environmental Valuation,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present to and discuss the paper with other participants, do a co-presentation of a paper of some
other participant.

Learning Outcomes
Students are able to do structured research of literature and they manage to filter that with respect to their
own topic. They are able to summarise, compare, analyse and discuss different scientific approaches and
results. They are able to set up own research questions and answer them by using scientific methods.
They acquire fundamental knowledge of their topic and are able to critically debate research questions
linked to the field of Environmental Valuation, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

140
Module Name Module Code Module number
Seminar in Resource Economics VWLerReEcSem-02a 3049102
Module Coordinator Teachers
Prof. Dr. Ulrike Kornek Prof. Dr. Ulrike Kornek, Prof. Dr. Nada Maamoun
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Resource Economics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the None
Examination(s)

141
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Resource Economics
Examination number 3049110
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO §
12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Resource Economics
- selected advanced topics of Resource Economics studied in the recent literature

The participation in the seminar enables students to

- research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Resource Economics,
- (identify a subtopic, that can be handled in a seminar paper,)
- write a scientific seminar paper,
- present to and discuss the paper with other participants, do a co-presentation of a paper of some
other participant.
Learning Outcomes
Students are able to do structured research of literature and they manage to filter that with respect to their
own topic. They are able to summarise, compare, analyse and discuss different scientific approaches and
results. They are able to set up own research questions and answer them by using scientific methods.
They acquire fundamental knowledge of their topic and are able to critically debate research questions
linked to the field of Resource Economics, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical concepts and approaches, giving an argument in
concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading and participating in a discussion, doing group work)

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

142
Module Name Module Code Module number
Seminar in Theories of Distributive Justice and
VWLerTDJSSem-02a 3049302
Sustainabiliy (currently not offered)
Module Coordinator Teachers
Prof. Dr. Ulrike Kornek N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (ERE)
M.Sc. Environmental Management
M.Sc. Sustainability, Society and the Environment

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Theories of Distributive
Seminar Compulsory 2 SWS
Justice and Sustainabiliy
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.

Currently not offered!

143
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Theories of Distributive
Justice and Sustainabiliy
Examination number 3049310
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO
§ 12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Theories of Distributive Justice and
Sustainabiliy
- selected topics from Distributive Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Distributive Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Distributive Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
144
 iii. Financial Economics
Module Name Module Code Module number
Seminar in Applied Financial Econometrics VWLfeAFESem-02a 3100201
Module Coordinator Teachers
Prof. Dr. Stefan Reitz Prof. Dr. Stefan Reitz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantiative Finance Compulsory Elective (Seminar Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Applied Financial
Seminar Compulsory 2 SWS
Econometrics
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
145
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Applied Financial Econometrics
Examination number 3100210
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO
§ 12 (5).

Short Summary

Course Content
- In-depth study of previous semester‘s lecture contents of the lecture Applied Econometrics of FX Markets
- Application of econometrical methods to analyze different questions in the field of Financial Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice!) in the field of
Financial Economics,
o do own empirical research by gathering data, write R code, and interpret econometric results
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research with respect to their own topic. They are able to
do their own empirical research. They acquire fundamental knowledge of their topic, collect data, write R
code to produce estimation results, and interpret their outcome against the backdrop of existing literature.
Students are able to critically debate research questions linked to the field of Financial Economics, thereby
participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

146
Module Name Module Code Module number
Seminar in Empirical Finance VWLfeEmFiSem-02a 3100001
Module Coordinator Teachers
Prof. Dr. Markus Haas Prof. Dr. Markus Haas
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantiative Finance Compulsory Elective (Seminar Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Empirical Finance Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning of
the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
147
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Empirical Finance
Examination number 3100010
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Empirical Finance
- selected topics in Empirical Finance
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Empirical Finance,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Empirical Finance, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

148
Module Name Module Code Module number
Seminar in Financial Economics VWLfeFiEcSem-02a 3059101
Module Coordinator Teachers
Prof. Dr. Thomas Lux Prof. Dr. Thomas Lux
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantiative Finance Compulsory Elective (Seminar Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Finanzmathematik

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Financial Economics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

149
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Financial Economics
Examination number 41340
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Financial Economics
- selected Financial Economics topics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Financial Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Financial Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

150
Module Name Module Code Module number
Seminar in Foreign Exchange Markets VWLfeFEMSem-02a 3059201
Module Coordinator Teachers
Prof. Dr. Stefan Reitz Prof. Dr. Stefan Reitz
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/ winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantiative Finance Compulsory Elective (Seminar Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)
M.Sc. Finanzmathematik

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Foreign Exchange Markets Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)

151
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Foreign Exchange Markets
Examination number 3059210
Further Information on the The exact form of seminar contribution will be
Examination(s) announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- In-depth study of previous semester‘s lecture contents of the lecture Foreign Exchange Markets – Theory
and Empirics
- Selected topics of Foreign Exchange Markets
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Foreign Exchange Markets,
o (Identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Foreign Exchange Markets, thereby participating actively in
scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

152
Module Name Module Code Module number
Seminar in International Finance VWLfeInFiSem-02a 3100101
Module Coordinator Teachers
Prof. Dr. Christoph Trebesch (IfW) Prof. Dr. Christoph Trebesch (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantiative Finance Compulsory Elective (Seminar Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in International Finance Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
153
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
International Finance
Examination number 3100110
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture International Finance
- selected topics of International Finance
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of International Finance,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of International Finance, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

154
 iv. International Economics
Module Name Module Code Module number
Seminar Globalization in Developing Countries VWLieGloDeSem-02a 3069300
Module Coordinator Teachers
Prof. Dr. Tobias Heidland (IfW) Prof. Dr. Tobias Heidland (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/compulsory Credit hours
elective/optional
Seminar Globalization in Developing
Seminar Compulsory 2 SWS
Countries
Further Information on the Registration through the OLATCourse “Seminar Registration MA-
Course(s) VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of this
Seminar and must be taken at the latest at the beginning of the
seminar. Exception: the module "Research and Scientific Writing in
Economics" (VWLswScWr-02a) has already been completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

155
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar contribution
Globalization in Developing
Countries
Examination number 3069310
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO §
12 (5).
Short Summary
Globalisation and technological progress are making the world a smaller place. Through trade, foreign
direct investment, migration, capital flows, and other channels developing and emerging countries are ever
more closely connected to each other and to the rich world. This creates opportunities for development as
well as challenges. Both should be addressed with sound policy. In this seminar, students will delve deeply
into selected topics that lay at the intersection between globalization and development. While studying
their respective topics, students will focus on how theory and empirics can be used to derive testable
predictions and credible empirical evidence.
Course Content
In-depth study of topics covering globalisation in developing countries and applications of state-of-the-art
empirical methods. Deeper analyses of content of previous semester’s lecture “International
Development”.
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned
by the lecturer) in the field of development economics, in particular regarding globalisation in
developing countries,
o (identify a subtopic, suitable to be covered in a seminar paper,)
o write a scientific seminar paper,
o discuss the paper and present it to other participants, co-presentation other participants’ seminar
paper

Especially, students are able to do a structured research of literature. They are able to summarise,
compare, analyse and discuss different scientific approaches and results. Students are able to set up own
research questions and answer them by using scientific methods. They acquire fundamental knowledge of
their topic and are able to critically debate research questions linked to globalisation in developing
countries, thereby participating actively in scientific discussions.

In the seminar students acquire

o expertise in working independently on a scientific topic,

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).
Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
156
Application of module

157
Module Name Module Code Module number
Seminar in Advanced International Trade:
VWLieAITEASem-02a 3101001
Empirical Applications
Module Coordinator Teachers
Prof. Holger Görg, Ph.D. (IfW) Prof. Holger Görg, Ph.D. (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compul- Credit hours
sory elective/ optional
Seminar in Advanced International
Seminar Compulsory 2 SWS
Trade: Empirical Applications
Registration through the OLATCourse “Seminar Registration MA-
VWL” is required during the previous semester.
Further Information on the Seminar Preparation Class of the ZBW (4 hours) is part of this
Course(s) Seminar and must be taken at the latest at the beginning of the
seminar. Exception: the module "Research and Scientific Writing in
Economics" (VWLswScWr-02a) has already been completed.
Prerequisit for Admission to
None
the Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ Weighting
Examination compulsory elective/
optional

158
Seminar Paper and Assignment: Seminar Graded Compulsory 100%
Seminar in Advanced International contribution
Trade: Empirical Applications
Examination number 3101010
The exact form of seminar contribution will be announced in a
Further Information on the
suitable manner up to two weeks before the seminar registration
Examination(s)
period ends (according to FPO § 12 (5).)

Short Summary
The seminar builds on the lecture Advanced International Trade: Empirical Applications and aims at
providing students with a hands-on introduction to empirical work in International Trade.
Students will investigate relevant topics empirically using data sets and Stata econometric software. Data
sets will be provided to students.
Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Advanced International Trade:
Empirical Applications
- investigation of selected questions regarding the topics of International Trade using an empirical
approach
- empirical applications related to (i) gravity models, (ii) firm level studies of exporters and importers, (iii)
firm level studies of multinational enterprises
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of International Trade,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. Specifically, they are competent to investigate relevant topics by analyzing data sets
with the econometric software Stata. They acquire fundamental knowledge of their topic and are able to
critically debate research questions linked to the field of International Trade, thereby participating actively
in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

159
160
Module Name Module Code Module number
Seminar in Advanced International Trade Theory VWLieAITTSem-02a 3100901
Module Coordinator Teachers
Prof. Horst Raff, PhD Prof. Horst Raff, PhD
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Advanced International
Seminar Compulsory 2 SWS
Trade Theory
Registration through the OLATCourse “Seminar Registration MA-
VWL” is required during the previous semester.
Further Information on the Seminar Preparation Class of the ZBW (4 hours) is part of this
Course(s) Seminar and must be taken at the latest at the beginning of the
seminar. Exception: the module "Research and Scientific Writing
in Economics" (VWLswScWr-02a) has already been completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

161
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Advanced International
Trade Theory
Examination number 3100910
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Advanced International Trade
Theory
- investigation of selected questions regarding the topics of International Trade
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of International Trade,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of International Trade, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/ quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.

Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

162
Module Name Module Code Module number
Seminar in International Economics: Empirical
Analysis of Trade Policy and other Determinants VWLieInEcSem-02a 3069101
of International Trade
Empirical Analysis of Trade Policy and other
Subtitle
Determinants of International Trade
Module Coordinator Teachers
Prof. Dr. Sandkamp Prof. Dr. Sandkamp
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Module "Research and Scientific Writing in Economics",
Recommended Requirements
Econometrics I, previous knowledge in Stata or R

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in International Economics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

163
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
International Economics
Examination number 41440
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO §
12 (5).

Short Summary
In this empirical seminar, students should independently perform a regression analysis in order to
examine the effects of trade policy and other determinants of international trade on the international
flow of goods. The basis for this is the so-called gravity model used in international trade research, which
is briefly described again in the preliminary meeting. The use of the statistical software STATA or R is
required for completing the assignment and appropriate basic knowledge is presumed. Based on their
own calculations and the literature, students should write a term paper on their own and present its
content in the seminar. The goal is to acquaint students with basic scientific working methods and
presentation techniques. This should also lay the foundations for the preparation of the master thesis.

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture International Economics
- varying topics in the field of International Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned
by the lecturer) in the field of International Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of International Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information

164
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

165
Module Name Module Code Module number
Seminar in International Economics: Geopolitics
VWLieInEcSem-02a 3069101
and International Economics
Subtitle Geopolitics and International Economics
Module Coordinator Teachers
Prof. Dr. Trebesch Prof. Dr. Trebesch
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in International Economics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

166
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
International Economics
Examination number 41440
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO §
12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture International Economics
- varying topics in the field of International Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of International Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of International Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

167
168
 v. Macroeconomics and Growth
Module Name Module Code Module number
Seminar in Empirical Macroeconomics WLmgEmMaSem-02a 3079201
Module Coordinator Teachers
Prof. Dr. Daniel Fehrle Prof. Dr. Daniel Fehrle
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study
2-4
programme)
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Empirical Macroeconomics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and
Scientific Writing in Economics" (VWLswScWr-02a) has
already been completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
169
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Empirical Macroeconomics
Examination number 3079210
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO
§ 12 (5).)

