Search result: Catalogue data in Autumn Semester 2020

Management, Technology and Economics Master Information
Welcome and Introduction to MSc ETH MTEC
Montag, 14.09.2020, 14.00 h, HG E1.1 (tbc)
Core Courses
General Management and Human Resource Management
NumberTitleTypeECTSHoursLecturers
363-0341-00LIntroduction to Management Information W+3 credits2GZ. Zagorac-Uremovic, S. Brusoni, J. O'Neil
AbstractThis course is an introduction to the critical management skills involved in planning, organizing, leading and controlling an organization.
ObjectiveBy the end of this course, students will understand management as a set of skills, processes, tools and methods that enable organizations to achieve their goals and to coordinate routine operations in order to meet evolving customers’ and societal needs. The students will achieve these goals by being able to:
- Analyze organizations as open systems, and describe their critical elements,
- Apply conceptual tools and methods that help to analyze or approach the critical elements,
- Compare different notions of organizational performance, and explain why they matter,
- Discuss the relationships that connect the critical elements of an organization on the basis of real cases,
- Explain how change, internally or externally initiated, impact such relationships
ContentThis course is an introduction to critical management skills involved in planning, organizing, leading and controlling an organization. This course follows a 'systemic' view of organizations and adopts the congruence model as a framework to analyze the critical, interconnected elements of organizations: Input (i.e., from external environment), strategy, people, work, formal and informal structure of the organization, and its outputs. In this course we will introduce these critical elements and learn how managers can analyze and approach these elements by means of different conceptual tools and methods in order to achieve performance. We will furthermore discuss the relationships that connect the critical elements together by means of real-life cases, whereby the focus will be on the critical reflection of particular cases of fits and misfits between those elements and on the application of a selection of tools and methods.
Lecture notesThe content of the course will rely on different readings, cases and selected chapters of following book:
Dess, G., McNamara, G., Eisner, A., & Lee, SH. 2018. Strategic Management: Text and Cases. McGraw Hill.

Selected readings from the book and additional learning materials will be available on the course Moodle:
https://moodle-app2.let.ethz.ch/course/view.php?id=12712

Zoom will be the online platform of this course, and the login information for all subscribed students will be published on Moodle one week before the course starts.
LiteratureThe content of the course will rely on different readings and on selected chapters of following book:
Dess, G., McNamara, G., Eisner, A., & Lee, SH. 2018. Strategic Management: Text and Cases. McGraw Hill.

Selected readings from the book and additional learning materials will be available on the course Moodle:
https://moodle-app2.let.ethz.ch/course/view.php?id=12712
Prerequisites / NoticeThroughout the course different session preparation assignments, like book chapters or case studies will be handed out to the students on moodle. This preparation is required to participate in the lectures.
The final exam of the present course is online exam.
The final exam is requested for all types of students (BSc, MSc, MAs, PhD, and Exchange students).
It is not possible to retake the exam within the same term or academic year.
We strongly recommend Exchange students to take it into consideration when selecting the courses to attend.
Strategy, Markets and Technology
NumberTitleTypeECTSHoursLecturers
363-0387-00LCorporate SustainabilityW+3 credits2GV. Hoffmann, J. Meuer
AbstractThe lecture explores current challenges of corporate sustainability and prepares students to become champions for sustainable business practices. In the Autumn Semester 2020, the lecture will be taught fully online. During the lecture phase, students will learn central concepts of corporate sustainability; during the track they work in teams on solving sustainability challenges.
ObjectiveAfter completing this course, students will be able to:
- Assess the limits and the potential of companies to sustainable development
- Critically evaluate and formulate statements, decisions, and arguments in the context of corporate sustainability
- Recognize and realize opportunities for corporate sustainability in a business environment
ContentThe course has a lecture phase (week 1-6) and a track phase (week 7-13). During the lecture phase, students will learn about why corporate sustainability matters, complete several video tutorials and e-modules to understand important concepts of corporate sustainability, and critically apply these concepts in the context of a case study. The lecture phase builds the foundation for the track phase.
During the track phase, students participate in one of four tracks in which researchers coach teams of 4-5 students towards a final project. Our ambition is that students improve their analytic and organizational skills and can confidently pursue corporate sustainability in a professional setting. Course participants share the result of their group work in a group puzzle session.
The course concludes with a reflection session and the final exam.
https://sustec.ethz.ch/teaching/lectures/corporate-sustainability.html
Lecture notesPresentation slides and video scripts will be available on Moodle.
LiteratureThe Syllabus for the lecture contains recommended readings for each session.
363-0403-00LIntroduction to MarketingW+3 credits2GF. von Wangenheim
AbstractStudents taking this course will increase their understanding of the role of marketing in organizations and learn about measuring and quantifying customer behavior for improved marketing decision-making.
ObjectiveAfter taking the class, students are able to
o Explain the role and relevance of marketing within organizations
o Apply marketing concepts to problems encountered by companies
o Identify and differentiate methods for measuring customer behavior
o Use quantitative methods for marketing decision-making, e.g. calculating the lifetime value of a customer
o Outline and explain different marketing tools for managing customer-firm relationships
ContentMany people associate marketing with hard selling, advertising and the sales of products that are not inherently appealing to consumers. This course aims to challenge these preconceptions. Students will learn about the following topics:
• Customer behavior, i.e. the decision-making processes of consumers
• Marketing research, i.e. methods for gauging the factors influencing consumer decision-making
• Marketing mix, i.e. promotional tools that marketers use to initiate and facilitate exchanges between consumers and companies
• Online marketing, i.e. metrics to quantify the success of the marketing mix (e.g. digital marketing)
• Customer relationship management, i.e. the management of customer-firm relationships over the (transactional) lifetimes of customers
• Marketing analytics
o Conjoint analysis, i.e. the measurement of customer preferences for different products and product attributes (e.g. used for new product development)
o Customer lifetime value, i.e. a tool to assess the profitability of customer relationships (e.g. used for increasing the effectiveness and efficiency of marketing)

