Suchergebnis: Katalogdaten im Frühjahrssemester 2023
Management, Technologie und Ökonomie Master  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Mikro- und Makroökonomie | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 363-0515-00L | Decisions and Markets | W+ | 3 KP | 2V | A. Bommier | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This course provides an introduction to microeconomics. The course emphasizes the conceptual foundations of microeconomics and contains concrete examples of their application. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The purpose of this course is to provide master students with an introduction to graduate-level microeconomics, particularly for students considering further graduate work in economics, business administration or management science. The course provides the fundamental concepts and tools for graduate courses in economics offered at ETH and UZH. After completing this course: - Students will be able to understand and use existing models to make predictions of consumer and firm behavior. - Students understand the fundamental welfare theorems and will be able to analyze equilibria of markets with perfect and imperfect competition. - Students will be able to analyze under which conditions market allocations are not efficient (market failure). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Microeconomics is the branch of economics which studies the decision-making by an individual, household, firm, industry or level of government. The economic equilibrium is the result of agents' interactions. Microeconomics is an element of nearly every subfield in economic analysis today. This course introduces the fundamental frameworks which form the basis of many economic models. Theory of the consumer: - Consumer preferences and utility - Budget sets and optimal choice - Demand functions - Labor supply and intertemporal choice - Welfare economics Theory of the producer: - Technological constraints and the production function - Cost minimization - Profit maximization Market structure: - Perfectly competitive markets - Monopoly behavior - Duopoly behavior General equilibrium analysis: - Market equilibrium in an exchange economy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | The lecture will be based on lecture slides, which will be made available on Moodle. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | The course is mostly based on the textbook by R. Serrano and A. Feldman: "A Short Course in Intermediate Microeconomics with Calculus" (Cambridge University Press, 2013). Another textbook of interest is "Intermediate Microeconomics: A Modern Approach" by H. Varian (Norton, 2014). Exercises are available in the textbook by R. Serrano and A. Feldman ("A Short Course in Intermediate Microeconomics with Calculus", Cambridge University Press, 2013). More exercises can be found in the book "Workouts in Intermediate Microeconomics" by T. Bergstrom and H. Varian (Norton, 2010). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | The course is open to students who have completed an undergraduate course in economics principles and an undergraduate course in multivariate calculus. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0575-00L | Economic Growth, Cycles and Policy | W+ | 3 KP | 2G | H. Gersbach | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This intermediate course focuses on the core thinking devices and foundations in macroeconomics and monetary economics, and uses these devices to understand economic growth, business cycles, crises as well as how to conduct monetary and fiscal policies and policies to foster the stability of financial and economic systems. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | - Fundamental knowledge about the drivers of economic growth in the short and long run, key macroeconomic variables and observed patterns in developed countries - Comprehensive understanding of core macroeconomic frameworks and thinking devices | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | This intermediate course focuses on the core thinking devices and foundations in macroeconomics and monetary economics, and uses these devices to understand economic growth, business cycles, crises as well as how to conduct monetary and fiscal policies and policies to foster the stability of financial and economic systems. The course is structured in the following way: Part I: Basics - Introduction - IS-LM Model in Closed Economy (Repetition) - Schools of Thought - Consumption and Investment - The Solow Growth Model Part II: Special Themes - Money Holding, Inflation, and Monetary Policy - Crises in Market Economies - IS-LM Model and Open Economy - Theories of exchange rate determination - Technical Appendix | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | Copies of the slides will be made available. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Chapters in Manfred Gärtner (2009), Macroeconomics, Third Edition, Prentice Hall. and selected chapters in other books and/or papers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | It is required that participants have attended the lecture "Principles of Macroeconomics" (363-0565-00L). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Finanzielle Führung | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0561-00L | Climate Economics and Finance | W+ | 3 KP | 2G | L. Barrage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This course introduces students to both conceptual foundations and empirical evidence on the economics of climate change, climate policy design, and financial market responses thereto. It seeks to address questions such as: What are the costs and benefits of competing responses to the climate challenge? What roles can/do financial markets play in facing climate risks? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | After taking this course, students should: - Understand integrated assessment modelling/thinking about the climate, energy markets, and the macroeconomy and be able to run simplified versions of such models in Excel - Know benchmark estimates of the economic impacts of climate change - Understand the trade-offs between different policy and societal responses both conceptually and empirically based on policy practice - Understand how financial markets should be vs. are empirically responding to climate and policy risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | This course teaches both the core analytic tools and surveys new empirical evidence on the economics of climate change, climate policy, and financial market responses thereto. The first half of the course presents an integrated assessment of the climate, energy markets, and the economy. We build a framework for analyzing the economic impacts of both climate change and climate policy. We then review empirical evidence on both climate change impacts and policy practice. The second part of the course focuses on financial markets. We review relevant core concepts in finance with a focus on asset pricing and use this framework as a basis for thinking about how markets should be responding to climatic and policy risks. We then review empirical evidence on how financial markets appear to be responding in reality with examples such as from housing, equity, and bond markets. At the end of the course, students should have stronger foundations in economics and finance and broad knowledge of the economic and financial risks and opportunities posed by climate change. Course evaluation: at the end of the course, there will be a written exam covering the topics of the course. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | Lecture slides will be available on the site of the lecture | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | It is highly recommended (but not required) that students have completed introductory micro- and macroeconomics before taking this class. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0560-00L | Financial Management | W+ | 3 KP | 2V | A. Vedolin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The course is comprised of 3 building blocks, which build towards the goal of being able to value the wealth gain created from a project within a business, or to value the business itself: Present Value, Investment Decisions, and Risk and Return. Value-based decision-making is the most important function of finance and you will be able to value a firm or a project with a given capital structure. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | • To introduce you to the theory and practice of corporate finance. • To provide you with a set of tools necessary to answer the most important questions related to valuing firms, and projects within firms. • To give you some insight into investment decision making and personal finance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | The course is comprised of three building blocks, which build towards the overall goal of being able to value the wealth gain created from a project within a business, or to value the business itself: 1. Present and Future Value We will begin our discussion of valuation with the notion of discounting. A dollar today is worth more than a dollar tomorrow. A dollar tomorrow is worth less than one today. As we will discover, this simple idea will take us a long way towards valuing various financial instruments where cash flows are known or can be easily estimated. We can apply this idea to find the value (and hence, market price of) securities such as stocks and bonds. 