Short Summary
In this seminar, students will conduct an empirical analysis of their own
based on an existing study or a classic research question. The exercise is to confront
previous findings with improved or more proper methods, new available or different
but comparable data, Monte Carlo analysis, or the like to validate correctness,
robustness, generality, and reproducibility.
Course Content
- in-depth study of previous semester‘s lecture contents of macroeconomic lectures
- varying macroeconomic topics
Learning Outcomes
The participation in the seminar enables students to
◦ research and review recent scientific developments in some main topic (own choice/or assigned
by the lecturer) in the field of Empirical Macroeconomics,
◦ (identify a subtopic, that can be handled in a seminar paper,)
◦ write a scientific seminar paper,
◦ present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.
Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Economics of Risk and Uncertainty, thereby participating actively
in scientific discussions. Furthermore, students are competent to assess the risks and uncertainties of
different scenarios.
In the seminar students acquire
◦ self-expertise (working independently on a scientific topic),
◦ scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
◦ methodical expertise (scientific writing, presentation skills, media skills),
◦ social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information

Application of module

Module Name Module Code Module number

Seminar in Macroeconomics and Growth VWLmgMaGrSem-02a 3079101
Module Coordinator Teachers

170
Prof. Dr. Maik Wolters Prof. Dr. Maik Wolters
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Macroeconomics and
Seminar Compulsory 2 SWS
Growth
Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
Further Information on the Course(s) this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Macroeconomics and Growth
Examination number 41250

171
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO
§ 12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of macroeconomic lectures
- varying macroeconomic topics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Macroeconomics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Macroeconomics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.

Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

172
 vi. Public Economics
Module Name Module Code Module number
Seminar in Economics of Risk and Uncertainty VWLpeERUSEM-02a 3100401
Module Coordinator Teachers
Prof. Dr. Dr. Ulrich Schmidt (IfW) Prof. Dr. Dr. Ulrich Schmidt (IfW)
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Quantitative Finance Compulsory Elective (Seminar Economics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar in Economics of Risk and
Seminar Compulsory 2 SWS
Uncertainty
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisite for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

173
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Economics of Risk and
Uncertainty
Examination number 3100410
Further Information on the The exact form of seminar contribution will be
Examination(s) announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Economics of Risk and
Uncertainty
- selected topics regarding risk and uncertainty assessment
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned
by the lecturer) in the field of Economics of Risk and Uncertainty,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Economics of Risk and Uncertainty, thereby participating actively
in scientific discussions. Furthermore, students are competent to assess the risks and uncertainties of
different scenarios.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

174
Module Name Module Code Module number
Seminar in Information Economics (currently not
VWLpeInEcSem-02a 3100301
offered)
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Information Economics Compulsory 2 SWS
Further Information on the Registration through the OLATCourse “Seminar Registration MA-
Course(s) VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of this
Seminar and must be taken at the latest at the beginning of the
seminar. Exception: the module "Research and Scientific Writing in
Economics" (VWLswScWr-02a) has already been completed.
Prerequisite for Admission to
None
the Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

175
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Information Economics
Examination number 3100310
Further Information on the The exact form of seminar contribution will be
Examination(s) announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Information Economics
- varying topics in the field of Information Economics, studied in the recent literature
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned
by the lecturer) in the field of Information Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Information Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

176
Module Name Module Code Module number
Seminar in Public Economics VWLpePuEcSem-02a 3089101
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne Prof. Dr. Sebastian Köhne
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer/winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Advanced Microeconomics, Public Economics, Module
Recommended Requirements
"Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Public Economics Compulsory 2 SWS
Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
Further Information on the Course(s) this Seminar and must be taken at the latest at the beginning of
the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed.
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

177
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar contribution
in Public Economics
Examination number 41650
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO §
12 (5).

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Public Economics
- selected topics in the field of Public Economics, studied in the recent literature
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Public Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Public Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/experimental/quantitative concepts and approaches,
giving an argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

178
 vii. Spatial Economics
Module Name Module Code Module number
Seminar in Spatial Economics (currently not
VWLseSpEcSem-02a 3099101
offered)
Module Coordinator Teachers
N.N. N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (Economics)
application in
other study M.Sc. Economics Compulsory Elective (Economics)
programmes M.Sc. Env. and Res. Economics Compulsory Elective (Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Spatial Economics Compulsory 2 SWS
Further Information on the Registration through the OLATCourse “Seminar Registration MA-
Course(s) VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of this
Seminar and must be taken at the latest at the beginning of the
seminar. Exception: the module "Research and Scientific Writing in
Economics" (VWLswScWr-02a) has already been completed.
Prerequisite for Admission to
None
the Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

179
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Spatial Economics
Examination number 41530
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary

Course Content
- in-depth study of previous semester‘s lecture contents of the lecture Spatial Economics
- selected topics of Spatial Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of Spatial Economics,
o (identify a subtopic, that can be handled in a seminar paper,)
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarise, compare, analyse and discuss different scientific
approaches and results. They are able to set up own research questions and answer them by using
scientific methods. They acquire fundamental knowledge of their topic and are able to critically debate
research questions linked to the field of Spatial Economics, thereby participating actively in scientific
discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.

Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

180
 2. Applied Empirical Methods

a. Compulsory Section
Module Name Module Code Module number
Bayesian Econometrics VWLaemBaEco-02a 3900101
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 3
Frequency Annually in winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory (Statistics and Econometrics)
curriculum/
application M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
in other M.Sc. Economics Compulsory Elective (Economics)
study Compulsory Elective (Supplementary
programmes M. Sc. Quantitative Finance
Economics)
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Bayesian Econometrics Compulsory 2 SWS
Tutorial Bayesian Econometrics Compulsory 1 SWS
PC-Tutorial Bayesian Econometrics Compulsory 1 SWS
Further Information on the Course(s) Module was renamed. Formerly: Econometrics III
Prerequisit for Admission to the
None
Examination(s)

181
182
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Written Examination: Written Exam Graded Compulsory 100%
Bayesian Econometrics
Examination number 3900120
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction to Bayesian Statistics
2. Bayesian Estimation of Linear Regression Models
3. Numerical Methods for Bayesian Linear Regression Models
4. Nonlinear Regression and the Metropolis-Hastings Algorithm
5. Bayesian Estimation of VAR Models
6. Further Topics in Bayesian Econometrics
Learning Outcomes
Students understand the principles of Bayesian estimation. They are able to estimate linear and nonlinear
regressions with analytical and simulation-based Bayesian estimation techniques. They manage to
implement both analytical and simulation-based estimation and inference techniques in the econometric
software Matlab. Furthermore, they are competent to assess the advantages and limits of these estimation
techniques and are able to choose an estimation method in accordance to the needs of a research
questions.
Reading List
Gary Koop (2003) Bayesian Econometrics, Wiley.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

183
Module Name Module Code Module number
Econometric Methods VWLaemEcoMe-02a 3020101
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1
Frequency Annually in winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 75 hours
Independent Study 105 hours

Attribution Degree programme Status (Section)

to M.Sc. Env. and Res. Economics Compulsory (Econometrics)
curriculum/
application M.Sc. Economics Compulsory (Econometrics)
in other M.Sc. Quantitative Economics Compulsory (Statistics and Econometrics)
study M.Sc. Quantitative Finance Compulsory (Statistics and Econometrics)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Econometric Methods Compulsory 2 SWS
Tutorial Econometric Methods Compulsory 2 SWS
PC-Tutorial Econometric Methods Compulsory 1 SWS
Further Information on the Course(s) Module was renamed. Formerly: Econometrics I
Prerequisit for Admission to the
None
Examination(s)
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
184
Written Examination: Written Exam Graded Compulsory 100%
Econometric Methods
Examination number 3020120
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12 (4)
examination regulations), details will be announced at the
beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Review: conditional expectations, linear projections, OLS basics
2. Basic asymptotic theory: convergence in probability, convergence in distribution, limit theorems for
random samples
3. Linear Models:
• The Single-Equation Model and OLS Estimation
• Instrumental Variables Estimation of Single-Equation Models
• Additional Single-Equation Topics
4. Nonlinear Models:
• M-Estimation
• Maximum likelihood estimation
• Binary response models
• GMM estimation
Learning Outcomes
Students are competent to explain and apply the most important estimation and inference techniques for
cross-sectional data. To do this, they are able to use the econometric software packages Gretl and Stata.
Furthermore, they manage to choose an estimation method in accordance to the needs of a research
questions.
Reading List
• Jeffrey M Wooldridge (2010), Econometric Analysis of Cross Section and Panel Data, 2 nd edition, MIT
Press.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

185
Module Name Module Code Module number
Inferential Statistics VWLaemInSta-02a 3900301
Module Coordinator Teachers
Prof. Dr. Uwe Jensen Prof. Dr. Uwe Jensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2
Frequency Annually in summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory (Statistics and Econometrics)
curriculum/
application M.Sc. Quantitative Finance Compulsory (Statistics and Econometrics)
in other M.Sc. Economics Compulsory Elective (Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Probability Calculus

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Inferential Statistics Compulsory 2 SWS
Tutorial Inferential Statistics Compulsory 1 SWS
PC-Tutorial Inferential Statistics Compulsory 1 SWS
Further Information on the Course(s) Module was renamed. Formerly: Advanced Statistics II
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

186
Written Examination: Written Exam Graded Compulsory 100%
Inferential Statistics
Examination number 3900310
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Statistics and Sampling Distributions
2. Elements of Point Estimation
3. Point Estimation Methods
4. Hypothesis Testing
5. Model Selection
Learning Outcomes
Students are competent to explain and apply basic concepts of parametric inferential theory. They are
able to assess the assumptions underlying statistical applications critically, to derive finite-sample or
asymptotic properties of various parametric estimators and test statistics, and are aware of pitfalls of
improper use of statistical tools. Furthermore, they are able to implement standard estimation and test
procedures in the statistical software R.
Reading List
• Mittelhammer, R.C.(1996), Mathematical Statistics for Economics and Business. Springer-Verlag,
New-York.
• Mood, A.M., Graybill, F.A.and D.C. Boes (1974), Introduction to the Theory of Statistics. McGraw
Hill, Boston.
• Casella, G.and R.Berger (2002). Statistical Inference. Pacific Grove: Duxbury.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

187
Module Name Module Code Module number
Nonparametric Statistics VWLaemNoSta-02a 3900401
Module Coordinator Teachers
Prof. Dr. Uwe Jensen Prof. Dr. Uwe Jensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 3
Frequency Annually in winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory (Statistics and Econometrics)
curriculum/
application M.Sc. Economics Compulsory Elective (Economics)
in other M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
study Compulsory Elective (Supplementary
programmes M.Sc. Quantitative Finance
Economics)
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Probability Calculus, Inferential Statistics

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Nonparametric Statistics Compulsory 2 SWS
Tutorial Nonparametric Statistics Compulsory 1 SWS
PC-Tutorial Nonparametric Statistics Compulsory 1 SWS
Further Information on the Course(s) Module was renamed. Formerly: Advanced Statistics III
Prerequisit for Admission to the
None
Examination(s)

188
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Written Examination: Written Exam Graded Compulsory 100%
Nonparametric Statistics
Examination number 3900410
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Estimating CDFs and the bootstrap
2. Nonparametric density estimation
3. Nonparametric regression
Learning Outcomes
Students are able to describe and apply selected nonparametric methods. They are in a position to decide
between parametric and nonparametric approaches when tackling a given inferential problem. Students are
furthermore able to appraise and compare competing nonparametric methods, understand the specific
trade-off between bias and variance, and are in a position to find optimal tuning parameters. Furthermore,
they are capable to implement standard nonparametric method in the statistical software R.
Reading List
• Dobson, A.J. (2008), An Introduction to Generalized Linear Models. Chapman & Hall/CRC, London.
• Härdle, W.K., M. Müller, S. Sperlich und A. Werwatz (2004), Nonparametric and Semiparametric
Models. Springer, Berlin.
• Koenker, R. (2005), Quantile regression. Cambridge University Press, Cambridge.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

189
Module Name Module Code Module number
Probability Calculus VWLaemPrCa-02a 3900201
Module Coordinator Teachers
Prof. Dr. Uwe Jensen Prof. Dr. Uwe Jensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1
Frequency Annually in winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 75 hours
Independent Study 105 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory (Statistics and Econometrics)
application in
other study M.Sc. Quantitative Finance Compulsory (Statistics and Econometrics)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
M.Sc. Betriebswirtschaftslehre

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Probability Calculus Compulsory 2 SWS
Tutorial Probability Calculus Compulsory 2 SWS
PC-Tutorial Probability Calculus Compulsory 1 SWS
Further Information on the Course(s) Module was renamed. Formerly: Advanced Statistics I
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