Different teaching methods facilitate a remote learning experience:
(1) Self-study activities: Students complete reading assignments and review supplemental material
(2) Online quizzes: Prior to class, students participate in online quizzes that test their knowledge of the topics covered in the self-study activities (1). The quizzes provide students with feedback on their learning progress.
(3) Online classes: The lecturer discusses key marketing concepts in weekly online sessions. These online sessions focus on selected content that students learn in (1) and (2).
(4) Group presentation: During the online sessions, teams of students present short examples illustrating their understanding of marketing concepts learned in (1).
(5) Case study: Teams of students solve a case study, which gives them the opportunity to apply newly acquired marketing knowledge and skills to real-world, practical problems occurring in marketing.
(6) Exam preparation: Online videos and questions from mock exams help students to familiarize themselves with questions focused on marketing analytics, which can require calculations. This type of question can occur in the final exam. It is important to complete these exercises as part of the preparation for the final exam.
LiteratureKotler, P./Armstrong, G.: Principles of Marketing, 17th edition, Pearson 2017.
Weekly readings, distributed in class (via Moodle)
363-0392-00LStrategic Management Information Restricted registration - show details
Number of participants limited to 80.

Registration through myStudies (first come, first served). If you are unable to sign up through myStudies, please contact the course assistant:
http://www.smi.ethz.ch/education/strategic-management.html
W+3 credits2GG. von Krogh
AbstractThis courses conveys concepts and methods in strategic management, with a focus on competitive strategy. Competitive strategy aims at improving and establishing position of firms within an industry.

FIND THE WAITING/REGISTER LIST HERE:
Link
ObjectiveThe lecture "Strategic Management" is designed to teach relevant competences in strategic planning and -implementation, for both professional work-life and further scientific development. The course provides an overview of the basics of “strategy” and the most prevalent concepts and methods in strategic management. The course is given as a combination of lectures about concepts/methods, and case studies where the students solve strategic issues of the case companies. In two sessions, the students will also be addressing real-time strategic issues of firms that are represented by executives.
ContentContents:
a. Strategy concepts
b. Industry dynamics I: Industry analysis
c. Industry dynamics II: Analysis of technology and innovation
d. The resource-based theory of the firm
e. The knowledge-based theory of the firm

Strategic Management offers a combination of lectures about concepts/methods, and case studies where the students solve strategic issues of the involved companies. This aims at offering students a profound theoretical understanding of important and current topics and also offer an opportunity to present these concepts in front of an audience.
This course conveys concepts and methods in strategic management, with a focus on competitive strategy. Competitive strategy aims at analyzing and establishing position of firms within an industry, securing firm performance. Thus, the course focuses on a number of important topics, such as the evolution of industry, industry structure, the analysis of a firm's resources- and knowledge, and innovation.
In addition, student groups will hold presentations on the four main topics of this class, to further develop concepts and enhance understanding. The presentations will cover Industry Dynamics I, Industry Dynamics II, Resource Based View of the Firm, Knowledge Based View of the Firm. For all presentations, selected Harvard Business Cases will be used as a common ground for students to start from.
Students are also expected to read and understand the required readings (approx. 15 items) that cover the most important papers and articles from the past 30 years in management and strategy research.
To underline the relevance of Strategic Management in firms, decision makers from companies in Switzerland will be holding guest lectures and give their take on strategy in practice and give insight on current topics in the field.
Prerequisites / NoticeNumber of participants limited to 80. Registration through myStudies (first come, first served). We do not use the mystudies-Waiting List, but a seperate internal system. A lot of people deregister at the start of the semester so stay in the waiting list at any point!

FIND THE WAITING/REGISTER LIST HERE:
Link

For further questions and if you are unable to sign up through myStudies, please contact the course assistant:
http://www.smi.ethz.ch/education/strategic-management.html

Session #0: (September 21) Organizational Issues & Guest lecture I
Session #1: (September 28) Strategy Concepts & How to Solve a Case
Session #2: (October 19) Industry Dynamics I
Session #3: (October 26) Guest Lecture II
Session #4: (November 2) Industry Dynamics II
Session #5: (November 16) Resource-Based Theory
Session #6: (November 23) Knowledge-based Theory
Session #7: (November 30) Guest Lecture III


For participants of the MAS-MTEC program we offer a complentary course Practicing Strategy in which students will apply the concepts of Strategic Management to their real-life contexts and organizations. Please register simultaneously for both courses if you want to take part in this course.

For more information please see:
http://www.smi.ethz.ch/education/practicing-strategy.html
363-0389-00LTechnology and Innovation Management Information W+3 credits2GS. Brusoni, A. Zeijen
AbstractThis course focuses on the analysis of innovation as a pervasive process that cut across organizational and functional boundaries. It looks at the sources of innovation, at the tools and techniques that organizations deploy to routinely innovate, and the strategic implications of technical change.
ObjectiveThis course intends to enable all students to:

- understand the core concepts necessary to analyze how innovation happens

- master the most common methods and tools organizations deploy to innovate

- develop the ability to critically evaluate the innovation process, and act upon the main obstacles to innovation
ContentThis course looks at technology and innovation management as a process. Continuously, organizations are faced with a fundamental decision: they have to allocate resources between well-known tasks that reliably generate positive results; or explore new ways of doing things, new technologies, products and services. The latter is a high risk choice. Its rewards can be high, but the chances of success are small.
How do firms organize to take these decisions? What kind of management skills are necessary to take them? What kind of tools and methods are deployed to sustain managerial decision-making in highly volatile environments? These are the central questions on which this course focuses, relying on a combination of lectures, case-based discussion, guest speakers, simulations and group work.
Lecture notesSlides will be available on the Moodle page
LiteratureReadings will be available on the Moodle page
Prerequisites / NoticeThe course content and methods are designed for students with some background in management and/or economics
Information Management and Operations Management
NumberTitleTypeECTSHoursLecturers
363-0421-00LMastering Digital Business Models Information Restricted registration - show details
Number of participants limited to 110
W+3 credits2GE. Fleisch
AbstractThis lecture provides a theory- and practice-based understanding of how today's information technologies enable new digital business models and disrupt existing markets.
ObjectiveA. After the lecture, the student is able to evaluate digital business models from different angels, including theory-based views:

- Definition and classification of business models
- Digital business model patterns
- Theoretical frameworks that explain why and how digital business models function
- Impact of digital business model patterns on P&L and balance sheet

Students know how to measure & evaluate investments into the digital space as

- a decision maker in an established company (should I invest in project A or B?)
- an entrepreneur (should I pursue this venture?)
- an investor (should I invest in start-up xy?)

B. The student knows different tools to design digital business model patterns.
ContentUber, Airbnb, Nest and Jawbone - A wide range of innovative companies exist, which successfully implemented ICT enabled business models and continue to grow at a rapid pace. Examples, illustrating how digitalization, including the "Internet of Things" currently fosters business model innovation across various industries. This course is designed to help students to understand and critically assess such newly immerging (digital) business models.

Course materials will be made available on the Moodle platform through which students can solve online exercises and submit a short educational video as part of a group project.

Key Topics:
Business model innovation; (digital) business model patterns; business value of IT; the concept of integration; transaction cost perspective; network economics perspective; essentials and impact of web 2.0, internet of things, mobile computing, market places, social analytics, and big data; IT governance and portfolio management; entrepreneurship in the digital space, etc.
363-0445-00LProduction and Operations ManagementW+3 credits2GT. Netland
AbstractThis core course provides insights into the basic theories, principles, concepts, and techniques used to design, analyze, and improve the operational capabilities of an organization.
ObjectiveThis course provides students a broad theoretical basis for understanding, analyzing, designing, and improving operations. After completing this course:
1. Students can apply key concepts of POM to detail an operations strategy.
2. Students can conduct basic process mapping analysis and elaborate on the limitations of the chosen method.
3. Students can calculate the needed capacity to meet demand.
4. Students can select and use problem-solving tools and methods.
5. Students can select and use the basic tools of lean thinking to improve the productivity of production and service operations.
6. Students can explain how new technologies and servitization affect production and operations management.
7. Additional skills: Students acquire experience in teamwork, report writing, and presentation.
ContentThe course covers the most fundamental strategic and tactical concepts in production and operations management (POM).

POM is concerned with the business processes that transform input into output and deliver products and services to customers. POM is much more than what takes place inside the production facilities of companies like ABB, Boeing, BMW, LEGO, Nestlé, Roche, TESLA, and Toyota, to mention a few (although factory management is important and a big part of POM). Also, finance firms, professional service firms, media organizations, non-profit organizations, and public service companies are dependent on their operational capabilities. With the ongoing globalization and digitization of operations, POM has won a deserved status for providing a competitive advantage.

The following three fundamental areas in POM are covered: (1) Introduction to POM and operations strategy. (2) Operations design and management, including demand and capacity management, production planning and control, the role of inventory, lean management, service operations, and performance measurement. (3) Operations improvement, including problem-solving and the use of new technologies in POM ("Industry 4.0" / digitalization). Students can expect to learn a range of useful concepts, principles, and methods that can be used to design, analyze, and improve value-creating processes.

POM is concerned with the productivity of technology, people, and processes. Hence, POM is a generic research field, relevant to all business sectors. Yet, many of the examples and concepts of POM stem from the manufacturing sector, which for many years have been subject to global competition and learned how to develop effective and efficient operations.
LiteratureSuggested literature is provided in the syllabus.
363-0453-00LStrategic Supply Chain ManagementW+3 credits2GS. Wagner
AbstractThe course offers an introduction to the theory and practice of supply chain management. Students will learn how to develop supply chain strategies and supply chain networks based on firms competitive strategies and marketing priorities.
ObjectiveAfter completing this course:
1. Students can explain the importance of supply chain management for a firm’s strategy and success
2. Students are able to apply the tools and methods used to optimize a supply chain structure
3. Students can differentiate supply chain network designs and their applicability in specific company and sector settings
4. Students can describe and evaluate fundamental logistics and supply chain concepts
5. Students are able to explain elements of a supply chain structure and their importance for supply chain strategy
6. Students are familiar with current developments and trends in supply chain practices
ContentModern supply chains are not only essential to ensure functioning logistics but also help firms develop and maintain competitive advantage in globalized (supply) markets with numerous partners and competitors. While taking into account future opportunities and risks, effective supply chains ought to be aligned with and support the achievement of the firm's corporate, business and product strategies. This course will familiarize students with modern supply chain management theory and practice to develop and manage supply chains.
Starting with the corporate strategy, firms align their supply chain strategy. They have to manage trade-offs, such as efficiency and responsiveness. Understanding a supply chain’s role within a firm and the implications of supply chain strategies for firm performance are the foundations of the course.
Building on the foundations, students get familiarized with the development of a supportive supply chain structure. This structure is in its core made up by logistical elements, such as facilities, inventory management and transportation. At the same time, supply chain management is inevitably cross-functional. As such, information and information infrastructure, sourcing decisions and pricing are further drivers to define a supply chain structure. Students will learn important elements in supply chain structure, including for example forecasting methods and network design modeling and optimization. Case study assignments and practical exercises within lectures allow students to gain hands-on experience and enhance their knowledge.
The wide range of topics involved in supply chain management makes the field very open to innovation and further development. In the course of the lecture, students have the chance to learn and discuss both overall trends and practical insights on development. The course furthermore encourages student involvement within lectures, in exchange with peers and with guest speakers. Case study assignments and tools for self-assessment help students to learn actively and continuously throughout the course.
Lecture notesThe course material will be made available for download on Moodle:

https://moodle-app2.let.ethz.ch/course/view.php?id=13018

All organizational matters will be handled by the teaching assistants Maximilian Klöckner (mkloeckner@ethz.ch) and Maximilian Löffel (mloeffel@ethz.ch). Please use the SSCM Class Forum on Moodle as a first point of contact.
LiteratureThe following textbook is recommended:
Chopra, Sunil (2019): Supply chain management: Strategy, planning, and operation, 7th ed., New York: Pearson.