2. Investment Decisions Next, we will proceed to the analysis of how firms should choose their investments. The difference here from the first part of the course is that the cash flows from firms business investments are not known and have to be estimated. We will learn how to identify cash flows relevant to the valuation of an investment project (the “free cash flow” method) and how to employ the Net Present Value criterion to make investment decisions. (If time allows, we will also cover the Internal Rate of Return criterion and the payback rule.) 3. Risk and Return In the final quarter of the course, we will study the relation between risk and return. The riskier the investment, the higher the return we require from it to be willing to invest. The study of the relationship between risk and return will lead us to discuss one way of estimating expected returns – the Capital Asset Pricing Model (CAPM). We will apply the logic of CAPM to decide on a discount rate for firms’ investment projects using the concept of Weighted Average Cost of Capital (WACC). 4. Our Goal: Understanding Business Valuation Valuation, and value-based decision-making is the most important function of finance and it is the goal that we are working towards. If you have studied diligently, at the end of the course you will be able to value a firm or a project with a given capital structure. You will be able to put this knowledge into practice to value your own business or projects within your own business! | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kompetenzen |
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| Unternehmens- und Personalführung | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0302-00L | Human Resource Management: Leading Teams | W+ | 3 KP | 2G | G. Grote | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The basic processes of human resource management are discussed (selection, reward systems, performance evaluation, career development) and embedded in the broader context of leadership in teams. Leadership concepts and group processes are presented. Practical instruments supporting leadership functions are introduced and applied in business settings through student projects. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | • Understand basic HRM functions and their relationship to leadership • Know instruments for selection, performance appraisal, compensation, and development • Understand leadership requirements and success factors in leadership • Know fundamental processes in teams • Apply and expand theoretical knowledge on a specific topic in self-guided learning • Manage team processes and diversity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Human Resource Management (HRM) concerns the policies, practices, and systems that influence employees' behavior, attitudes, and performance. HRM aims at applying human resources within organizations such that people succeed and organizational performance improves. HRM is of high strategic relevance as evidenced by strong links between good HRM practices and business outcomes. In the course, concepts and instruments for employee selection, performance management, and personnel development are presented. Some instruments are also practically applied in small groups. Fundamentals of effective leadership and dynamics in teams are discussed, in particular in view of the increasing demands for balancing stability and flexibility in fast-changing organizations. The course is taught from the perspective of team members' and team leaders' role in HRM, not from the perspective of HR managers. Thereby, students can directly relate their own experience to the HRM practices discussed. This applies to prior work experience, but also to any other teamwork experience, be it as a student or in a private role, for instance in sports clubs. Selecting the right team members, discussing and improving individual and team performance, managing task and relational conflicts, and sharing and building on each other's knowledge to solve problems are ubiquituous challenges that the course addresses. As part of the course, students also apply HRM instruments in company contexts in a group semester project. Topics for these projects are determined prior to the course and in the past have concerned leadership assessment, performance-based pay, and working in virtual teams. Students are provided with background literature and specific tools to conduct the project and are accompanied by a project advisor who provides additional support. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | There is no script. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | A reading list and the respective documents are provided via moodle. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-1080-00L | Power and Leadership  | W+ | 3 KP | 2S | P. Schmid, T. Noll | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | Students will learn about different leadership styles and how power and leadership play out in social interactions. Emphasis is placed on personal development and the implementation and application of topics to the workplace context. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | This course will enhance students’ understanding of the complexity of hierarchical relationships in the workplace in weekly lessons that include lectures, analyses of leadership situations (e.g., case studies), exercises, and group discussions. More specifically, students will be informed about how power shapes people’s behaviors and decision-making processes. They will learn to analyze the different elements that make a good leader such as personality traits, behavior, and skills. With case studies and small group exercises, students will learn to evaluate different types of social and emotional skills related to leadership. Students will be encouraged to reflect upon their own communication skills and leadership potential and will be given the opportunity to train their leadership skills. The course further addresses integrity and ethics in leadership. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Lectures will include - Introduction to the course and the topic of power and leadership, definitions - Leadership styles and theories: Universalist theories, behavioral theories, contingency theories, “new leadership” theories - Leadership, communication, and interpersonal skills (3 sessions): 1. Effective communication: Listening and speaking, running effective meetings, delegating effectively, giving performance feedback, 2. Hierarchy and communications: Pitfalls and solutions, communication training, 3. Importance of social skills for leadership effectiveness - Agility in teams: Overview of the Scrum Framework in the context of software development, leadership in agile teams, the role of motivation, training: experiencing first-hand how to develop a product in an agile way - Power abuses, ethics in leadership: Why do leaders behave unethically? Destructive leadership: theories, examples, and consequences - Diversity and discrimination in relation to power and leadership: Expectations, bias, and discrimination the workplace, sources of bias, how to reduce bias and discrimination - Leadership and innovation: Which are the particular paradoxes and trade-offs leaders face when they are leading for innovation? How could they successfully manage those challenges? Homework - Writing a leadership skills training report (~20 hours) - Mandatory readings and exercises (~20 hours) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Mandatory readings: Riggio & Reichard (2008). The emotional and social intelligences of effective leadership: An emotional and social skill approach. Journal of Managerial Psychology, 23, 169-185. Jost, J. T., Rudman, L. A., Blair, I. V., Carney, D. R., Dasgupta, N., Glaser, J., Hardin, C. D. (2009) The existence of implicit bias is beyond reasonable doubt: A refutation of ideological and methodological objections and executive summary of ten studies that no manager should ignore. Research in Organizational Behavior, 29, 39-69. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kompetenzen |