190
Written Examination: Written Exam Graded Compulsory 100%
Probability Calculus
Examination number 3900210
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Elements of Probability Theory
2. Random Variables, Densities and Distribution Functions
3. Moments of Random Variables
4. Parametric Families of Distributions
5. Basic Asymptotics
Learning Outcomes
Students are able to explain and employ fundamental concepts of probability theory. They are able to
choose a suitable probability distribution as a model component, and to derive the overall properties
(distributions and functionals thereof) of such models, both theoretically and using simulations in the
statistical software R. Furthermore, students are in the position to critically assess the assumptions
underlying standard statistical models.
Reading List
• Mittelhammer, R.C. (1996), Mathematical Statistics for Economics and Business. Springer-Verlag,
New-York.
• Mood, A.M., Graybill, F.A. and D.C. Boes (1974), Introduction to the Theory of Statistics. McGraw
Hill, Boston.
• Casella, G.and R.Berger (2002). Statistical Inference. Pacific Grove: Duxbury.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

191
Module Name Module Code Module number
Time Series Econometrics VWLaemTSEco-02a 3020201
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory / Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2
Frequency Annually in summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory (Statistics and Econometrics)
curriculum/
application M.Sc. Quantitative Finance Compulsory (Statistics and Econometrics)
in other M.Sc. Economics Compulsory Elective (Econometrics/ Economics)
study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes
M.Sc. Finanzmathematik
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Time Series Econometrics Compulsory 2 SWS
Tutorial Time Series Econometrics Compulsory 1 SWS
PC-Tutorial Time Series Econometrics Compulsory 1 SWS
Further Information on the Course(s) Module was renamed. Formerly: Econometrics II
Prerequisit for Admission to the
None
Examination(s)

192
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Written Examination: Written Exam Graded Compulsory 100%
Time Series Econometrics
Examination number 3020220
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Stationary Time Series Regressions
o Static Regressions with Newey-West Standard Errors
o The Autoregressive Model
o Dynamic regressions (ADL model, error-correction model)
o Test for Autocorrelation
2. Econometrics of Nonstationary Time Series Variables
o Uni Root Processes
o Basic Unit Root Asymptotics
o Unit Root Tests
3. Cointegrating Regressions
o Beveridge-Nelson Decomposition
o Single-Equation Estimation of Cointegrating Relationships
o Engle-Granger Test for Cointegration
o Introduction to Vectorautoregressive Models
Learning Outcomes
Students are competent to explain the main analytical differences between time-series and cross-sectional
data. They are able to distinguish between stationary and nonstationary time-series variables and apply
appropriate methods of estimation and inference. To do this, they are able to use econometric software
packages Gretl, Stata and Matlab. Furthermore, they manage to choose an estimation method in
accordance to the needs of a research questions.
Reading List
• Hayashi, F. (2000), Econometrics, Princeton University Press.
• Kilian, L. and H. Lütkepohl (2017), Structural Vector Autoregressive Analysis, Cambridge University
Press, https://doi.org/10.1017/9781108164818
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

193
 b. Elective Section – Lecture Modules
Module Name Module Code Module number
Advanced Topics in Applied Empirical Methods VWLaemAdv-02a 3908101
Module Coordinator Teachers
Prof. Dr. Uwe Jensen N.N.
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter/summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
Compulsory Elective (Supplementary
M.Sc. Quantitative Finance
Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Advanced Topics in Applied
Lecture Compulsory 2 SWS
Empirical Methods
Advanced Topics in Applied
Tutorial Compulsory 2 SWS
Empirical Methods
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

194
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Advanced Topics in Applied
Empirical Methods
Examination number 43190
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
In this module, courses will be found that only take place occasionally. These courses can contain varying
topics from the field of Applied Empirical Methods. The exact contents will be announced in a suitable
manner in sufficient time before the start of the course.
Learning Outcomes
In this course, the students shall understand an additional topic from the field of Applied Empirical
Methods. Based on their sound knowledge of economics, statistics and econometrics, the students will
gain additional insights into methodological approaches to uncover empirical relationships between
economic variables or computational techniques relevant for statistical research. The computer tutorial will
give an introduction to statistical or econometrical software and will discuss selected case studies.
Reading List

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information
Attention: Exams in Advanced Topics with the same examination number can only be passed once,
regardless of subtitles. This basically means that online registration in QIS for a second lecture in
Advanced topics in the same module group will be rejected if you have already passed one advanced
topic in this module group successfully.
Application of module

195
Module Name Module Code Module number
Applied Business Cycle Analysis and Forecasting VWLaemABCAF-02a 3902201
Module Coordinator Teachers
Prof. Dr. Jens Boysen-Hogrefe (IfW) Prof. Dr. Jens Boysen-Hogrefe (IfW)
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
Compulsory Elective (Supplementary
M. Sc. Quantitative Finance
Economics)
M.Sc. Betriebswirtschaftslehre

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit
elective/ optional hours
Applied Business Cycle Analysis and
Lecture Compulsory 2 SWS
Forecasting
Applied Business Cycle Analysis and
Tutorial Compulsory 2 SWS
Forecasting
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

196
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Applied Business Cycle
Analysis and Forecasting
Examination number 3902210
Further Information on the Examination(s) The exact form of examination will be announced in
a suitable manner up to two weeks before the start
of the course according to FPO § 12 (2).
Bonus points for the examination can be achieved
(§ 12 (4) examination regulations), details will be
announced at the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!

Short Summary

Course Content
1. Short introduction to the system of national accounts
2. Forecasting models: AR, ARMA, ARX, VAR
3. Out-of-sample forecast experiment
4. Judgmental forecasting, conditional forecasting
5. Forecast evaluation
6. Loss functions
7. Forecast rationality
8. Evaluating interval forecasts
9. Forecast comparison and combination
10. Applying time varying combination weights via linear state space models
11. Forecasting in a data rich environment
12. Forecasting with ragged edge data
Learning Outcomes
Students get insights how practitioners in international organizations, governments and central banks do
business cycle forecasting. They are competent to explain how business cycle forecasting is embedded in
the system of national accounts. They are able to apply different forecasting models in the specific
macroeconomic setup where an increasing number of leading indicators gets available at different
frequencies while time series are relatively short. Further, they are able to evaluate and compare the
results of forecasting models. Finally, students learn how to design linear state space models and how to
apply the Kalman filter to do inference.
Reading List
• Elliott, G., and A. Timmermann (2016). Economic Forecasting. Princeton University Press.
• Hyndman, R.J., and G. Athanasopoulos (2012). Forecasting: Principles and Practice. OTexts.
https://www.otexts.org/fpp/ Lequiller, F., and D. Blades (2014). Understanding national accounts.
2nd edition. OECD.
• And several papers announced during the lecture.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

197
Module Name Module Code Module number
Applied Time Series Analysis VWLaemApTSA-02a 3902001
Module Coordinator Teachers
Prof. Dr. Markus Haas Prof. Dr. Markus Haas
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (AEM)
curriculum /
application M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
in other M. Sc. Economics Compulsory Elective (Economics)
study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Applied Time Series Analysis Compulsory 2 SWS
Tutorial Applied Time Series Analysis Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

198
Module Exam: Applied Module Exam Graded Compulsory 100%
Time Series Analysis
Examination number 43125
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Characteristics of Time Series
2. Univariate Time Series Models
3. Estimation and Model Diagnostics
4. Unit Root and Stationarity Tests
5. Forecasting and Forecast Evaluation
6. Further Topics
Learning Outcomes
The goal of this course is to equip students with a good fundament of tools for univariate time series
analysis. Students are competent to discuss theoretical basics and the most important methods of time
series analysis. They are able to identify properties and characteristics of a time series, they manage to
choose and estimate a suitable model, and they are able to make optimal predictions. Finally, students
manage to perform their own empirical investigations of dynamic processes.
Reading List
• Brockwell, P. J. and R. A. Davis (2002). Introduction to Time Series and Forecasting. Springer, New
York (2e).
• Enders, W. (2014). Applied Econometric Time Series. Wiley, Hoboken, NJ (4e).
• Paolella, M. S. (2019). Linear Models and Time-Series Analysis: Regression, ANOVA, ARMA, and
GARCH. Wiley, Chichester.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

199
Module Name Module Code Module number
Causal Inference in Economics VWLaemCInf-02a 3902501
Module Coordinator Teachers
Prof. Dr. Jens Ruhose Prof. Dr. Jens Ruhose
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
M.Sc. Betriebswirtschaftslehre

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Causal Inference in Economics Compulsory 2 SWS
Tutorial Causal Inference in Economics Compulsory 1 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Causal Module Exam Graded Compulsory 100%
Inference in Economics

200
Examination number 3902510
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course (according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Causality
3. Experiments
4. Matching and Weighting
5. Instrumental Variables
6. Regression Discontinuity Designs
7. Difference-in-Differences and Synthetic Control Methods
Learning Outcomes
Students are competent to explain and to apply experimental and quasi-experimental econometric methods
for the causal analysis of public policies. They are able to interpret complex econometric models and their
results. They are also able to develop an empirical strategy for causal identification and to select and apply
the appropriate econometric method for a specific research question. Students manage to replicate existing
studies using the statistical software Stata. They are competent to develop and test own research questions
and to perform their own empirical work.
Reading List
• Cunningham, Scott (2020). Causal Inference: The Mixtape. Yale University Press.
• Angrist, Joshua D. and Jörn-Steffen Pischke (2009). Mostly Harmless Econometrics: An Empiricists’
Companion. Princeton University Press.
• Gerber, Alan S. and Donald P. Green (2012). Field Experiments: Design, Analysis, and Interpretation.
W.W. Norton & Company.
• Further papers are given in the lecture.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

201
Module Name Module Code Module number
Econometrics for Financial Markets VWLaemEcoFM-02a 3901801
Module Coordinator Teachers
Prof. Dr. Markus Haas Prof. Dr. Markus Haas
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer / winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Econometrics for Financial
Lecture Compulsory 2 SWS
Markets
Econometrics for Financial
Tutorial Compulsory 2 SWS
Markets
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)

202
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Econometrics for Financial
Markets
Examination number 43145
Further Information on the Examination(s) The exact form of examination will be announced in
a suitable manner up to two weeks before the start
of the course (according to FPO § 12 (2).)
Bonus points for the examination can be achieved
(§ 12 (4) examination regulations). Details will be
announced at the beginning of each module.
Attention: Even without bonus points the maximum
score of the module exam can be reached!

Short Summary

Course Content
o

1. Introduction
2. Time series concepts and the random walk hypothesis
3. Univariate volatility modeling and forecasting
(a) GARCH and dynamic score models
(b) Autoregressive stochastic volatility models
(c) Hidden Markov/Markov-switching models
(d) Realized volatility
(e) Applications
(i) Evaluating volatility forecasts
(ii) Application to risk management: Computing and evaluating Value-at-Risk and expected
shortfall measures
4. Multivariate volatility models
Learning Outcomes
Students are competent to explain and apply special econometric techniques required to work with financial
market data. Specifically, they are able to analyze and discuss approaches for modeling the conditional
distribution of financial assets, with particular (but not exclusive) emphasis on conditional volatilities and
correlations. They manage to apply these approaches to problems of risk management and portfolio
optimization, among others.
Reading List
• Alexander, C. (2008). Practical Financial Econometrics. Wiley, Chichester.
• Harvey, A. C. (2013). Dynamic Models for Volatility and Heavy Tails. Cambridge University Press,
Cambridge.
• Bishop, C. M. (2006). Pattern Recognition and Machine Learning. Springer, New York.
• Guidolin, M. and M. Pedio (2018). Essentials of Time Series for Financial Applications. Academic Press,
London.
• Linton, O. (2019). Financial Econometrics: Models and Methods. Cambridge University Press,
Cambridge.
• Paolella, M. S. (2019). Linear Models and Time-Series Analysis: Regression, ANOVA, ARMA, and
GARCH. Wiley, Chichester.
• Taylor, S. (2005): Asset Price Dynamics, Volatility, and Prediction. Princeton University Press, Princeton.
•
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

203
Module Name Module Code Module number
Macroeconometrics VWLaemMac-02a 3901201
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (AEM)
curriculum/
application M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
in other M. Sc. Economics Compulsory Elective (Economics)
study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes
M.Sc. Betriebswirtschaftslehre