The following textbook is supplementary:
Hopp, Wallace J. (2008): Supply chain science, New York: McGraw-Hill/Irwin
Prerequisites / NoticeCase study assignments make up 30% of the final grade. Details on submission and grading are provided within the course and on “Performance Assessment”. The maximum grade can only be achieved if both the exam is taken and all case studies are submitted.

It is furthermore possible to obtain a bonus for the final grade, further information on “Performance Assessment” and within the course. The bonus is not needed to achieve the maximum grade within the course.

The lectures are held via Zoom, recorded and made accessible via Moodle. Interactive elements within the lecture can be accessed without registration by using a smartphone or computer. Students should install MS Excel and the Excel Solver before class, as it is used for within-class exercises. Students without the program and add-in installed may nevertheless participate within groups during the exercises.
Quantitative and Qualitative Methods for Solving Complex Problems
NumberTitleTypeECTSHoursLecturers
363-0305-00LEmpirical Methods in ManagementW+3 credits2GS. Tillmanns
AbstractIn this class, students learn how to understand and conduct empirical research. It will enable them to manage a business based on evident-based decision-making. The class includes group assignments, where students will cover small parts of the lecture content in self-created videos.
ObjectiveThe general objective of the course is to enable students to understand the basic principles of empirical studies. After successfully passing the class, they will be able to formulate research questions, design empirical studies, and analyze data by using basic statistical approaches.
ContentData has become an important resource in today’s business environment, which can be used to make better management decisions. However, evidence-based decision-making comes along with challenges and requires a basic understand of statistical approaches. Therefore, this class introduces problems and key concepts of empirical research, which might be qualitative or quantitative in its nature. Concerning qualitative research, students learn how to conduct and evaluate interviews. In the area of quantitative research, they learn how to apply measurement and scaling methods and conduct experiments. In addition, basic statistical analyses like a variance analysis and how to conduct it in a standard statistical software package like SPSS are also part of the lecture. The lessons learned from the lecture will empower students to critically assess the quality and outcomes of studies published in the media and scientific journals, which might form a basis auf their decision-making. We recommend the lecture also to students without basic statistical skill, who plan to attend more advanced lectures in the field of artificial intelligence such as Marketing Analytics.
The lecture will be taught online this fall semester. Therefore, it involves group work, where students form groups in order to create small learning videos, which cover small parts of the lecture. These videos will be shown and discussed in the online lecture and will make up 30% of the final grade. Part of this assignment will be the evaluation of videos from other students. The preparation of the videos will also prepare students for the final exam. In addition to that, there will be some non-mandatory online exercises as an additional opportunity to prepare for the exam.
LiteratureLiterature and readings will be announced. For a basic undertanding we recommend the Handbook of Good Research by Jürgen Brock and Florian von Wangenheim.
Prerequisites / NoticeThe course includes out-of-class assignments and projects to give students some hands-on experience in conducting empirical research in management. Projects will focus on one particular aspect of empirical research, like the formulation of a research question or the design of a study. Students will form groups and create a learning video regarding one specific topic. Assignments will be graded and need to be turned-in on time as they will be shown and discussed in class. Students will also have to evaluate the videos of other student groups.
Online class participation is encouraged and can greatly improve students' learning. In this spirit, students are expected to attend class regularly and come to class prepared.
363-1004-00LOperations ResearchW+3 credits2GS. Bütikofer van Oordt
AbstractThis course provides an introduction to operations research methods in the fields of management science and economics. Requisite mathematical concepts are introduced with a practical, problem-solving perspective.
ObjectiveAfter completing this course:
1. The student has an overview of the various fields and approaches of operations research.
2. The student has a basic mathematical and algorithmic understanding of the major optimization methods used in operations research applications (i.e. linear programming (LP), integer programming (ILP), dynamic optimization).
3. The student can analyse basic real-world decision problems and formulate appropriate optimization models.
4. The student can implement and solve basic LP/ILP models in a modelling language (GAMS).
5. The student has developed a certain intuition on how to approach and analyse real-world optimization problems, to correctly estimate their complexity, and to choose appropriate modelling approaches and implementation tools.
ContentThe economic environment of today's companies is characterized by high cost pressure, declining margins, intensified international competition, rising customer requirements and increasingly strict regulations. Strategic and operational decisions at all management levels are becoming more and more complex due to the increasing amount of data, interrelationships, conditions and target criteria to be considered. Often it is no longer possible to solve operational tasks with experience and common sense alone and to adequately estimate the consequences of decisions without software support.

Quantitative models and methods of operations research and operations management offer decision support for complex problems. Mathematical optimization models are used to precisely formulate operational decision problems so that they can subsequently be analysed and optimized using suitable solution methods. A large number of quantitative real-world problems can be formulated and solved in this general framework. Applications of operations research comprise, for instance, decision problems in production planning, supply chain management, transportation networks, machine and workforce scheduling, blending of components, telecommunication network design, airline fleet assignment and revenue management.