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| Strategie, Märkte und Technologie | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-1077-00L | Entrepreneurship | W+ | 3 KP | 2G | B. Clarysse | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This course introduces the various elements important to start an innovative business. These are: insights into how technology as a context shapes opportunities to start a business, assessing opportunities, protecting one's idea and technology, market testing and feedback, how to form a team, raising investment and deal evaluation, use of novel financing sources, development of term sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | This course enables to understand: How technologies develop from science to commercial products What kind of entrepreneurial opportunities emerge from this cycle How assumptions are tested in the market and evolve into business plans What the importance is of founding teams and how they are fit together How to raise money from various sources such as crowd funding, ICO, business angels and venture capitalists How to develop a business case How to negotiate and structure a funding deal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | The course consists of 6 sessions of 3 hours, every other week and one 2-hour session at the end of the course which includes a 'Dragon's Den' in which the students present their business case to a jury. In addition to the theory sessions, each team receives 3 coaching slots of 45' minutes to get individual feedback on the business case they develop during the course. The course is structured as follows: In session 1, we discuss how science develops into technologies that are eventually commercialized into products ...We discuss how technology entrepreneurs can create ventures based upon the technology they work on, the demand they see in their environment or just through the mere aspiration of creating a company. We specifically focus on how these companies can create value in the absence of clear customer revenues and what the eventual outcome is of such a venture. In Session 2, we look at how entrepreneurs do market research and how different types of market research help them to develop their business. The focus is on understanding customer behaviour and needs using tools and techniques drawn from the design thinking community. In Session 3, we introduce the concept of "appropriability". For entrepreneurs, especially in a technology environment, it is very important to think about how they can appropriate value from the ideas they develop and the products they introduce in the market. Such appropriation can be enabled through legal mechanisms such as IP or might be facilitated through the way in which the company is set up. We also discuss how value can be delivered in an industry, how negotiation power can be assessed, what different actors need to be taken into consideration when determining the value flow in a network and, eventually, how to think of a business model annex business plan. Session 4 touches upon a number of HR questions and managerial challenges for the budding entrepreneur: Is it better to go alone or in a team? Are there more or less successful compositions of an entrepreneurial team and if so, where to find the right co-conspirators? We also introduce the basic elements of making a financial plan. Session 5 introduces you in the world of raising capital. You get an overview of the various sources of capital including business angels, accelerators, crowd funding, venture capital and corporate capital. Guest speakers from the financing industry will answer your questions with regards to getting finance. Session 6 deals with the legal side of making a deal between an investor and a company. We also explain how to make an elevator pitch and how to pitch for money (including business plan competitions) Session 7 consists of a Dragon's Den. Each student team has 8' to present their case and 7' for a Q&A. The Dragon's are qualified jury members from the Zürich entrepreneurial ecosystem. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | The Theory Session are supported by a set of Powerpoint Slides which includes all the main elements covered. A script is provided for the Exercise Sessions, during which the students have to develop their own business case. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Clarysse, B. & S. Kiefer The Smart Entrepreneur (Elliott & Thompson, 2011) is used as core reading material. In addition, each session also has "advanced reading" papers, which are useful to deepen your knowledge about the specific subject under discussion. It is sufficient to read the introduction and the conclusions of the papers to get the core idea. The papers are uploaded through Moodle, the book is available for sale at Amazon.com or can be ordered from any book store. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | No special background is needed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0392-00L | Strategic Management If you have any questions please contact the teaching assistant Manuel von Krosigk: mvkrosigk@ethz.ch | W+ | 3 KP | 2G | F. Hacklin, A.‑K. Weiser | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This course introduces key competences, frameworks and methods for designing, implementing and executing strategy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The course "Strategic Management” introduces key competences, frameworks and methods for designing, implementing and executing strategy. Building on an overview of the basics of strategy as well as most prevalent concepts in strategic management, this course aims at equipping future leaders and strategy professionals with a solid foundation for analysing and developing strategy. Relying on the critical analysis and discussion of a series of cases, participants will be offered an opportunity to apply strategic problem solving in practice. By featuring seasoned executives and experienced strategy professionals within the in-class sessions, participants will become immersed into contemporary challenges of strategizing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | a. Introduction: Core strategy concepts b. Industry dynamics I: What industry are we in? c. Industry dynamics II: Technology, innovation and disruption d. Resource-based view of the firm: Sustainable competitive advantage e. Knowledge-based view of the firm: Organizational learning, human capital and beyond The course "Strategic Management" offers an integrated learning journey consisting of in-class discussions on key concepts and methods, as well as case studies where participants gain exposure to strategic decision-making in real-life corporate settings. By offering a profound theoretical understanding of classic and contemporary angles of strategy, this course establishes a foundation on the core principles and key questions in strategic management. Through exposing participants into case study-based problem solving, this course offers deep dives into specific perspectives of strategic thinking and development. Participants will be offered the opportunity to present in front of an audience, become challenged and get additional feedback from seasoned executives and experienced strategy professionals. Relying on the concept of competitive strategy as the conceptual backdrop of this course, we seek to establish a common ground for analysing and developing the position of a firm within its industry, on the basis of which, corporate leaders and strategy professionals follow the pursuit of securing firm performance. Moreover, we discuss the evolution of industries, and how strategic management as a practice is co-evolving in a changing world. We establish, explore and critically discuss the fundamental perspectives of industry dynamics, the resource-based as well as the knowledge-based view of the firm. For each session, we offer a set of preparatory required readings, including detailed instructions for preparation (e.g., study questions). In order to establish an insightful and engaging in-class discussion—and to get most out of the course—we strongly encourage participants to come prepared to each session. Moreover, participants are also expected to read and understand the required readings that cover the most important articles from the past 30 years in strategy research. Finally, participants will complete team-based assignments focusing on case-based problem solving, which will be presented and discussed in front of the class. These case-based discussions will be complemented by testimonials from seasoned executives and experienced strategy professionals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | Session #1: (16.03.2023 16:00-20:00) Introduction Session #2: (30.03.2023 16:00-20:00) Industry dynamics I Session #3: (20.04.2023 16:00-20:00) Industry dynamics II Session #4: (04.05.2023 16:00-20:00) Resource-based view of the firm Session #5: (25.05.2023 16:00-20:00) Knowledge-based view of the firm Session #6: (01.06.2023 16:00-20:00) Summary and wrap-up Details will be announced at the beginning of the course. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kompetenzen |
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| Quantitative und Qualitative Methoden zur Lösung komplexer Probleme | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0570-00L | Principles of Econometrics Prerequisites: previous knowledge in economics. | W+ | 3 KP | 2G | J.‑E. Sturm, A. Beerli | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This course introduces the fundamentals of econometrics. We cover simple and multiple regression analysis using different data formats. An emphasis is on hypothesis testing, interpretation of regression results, and understanding threats to the causal interpretation of relationships in the data. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The course targets both the theoretical understanding as well as the application of basic econometric methods to real world problems. The educational objective of this course is that, after completion, students should be able to: 1. understand different forms of data (cross-sectional, panel, time-series) and their strengths and weaknesses for answering different research questions. 2. understand how to translate questions about economic policy issues and human behaviour into research hypotheses that can be tested with data. 3. apply their theoretical knowledge about econometrics to concrete examples based on the knowledge they acquired in tutorial sessions using the statistical software package STATA and interpret estimation results. 