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Macroeconometrics Compulsory 2 SWS
Tutorial Macroeconometrics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Macroeconometrics
204
Examination number 3901220
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Stylized macroeconomic facts of the European and US business cycle
2. Identification problem in macroeconometrics: the Cowles Commission approach
3. Test, test, test: the LSE approach
4. Identification problem revisited: the VAR approach
5. GMM and SMM estimation of rational expectation models
Learning Outcomes
Students are competent to explain and apply different methodological approaches to identify and uncover
empirical relationships between macroeconomic variables. In particular, they are able to use and interpret
VAR models and do GMM estimation. Students manage to find solutions to methodological problems and
are able to implement and solve applied problems in the scientific software Matlab.
Reading List
• C. Favero (2001), Applied Macroeconometrics, Oxford University Press.
• F. Canova (2007), Methods for Applied Macroeconomic Research, Princeton University Press.
• H. Lütkepohl (2005), New Introduction to Multiple Time Series Analysis, Springer
• Lutz Kilian (2013) Structural vector autoregressions, in: Hashimzade and Thornton (ed.): Handbook of
Research Methods and Applications in Empirical Macroeconomics, Edward Elgar.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

205
Module Name Module Code Module number
Microeconometrics VWLaemMic-02a 3901301
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen, Prof. Dr. Uwe Jensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (AEM)
curriculum /
application M.Sc. Economics Compulsory Elective (Econometrics / Economics)
in other M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Microeconometrics Compulsory 2 SWS
Tutorial Microeconometrics Compulsory 1 SWS
PC-Tutorial Microeconometrics Compulsory 1 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

206
Module Exam: Module Exam Graded Compulsory 100%
Microeconometrics
Examination number 3901320
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Instrumental variables and weak instruments
2. Binary Choice Models
3. Multinomial and Ordered Response Models
4. Tobit and Selection Models
5. Duration and Count Data Models
6. Introduction to Panel Data
Learning Outcomes
Students are competent to explain and apply the most important linear and nonlinear econometric methods,
which are used mainly for microeconometric questions and that are designed for using cross-sectional and
panel data. Students are able to discuss methodological problems and manage to implement and solve
applied problems in the econometric software Stata.
Reading List
• Cameron, A.C., P.K. Trivedi (2005): Microeconometrics: Methods and Applications. Cambridge
University Press, Cambridge.
• Jeffrey M. Wooldridge (2010), Econometric Analysis of Cross Section and Panel Data.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

207
Module Name Module Code Module number
Multivariate Methods VWLaemMuMe-02a 3901501
Module Coordinator Teachers
Prof. Dr. Uwe Jensen Prof. Dr. Uwe Jensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Annually in summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (AEM)
curriculum /
application M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
in other M. Sc. Economics Compulsory Elective (Economics)
study Compulsory Elective (Supplementary
programmes M.Sc. Quantitative Finance
Economics)
M.Sc. Betriebswirtschaftslehre Compulsory Elective
M.Sc. Mathematik – NF Statistics/Econometrics
M.Sc. Wirtschaftsinformatik – Quantitative Wirtschaftsforschung

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Multivariate Methods Compulsory 2 SWS
Tutorial Multivariate Methods Compulsory 1 SWS
PC-Tutorial Multivariate Methods Compulsory 1 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

208
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Multivariate Methods
Examination number 43115
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Analysis of Variance
2. Eigenvalues
3. Principal Components Analysis
4. Factor Analysis
5. Canonical Correlation Analysis
6. Discrimination Analysis
7. Cluster Analysis
8. Multidimensional Scaling
Learning Outcomes
Students can apply standard multivariate techniques that are not covered in other statistical or
(micro)econometric courses. Based on geometrical intuition and techniques from statistics and linear
algebra, they will have the skills to solve dimensional reduction problems and to find groups in data. With
these multivariate techniques and the statistical software package Stata, they are able to analyze economic
relationships and to evaluate and interpret their results. Thus, they are in the position to understand empirical
output, to judge solution accuracy adequately and to conduct empirical research.
Reading List
• Cox, T.F.: An introduction to multivariate data analysis. Hodder Arnold.
• Fahrmeir, L., Hamerle, A., Tutz, G.: Multivariate statistische Verfahren. De Gruyter.
• Sharma, S.: Applied Multivariate Techniques. Wiley.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

209
Module Name Module Code Module number
Multivariate Time Series Analysis and Forecasting VWLaemMTSAF-02a 3900801
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Multivariate Time Series
Lecture Compulsory 2 SWS
Analysis and Forecasting
Multivariate Time Series
Tutorial Compulsory 2 SWS
Analysis and Forecasting
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

210
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Multivariate Time Series
Analysis and Forecasting
Examination number 3900820
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Stable Vector Autoregressive Processes
2. Estimation of Vector Autoregressive Processes
3. Forecasting with VAR models
4. VAR Order Selection and Checking the Model Adequacy
5. Topics in forecasting
Learning Outcomes
Students are competent to work with the vector autoregressive (VAR) model, the workhorse model for
multivariate time series analysis. They are able to specify, estimate, forecast, and (structural) interpret
results of these models. They understand important aspects of macroeconomic forecasting and are able
to conduct their own forecasting study. Furthermore, students manage to implement these models and do
research in the scientific software Matlab.
Reading List
• H. Lütkepohl (2007), New Introduction to Multiple Time Series Analysis, Springer, Berlin.
• Kilian, L. and H. Lütkepohl (2017), Structural Vector Autoregressive Analysis, Cambridge University
Press, https://doi.org/10.1017/9781108164818.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

211
Module Name Module Code Module number
Panel Econometrics VWLaemPaEco-02a 3900901
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen, Dr. Anna Titova
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Panel Econometrics Compulsory 2 SWS
Tutorial Panel Econometrics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

212
Module Exam: Module Exam Graded Compulsory 100%
Panel Econometrics
Examination number 3900920
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Estimation of linear panel data models
2. Specification tests for panel data models
3. Estimation of autocorrelated panel data models
4. Instrumental variables estimation and Hausman-Taylor models
5. Dynamic panel data models
Learning Outcomes
Students are competent to explain most important aspects of panel data analysis. They are able to
discuss empirical papers using panel data and manage to perform their own research with panel data.
Students are able to implement and solve panel data problems with the scientific software Stata.
Reading List
• B.H. Baltagi (2008), Econometric Analysis of Panel Data, Wiley, 4 th edition.
• J.M. Wooldridge (2010), Econometric Analysis of Cross Section and Panel Data, MIT Press, 2nd
edition.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

213
Module Name Module Code Module number
Portfolio Analysis VWLaemPoAn-02a 3901601
Module Coordinator Teachers
Prof. Dr. Markus Haas Prof. Dr. Markus Haas
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer / winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Portfolio Analysis Compulsory 2 SWS
Tutorial Portfolio Analysis Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

214
 Module Exam: Module Exam Graded Compulsory 100%
Portfolio Analysis
Examination number 43155
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content

1. Introduction
2. Basic utility theory for portfolio selection
3. Mean-variance portfolio theory
(i) Diversification
(ii) Efficient portfolios with short sales allowed, risky assets only
(iii) Efficient portfolios with short sales allowed, with a risk-free asset
(iv) Efficient portfolios with inequality (e.g. short sale) constraints
4. Risk-based portfolios
(i) Risk parity
(ii) “Maximum diversification”
5. Portfolio selection based on down-side risk
(i) (Potential) drawbacks of the mean-variance criterion
(ii) Value-at-Risk (VaR) and average Value-at-Risk (AVaR)
(iii) Optimal portfolios with VaR and AVaR constraints
(iv) Roy's criterion
6. Estimation of the mean-variance model
(i) Problem description and illustration
(ii) Shrinkage estimation for the mean and the covariance matrix
(iii) Black-Litterman approach
(iv) Factor models
6. Performance evaluation and testing
7. Further topics

Learning Outcomes
Students are competent to explain economic and econometric aspects of modern portfolio analysis. They
manage to estimate input parameters and are able to discuss resulting consequences for estimated optimal
portfolio weights in situations where a large number of assets is involved. To reduce the estimation error,
students are able to apply techniques such as factor models, shrinkage estimation, and Bayesian
approaches. Furthermore, they are competent to assess alternative approaches to portfolio selection based
on downside risk considerations, such as maximizing the expected return subject to Value-at-Risk or
expected shortfall constraints.
Reading List
• Ang, Andrew (2014). Asset Management. Oxford University Press, Oxford.
• Brandt, M. W. (2010): Portfolio Choice Problems. In Ait-Sahalia, Y. and Hansen, L. (ed.), Handbook of
Financial Econometrics. North-Holland, Amsterdam.
• Brugière, P. (2020). Quantitative Portfolio Management. With Applications in Python. Springer, Cham.
• Capinski, M. J. und E. Kopp (2014). Portfolio Theory and Risk Management. Cambridge University
Press, Cambridge.
• Efron, B. and T. Hastie (2016). Computer Age Statistical Inference: Algorithms, Evidence, and Data
Science. Cambridge University Press, Cambridge.
• Guidolin, M. and M. Pedio (2016). Essentials of Applied Portfolio Management. Bocconi University
Press, Mailand.
215
• Rachev, S T., S. V. Stoyanov, and F. J. Fabozzi (2008). Advanced Stochastic Models, Risk
Assessment, and Portfolio Optimization: The Ideal Risk, Uncertainty, and Performance
Measures. Wiley, Hoboken.

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

216
Module Name Module Code Module number
Spatial Econometrics (currently not offered) VWLseSpEco-02a 3900501
Module Coordinator Teachers
Prof. Dr. Annekatrin Niebuhr N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum/ M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
M.Sc. Betriebswirtschaftslehre
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Spatial Econometrics Compulsory 2 SWS
Tutorial Spatial Econometrics Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Spatial Econometrics
217
Examination number 41520
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Introduction
2. Spatial effects and spatial weights
3. Spatial statistics
4. Spatial regression models
5. Spatial panel data models
6. Spatial interaction models
7. Multilevel models
8. Application I: Regional growth and convergence
9. Application II: Spillover effects of regional policy
10. Application III: Hedonic house prices and demand for clean air
Learning Outcomes
Students are competent to explain basic and advanced methods of spatial data analysis with a focus on
spatial econometric models. They are able to apply these methods to different issues of spatial economics
and environmental and resource economics. Students manage to analyze regional and micro data sets,
interpret their results and assess the validity of the findings.
Reading List
• L. Anselin: Spatial econometrics: methods and models, 1988 Dordrecht [u.a.], Kluwer.
• L. Anselin, J. Le Gallo, J. Hubert: Spatial panel econometrics, in: L. Mátyás (Ed.), The econometrics of
panel data, 2008 Berlin, Springer, pp. 625-660.
• J. P. Elhorst: Specification and estimation of spatial panel data models, International Regional Science
Review, Vol. 26 (2003), pp.244-268.
• J. P. LeSage, R. K. Pace: Introduction to spatial econometrics, 2009 Boca Raton, Fla. [u.a.], CRC Press.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

218
Module Name Module Code Module number
Statistical Computing (currently not offered) VWLaemStCo-02a 3902401
Module Coordinator Teachers
N.N. N.N.
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (AEM)
curriculum /
application M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
in other M. Sc. Economics Compulsory Elective (Economics)
study M.Sc. Quantitative Finance Compulsory Elective (Supplementary Economics)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Wirtschaftsinformatik – Quantitative Wirtschaftsforschung

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Statistical Computing Compulsory 2 SWS
Tutorial Statistical Computing Compulsory 2 SWS
Further Information on the Course(s)
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

219
Module Exam: Module Exam Graded Compulsory 100%
Statistical Computing
Examination number 3902410
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. Monte Carlo simulation
2. Optimization (Newton methods, genetic algorithms, EM)
3. Numerical integration (quadratures, Monte Carlo integration)
4. Markov Chain Monte Carlo (Metropolis-Hastings, the Gibbs sampler)
Learning Outcomes
Students are competent to explain and apply numerical methods relevant for statistical research and the
analysis of complex statistical models. They are able to describe the difficulties arising from working with
computer implementations of ideal algorithms, and to choose among strategies avoiding or mitigating such
difficulties. They are furthermore able to implement specific numerical methods in the statistical software R
and are able to discuss selected case studies.
Reading List
Givens, G.H., and J.A. Hoeting. Computational statistics. 2nd ed. 2013, Wiley.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

220
Module Name Module Code Module number
Statistical Learning VWLaemStaLe-02a 3902101
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Dr. Heinrich
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
Compulsory Elective (Supplementary
M.Sc. Quantitative Finance
Economics)
M.Sc. Betriebswirtschaftslehre
M.Sc. Wirtschaftsinformatik – Quantitative Wirtschaftsforschung

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Statistical Learning Compulsory 2 SWS
Tutorial Statistical Learning Compulsory 2 SWS
Further Information on the Course(s) Module was renamed. Formerly: Data Mining
Prerequisit for Admission to the
None
Examination(s)

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional

221
Module Exam: Module Exam Graded Compulsory 100%
Statistical Learning
Examination number 3902110
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
1. The statistics of data mining
2. (Linear) Regression and classification
3. Model assessment and selection
4. Learning with many predictors
5. Nonlinear and nonparametric models
6. Ensemble methods
Learning Outcomes
Students are competent to explain and use methods that are designed for dealing with large and complex
data sets and relations. Especially, they are able to apply regression and classification methods to these
data sets. They are competent to do sensible model selection and to evaluate estimation and forecast
errors. Furthermore, they manage to apply these methods in the statistical software R and are able to
discuss selected case studies.
Reading List
Hastie, T., R. Tibshirani and J. Friedman (2009) The Elements of Statistical Learning: Data Mining,
Inference, and Prediction, 2nd ed., Springer.
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

222
Module Name Module Code Module number
Statistics for Financial Markets VWLaemStaFM-02a 3901901
Module Coordinator Teachers
Prof. Dr. Markus Haas Prof. Dr. Markus Haas
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Not offered regularly (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution Degree programme Status (Section)

to M.Sc. Quantitative Economics Compulsory Elective (AEM)
curriculum /
application M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
in other M. Sc. Economics Compulsory Elective (Economics)
study M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
programmes
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Statistics for Financial Markets Compulsory 2 SWS
Tutorial Statistics for Financial Markets Compulsory 2 SWS
Further Information on the Course(s) Not offered regularly.
Prerequisit for Admission to the
None
Examination(s)

223
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Statistics for Financial
Markets
Examination number 43150
Further Information on the Examination(s) The exact form of examination will be announced in a
suitable manner up to two weeks before the start of
the course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score
of the module exam can be reached!