This course offers an introduction to operations research, emphasizing basic methodologies and underlying mathematical structures. The following topics are covered in detail:
- Introduction to system modelling and operations research
- Linear models and the importance of linear programming
- Duality theory in linear programming and shadow prices
- Integer programming
- Dynamic optimization (under uncertainty) and applications in inventory management
Lecture notesA script will be made available.
LiteratureAny standard textbook in Operations Research is a useful complement to the course.
Prerequisites / NoticeUndergraduate calculus, linear algebra, probability and statistics are a prerequisite.
363-0541-00LSystems Dynamics and ComplexityW+3 credits3GF. Schweitzer
AbstractFinding solutions: what is complexity, problem solving cycle.

Implementing solutions: project management, critical path method, quality control feedback loop.

Controlling solutions: Vensim software, feedback cycles, control parameters, instabilities, chaos, oscillations and cycles, supply and demand, production functions, investment and consumption
ObjectiveA successful participant of the course is able to:
- understand why most real problems are not simple, but require solution methods that go beyond algorithmic and mathematical approaches
- apply the problem solving cycle as a systematic approach to identify problems and their solutions
- calculate project schedules according to the critical path method
- setup and run systems dynamics models by means of the Vensim software
- identify feedback cycles and reasons for unintended systems behavior
- analyse the stability of nonlinear dynamical systems and apply this to macroeconomic dynamics
ContentWhy are problems not simple? Why do some systems behave in an unintended way? How can we model and control their dynamics? The course provides answers to these questions by using a broad range of methods encompassing systems oriented management, classical systems dynamics, nonlinear dynamics and macroeconomic modeling.
The course is structured along three main tasks:
1. Finding solutions
2. Implementing solutions
3. Controlling solutions

PART 1 introduces complexity as a system immanent property that cannot be simplified. It introduces the problem solving cycle, used in systems oriented management, as an approach to structure problems and to find solutions.

PART 2 discusses selected problems of project management when implementing solutions. Methods for identifying the critical path of subtasks in a project and for calculating the allocation of resources are provided. The role of quality control as an additional feedback loop and the consequences of small changes are discussed.

PART 3, by far the largest part of the course, provides more insight into the dynamics of existing systems. Examples come from biology (population dynamics), management (inventory modeling, technology adoption, production systems) and economics (supply and demand, investment and consumption). For systems dynamics models, the software program VENSIM is used to evaluate the dynamics. For economic models analytical approaches, also used in nonlinear dynamics and control theory, are applied. These together provide a systematic understanding of the role of feedback loops and instabilities in the dynamics of systems. Emphasis is on oscillating phenomena, such as business cycles and other life cycles.

Weekly self-study tasks are used to apply the concepts introduced in the lectures and to come to grips with the software program VENSIM.
Another objective of the self-study tasks is to practice efficient communication of such concepts.
These are provided as home work and two of these will be graded (see "Prerequisites").
Lecture notesThe lecture slides are provided as handouts - including notes and literature sources - to registered students only. All material is to be found on the Moodle platform. More details during the first lecture
Micro and Macroeconomics
NumberTitleTypeECTSHoursLecturers
363-0565-00LPrinciples of MacroeconomicsW+3 credits2VJ.‑E. Sturm
AbstractThis course examines the behaviour of macroeconomic variables, such as gross domestic product, unemployment and inflation rates. It tries to answer questions like: How can we explain fluctuations of national economic activity? What can economic policy do against unemployment and inflation?
ObjectiveThis lecture will introduce the fundamentals of macroeconomic theory and explain their relevance to every-day economic problems.
ContentThis course helps you understand the world in which you live. There are many questions about the macroeconomy that might spark your curiosity. Why are living standards so meagre in many African countries? Why do some countries have high rates of inflation while others have stable prices? Why have some European countries adopted a common currency? These are just a few of the questions that this course will help you answer.
Furthermore, this course will give you a better understanding of the potential and limits of economic policy. As a voter, you help choose the policies that guide the allocation of society's resources. When deciding which policies to support, you may find yourself asking various questions about economics. What are the burdens associated with alternative forms of taxation? What are the effects of free trade with other countries? How does the government budget deficit affect the economy? These and similar questions are always on the minds of policy makers.
Lecture notesThe course webpage (to be found at https://moodle-app2.let.ethz.ch/course/view.php?id=12912) contains announcements, course information and lecture slides.
LiteratureThe set-up of the course will closely follow the book of
N. Gregory Mankiw and Mark P. Taylor (2020), Economics, Cengage Learning, Fifth Edition.

Besides this textbook, the slides, lecture notes and problem sets will cover the content of the lecture and the exam questions.
363-0503-00LPrinciples of Microeconomics
GESS (Science in Perspective): This lecture is for MSc students only. BSc students register for 363-1109-00L Einführung in die Mikroökonomie.
W+3 credits2GM. Filippini
AbstractThe course introduces basic principles, problems and approaches of microeconomics. This provides the students with reflective and contextual knowledge on how societies use scarce resources to produce goods and services and ensure a (fair) distribution.
ObjectiveThe learning objectives of the course are:

(1) Students must be able to discuss basic principles, problems and approaches in microeconomics. (2) Students can analyse and explain simple economic principles in a market using supply and demand graphs. (3) Students can contrast different market structures and describe firm and consumer behaviour. (4) Students can identify market failures such as externalities related to market activities and illustrate how these affect the economy as a whole. (5) Students can also recognize behavioural failures within a market and discuss basic concepts related to behavioural economics. (6) Students can apply simple mathematical concepts on economic problems.
ContentThe resources on our planet are finite. The discipline of microeconomics therefore deals with the question of how society can use scarce resources to produce goods and services and ensure a (fair) distribution. In particular, microeconomics deals with the behaviour of consumers and firms in different market forms. Economic considerations and discussions are not part of classical engineering and science study programme. Thus, the goal of the lecture "Principles of Microeconomics" is to teach students how economic thinking and argumentation works. The course should help the students to look at the contents of their own studies from a different perspective and to be able to critically reflect on economic problems discussed in the society.