4. name and identify potential threats for causal interpretations of relationships in the data and explain whether (and how) they can be addressed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | The term “econometrics” stands for the application of specific statistical methods to the field of economics. Econometrics aims at providing empirical evidence using observational data that can be used to learn about the real-world existence of specific relationships postulated in economic theories. Typical research questions that economists analyse by using econometric methods include for instance: Do minimum wages reduce employment? Does a gender wage gap exist and how large is it? Does foreign aid affect economic growth? How do interest rate changes influence exports? Is there an effect of economic outcomes on politicians’ chances to get re-elected? Starting from simple regression analysis, the course introduces the statistical framework that is used in econometrics to answer such empirical research questions. A major focus is on understanding and mastering methods of hypothesis testing using multiple regressions. The lecture discusses different issues regarding assumptions, interpretation, and inference in multiple linear regression models. Among others, the course addresses the following questions: How well or badly does the applied model fit the observed facts? How large is the estimate of the effects of one variable on another and how reliable is the estimate? Can the model be used to predict the specific variable of interest and how precise is that prediction? What are the crucial assumptions of the estimation strategy used, (how) can they be tested, and does the estimated relationship represent a causal effect? The course lectures introduce the methods and computer tutorials give the students the opportunity to apply and deepen their knowledge using the software package STATA. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Wooldridge, Jeffrey M. (2018) Introductory Econometrics : A Modern Approach. Seventh ed. ISBN: 978-1-337-55886-0 [access to relevant chapters will be provided] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | This course is intended for students interested in econometrics who have already taken an introductory course in economics (e.g., the course "Principles of Macroeconomics"). Knowledge of the statistical software STATA is no prerequisite and will be acquired during the course. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Economic Dynamics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0586-00L | International Economics: Theory of New Trade and Multinational Firms | W | 3 KP | 2V | D. Suverato | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The primary goal of the course is to familiarize students with recent work in international economics. Students will gain an essential set of guidelines to understand current worldwide economic scenario dominated by: "trade wars", "Brexit", the "fear of import competition from China" and the links between globalization and technological change. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | Covering models of international trade, of trade and multinational firms, and of factor mobility and agglomeration, students will get a good overview of key contributions in the field of international economics. The introduction to this course provides a brief overview of classical trade models, where production cost differences between countries (through differences in factor productivity or in relative factor endowments) are the main source of gains from trade. The core of the course will be on general equilibrium models of trade where the main reason for trade are consumer preferences and their love of variety and its major impediments are transport costs. Technology, structure of the product market and the functioning of the labor market will be the key drivers of the effect of international trade on growth, welfare and inequality. At the end of the course student will be able to: 1. Define the concept of comparative advantage and understand how it shapes trade patterns. 2. Describe the main reasons for international trade and their relative importance in reality. 3. Explain the methodology used by modern economic models to quantify the gains from trade and the effects of changes in trade costs. 4. Summarize the main insights obtained by models which introduce firm heterogeneity in international trade. 5. Discuss the implications of international trade for inequality and the organization of production. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | In this class we will cover the following topics. 1 Comparative Advantage. This is the main concept of "opportunity cost" applied to the questions "who produces what? and why?" 2 Gains from trade. International trade is a trigger for the development of welfare gains in terms of efficiency. We will understand why and how gains can be redistributed to mitigate losses for who loses in a more integrated economy. 3 Firms in the Global Economy. The main actors of international economics are globally integrated firms. We will examine their business model, in particular: – Export Decisions – Outsourcing Decisions and Organization of Multinationals – Global Value Chains 4 Trade and Income Distribution. While efficiency gains are clear, the impact of international trade on the income distribution is a more complex issue to assess. We will discuss the most recent developments on this subject. 5 Trade Policy. Topics such as free trade agreements and trade wars are of high importance in the political agenda. We will discuss the main trade policy instruments (such as tariffs, quotas, export subsidies and regulations) and their effects on economic growth. The detailed agenda of the course consists of these topics: 1.Ricardian Trade Theory, from Ricardo to Eaton-Kortum. 2.Heckscher-Ohlin Trade Theory and specific factor models. 3.Increasing Returns and Trade and gains from variety. 4.Firm Heterogeneity: the Melitz model and its applications. 5.Multinational firms and offshoring: a global organization of production. 6.Insights on trade policy: free trade agreements, tariffs, non-tariff barriers and regulations 7.New empirical insights on trade, development and inequality. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Copies of the original articles and relevant chapters of books will be made available to participants of the course. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | To follow the course well, you should have some basic knowledge about: 1. solving constrained and unconstrained optimization problems, 2. integral calculus and probability theory Furthermore, you should be familiar with: 1. basic microeconomic concepts (such as General Equilibrium) 2. basic econometric concepts (such as Instrumental Variables) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-0584-00L | International Monetary Economics | W | 3 KP | 2V | J.‑E. Sturm, A. Rathke | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | What determines the foreign exchange rate in the short- and long-term? What are the effects of monetary and fiscal policy in an open economy? What drives a country's choice of the foreign exchange rate regime and why are some countries more prone to financial crises than others? A number of simple theoretical frameworks will be developed that allow us to discuss recent economic policy issues. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The core objective of the course is to develop simple macroeconomic models of open economies that can be usefully applied to international economic phenomena ranging from global financial imbalances, the Chinese exchange rate regime, the European Monetary Union, reform proposals for the international financial architecture, to global financial crises. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | This course focuses on the determinants of exchange rates and the interpretation of exchange rate movements in a framework of open economies, through an in-depth analysis of the most important models on the issue. Firstly, it familiarizes the students with exchange rates regimes and key concepts in balance-of-payments accounting, to afterwards outline the different macroeconomic models for open economies. The main goal of the course is to provide students with analytical and theoretical tools for the interpretation of exchange rate dynamics and the understanding of fiscal and monetary policy effects, as well as the integration of an empirical analysis of the named models. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | Lecture notes will be made available via Moodle. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Krugman, Paul, Maurice Obstfeld and Marc Melitz (2023), International Economics, Theory and Policy, 12th Global Edition, Pearson. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 363-0558-00L | Introduction to Game Theory: Strategic and Cooperative Thinking It is recommended to take 363-0503-00L Principles of Microeconomics first. | W | 3 KP | 2G | F. Pitsuwan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The goal of the lecture is to learn how to think strategically and cooperatively and to apply the concepts of game theory to economic, social, political, and business situations. The course covers: Noncooperative and Cooperative Game Theory, concepts and applications. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The goal of the lecture is to learn how to think strategically or cooperatively and to apply the concepts of game theory to economic, social, political, and business situations. Students will gain competence in a variety of standard game-theoretic concepts. They will also become familiar with the ways in which these concepts are applied in Economics and related disciplines. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Part 1: Strategic Thinking (Noncooperative Game Theory) Thinking in static and dynamic games with complete and incomplete information Part 2: Cooperative Thinking (Cooperative Game Theory) Thinking in repeated and cooperative games. The purpose of the course is to provide an introduction to both cooperative and non-cooperative game theory. The course will start from scratch with the most basic game-theoretic concepts, such as weak and strict dominance, or Nash equilibrium. Progress will be rather swift, however, and the course will cover more advanced concepts such as signaling games and Bayesian equilibrium. Additional topics will be added if time permits. Students will gain an understanding of the broad relevance and applicability of game theory in Economics and related disciplines. Instruction will take several forms such as lectures, exercises, and experiencing some of the games discussed in the lectures. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | For inquiries and questions regarding the course organization please send an email to the lecturer, Dr. Fikri Pitsuwan (fpitsuwan@ethz.ch), or the teaching assistant, Giovanni Valvassori Bolgè (gvalvassori@ethz.ch). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | - Tadelis (2012). Game Theory: An Introduction. Princeton University Press - Osborne (2003). An Introduction to Game Theory. Oxford University Press - Gibbons (1992). Game Theory for Applied Economists. Princeton University Press - Watson (2002). Strategy: An Introduction in Game Theory. W.W. Norton & Company More Technical: - Osborne and Rubinstein (1994). A Course in Game Theory. MIT Press - Fudenberg and Tirole (1991). Game Theory. MIT Press - Myerson (1992). Game Theory: Analysis of Conflict. Harvard University Press - Mas-Collel et al. (1995). Microeconomic Theory. Oxford University Press Non-technical: - Dixit and Nalebuff (2010). The Art of Strategy. W.W. Norton & Company - Davis (1997). Game Theory: A Nontechnical Introduction. Dover Publications - Schelling (1980). The Strategy of Conflict. Harvard University Press. - Axelrod (1984). The Evolution of Cooperation. Basic Books. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | The lecture will be in English. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 363-1008-00L | Public Economics | W | 3 KP | 2V | M. Köthenbürger, T. Giommoni | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | Public Economics analyses the role of the government in the economy. In this course we will discuss justifications for and the design of public policy as well as its consequences on market outcomes. Issues related to public goods, taxation, in particular the effects of tax policy on labor supply, entrepreneurship and innovation will be emphasized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The primary goal of the course is to familiarize students with the central concepts and principles of public economics. The course aims at providing a good understanding of theoretical work and how it may be applied to actual policy problems. Students will get a good overview of recent key contributions in the field and how these relate to empirical observations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Overview: The course Public Economics analyses the role of the government in the economy. In most developed countries, government activity is significant and ranges from public service provision, redistribution of incomes, regulation and taxation. In many cases, public expenditures are 30-40 percent of GDP. In the course, we will discuss justifications for and the design of public policy as well as its consequences on market outcomes. We will repeatedly use real-world policy examples to allow students to apply their knowledge and to realize how effectively the knowledge can be used to understand and design public policy making. Organization: The course consists of four big building blocks, “externalities”, “taxation”, “political economy”, and “social security”. For each of the building blocks we will provide slides. There will be three problem sets and a written exam at the end of the course. Problem sets will not be graded. Credit points are given for passed exams only. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance and Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-1153-00L | Decentralized Finance and the Future of Money | W | 3 KP | 2V | B. J. Bergmann, H. Gersbach, R. Wattenhofer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | DLT is emerging for a disruption of our current financial infrastructure. As such, Decentralized Finance (DeFi) seeks to combine open-source, peer to peer building blocks into sophisticated products using blockchain technology, seeking to disintermediate and decentralize the traditional financial service industry. This lecture will combine insights on DLT with recent applications from finance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | At it’s core, DeFi aims to provide financial products and services on blockchain technologies. The combination of decentralized, smart-contract-based business logic solutions with a blockchain-based settlement layer facilitates the creation of financial services in a decentralized way. Traditional, functional roles of trusted third-party such as brokerage firms, banks, are replaced by smart contracts which fulfill the functions automatically. The goal if this lecture is to let you understand, - The building blocks of Distributed Ledger Technology (DLT) - Some basic applications like smart contracts, tokens, decentralized autonomous organisations (DAOs) - Limitations and concepts for overcoming centralized financial systems - Recent advances on Central Bank Digital Currencies and other applications in DeFi - The business logic behind a decentralized applications (DApps) - How a DLT project is run within a larger organization and in the start-up context The lecture will cover also guest speakers from companies, start-ups, and agencies. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | After a one-hour introduction session on the first day, the lecture will be split into six 4h sessions. Each 4h Session will be held as a workshop session, covering some theoretical and technological insights as well as insights on recent applications. Each session will involve guest speakers from industry, start-ups, agencies. The focus of each session will be on the discussion part. You will be asked to prepare yourself (watch a video, read a paper, etc) for each session. Session 1: Intro to Blockchain, Focus on Exchanges, Transaction Ordering Session 2: Smart Contracts; Focus on Programming, Attacks Session 3: Decentralized Governance, DAOs and Applications Session 4: Central Bank Digital Currencies, recent advances, and approaches Session 5 & 6: DeFi applications, legal aspects, challenges, opportunities & risk in the corporate context The lecture is targeted to students across ETH with an interest in DLT. No specific coding experience is required. During the course you will follow step by step examples. For passing the course you will take online quizzes, selected exercises, and a short exam during the class. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | There will lecture slides to each section shared in advanced to each session. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Selected readings and books are presented in each session. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | The course is opened to students from all backgrounds. Some experience with quantitative disciplines such as probability and statistics, however, is useful but not mandatory. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-1000-00L | Financial Economics | W | 3 KP | 2V | A. Bommier, P. Colo | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This is a theoretical course on the economics of financial decision making, at the crossroads between Microeconomics and Finance. It discusses portfolio choice theory, risk sharing, market equilibrium and asset pricing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The objective is to make students familiar with the economics of financial decision making and develop their intuition regarding the determination of asset prices, the notions of optimal risk sharing. However this is not a practical formation for traders. Moreover, the lecture doesn't cover topics such as market irrationality or systemic risk. After completing this course: 1. Students will be familiar with the economics of financial decision making and develop their intuition regarding the determination of asset prices; 2. Students will understand the intuition of market equilibrium. They will be able to solve the market equilibrium in a simple model and derive the prices of assets. 3. Students will be familiar with the representation of attitudes towards risk. They will be able to explain how risk, wealth and agents’ preferences affect the demand for assets. 4. Students will understand the notion of risk diversification. 5. Students will understand the notion of optimal risk sharing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | The following topics will be discussed: 1. Introduction to financial assets: The first lecture provides an overview of most common financial assets. We will also discuss the formation of asset prices and the role of markets in the valuation of these assets. 