Short Summary

Course Content
The course will provide an in-depth discussion of selected topics from statistics of financial markets , such
as, for example, regime-switching models, realized volatility, stable distributions, specification and
estimation of copulas, and evaluation and comparison of Value-at-Risk and expected shortfall models.
Learning Outcomes
Students are competent to explain and apply important statistical techniques required to work with financial
market data. They are able to test for predictability, discuss estimation and do backtesting of risk measures
such as Value-at-Risk and Expected Shortfall, and they manage to use regime-switching models for their
analysis.
Reading List
Announced in the lecture.

Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

224
Module Name Module Code Module number
Univariate Time Series Analysis (currently not
VWLaemUTSA-02a 3900601
offered)
Module Coordinator Teachers
N.N. N.N.
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 1-3
Frequency Currently not offered (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 60 hours
Independent Study 120 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Quantitative Economics Compulsory Elective (AEM)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M. Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (FinEc & CoFi)
M.Sc. Betriebswirtschaftslehre
M.Sc. Finanzmathematik
M.Sc. Mathematik – NF Statistics/Econometrics

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Lecture Univariate Time Series Analysis Compulsory 2 SWS

Tutorial Univariate Time Series Analysis Compulsory 2 SWS

Further Information on the Course(s)
Prerequisite for Admission to the
None
Examination(s)

225
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Module Exam: Module Exam Graded Compulsory 100%
Univariate Time Series
Analysis
Examination number 43167
Further Information on the The exact form of examination will be announced in a
Examination(s) suitable manner up to two weeks before the start of the
course according to FPO § 12 (2).
Bonus points for the examination can be achieved (§ 12
(4) examination regulations), details will be announced at
the beginning of each module.
Attention: Even without bonus points the maximum score of
the module exam can be reached!

Short Summary

Course Content
1. Filters
2. The Wold decomposition and linear models
3. ARMA models
4. Forecasting
5. Nonlinear and nonstationary models
Learning Outcomes
Students are competent to work with basic time series models and are able to explain the basic notions of
time series analysis. They are able to distinguish between the use of deterministic and random
components in a simple component model. For the random components, they manage to use linear
models for the conditional mean (in particular ARMA) and are able to justify them by the Wold
decomposition theorem. Furthermore, students are competent to do estimations and model selection for
autoregressive processes. Finally, they are able to apply GARCH models for the conditional variance and
integrated models for stochastically trending variables.
Reading List
• Brockwell, P.J. and R.A. Davis (2002), Introduction to Time Series and Forecasting, 2nd ed.,
Springer
• Hamilton, J. (1994), Time Series Analysis, Princeton University Press
• Hassler, U. (2018), Time Series Analysis with Long Memory in View, Wiley
• Brockwell, P. J. and R. A. Davis (1991), Time Series: Theory and Methods, 2nd ed., Springer
Knowledge transfer
Interactive lecture and tutorial, lecture notes, literature studies, exercises
Additional Information

Application of module

226
 c. Elective Section – Seminar Modules
Module Name Module Code Module number
Seminar in Econometrics VWLaemEcoSem-02a 3909201
Module Coordinator Teachers
Prof. Dr. Kai Carstensen Prof. Dr. Kai Carstensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In winter term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Economics Compulsory Elective (Economics)
application in
other study M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
programmes M.Sc. Quantitative Economics Compulsory Elective (Economics: AEM)
M.Sc. Quantitative Finance Compulsory Elective (Seminar Economics)

Teaching Language English

Entry Requirements as Stated in
None
the Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Econometrics Compulsory 2 SWS
Registration through the OLATCourse “Seminar Registration MA-
VWL” is required during the previous semester.
Further Information on the Seminar Preparation Class of the ZBW (4 hours) is part of this
Course(s) Seminar and must be taken at the latest at the beginning of the
seminar. Exception: the module "Research and Scientific Writing
in Economics" (VWLswScWr-02a) has already been completed
Prerequisit for Admission to the
None
Examination(s)

227
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Econometrics
Examination number 43171
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends (according to FPO §
12 (5).)

Short Summary
The aim is to enhance the understanding and use of specific econometric models in applied work.
Course Content
• Topics build on basics discussed in other AEM courses
• Applying econometric methods to different questions in the field of Empirical Economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of empirical economics,
o do independent empirical work using an appropriate software,
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do a structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarize, compare, analyze and discuss different empirical
approaches and results. They are able to set up own research questions and answer them by using
empirical methods. Specifically, they are competent to apply econometric techniques to answer empirical
questions. They acquire fundamental knowledge of their topic and are able to critically debate research
questions linked to the field of empirical economics, thereby participating actively in scientific discussions.

In the seminar students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/empirical concepts and approaches, giving an argument
in concise form, use of econometric software),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

228
Module Name Module Code Module number
Seminar in Statistics VWLaemStaSem-02a 3909101
Module Coordinator Teachers
Prof. Dr. Uwe Jensen Prof. Dr. Uwe Jensen
Organizer
Institute for Statistics and Econometrics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory elective

ECTS Credits 6
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 2-4
Frequency In summer term (see Long term planning of course offer)
Workload per ECTS Credit 30 hours
Total Workload 180 hours
Contact Time 30 hours
Independent Study 150 hours

Attribution to Degree programme Status (Section)

curriculum / M.Sc. Env. and Res. Economics Compulsory Elective (Economics: AEM)
application in
other study M.Sc. Quantitative Economics Compulsory Elective (Economics AEM)
programmes M.Sc. Economics Compulsory Elective (Economics)
M.Sc. Quantitative Finance Compulsory Elective (Seminar Economics)

Teaching Language English

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements Module "Research and Scientific Writing in Economics"

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Seminar Seminar in Statistics Compulsory 2 SWS
Further Information on the Course(s) Registration through the OLATCourse “Seminar Registration
MA-VWL” is required during the previous semester.
Seminar Preparation Class of the ZBW (4 hours) is part of
this Seminar and must be taken at the latest at the beginning
of the seminar. Exception: the module "Research and Scientific
Writing in Economics" (VWLswScWr-02a) has already been
completed
Prerequisite for Admission to the
None
Examination(s)

229
Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Seminar Paper and Seminar Graded Compulsory 100%
Assignment: Seminar in contribution
Statistics
Examination number 43172
Further Information on the Examination(s) The exact form of seminar contribution will be
announced in a suitable manner up to two weeks before
the seminar registration period ends according to FPO
§ 12 (5).

Short Summary
The aim is to enhance the understanding and use of specific statistical and econometrical models in
applied work.
Course Content
• topics build on basics discussed in other AEM courses, e.g. microeconometrics, multivariate methods or
causal inference
• applying statistical methods on different questions in the field of empirical economics
Learning Outcomes
The participation in the seminar enables students to

o research and review recent scientific developments in some main topic (own choice/or assigned by
the lecturer) in the field of mathematical or applied statistics,
o write a scientific seminar paper,
o present and discuss the paper to other participants, do a co-presentation of a paper of some other
participant.

Especially, students are able to do structured research of literature and they manage to filter that with
respect to their own topic. They are able to summarize, compare, analyze and discuss different arguments
from the literature. Specifically, students are able to develop, understand, or apply statistical methods to
given data. They acquire fundamental knowledge of their topic and are able to critically debate research
questions linked to the field of statistics, thereby participating actively in scientific discussions.

In the seminar, students acquire

o self-expertise (working independently on a scientific topic),

o scientific expertise (application of analytical/quantitative concepts and approaches, giving an
argument in concise form),
o methodical expertise (scientific writing, presentation skills, media skills),
o social skills (leading a discussion, doing group work).

Reading List
Literature will be announced by the start of the semester.
Knowledge transfer
Seminar contribution, group discussion, literature studies
Additional Information
Exams in Seminars with the same examination number can only be passed once, regardless of subtitles.
This basically means that online registration in QIS for a second seminar in the same module group will be
rejected if you have already passed one seminar in this module group successfully. Currently only the
module group for Environmental and Resource Economics offers more than one seminar for examination.
Further information can be found in your FPO.
Application of module

230
 3. Mathematical Finance (QF)1
These modules belong to the examination regulation of Mathematics and Financial Mathematics and
are regulated there (http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-mathematik-und-
finanzmathematik-bachelor-master-1-fach.pdf).

Module descriptions can be found on the website of the Department of Mathematics by clicking
“Modulhandbuch”: https://www.math.uni-kiel.de/de/studium_und_lehre/studienverlauf-module

a. Compulsory Section Mathematical Finance

1The module descriptions are constantly updated by the department of mathematics. In this module
manual you only find copies. Here you find the module manual of the departments of mathematics,
when clicking on “Modulhandbuch”.
231
Computational Finance

232
233
Mathematical Finance

234
235
 b. Compulsory Elective Section Specialization in Mathematical Finance

Ausgewählte Kapitel der Finanzmathematik (Special Chapters from Mathematical Finance)

236
Ausgewählte Kapitel aus Numerik und Finanzmathematik (Special Chapters from Numerics and
Mathematical Finance)

237
Risk Management

238
239
Versicherungsmathematik und Risikotheorie (Actuarial mathematics and risk theory)

240
Optimierungsprobleme in der Finanzmathematik (Problems of Optimization in Mathematical Finance)

241
Zinsmodelle (Interest Rate theory)

242
243
 c. Compulsory Elective Section Seminar (Seminar Mathematical Finance)
Seminar Numerik und Finanzmathematik (Seminar in Computational Finance)

244
Seminar Stochastik und Finanzmathematik (Seminar in Stochastics and Mathematical Finance)

245
 4. Corporate Finance (QF) (Modules of the Institute of Business)
Compulsory Elective Section Financial Economics & Corporate Finance – Modules offered by the
Institute of Business.

These modules are taken from the Master’s programme in Business Adminsitration. The module
descriptions are possibly updated by the Intstitute of Business, you can find the most up to date
module descriptions in the module handbook of the Master’s programme in Business Administration
(English or German).

a. Elective Section – Lecture Modules

Compulsory Elective Section Financial Economics & Corporate Finance – Modules offered by the
Institute of Business.