Topics covered by the course are:

- Supply and demand
- Consumer demand: neoclassical and behavioural perspective
- Cost of production: neoclassical and behavioural perspective
- Welfare economics, deadweight losses
- Governmental policies
- Market failures, common resources and public goods
- Public sector, tax system
- Market forms (competitive, monopolistic, monopolistic competitive, oligopolistic)
- International trade
Lecture notesLecture notes, exercises and reference material can be downloaded from Moodle.
LiteratureN. Gregory Mankiw and Mark P. Taylor (2020), "Economics", 5th edition, South-Western Cengage Learning.
The book can also be used for the course 'Principles of Macroeconomics' (Sturm)

For students taking only the course 'Principles of Microeconomics' there is a shorter version of the same book:
N. Gregory Mankiw and Mark P. Taylor (2020), "Microeconomics", 5th edition, South-Western Cengage Learning.

Complementary:
R. Pindyck and D. Rubinfeld (2018), "Microeconomics", 9th edition, Pearson Education.
Prerequisites / NoticeGESS (Science in Perspective): This lecture is for MSc students only. BSc students register for 363-1109-00L Einführung in die Mikroökonomie.
363-0537-00LResource and Environmental EconomicsW+3 credits2GL. Bretschger
AbstractRelationship between economy and environment, market failures, external effects and public goods, contingent valuation, internalisation of externalities, economics of non-renewable resources, economics of renewable resources, environmental cost-benefit analysis, sustainability economics, and international resource and environmental problems.
ObjectiveA successful completion of the course will enable a thorough understanding of the basic questions and methods of resource and environmental economics and the ability to solve typical problems using appropriate tools consisting of concise verbal explanations, diagrams or mathematical expressions. Concrete goals are first of all the acquisition of knowledge about the main questions of resource and environmental economics and about the foundation of the theory with different normative concepts in terms of efficiency and fairness. Secondly, students should be able to deal with environmental externalities and internalisation through appropriate policies or private negotiations, including knowledge of the available policy instruments and their relative strengths and weaknesses. Thirdly, the course will allow for in-depth economic analysis of renewable and non-renewable resources, including the role of stock constraints, regeneration functions, market power, property rights and the impact of technology. A fourth objective is to successfully use the well-known tool of cost-benefit analysis for environmental policy problems, which requires knowledge of the benefits of an improved natural environment. The last two objectives of the course are the acquisition of sufficient knowledge about the economics of sustainability and the application of environmental economic theory and policy at international level, e.g. to the problem of climate change.
ContentThe course covers all the interactions between the economy and the natural environment. It introduces and explains basic welfare concepts and market failure; external effects, public goods, and environmental policy; the measurement of externalities and contingent valuation; the economics of non-renewable resources, renewable resources, cost-benefit-analysis, sustainability concepts; international aspects of resource and environmental problems; selected examples and case studies. After a general introduction to resource and environmental economics, highlighting its importace and the main issues, the course explains the normative basis, utilitarianism, and fairness according to different principles. Pollution externalities are a deep core topic of the lecture. We explain the governmental internalisation of externalities as well as the private internalisation of externalities (Coase theorem). Furthermore, the issues of free rider problems and public goods, efficient levels of pollution, tax vs. permits, and command and control instruments add to a thorough analysis of environmental policy. Turning to resource supply, the lecture first looks at empirical data on non-renewable natural resources and then develops the optimal price development (Hotelling-rule). It deals with the effects of explorations, new technologies, and market power. When treating the renewable resources, we look at biological growth functions, optimal harvesting of renewable resources, and the overuse of open-access resources. A next topic is cost-benefit analysis with the environment, requiring measuring environmental benefits and measuring costs. In the chapter on sustainability, the course covers concepts of sustainability, conflicts with optimality, and indicators of sustainability. In a final chapter, we consider international environmental problems and in particular climate change and climate policy.
LiteraturePerman, R., Ma, Y., McGilvray, J, Common, M.: "Natural Resource & Environmental Economics", 4th edition, 2011, Harlow, UK: Pearson Education
Financial Management
NumberTitleTypeECTSHoursLecturers
363-0711-00LAccounting for ManagersW+3 credits2VJ.‑P. Chardonnens
AbstractThe course Accounting for Managers offers an introduction to financial accounting and management accounting. It provides managers with the necessary knowledge for decision making using accounting information.
ObjectiveBy attending this course, students will be able to:
- record business transactions on the different types of accounts.
- establish a balance sheet and an income statement.
- prepare the different financial reports.
- understand the principles of cost accounting.
- determine the cost of production.
- make decisions based on cost information.
ContentThe first part of the course is devoted to financial accounting. It teaches the principles of double-entre accounting and deals with the recording of commercial transactions on accounts. It describes the work to be carried out at the closing in order to prepare the financial reports according to the generally accepted accounting principles. This type of accounting information is primarily intended for investors and shareholders.

The second part of the course describes the principles of management accounting and explains the different costing methods. It aims to determine the manufacturing cost of production of the different products and services using full and variable costing methods. The accounting information focuses on the internal needs of managers for the purpose of budget preparation and profitability analysis.
Prerequisites / NoticeThis course is a prerequisite for the course Financial Management.
363-0561-00LFinancial Market RisksW+3 credits2GD. Sornette
AbstractI aim to introduce students to the concepts and tools of modern finance and to make them understand the limits of these tools, and the many problems met by the theory in practice. I will put this course in the context of the on-going financial crises in the US, Europe, Japan and China, which provide fantastic opportunities to make the students question the status quo and develop novel solutions.
ObjectiveThe course explains the key concepts and mechanisms of financial economics, their depth and then stresses how and why the theories and models fail and how this is impacting investment strategies and even a global view of citizenship, given the present developing crises in the US since 2007 and in Europe since 2010.

-Development of the concepts and tools to understand these risks and master them.