2. Option valuation: this lecture focuses on options, which are a certain type of financial asset. You will learn about arbitrage, which is a key notion to understand the valuation of options. This lecture will give you the intuition of the mechanisms underlying the pricing of assets in more general settings. 3. Introduction to the economic analysis of asset markets: this chapter will familiarize you with the notion of market equilibrium and the role it plays concerning asset pricing. Relying on economic theory, we will consider the properties of the market equilibrium: In which cases does the equilibrium exist? Is it optimal? How does it depend on individual’s wealth and preferences? The concepts defined in this chapter are essential to understand the following parts of the course. 4. A simplified approach to asset markets: based on the notions introduced in the previous lectures, you will learn about the key concepts necessary to understand financial markets, such as market completeness and the no-arbitrage theorem. 5. Choice under uncertainty: this class covers fundamental concepts concerning agents’ decisions when facing risk. These models are crucial to understand how the demand for financial assets originates. 6. Demand for risk: Building up on the previous chapters, we will study portfolio choice in a simplified setting. We will discuss how asset demand varies with risk, agent’s preferences and wealth. 7. Asset prices in a simplified context: We will focus on the portfolio choices of an investor, in a particular setting called mean-variance analysis. The mean-variance analysis will be a first step to introduce the notion of risk diversification, which is essential in finance. 8. Risk sharing and insurance: in this lecture, you will understand that risk can be shared among different agents and how, under certain conditions, this sharing can be optimal. You will learn about the distinction between individual idiosyncratic risk and macroeconomic risk. 9. Risk sharing and asset prices in a market equilibrium: this course builds up on previous lessons and presents the consumption-based Capital Asset Pricing Model (CAPM). The focus will be on how consumption, assets and prices are determined in equilibrium. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Main reading material: - "Investments", by Z. Bodie, A. Kane and A. Marcus, for the introductory part of the course (see chapters 20 and 21 in particular). - "Finance and the Economics of Uncertainty" by G. Demange and G. Laroque, Blackwell, 2006. - "The Economics of Risk and Time", by C. Gollier, MIT Press, 2001. Other readings: - "Intermediate Financial Theory" by J.-P. Danthine and J.B. Donaldson. - Ingersoll, J., E., Theory of Financial Decision Making, Rowman and Littlefield Publishers. - Leroy S and J. Werner, Principles of Financial Economics, Cambridge University Press, 2001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | Basic mathematical skills needed (calculus, linear algebra, convex analysis). Students must be able to solve simple optimization problems (e.g. Lagrangian methods). Some knowledge in microeconomics would help but is not compulsory. The bases will be covered in class. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Human and Entrepreneurial Behaviour | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-1066-00L | Designing Effective Projects for Promoting Health@Work | W | 3 KP | 2G | G. Bauer, G. J. Jenny, P. Kerksieck | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The fast-changing high-performance economy is highly dependent on healthy employees – and at the same time is putting their health at risk. Expectations of employees regarding health@work are rising. In a workshop format, students learn how to develop effective, exemplary projects to promote good working conditions, work-life balance or healthy lifestyles in companies. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | After active participation in the course, students will • Know the key individual, team-level, and organizational factors influencing health@work • Be familiar with health-related challenges and opportunities of a changing world of work • Know intervention strategies for improving working conditions, work-life balance and health behaviors in companies • Be able to design an exemplary intervention project– based on key principles and a systematic planning cycle | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | The globalization and the digital transformation of our economy lead to fast changes in organizations and of working conditions. Work becomes more flexible regarding time, location and employment contracts. Simultaneously, employees become more demanding regarding their autonomy, the quality of working life and their work-life balance. In this dynamic context, offering standardized health promotion programs in companies is not sufficient anymore. Employers and employees need to jointly develop tailored approaches how to continuously assess and improve health@work. Thus, we want to enable you to support companies in this process. The course consists of three parts. The first part with four sessions provides an introduction into approaches to promote health@work. The lectures will present and discuss these approaches using practical examples and discuss them with the students. The third lecture allows you identify the topic you like to work on during the course – and find other students for your related group work. Session 1: Overview of course and of approaches to promote health@work Session 2: Promoting Health @ Work: Improving working conditions Session 3: Brainstorming: Find your group and your topic Session 4: Promoting Health @ Work: (digital) lifestyle interventions Session 5: Promoting Health @ Work: Work-Life-Balance and Leisure crafting interventions The second part has a workshop format and aims to thoroughly develop the project ideas chosen by students in groups of two. The pitch presentations help to focus on the essence of the own idea and to trigger constructive feedback for improving it. These tutors support the teams in their systematic, detailed planning of the own project idea. Particularly, students will consider the four principles of successful health promotion projects: systematic planning, participation of stakeholders, combined individual- and environmental-level actions, integration into company routines. Session 6: First pitch of group projects (Topic – Why / for whom / what you plan to do) Session 7: Promoting health@work: SMART objectives; Project Management Session 8: Promoting health@work: Balanced, focused strategy; plausible mechanism & outcomes (pitch) Session 9: Compulsory 1:1 session with Teaching Assistants Session 10: Promoting health@work: Organizational level change strategies & integration into organisation Session 11: Promoting health@work: Evaluation types and methods In the third part, the two-person project teams present their project plan in the plenary, discuss it with all students, and obtain feedback by the course leader. Sessions 12: Presentations & discussions of projects (first half of groups) Sessions 13: Presentations & discussions of projects (second half of groups) Given the hands-on workshop character of this lecture, students are required to actively participate in all sessions. Besides raising knowledge on promoting health@work, the students generally will improve their project development skills. Also, as the course has students from D-MTEC, D-HEST and D-USYS, it facilitates their transdisciplinary exchange. Transdisciplinary skills are increasingly needed for addressing complex needs in our society. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Report 7. Workplace Health Management: Principles and Trends. Focus on Mental Health. Health Promotion Switzerland 2018 Link | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | A course for students dedicated to applied learning through projects. As the whole course is designed as a hands-on workshop for the students, active participation in all lectures is required. Class size limited to 30 students. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 363-1095-00L | Entrepreneurial Competencies This course is open to students from all ETH departments. No prerequisites. | W | 3 KP | 2G | J. Thiel | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | What are success-driving skills entrepreneurs bring to the table? In this seminar-style class, we will review the state of knowledge and explore case examples for relevant management, decision-making, and communication styles useful to manage uncertainty and novel contexts. Apart from general intellectual enrichment, you will find room for reflection on your own behaviors and thought patterns. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | This course is designed to provide insight into key behaviors and mindsets that enable human beings to deal with uncertainty and manage the often stressful, sometimes joyful, but for sure high-pressured entrepreneurial life. At the end of this course, participants will: #1 – Have developed a comprehensive understanding of key behaviors and skills useful in the entrepreneurial profession. #2 – Have been exposed to different behavioral concepts & methods relevant for entrepreneurial actors and draw their own conclusions for how to apply them to their own life. #3 – Have obtained a more comprehensive and critical appreciation for what it takes to be a successful professional in entrepreneurial settings (independent ventures or corporate innovation functions). The insights from this course will not only be useful if you consider starting your own company. Many of the themes we will discuss may be equally important for your career in other domains. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | *COURSE PHILOSOPHY/MOTIVATION* This course can be taken as an individual course but may also be a great complement or companion to the often more project-focused courses offered at ETH such as "The Lean Startup Academy" [363-1103-00L]. While project-based courses typically focus on skill-building around ideation, validation, pitching, and fundraising for entrepreneurial endeavors, I am adding the proposition there are many more behavioral and mental skills entrepreneurs need to bring to the table. Our goal in this class will be to review those. *GENERAL COURSE DESIGN* This course is designed as a mix of conversations, provoked by the preparation material and by in-class activities. The materials and workshops are geared to help participants reflect on key challenges around entrepreneurship, and how to potentially tackle them. While we will spend quite some time discussing pop-culture opinions and reviewing evidence from scientific research, I also aspire to have participants critically reflect upon and experiment with their own behavioral approaches. *TYPICAL SESSION STRUCTURE* A typical class in this course departs from a set of questions relevant to the entrepreneurial phenomenon. I ask students to come prepared by having reviewed the respective problem set(s) that motivate the session and having engaged with readings and/or other media material shared upfront. In the classroom, we will then review - typically in a dialogue form - what the academic literature and practitioners have to say. We may not always like the answers we find, and sometimes the knowledge about important questions is sketchy at best. That will provide room for debate and to build on the collective wisdom in the class. *COURSE THEMES* Some of the questions we will explore in this course: Session 01 (28.2.): What do entrepreneurs do? Can it be taught? Is entrepreneurship the rewarding career it is often made out to be? What do you need to learn as an entrepreneur? Session 02 (14.3.): What are the enablers and impediments to getting started? What makes some people better perform under stress than others? Session 03 (28.3.): What makes for an effective entrepreneurial team? Why do people contribute to uncertain endeavors and how to keep them motivated? Session 04 (25.4.): What role does rhetoric have in entrepreneurial ventures? How do entrepreneurs communicate vision effectively? Session 05 (16.5.): Apply your wisdom -- analyze and feedback another team on their pitch. Session 06 (23.5.): How to make decisions under uncertainty? What are the key issues in running successful entrepreneurial experimentation programs? Session 07 (30.5.): Resource Mobilization and ethics. Never let the truth get in the way of a good story: Where are the ethical boundaries in entrepreneurial companies? Much of the current practice in entrepreneurship has emerged from practitioners rather than the academic environment and is subsequently infused with colorful stories and selective case examples. However, as we are at a university-level institution, in this class, I aspire to have us critically review what pop-culture wisdom has produced and mirror that against the scientific evidence we have from top-of-class research. We will be equally critical of both :-) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skript | Class slides and materials will be made available through Moodle. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | Typical preparatory materials for a session consist of a collection of academic papers, blog posts, podcasts, or videos. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | This course is open to students from all departments at ETH. While generally designed with MSc and Ph.D. students in mind, we welcome any student. No prior knowledge is required. Note, a lot of the learning in this class occurs through the focused study and review of the preparation materials and through the active participation in the class dialogue and in-class activities. For best learning outcomes, you will want to make sure that you can participate in the majority of the class sessions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kompetenzen |
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| 363-1103-00L | Lean Startup Academy – From Idea to Startup | W | 3 KP | 2G | D. Hengartner | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | This course puts you right at the center of the entrepreneurial action. Equipped with a KICKBOOK, you will learn how to get from an idea to a tangible prototype and real customer feedback. You will work with state-of-the-art “Lean Startup” methodologies from Silicon Valley, that are used by successful entrepreneurs globally and learn entrepreneurial competences. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | After completing this course: 1. Students will be able to validate an own startup idea with “Lean Startup” methodologies and tools. 2. Students can explain and apply different “Lean Startup” methodologies and tools to validate startup ideas. 3. Students can identify advantages and challenges of different “Lean Startup” methodologies and tools. 4. Students can outline the different steps of validating problem and solution behind their startup idea. 5. Students can test the market in qualitative and quantitative way with “Lean Startup” methodologies and tools. 6. Students can conceptualise, produce and hold a startup pitch presentation in front of a jury. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Have you ever considered becoming a successful startup entrepreneur after finishing your studies? Are you interested in entrepreneurship and want to learn how to work in a startup? Do you just have a great startup idea and want to validate its business potential? If you answered one or more of these questions with “yes”, the Lean Startup Academy might be the right course for you. This course will be put right at the center of the entrepreneurial action. Equipped with a KICKBOOK, you will learn how to get from an idea to a tangible prototype and real customer feedback. You will work with state-of-the-art Lean Startup methodologies from Silicon Valley, that are used by successful entrepreneurs globally. It is project-based learning and you will apply everything you learn right away to validate your own business idea or the idea of another student. At the beginning, you will reflect on your motivation and get the chance to pitch your startup idea to the whole class. Your goal is to recruit a team of other students to validate your idea. You don’t need to pitch an idea and not all presented ideas will be validated during class. The next module will focus around the problem behind your startup idea. You will do research and define different personas. Then you apply quantitative and qualitative methods to engage with potential customers and find a “problem worth solving”. Now you will start prototyping your first solutions and test them on the market to get real customer feedback. You will be surprised how fast, cheap and lean you can do that with the tools and methods that are taught in class. In the next phase you will design the vision, strategy and business model of your startup idea and define your MVP (Minimal Viable Product) and PoC (Proof of Concept). Finally, you will present your validated startup idea to an investor jury. Beforehand you will learn how to structure a pitch, convince your audience and become a successful presenter. But this is not the end – hopefully you were bitten by the entrepreneurial bug and this was just the beginning of your startup journey. In the final class you will learn about the different options to turn your startup idea into an actual startup. This class is taught by corporate entrepreneurship experts, who coach intra- & entrepreneurs on a daily base and provide you with hands-on training and mentoring. The course builds on experiential learning and you will do things rather that listening to concepts and theories. That means, high levels of motivation, commitment and energy are required to take part in this course and move the entrepreneurial ideas forward. As a reward you will learn how to work in a startup environment and develop strong entrepreneurial competences. More info via http://www.kickbox.academy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Natural Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nummer | Titel | Typ | ECTS | Umfang | Dozierende | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 363-1116-00L | Climate Finance Findet dieses Semester nicht statt. | W | 3 KP | 2G | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The course focuses on understanding the impact of climate change on the financial system and the impact of the financial system on climate change. It addresses how firms, banks, governments, insurances and pension funds invest in climate-related financial assets, what are the risks and returns associated with them, and how climate policies impact financial assets and financial stability. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The objectives of this course are threefold. First, it aims to provide participants with an overview of the state-of-the-art situation in matters of the impact of climate on finance and the impact of finance on the environment. Second, it introduces current challenges in the fields of sustainable finance, environmental finance and climate finance, and familiarizes participants with existing methods to solve these challenges. Third, it equips participants with knowledge and tools in climate-finance data analysis which could be applied to the real-world cases by calculating climate-related risks and gains for specific market players. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | It consists of three parts: The first part gives an overview of the relation between finance and climate. It starts with an introduction of the nature of climate change phenomenon and its financial implications. Several types of climate-related financial risks are considered including physical risks of climate change (financial risks associated with natural disasters), and transition risks (associated with the transition to a low-carbon economy, climate policies and regulations, stranded assets). In addition, risks and opportunities associated with the transition to a low-carbon economy are discussed for institutional sectors (banks, investment funds, pension funds and insurance sector), individual market players, and the real economy. The second part allows the participants to acquire knowledge of existing methods and tools in financial climate-related risk assessment including both state-of-the-art academic research methods and current industry practices. It also discusses instruments available to market players for financing the transition to a low-carbon economy (e.g. green bonds, climate funds, concessional loans) and existing measures of assessing the environmental impact of investments. Participants of the course receive an opportunity to apply these methods to real-case portfolios of selected market players. The third part addresses the economic and financial effects of climate policies and environmental regulations. It starts with an overview of implemented and widely debated climate policies. Then, it discusses existing models for the development of economic sectors considering various climate policies and greenhouse gas (GHG) emissions targets. Finally, the course addresses the impact of climate policies on financial institutions, the real economy, individual investors, and provides main arguments on the heated debate on “winners and losers” on the way to decarbonization. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | The main reference of the course is the set of lecture notes; students will also be encouraged to read some influential books and academic articles dealing with the issues under study: [1] “Environmental finance: A guide to Environmental Risk Assessment and financial products”, Labatt, S. and White, R. 2002 [2] “Carbon Finance: the financial implications of climate change”, Labatt, S. and White, R., 2007 [3] “Handbook of environmental and sustainable finance”, Ramiah, V. and Gregoriou, G., 2015 [4] “Greening Economy, Graying Society”, Bretschger, L., CER-ETH Press, Zurich, 2018, 2nd edition [5] “Natural Resource & Environmental Economics”, Perman, R., Ma, Y., McGilvray, J, Maddison, D., and Common, M., 4th edition, Longman, Essex, 2011 Additional literature: [6] “Breaking the tragedy of the Horizon - climate change and financial stability”, Carney, M., 2015. Speech given at Lloyd's of London by the Governor of the Bank of England. [7] “A climate stress-test of the financial system“, Battiston, S., Mandel, A., Monasterolo, I., Schutze, F., Visentin, G., 2017, Nature Clim. Change 7 (4), 283–288. [8] “Vulnerable yet relevant: the two dimensions of climate-related financial disclosure”, Monasterolo, I., Battiston, S., Janetos, A., Zheng, Z., 2017, Clim. Chang. 145 (3-4), 495–507. [9] “Rolling the “DICE”: an optimal transition path for controlling greenhouse gases”, Nordhaus, W.D., 1993. Resour. Energy Econ. 15 (1), 27–50 [10] “A Financial Macro-Network Approach to Climate Policy Evaluation”, Stolbova, V., Monasterolo, I., Battiston, S., Ecological Economics, 149, 2018, 239–253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | No prerequisites. Open to Bachelor students, but only those who are ready to take on the tasks of the course in full. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kompetenzen |
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| 363-0552-00L | Economic Growth and Resource Use | W | 3 KP | 2G | E. Komarov | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurzbeschreibung | The course deals with the factors that contribute to economic development. Throughout the course theoretical economic modelling will be used to discuss the effects of factors – such as land, human/physical capital, technology, fossil energy resources, and climate change – on economic growth and to draw conclusions for the future. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lernziel | The general objective of the course is to provide students tools and intuition to: i) think in a structured way – though economic modelling – about the factors that have lead to the different growth experiences among countries, and still shape our contemporary situation; ii) assess and design policies on the basis of economic development; iii) draw conclusions for the future of economic development, that take into account prevalent issues such as the scarcity of fossil energy resources and climate change. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhalt | Why is economic growth worth studying? Which are the factors behind economic growth? What is the role of natural resources in shaping economic development? Is our finite planet able to support sustainable long-term economic growth? Economics aims at explaining human behaviour; how do we model it and how can we steer it for the better? How do you design an efficient economic policy for a sustainable future? What is sustainable anyway? These are some of the questions you will learn to answer in this course. After spending the first lecture on overviewing the course, and the second lecture on building our mathematical and economic foundation, we begin with the three main modules that comprise this course. The first module – called “Land and Economic Growth” – deals with the historical evolution of the factors behind economic development from the pre-industrial times to our modern growth experiences. By studying the history of economic growth, we understand change and how the society we live in came to be. In this module we will develop economic models that capture the transition from an era of miniscule economic growth that persisted for millennia before the industrial revolution – with land and human labour as the main inputs to economic activity – to our modern growth experience where the continuous improvement in technology and services is our status quo. The second module – called “Non-Renewable Resources and Growth” – deals with the problem of optimal exploitation of non-renewable resources, as well as with the issue of “Resource Curse” – i.e., the observed negative relationship between economic development and resource abundance. Emerging in the 1970s due to two oil crises, the problem of the economy’s extreme dependence on fossil and depletable energy resources sparked a great deal of research to guide our way forward. Some important questions we will formally answer in this module are the following. How do we optimally exploit a given stock of a non-renewable resource? What affects the prices of non-renewable resources? If fossil energy sources – a (so far) important input to production – are getting ever depleted, is long-term growth possible? How do we explain the “Resource Curse” and what are the policies that allow a sustainable future in countries that suffer from such a curse? The third module – called “Climate Change and Growth” – deals with the pressing problem of our changing climate. Greenhouse gas emissions – so far essential for economic activity – accumulate in the atmosphere and alter environmental patterns. This phenomenon – commonly known as climate change – is responsible for the increase in the frequency and the intensity of natural disasters, which damage our stocks of capital and put a drag on economic growth. To derive appropriate policies for a sustainable future, we will incorporate these aspects in workhorse models of the economics and finance literature. Students will learn how to derive and set the “correct” price on the use of polluting energy resources from the perspective of policy-makers. Additionally, pricing of climate change risks for financial markets is important, both for individual investors and central banks, as it is they who provide liquidity to firms to pursue their long-term growth targets. Accordingly, we will close the lecture with the pricing of climate change risks from an investor’s perspective. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Literatur | The main reference of the course is the set of lecture notes; students will also be encouraged to read some influential academic articles dealing with the issues under study. The course is self-contained and only material that was discussed in the lecture will be relevant for the exam. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Voraussetzungen / Besonderes | Knowledge of basic calculus (differentiation - integration) and basic statistics (e.g. what is an expectation; variance-covariance) is considered as a prerequisite. Elementary knowledge of dynamic systems analysis, optimal control theory and economic theory is a plus but not a prerequisite. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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