Modultitel Modulcode
Theorie der Unternehmensfinanzierung (2020100) BWL-FinTheo
Modulverantwortliche(r) Veranstalter
Professor Dr. Peter Nippel Professor Dr. Peter Nippel
Fakultät Prüfungsamt
Wirtschafts- und Sozialwissenschaftliche Fakultät WiSo-Fakultät
Leistungspunkte Bewertung
5 Benotet
Angebotshäufigkeit Dauer
Jedes Sommersemester 1 Semester
Präsenzzeit 45 Stunden (30 Stunden Vorlesung; 15 Stunden Übung)
Arbeitsaufwand Selbststudium 105 Stunden
Gesamtaufwand 150 Stunden
Lehrsprache Deutsch
Zugangsvoraussetzung laut FPO ./.
Dieses Modul richtet sich an Studierende, die „Finanzwirtschaft“
als spezielle Betriebswirtschaftslehre (SBWL) wählen.
Empfohlene Zugangsvoraussetzung
Vorausgesetzt werden die Kenntnisse, die im Bachelor in den
Modulen zur Finanzwirtschaft vermittelt werden.
Modulveranstaltungen
Lehrform Lehrveranstaltungstitel Pflicht /Wahl
Vorlesung Theorie der Unternehmensfinanzierung Pflicht
Übung Theorie der Unternehmensfinanzierung Pflicht
Weitere Bemerkungen zu den Evtl. wird statt einer Übung in klassischer Form ein E-Learning-
Lehrveranstaltungen Modulbestandteil angeboten
Voraussetzungen für die Zulassung
zu den Prüfungen (Vorleistungen)
Die erfolgreiche Bearbeitung von Übungsaufgaben kann als
Weitere Voraussetzungen für die
Voraussetzung für die Vergabe von Leistungspunkten gefordert
Vergabe von Leistungspunkten
werden.
Prüfungen
Prüfungsform Bewertung Gewicht im Modul
Klausur Benotet 100%
Weitere Bemerkungen zu der / den PNr: 2020110
Prüfungen Die Vergabe von Bonuspunkten ist möglich.
Kurzzusammenfassung

246
In diesem Modul werden grundlegende Fragen der Finanzierung von Unternehmen und deren Auswirkung
auf Preise und Vermögenspositionen aus Sicht der Finanzierungstheorie betrachtet. Dies erfolgt in Form
der Analyse von Finanzierungsentscheidungen unter verschiedenen Rahmenbedingungen unter
Bezugnahme auf die zentralen modelltheoretischen Arbeiten der Finanzierungstheorie. Wir beginnen mit
der präferenzabhängigen Finanzierung einer Unternehmung in der Gründungsphase durch einzelne
Beteiligungsgeber und der Betrachtung der Auswirkung der Risikoteilung auf die Investitionspolitik. Dabei
beziehen wir schon erstmals das Problem der Informationsasymmetrie ein und betrachten ein Signaling-
Gleichgewicht. Anschließend sind die grundlegenden Probleme der externen Eigen- und
Fremdfinanzierung bei unvollkommenem Kapitalmarkt Gegenstand. Schließlich werden die
konkurrierenden Theorien zu Kapitalstruktur betrachtet, bevor auch die Ausschüttungspolitik von
Unternehmen analysiert wird.
Lehrinhalte
1. Projekt- oder Gründungsfinanzierung: Risikoteilung, Diversifikation und Signaling
2. Beteiligungsfinanzierung und Management-Anreize
3. Kreditfinanzierung
4. Kapitalerhöhung
5. Kapitalstruktur und Finanzierungspolitik
6. Ausschüttungspolitik
Lernziele
Durch den Besuch dieses Moduls sollen die Teilnehmer anhand der Betrachtung von stilisierten
Finanzierungsentscheidungen die wesentlichen Beiträge der finanzierungstheoretischen Literatur kennen
lernen und anwenden können. Sie sollen die fundamentalen Wirkungszusammenhänge verstehen, so
dass sie die Finanzierungspolitik von Unternehmen sinnvoll beurteilen können und auch in konkreten
Fällen der Praxis stets den Überblick über die wesentlichen Ursachen von (Finanzierungs-) Problemen,
Lösungsmechanismen, Vermögenseffekte und deren Erklärung behalten. Außerdem soll diese Vorlesung
als Brücke zwischen Lehrbuchstoff und Forschung dienen.
Literatur
Hillier/Grinblatt/Titman, Financial Markets und Corporate Strategy, European Edition
Breuer, Finanzierung.
Amaro de Matos, Theoretical Foundations of Corporate Finance.
Tirole, Theory of Corporate Finance.
Weitere Zeitschriftenliteratur wird in der Vorlesung bekannt gegeben.

247
Module Name Module Code
Empirical Finance (340101) bwlEmpFin-01a
Module Coordinator Organizer
Professor Dr. Alexander Klos Professor Dr. Alexander Klos
Faculty Examination Office
Faculty of Business, Economics, and Social
Faculty of Business, Economics, and Social Science
Science
ECTS Credits Evaluation
5 Graded
Frequency Duration
Every summer semester 1 Semester
Contact Time 45 hours (30 hours lecture; 15 hours exercise)
Workload Independent Study 105 hours
Total Workload 150 hours
Teaching Language English
Entry Requirements as Stated in
./.
the Examamination Regulations
Recommended Requirements
Module Course(s)
Compulsory/ compulsory
Course Type Course Name
elective/ optional
Lecture Empirical Finance compulsory
Exercise Empirical Finance compulsory
Further Information on the
Course(s)
Prerequisites for Admission to
the Examination(s)
Further prerequisites for the
Award of ECTS-Credits
Examinations
Type of Examination Evaluation Weighting
Module Examination Graded 100 %
Further Information on the PNr: 340110
Examination(s) Bonus points can be awarded.
Short Summary
Many university courses convey theoretical knowledge and/or discuss empirical results in an excellent
manner. This course provides an introduction to independent empirical work.
Course Content
Students receive a brief introduction to a widely used open source software (R and/or Python). Building on
this, students should carry out their own small empirical analysis of a classic topic in finance. Examples
are: Event studies, performance measurement, beta estimations, numerical analyses on a theoretical
model, or the rule-based construction of long-short portfolios.
Learning Outcomes
Students learn how to do empirical analyses with open-source software. The knowledge acquired lays the
foundation for students to be able to work successfully empirically in all areas of business administration.
Reading List
Will be given in the lecture.

248
Modultitel Modulcode
Unternehmensbewertung und angewandte
BWL-UntBew
Investitionstheorie (2020300)
Modulverantwortliche(r) Veranstalter
Professor Dr. Peter Nippel Professor Dr. Peter Nippel
Fakultät Prüfungsamt
Wirtschafts- und Sozialwissenschaftliche Fakultät WiSo-Fakultät
Leistungspunkte Bewertung
5 Benotet
Angebotshäufigkeit Dauer
Im Wechsel mit dem Modul
„Investitionstheorie“ (BWL-InvTheo).
1 Semester
Mindestens eines dieser Module wird
in jedem Studienjahr angeboten
Präsenzzeit 45 Stunden (30 Stunden Vorlesung; 15 Stunden Übung)
Arbeitsaufwand Selbststudium 105 Stunden
Gesamtaufwand 150 Stunden
Lehrsprache Deutsch
Zugangsvoraussetzung laut FPO ./.
Dieses Modul richtet sich an Studierende, die „Finanzwirtschaft“
als spezielle Betriebswirtschaftslehre (SBWL) wählen.
Empfohlene Zugangsvoraussetzung
Vorausgesetzt werden die Kenntnisse, die im Bachelor in den
Modulen zur Finanzwirtschaft vermittelt werden.
Modulveranstaltungen
Lehrform Lehrveranstaltungstitel Pflicht / Wahl
Unternehmensbewertung und
Vorlesung Pflicht
angewandte Investitionstheorie
Unternehmensbewertung und
Übung Pflicht
angewandte Investitionstheorie
Weitere Bemerkungen zu den Evtl. wird statt einer Übung in klassischer Form
Lehrveranstaltungen ein E-Learning-Modulbestandteil angeboten.
Voraussetzungen für die Zulassung
zu den Prüfungen (Vorleistungen)
Die erfolgreiche Bearbeitung von Übungsaufgaben kann als
Weitere Voraussetzungen für die
Voraussetzung für die Vergabe von Leistungspunkten gefordert
Vergabe von Leistungspunkten
werden.
Prüfungen
Prüfungsform Bewertung Gewicht im Modul
Klausur Benotet 100 %
Weitere Bemerkungen zu der / den PNr: 2020310
Prüfungen Die Vergabe von Bonuspunkten ist möglich.
Kurzzusammenfassung
Gegenstand dieses Moduls sind vor allem die sog. DCF-Verfahren der Unternehmensbewertung (APV-,
WACC- und Equity-Methode). Diese basieren auf der Diskontierung zukünftiger erwarteter Zahlungen,
unter Berücksichtigung von finanzierungsabhängigen Steuern. Notwendig ist daher zunächst eine
Betrachtung der Grundzüge des deutschen Steuersystems. Außerdem wird die Bewertung auf Basis der
Diskontierung von Residualgewinnen betrachtet. Ein weiterer Schwerpunkt der Lehrveranstaltung liegt auf
der Bewertung von ausfallbedrohten Fremdkapitaltiteln.
Lehrinhalte
1. Der Barwertkalkül in der Projekt- und Unternehmensbewertung auf dem vollkommenen
Kapitalmarkt ohne Steuern
2. Bewertungsrelvante Zahlungen und Steuern
3. Überblick über die DCF-Methoden in der Unternehmensbewertung
4. APV-Methode
5. WACC- Methode
249
 6. Equity- Methode (Ertragswert-Methode)
7. Kapitalkosten
8. Das Preinreich/Lücke-Theorem und die Unternehmensbewertung auf Basis des Residual Income
9. Bewertung von festverzinslichen Finanzierungstiteln
Lernziele
Die Studierenden sollen die Struktur und die Probleme des Barwertkalküls (DCF) in der Projekt- und
vor allem in der Unternehmensbewertung unter Berücksichtigung des deutschen Steuersystems
kennen lernen.
Sie sollen die verschiedenen DCF-Methoden der Unternehmensbewertung anwenden können.
Dazu muss das Konzept der Kapitalkosten präzisiert und analytisch betrachtet werden, damit auch
eine Abschätzung und ein De- und Relevering der (Eigen-) Kapitalkosten in der Praxis zweckmäßig
durchgeführt werden kann.
Außerdem sollen die Studierenden das Konzept des Residualgewinns und die dessen Verwendung in
der Unternehmensbewertung kennen lernen. Dazu gehört auch, die Notwendigkeit von konsistenten
Annahmen zur Entwicklung der Buchwerte zu erkennen.
Die sonst meist stiefmütterlich behandelte Frage nach den risikoadäquaten Fremdkapitalkosten und
die Bewertung von ausfallbedrohten Fremdkapitaltiteln stellt einen weiteren besonderen Schwerpunkt
der Lehrveranstaltung dar.
Literatur
• Berk, J./De Marzo, P. Corporate Finance.
• Drukarczyk, J./Schüler, A. Unternehmensbewertung.
• Weitere und spezifische Literaturangaben werden in den einzelnen Kapiteln genannt.