-Working knowledge of the main concepts and tools in finance (Portfolio theory, asset pricing, options, real options, bonds, interest rates, inflation, exchange rates)

-Strong emphasis on challenging assumptions and developing a systemic understanding of financial markets and their many dimensional risks
Content1- The Financial Crises: what is really happening? Historical perspective and what can be expected in the next decade(s). Bubbles and crashes. The illusion of he perpetual money machine.

2- Risks in financial markets
-What is risk?
-Measuring risks of financial assets
-Introduction to three different concepts of probability
-History of financial markets, diversification, market risks

3- Introduction to financial risks and its management.
-Relationship between risk and return
-portfolio theory: the concept of diversification and optimal allocation
-How to price assets: the Capital Asset Pricing Model
-How to price assets: the Arbitrage Pricing Theory, the factor models and beyond

4- Financial markets: role and efficiency
-What is an efficient market?
-Financial markets as valuation engines: exogeneity versus endogeneity (reflexivity)
-Deviations from efficiency, puzzles and anomalies in the financial markets
-Financial bubbles, crashes, systemic instabilities

5- An introduction to Options and derivatives
-Calls, Puts and Shares and other derivatives
-Financial alchemy with options (options are building blocs of any possible cash flow)
-Determination of option value; concept of risk hedging

6-Valuation and using options
-a first simple option valuation modle
-the Binomial method for valuing options
-the Black-scholes model and formula
-practical examples and implementation
-Realized prices deviate from these theories: volatility smile and real option trading
-How to imperfectly hedge with real markets?

7- Real options
-The value of follow-on investment opportunities
-The timing option
-The abandonment option
-Flexible production
-conceptual aspects and extensions

8- Government bonds and their valuation
-Relationship between bonds and interest rates
-Real and nominal rates of interest
-Term structure and Yields to maturity
-Explaining the term structure
-Different models of the term structure

9- Managing international risks
-The foreign exchange market
-Relations between exchanges rates and interest rates, inflation,
and other economic variables
-Hedging currency risks
-Currency speculation
-Exchange risk and international investment decisions
Lecture notesLecture slides will be available on the site of the lecture
LiteratureCorporate finance
Brealey / Myers / Allen
Eight edition
McGraw-Hill International Edition (2006)

+ additional paper reading provided during the lectures
Prerequisites / Noticenone
Elective Courses
NumberTitleTypeECTSHoursLecturers
363-0861-00LAlliance Advantage - Exploring the Value Creation Potential of CollaborationsW3 credits2GC. G. C. Marxt
AbstractThe development of new business models coping with the constantly augmenting complexity of technologies and systems as well as the ever increasing global competition force organizations to focus on close collaboration with key partners. These alliances are key value creation opportunities and constitute the core part of this lecture.
ObjectiveLearning outcomes professional competence
- The students learn and understand the management basics of inter-firm cooperation and organizational networks (business models, incl. risk, communication, etc.)
- realize the value creation potentials of alliances (added value)
- understand underlying theoretical models (Transaction cost theory, principal agent, game theory)
- Identify and understand specific forms of collaboration (Strat. All., JV, Networks, M&A, etc.)
- Apply tools hands on in real companies (in coll. with companies)

Learning outcomes methodological competence
- Writing academic papers
- Developing structured documentation of interviews
- Transferring theory directly into application
- Contributing to the learning journey

Learning outcomes social competence
- Work together with industrial partners
- Improving communication skills as basics for collaboration
- Developing and applying team work skills
- Coping with conflicts resolution in teams
ContentThe constantly augmenting complexity of technologies and systems, the increased pressure caused by competition, the need for shortening time-to-market and the thereby implied growing risks force organizations to increasingly focus on core competencies. Collaboration with external partners is a key value creation opportunity for successful ventures. This type of cooperation also has implications on daily management activities. This lecture will provide a better understanding of special requirements needed for management of cooperation issues.
Content:
- Introduction to theory and management of inter-firm collaboration and networks.
- Description of the formation, management and evolution of collaborations and networks.
- Collaborations in marketing, development, manufacturing (e.g. NUMMI).
- Special forms of collaborations: mergers & acquisition (e.g. pre- and post-merger activities, joint venture, strategic alliances (e.g. Doz & Hamel, networks, virtual communities)

Learning journey:
In an introductory lecture we will give an overview of the theoretical framework and explain the concept of the lecture (first week of semester, Sept. 19, 2019). In weeks 2-5 you will work on a first assignment on six different aspects of the underlying framework: strategy and activities, structure and process, culture and people orientation, interaction and roles, risk and trust, knowledge and learning. This first assignment will give you the basics to participate in the second part (Nov. 7+8, 2019) of this seminar. There you will present the results of the first assignment and get additional theoretical input to perform the 2nd assignment. The second assignment will be to analyze real alliance projects in the partner companies. The final lesson will be used as a best practice exchange (Dec. 19, 2019).
Lecture notes- Lecture script
- Current course material
- Harvard Case Studies
- Reader with current papers
LiteratureA list with recommended publications will be distributed in the lecture.