250
Modultitel Modulcode
Investitionstheorie (2020800) BWL-InvTheo
Modulverantwortliche(r) Veranstalter
Professor Dr. Peter Nippel Professor Dr. Peter Nippel
Fakultät Prüfungsamt
Wirtschafts- und Sozialwissenschaftliche Fakultät WiSo-Fakultät
Leistungspunkte Bewertung
5 Benotet
Angebotshäufigkeit Dauer
Im Wechsel mit dem Modul
„Unternehmensbewertung und
angewandte Investitionstheorie“ (BWL-
1 Semester
UntBew). Mindestens eines dieser
Module wird in jedem Studienjahr
angeboten.
Präsenzzeit 45 Stunden (30 Stunden Vorlesung; 15 Stunden Übung)
Arbeitsaufwand Selbststudium 105 Stunden
Gesamtaufwand 150 Stunden
Lehrsprache Deutsch
Zugangsvoraussetzung laut FPO ./.
Dieses Modul richtet sich an Studierende, die „Finanzwirtschaft“
als spezielle Betriebswirtschaftslehre (SBWL) wählen.
Empfohlene Zugangsvoraussetzung
Vorausgesetzt werden die Kenntnisse, die im Bachelor in den
Modulen zur Finanzwirtschaft vermittelt werden.
Modulveranstaltungen
Lehrform Lehrveranstaltungstitel Pflicht /Wahl
Vorlesung Investitionstheorie Pflicht
Übung Investitionstheorie Pflicht
Weitere Bemerkungen zu den Evtl. wird statt einer Übung in klassischer Form ein E-Learning-
Lehrveranstaltungen Modulbestandteil angeboten
Voraussetzungen für die Zulassung
zu den Prüfungen (Vorleistungen)
Die erfolgreiche Bearbeitung von Übungsaufgaben kann als
Weitere Voraussetzungen für die
Voraussetzung für die Vergabe von Leistungspunkten gefordert
Vergabe von Leistungspunkten
werden.
Prüfungen
Gewicht im
Prüfungsform Bewertung
Modul
Klausur Benotet 100%
Weitere Bemerkungen zu der / den PNr: 2020810
Prüfungen Die Vergabe von Bonuspunkten ist möglich.
Kurzzusammenfassung
In diesem Modul werden Fragestellungen für Fortgeschrittene aus der Investitionstheorie behandelt.
Unterteilt in den Fall der (Quasi-) Sicherheit und der Unsicherheit behandeln wir die Voraussetzungen für
präferenzfreie Entscheidungen (Marktwertkriterium), betrachten Investitionsentscheidungen aber auch
unter Bedingungen, in denen die Separation nicht möglich ist.
Die Investitionsbewertung bei nicht flacher Zinsstruktur beinhaltet eine Verallgemeinerung der einfachen
Barwertberechnung.
Dann werden Investitionsentscheidungen bei Kapitalrationierung betrachtet, und – als Erweiterung dessen
– die simultane Planung von Investitionsprojekten und Finanzierungsmaßnahmen dargestellt.
Bei der marktorientierten Investitionsbewertung unter Unsicherheit wird neben der sonst verbreiteten
Verwendung des CAPM auch die Bewertung auf Basis des Time-State-Preference-Model (TSPM)
betrachtet, um die Voraussetzungen für eine marktorientierte Bewertung (Marktvollkommenheit und
Marktvollständigkeit oder Spanning) deutlicher herauszuarbeiten.
251
Im letzten Teil werden Steuern in die Investitionsrechnung einbezogen. Dabei wird zunächst das
Standardmodell betrachtet. Dieses wird dann erweitert, um auch Steuern des Unternehmens (KSt und
GewSt) in Abhängigkeit von der Finanzierung zu berücksichtigen.
Lehrinhalte
1. Investitionsentscheidungen unter Sicherheit: Fisher-Separation und Hirshleifer-Fall
2. Bewertung bei nicht-flacher Zinsstruktur (die Marktzinsmethode)
3. Interdependenzen zwischen Finanzierung und Investitionsentscheidungen
a. Kapitalrationierung
b. Simultane Planung
4. Investitionsentscheidungen unter Unsicherheit
a. Subjektive Bewertung
b. Marktorientierte Bewertung, erweiterte Fisher-Separation
c. Alternative Ansätze der marktgleichgewichtsorientierten Bewertung: CAPM und TSPM
5. Investitionsrechnung unter Einbezug von Steuern
Lernziele
Die Studierenden sollen die theoretischen Grundlagen der üblichen Verfahren der
Investitionsrechnung verstehen.
Sie sollen insbesondere die Voraussetzungen für eine präferenzfreie (marktorientierte) Bewertung
unter Sicherheit und unter Unsicherheit vollständig durchschauen.
Erst dann können marktorientierte Bewertungsverfahren unter Berücksichtigung von komplexeren
Marktbedingungen erarbeitet und gewürdigt werden.
Mit Blick auf Investitionsprobleme in der Praxis werden der Fall der Kapitalrationierung und die
simultane Planung von Investitionsprojekten und Finanzierungsmaßnahmen betrachtet. Damit werden
Entscheidungsprobleme scheinbar am besten abgebildet. Die Behandlung dieser Planungsmodelle
verdeutlicht jedoch die Grenzen derartiger Ansätze, sowohl aus Sicht der Theorie als auch mit Blick
auf die praktische Anwendbarkeit.
Es soll erkannt werden, wie Steuern in der Investitionsrechnung zu berücksichtigen sind und welche
Auswirkungen diese in Vorteilhaftigkeitskalkülen haben. Mit Blick auf das deutsche Steuersystem soll
dabei auch die Abhängigkeit von der Finanzierung verdeutlicht werden.
Insgesamt sollen die Studierenden die Kompetenz erwerben, jede Vorgehensweise bei der Bewertung
von sicheren oder risikobehafteten Zahlungsströmen einzuordnen, zu beurteilen und – sofern möglich
– theoretisch zu fundieren. Nur so können Anwendungen in der Praxis richtig beurteilt werden.
Literatur
• Berk, Jonathan und Peter DeMarzo, Corporate Finance.
• Breuer, Wolfgang, Investition I.
• Breuer, Wolfgang, Investition II.
• Hax, Herbert, Investitionstheorie.
• Hirth, Hans: Grundzüge der Finanzierung und Investition.
• Franke, Günter, und Herbert Hax, Finanzwirtschaft des Unternehmens und Kapitalmarkt.
• Kruschwitz, Lutz, Investitionsrechnung.
Weitere und spezifische Literaturangaben werden in den einzelnen Kapiteln genannt.

252
Module Name Module Code
Corporate Finance (2020400) BWL-CorpFin
Module Coordinator Organizer
Professor Dr. Alexander Klos Professor Dr. Alexander Klos
Faculty Examination Office
Faculty of Business, Economics, and
Faculty of Business, Economics, and Social Science
Social Science
ECTS Credits Evaluation
5 Graded
Frequency Duration
Every winter semester 1 Semester
Contact Time 45 hours (30 hours lecture; 15 hours exercise)
Workload Independent Study 105 hours
Total Workload 150 hours
Teaching Language English
Entry Requirements as Stated in the
./.
Examamination Regulations
Basic knowledge of finance, acquired for example through one
Recommended Requirements
or more successfully completed bachelor courses.
Module Course(s)
Compulsory/ compulsory
Course Type Course Name
elective/ optional
Lecture Corporate Finance Compulsory
Exercise Corporate Finance Compulsory
Further Information on the Course(s)
Prerequisites for Admission to the
Examination(s)
Further prerequisites for the Award of
ECTS-Credits
Examinations
Type of Examination Evaluation Weighting
Exam Graded 100 %
Further Information on the PNr: 2020410
Examination(s) Bonus points can be awarded.
Short Summary
For good reasons, introductory finance courses typically use simplistic assumptions. In this course, some
of these assumptions are abandoned and the consequences are discussed. In addition, further questions
are addressed, for which there is often not enough time in introductory courses.
Course Content
We discuss how market frictions - such as taxes, asymmetric information and agency conflicts – can
influence capital structure and payout policy. Additional topics, like mergers and acquisitions or equity
financing for young companies, are also discussed.
Learning Outcomes
Students know the most important factors influencing capital structure and payout policy from a theoretical
and an empirical point of view. On the basis of empirical results, students can assess to what extent
academic assumptions on corporate behavior represent a good approximation of actual corporate
behavior.
Reading List
• Berk, Jonathan, und Peter DeMarzo, Corporate Finance, 5th Ed., 2020, Pearson.
• Welch, Ivo, Corporate Finance, 3th Ed., 2017, https://book.ivo-welch.info/home/.
• Additional literature will be given during the lecture.

253
Modultitel Modulcode
Bilanzanalyse (2060300) BWL-BilAna
Modulverantwortliche(r) Veranstalter
Professor Dr. Christian Blecher Professor Dr. Christian Blecher
Fakultät Prüfungsamt
Wirtschafts- und Sozialwissenschaftliche Fakultät WiSo-Fakultät
Leistungspunkte Bewertung
5 benotet
Angebotshäufigkeit Dauer
Jedes zweite bis dritte Semester 1 Semester
Präsenzzeit 45 Stunden (30 Stunden Vorlesung; 15 Stunden Übung)
Arbeitsaufwand Selbststudium 105 Stunden
Gesamtaufwand 150 Stunden
Lehrsprache Deutsch
Zugangsvoraussetzung laut FPO ./.
Empfohlene Zugangsvoraussetzung
Modulveranstaltungen
Lehrform Lehrveranstaltungstitel Pflicht /Wahl
Vorlesung Bilanzanalyse Pflicht

Übung Bilanzanalyse Pflicht

Weitere Bemerkungen zu den
Lehrveranstaltungen
Voraussetzungen für die Zulassung
zu den Prüfungen (Vorleistungen)
Weitere Voraussetzungen für die
Vergabe von Leistungspunkten
Prüfungen
Prüfungsform Bewertung Gewicht im Modul
Klausur benotet 100%
Weitere Bemerkungen zu der / den PNr: 31760
Prüfungen Die Vergabe von Bonuspunkten ist möglich.
Kurzzusammenfassung
Die Veranstaltung vermittelt Kenntnisse zur bilanzanalytischen Aufbereitung von Jahresabschlüssen mit
dem Ziel, eine auf Fundamentaldaten beruhende Unternehmensbewertung durchführen zu können. Hierzu
werden zunächst wichtige theoretische Grundlagen zur Unternehmensbewertung auf Grundlage des
Residualgewinnmodells erarbeitet. Anschließend wird die Aufbereitung der Daten des Jahresabschlusses
vorgestellt und schließlich detailliert der Bewertungsvorgang analysiert.
Lehrinhalte
− Auswahl eines Bewertungsmodells: Dividendenkapitalisierungsmodell, DCF-Modell,
Residualgewinnmodell, Abnormal Earnings Growth Modell
− Die Reformulierung des Jahresabschlusses: Finanzielle vs. operative Aktivitäten, Reformulierung
der Jahresabschlusselemente
− Identifikation von Werttreibern: Analyse von Profitabilität und Wachstum
− Prognosen und Bewertung
− Analyse der Rechnungslegungsvorschriften
Lernziele
Die Studierenden sollen befähigt werden:
− Unterschiedliche Bewertungsmodelle und ihre Zusammenhänge verstehen und ökonomisch
beurteilen zu können
− Die notwendigen Maßnahmen zur Reformulierung der verschiedenen
Jahresabschlussbestandteile verstehen und anwenden zu können
− verschiedene Werttreiber identifizieren und ökonomisch beurteilen zu können
254
 − zu verstehen wie Prognosen in den Bewertungsprozess einfließen und diesen Prozess
durchführen können, zu verstehen und ökonomisch einschätzen zu können, inwiefern
Rechnungslegungsvorschriften den Bewertungsprozess beeinflussen können
Literatur
Penman: Financial Statement Analysis, Aktuelle Auflage.

255
 b. Elective Section – Seminar Modules
Compulsory Elective Section Seminar (QF)

Module Name Module Code

Forschungsseminar: Selected Topics in Finance (2128400) ForschSemSelTopFin-01a
Module Coordinator Organizer
Professor Dr. Alexander Klos Professor Dr. Alexander Klos
Faculty Examination Office
Faculty of Business, Economics, and Social
Faculty of Business, Economics, and Social Science
Science
ECTS Credits Evaluation
5 Graded
Frequency Duration
At least every second semester
1 Semester
(all research seminars)
Contact Time 30 hours
Workload Independent Study 120 hours
Total Workload 150 hours
Teaching Language English
Entry Requirements as Stated in the
./.
Examamination Regulations
Recommended Requirements
Module Course(s)
Course Type Course Name Compulsory/ compulsory
elective/ optional
Forschungsseminar Selected
Seminar Compulsory
Topics in Finance
Further Information on the Course(s) Application for QF: Compulsory Elective Section Seminar
Prerequisites for Admission to the
Examination(s)
Further prerequisites for the Award
of ECTS-Credits
Examinations
Type of Examination Evaluation Weighting
Research paper and presentation Graded 100 %
Further Information on the PNr: 2128410
Examination(s) Bonus points can be awarded.
Short Summary
We discuss topics in the field of finance, mainly behavioral finance and asset pricing.
Course Content
Students discuss a new or a classic paper from the field of finance. They review the relevant literature,
illustrate intuitions with a small numerical example, discuss alternative methodologies, and/or conduct a
small empirical study.
Learning Outcomes
Students should be able to participate actively in an academic discussion.
Reading List
Depends on the topic.