Classic Books:
HBR Collaborating Effectively ISBN 978-1-4221-6264 4
HBR on Mergers and Acquisitions: ISBN 1-57851-555-6
Doz, Y.; Hamel, G.: Alliance Advantage: ISBN 0-87584-616-5
Prerequisites / NoticeThe number of students participating in the lecture is limited to 30.
363-1137-00LApplied Econometrics in Environmental and Energy Economics Restricted registration - show details
It is highly recommended to take 363-0570-00L Principles of Econometrics first.
Number of participants limited to 40.
W3 credits2VD. Cerruti, N. Kumar, S. Srinivasan
AbstractThe course introduces to the most common empirical methods for the analysis of issues in environmental, energy, and resource economics. The course includes computer laboratory sessions, and covers the following broad topics: demand models, discrete choice models, empirical methods in policy evaluation, field- and quasi-experiments.
ObjectiveAt the end of the course, the students will be able to: understand the most common empirical methodologies used in environmental, energy, and resource economics; understand the problems the methodologies learnt in class aim to address; appreciate the importance of causal inference in empirical economics; read and understand the research papers in the literature; apply the empirical methods learnt in class using the software R.
ContentThe course introduces students to empirical statistical methods that have wide application in environmental, energy, and resource economics and it is divided in four blocks. The first block is a quick review of the basic econometric methodology and concepts (OLS, standard errors, logit/probit models); the second block introduces demand models like the Almost Ideal Demand System, discrete choice models, and their evolutions; the third block explores causal inference in empirical economics and the main reduced-form econometric techniques used in policy evaluation, such as difference-in-differences and regression discontinuity; the fourth block introduces field experiments, instrumental variables and quasi-experimental situations, and their characteristics.
At the end of each block there will be a computer laboratory class in which the student will learn to apply the methodologies learnt in class using the statistical open-source software R. Throughout the course, students will have the chance to work on actual data used for analysis in economics papers.
The lectures will make use of current research papers in the literature to illustrate practical examples in which the methodologies learnt in dass have been used. Students will be expected to read in advance the paper that will be explained during the lecture.
The evaluation policy has the aim to allow students to get practical experience on the econometric methodologies learnt in class. Thus, beyond a final computer exercise exam {70% of the grade), the course indudes short take­home computer exercises {30% of the grade).
As the course will be centered on econometric methods, it is recommended that students have taken 363-0570-00L Principles of Econometrics first, or have otherwise a solid knowledge of basic econometric methodologies as detailed in Part 1 of Wooldridge, Jeffrey M. (2018) lntroductory Econometrics : A Modern Approach. Seventh ed. ISBN: 978-1-337-55886-0. Knowledge of statistical software R is helpful, but not required and will be taught in the computer laboratory sessions.
Prerequisites / NoticeIt is highly recommended to take 363-0570-00L Principles of Econometrics first.
363-1081-00LAsset Liability Management and Treasury Risks Restricted registration - show details
Number of participants limited to 40.
W3 credits2VP. Mangold, M. Eichhorn
AbstractAsset Liability Management (ALM) is key to the financial success of any corporation. The goal is to develop a comprehensive understanding of the nature of corporate balance sheet and off-balance sheet positions and related profits and losses, including identification and mitigation of undue risks taken. This course is geared towards preparing students to apply these concepts in practical settings.
ObjectiveThe main learning objectives of this course are:
- develop a comprehensive understanding of the nature of corporate balance sheet and off-balance sheet positions and their respective contribution to profits and losses
- measure and assess exposures to risk factors such as interest and FX rates, equity and commodity prices, as well as liquidity events
- trading and hedging to mitigate undue risks incurred
ContentThe course is organized around a series of case studies. We will first discuss and develop an understanding of the fundamentals on different aspects of the management and risk management of the balance sheet. Using real life case studies each concept will then be directly applied and tested. In-class discussions, presentations and one written assignment are used to facilitate active and interactive learning in a stimulating environment. During the case studies students will frequently work in small groups. Therefore, the number of participants is limited to 40.

The course focuses on the application of finance concepts to the financial management of corporations and is geared towards preparing students to apply these concepts in practical settings. Executives of all sectors are expected to have a sound understanding of the content covered. As such, the course is not exclusively targeted at students who are considering a career in the financial services sector. It also recommended for students who want to work in the finance, treasury or risk area of corporates. It is also suitable for students who want to work for a consultancy firm.
LiteratureNo single textbook covers the course, below we list some useful references. Further materials will be made available to students prior to the lectures

Choudhry, M. 2012. The Principles of Banking. Wiley Finance.
Marrison, C. 2002. The Fundamentals of Risk Measurement. McGraw-Hill.
Bohn, A. & Elkenbracht-Huizing, M. 2017. The Handbook of ALM in Banking (2nd edition).
Prerequisites / NoticeParticipants should have a basic understanding of financial management, gained, for example, from prior undergraduate economics, business, or accounting studies.
363-1044-00LApplied Negotiation Seminar Restricted registration - show details
Number of participants limited to 30.

Prerequisites: Successful completion of lectures "363-1039-00L Introduction to Negotiation".
W3 credits2SA. Knobel
AbstractThe block-seminar combines lectures introducing negotiation and negotiation engineering with the respective application through in-class negotiation case studies and games.
ObjectiveIn this seminar students can expect to:

• learn more theory of negotiation and apply this learning in simulated negotiations
• have their perceptions of rationality, fairness and trust challenged through little embedded experiments
• learn to recognize and analyze negotiation contexts and interests and generate creative solutions
• learn to negotiate under pressure (with time and mandate restrictions) and experience (and potentially chair) a formal negotiation
• learn to read, analyze and present a scholarly paper
ContentThis block seminar is an extension of the course "Introduction to Negotiation" and provides more detailed insight into key aspects of the field of negotiation and negotiation engineering.

In particular,

• a series of brief lectures will outline foundational aspects of negotiation science, such as rationality, fairness, and trust, as well as the possible application of machine learning in negotiation
• three practitioners will describe lessons learnt in their negotiation domains (diplomacy, labor, and business) and allow time for Q&A and discussion
• Professor Ambühl will elucidate further current cases from his professional experience
• students will apply course input in a number of challenging simulations (ranging from simple 30 minute games to full-fledged international ten party negotiations). In each game they will be asked to represent a party and negotiate as skillfully as they possibly can within the constraints of their mandate
• each student will be assigned a scholarly paper (20 to 30 pages) between the two blocks to read. They will give a 20 minute group presentation with one or two of their peers and submit a brief reflection report after the seminar

The course size is deliberately limited (30 maximum) to enable ample opportunity to interact with the lecturers, guests and each other.
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