256
Modultitel Modulcode
Forschungsseminar Finanzierungs- und Investitionstheorie
bwlForschSemFinInv-01a
(2128500) (NEU)
Modulverantwortliche(r) Lehrende
Professor Dr. Peter Nippel Professor Dr. Peter Nippel
Fakultät Prüfungsamt
Wirtschafts- und Sozialwissenschaftliche Fakultät WiSo-Fakultät
Leistungspunkte Bewertung
5 benotet
Angebotshäufigkeit Dauer
Mindestens jedes 2. Semester (alle
1 Semester
Forschungsseminare zusammen)
Präsenzzeit 30 Stunden
Arbeitsaufwand Selbststudium 120 Stunden
Gesamtaufwand 150 Stunden
Lehrsprache Deutsch
Zugangsvoraussetzung laut FPO ./.
Mindestens ein Vorlesungsmodul zur SBWL Finanzwirtschaft im
Empfohlene Zugangsvoraussetzung
Master sollte bereits erfolgreich abgeschlossen worden sein.
Modulveranstaltungen
Lehrform Lehrveranstaltungstitel Pflicht /Wahl
Forschungsseminar
Seminar Pflicht
Finanzierungs- und Investitionstheorie
Weitere Bemerkungen zu den
Verwendbarkeit für QF: Compulsory Elective Section Seminar
Lehrveranstaltungen
Voraussetzungen für die Zulassung zu
den Prüfungen (Vorleistungen)
Weitere Voraussetzungen für die
Vergabe von Leistungspunkten
Prüfungen
Prüfungsform Bewertung Gewicht im Modul
Hausarbeit und Präsentation Benotet 100 %
Weitere Bemerkungen zu der / den PNr: 2128510
Prüfungen Die Vergabe von Bonuspunkten ist möglich.
Kurzzusammenfassung
In diesem Modul werden im Rahmen wechselnder Oberthemen ausgewählte Fragestellungen aus der
Finanzierungs- oder Investitionstheorie bearbeitet. Auch kann eine Anwendung auf Fragestellungen aus
der Praxis Gegenstand sein.
Lehrinhalte
Wechselnde Themen aus der Finanzierungs- oder Investitionstheorie.
Lernziele
• Die Studierenden haben literaturgestützt, ansonsten aber eigenständig eine wissenschaftliche
Fragestellung aus dem Bereich der Finanzierungs- oder Investitionstheorie bearbeitet. Durch die
Anfertigung der wissenschaftlichen Hausarbeit sind sie auf die Anfertigung ihrer Masterarbeit
vorbereitet.
Literatur
Einstiegsquellen zu den Seminarthemen werden im Vorfeld des Seminars bekanntgegeben. Weitere
themenrelevante Literatur wird als Bestandteil der Seminararbeit selbständig durch die Studierenden
recherchiert.

257
 5. Master´s Thesis

Module Name Module Code Module number

Master´s Thesis Economics (30 ECTS)
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 30
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 900 hours
Contact Time 0 hours
Independent Study 900 hours

Attribution to curriculum / Degree programme Status

application in other study
programmes M.Sc. Economics Compulsory

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Master´s Thesis
Economics
Further Information on the Course(s)
Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 LP in this study program through module
examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Economics

258
Examination number
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is six months.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board. The Master´s Thesis can be
written in one of the Supplementary Subjects. If the topic is taken from the Supplementary Subjects, it
should be related to economics.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of economics.
The student is able to:
• explain and interpret basic economic concepts and theories
• evaluate important empirical research methods in economics
• acquire new empirical and theoretical knowledge and skills independently
• prepare and manage appropriate datasets
• develop their own economic research questions
• apply the knowledge of empirical and/or theoretical methods to study these research questions
• come to independent conclusions based on their own empirical and/or theoretical analysis
Reading List
Scientific literature

Knowledge transfer
- Scientific literature
- Application of acquired skills of scientific work
- Empirical work
- Data handling
Additional Information

Application of module

259
Module Name Module Code Module number
Master´s Thesis Economics (18 ECTS)
Module Coordinator Teachers
Prof. Dr. Sebastian Köhne N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 18
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 540 hours
Contact Time 0 hours
Independent Study 540 hours

Attribution to curriculum / Degree programme Status

application in other study
programmes M.Sc. Economics Compulsory

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional
Master´s Thesis:
Economics
Further Information on the Course(s)
Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 LP in this study program through module
examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Economics
Examination number

260
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is 15 weeks.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board. The Master´s Thesis can be
written in one of the Supplementary Subjects. If the topic is taken from the Supplementary Subjects, it
should be related to economics.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of economics.
The student is able to:
• explain and interpret basic economic concepts and theories
• evaluate important empirical research methods in economics
• manage appropriate datasets
• apply the knowledge of empirical and/or theoretical methods to study economic research
questions
• come to independent conclusions based on a thorough review of existing literature and their own
empirical or theoretical analysis
Reading List
Scientific literature

Knowledge transfer
- Scientific literature
- Application of acquired skills of scientific work
- Empirical work
- Data handling
Additional Information

Application of module

261
Module Name Module Code Module number
Master´s Thesis Environmental and Resource
Economics (30 ECTS)
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 30
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 900 hours
Contact Time 0 hours
Independent Study 900 hours

Attribution to curriculum / Degree programme Status

application in other study
programmes M.Sc. Env. and Res. Economics Compulsory

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compul- Credit hours
sory elective/ optional

Further Information on the Course(s)

Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 ECTS in this study program through
module examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Environmental and
Resource Economics
Examination number

262
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is six months.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board. The Master´s Thesis can be
written in one of the Supplementary Subjects. If the topic is taken from the Supplementary Subjects, it
should be related to economics.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of economics,
especially in the field of Environmental and Resource Economics.
The student is able to:
• explain and interpret basic microeconomic concepts and theories
• evaluate important empirical research methods in economics, especially environmental and
resource economics
• acquire new empirical and theoretical knowledge and skills independently
• prepare and manage appropriate datasets
• apply the knowledge of empirical and/or theoretical methods to study these research questions
• come to independent conclusions based on their own empirical and/or theoretical analysis
Reading List
Scientific literature.
Knowledge transfer
- Scientific literature.
- Application of acquired skills of scientific work.
- Empirical work
- Data handling
Additional Information

Application of module

263
Module Name Module Code Module number
Master´s Thesis Environmental and Resource
Economics (18 ECTS)
Module Coordinator Teachers
Prof. Dr. Katrin Rehdanz N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 18
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 540 hours
Contact Time 0 hours
Independent Study 540 hours

Attribution to curriculum / Degree programme Status (Section)

application in other study
programmes M.Sc. Env. and Res. Economics Compulsory (Master’s thesis)

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional

Further Information on the Course(s)

Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 ECTS in this study program through
module examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Environmental and
Resource Economics
Examination number

264
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is 15 weeks.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board. The Master´s Thesis can be
written in one of the Supplementary Subjects. If the topic is taken from the Supplementary Subjects, it
should be related to economics.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of economics,
especially in the field of Environmental and Resource Economics.
The student is able to:
• explain and interpret basic microeconomic concepts and theories
• evaluate important empirical research methods in economics, especially environmental and
resource economics
• manage appropriate datasets
• apply the knowledge of empirical and/or theoretical methods to study these research questions
• come to independent conclusions based on their own empirical and/or theoretical analysis
Reading List
Scientific literature.
Knowledge transfer
- Scientific literature.
- Application of acquired skills of scientific work.
- Empirical work
- Data handling
Additional Information

Application of module

265
Module Name Module Code Module number
Master´s Thesis Quantitative Economics (30
ECTS)
Module Coordinator Teachers
Prof. Dr. Uwe Jensen N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 30
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 90 hours
Contact Time 0 hours
Independent Study 900 hours

Attribution to curriculum / Degree programme Status (Section)

application in other study
programmes M.Sc. Quantitative Economics Compulsory (Master’s thesis)

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional

Further Information on the Course(s)

Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 LP in this study program through module
examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Quantitative Economics
Examination number

266
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is six months.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of economics,
statistics and econometrics.
The student is able to:
• explain and interpret basic economic/econometric/statistical concepts and theories
• evaluate important empirical research methods in economics, statistics and econometrics
• acquire new empirical and theoretical knowledge and skills independently
• prepare and manage appropriate datasets
• apply the knowledge of empirical and/or theoretical methods to study these research questions
• come to independent conclusions based on their own empirical and/or theoretical analysis
Reading List
Scientific literature.
Knowledge transfer
- Scientific literature.
- Application of acquired skills of scientific work.
- Empirical work
- Data handling
Additional Information

Application of module

267
Module Name Module Code Module number
Master´s Thesis Quantitative Finance (30 ECTS)
Module Coordinator Teachers
Prof. Dr. Thomas Lux N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 30
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 900 hours
Contact Time 0 hours
Independent Study 900 hours

Attribution to Degree programme Status

curriculum /
application in other M.Sc. Quantitative Finance Compulsory
study programmes

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional

Further Information on the Course(s)

Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 LP in this study program through module
examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Quantitative Finance
Examination number

268
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is six months.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board. The Master´s Thesis can be
written in one of the Supplementary Subjects. If the topic is taken from the Supplementary Subjects, it
should be related to economics.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of quantitative
financial economics.
The student is able to:
• explain and interpret basic quantitative financial economic concepts and theories
• evaluate important empirical research methods in financial economics
• acquire new empirical and theoretical knowledge and skills independently
• prepare and manage appropriate datasets
• apply the knowledge of empirical and/or theoretical methods to study these research questions
• come to independent conclusions based on their own empirical and/or theoretical analysis
Reading List
Scientific literature
Knowledge transfer
- Scientific literature
- Application of acquired skills of scientific work
- Empirical work
- Data handling
Additional Information

Application of module

269
Module Name Module Code Module number
Master´s Thesis Quantitative Finance (18 ECTS)
Module Coordinator Teachers
Prof. Dr. Thomas Lux N.N.
Organizer
Institute of Economics
Faculty
Faculty of Business, Economics and Social Sciences
Examination Office
Examination Office of Business, Economics and Social Sciences

Status Compulsory
ECTS Credits 18
Evaluation Graded
Duration 1 semester
Term (according to the study programme) 4
Frequency Every semester
Workload per ECTS Credit 30 hours
Total Workload 540 hours
Contact Time 0 hours
Independent Study 540 hours

Attribution to curriculum / Degree programme Status

application in other study
programmes M.Sc. Quantitative Finance Compulsory

Teaching Language English (German by arrangement)

Entry Requirements as Stated in the
None
Examination Regulations
Recommended Requirements

Module Course(s)
Course Type Course Name Compulsory/ compulsory Credit hours
elective/ optional

Further Information on the Course(s)

Prerequisit for Admission to the Admission to the Master's thesis is open to anyone who has
Examination(s) acquired at least 60 LP in this study program through module
examinations.

Examination(s)
Examination Name Type of Evaluation Compulsory/ compulsory Weighting
Examination elective/ optional
Master´s Thesis: Master´s Thesis Graded Compulsory 100%
Quantitative Finance
Examination number

270
Further Information on the Examination(s) The Master's thesis must be submitted in due time to the
Examinations Office in duplicate in writing and stored on a
medium suitable for electronic data processing.

The time between the issue of the topic and the

submission of the Master´s Thesis is 15 weeks.

Short Summary

Course Content
The topic of the Master's thesis will be assigned on the candidate's suggestion in consultation with the
examiner and with the agreement of the chair of the examination board. The Master´s Thesis can be
written in one of the Supplementary Subjects. If the topic is taken from the Supplementary Subjects, it
should be related to economics.
Learning Outcomes
The student has acquired detailed and state-of-the-art knowledge in several sub-areas of quantitative
financial economics.
The student is able to:
• explain and interpret basic quantitative financial economic concepts and theories
• evaluate important empirical research methods in financial economics
• manage appropriate datasets
• apply the knowledge of empirical and/or theoretical methods to study these research questions
• come to independent conclusions based on their own empirical and/or theoretical analysis
Reading List
Scientific literature
Knowledge transfer
- Scientific literature
- Application of acquired skills of scientific work
- Empirical work
- Data handling
Additional Information

Application of module

271
 6. Supplementary Subjects

The following supplementary subjects can be chosen in the different Master degrees according to
FPO 2021:

Environmental
Quantitative
Supplementary Subject Economics and Resource
Finance
Economics
Agrarökonomik / Agricultural x x
Economics
Betriebswirtschaftslehre / Business x x
Administration
Deutsch als Fremdsprache* / x x x
German as a foreign language
Ecology and Geography x
Economics x
Informatik / Computer Science x x
International vergleichende x x
Soziologie / International
Comparative Sociology
Mathematik / Mathematics x x
Politikwissenschaft / Political x x x
Science

*This supplementary subject is designed especially for international students with no knowledge of
German language up to level C1.

For your individual schedule of supplementary subjects, please take a look at the Appendix of the
German version of your FPO. There you will also find the links to the more detailed module
descriptions of the providing faculties and subjects.

Please find the German versions of FPO 2021 here:

Economics:
http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-economics-master-1-fach.pdf

Environmental and Resource Economics:

http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-environmental-and-resource-economics-
master-1-fach.pdf

Quantitative Economics:
http://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-quantitative-economics-master-1-
fach.pdf

Quantitative Finance:
https://www.studservice.uni-kiel.de/sta/fachpruefungsordnung-quantitative-finance-master-1-fach.pdf

272
Legend:

AEM Applied Empirical Methods

ERE Environmental and Resource Economics

FinEc & CoFi Financial Economics & Corporate Finance

273