Course Topics
Preference and Choice. Consumer Choice. Classical Demand Theory. Aggregate Demand. Production. Choice Under Uncertainty. First and Second Welfare Theorems. Non Cooperative Games (strategic/extensive form games, mixed strategies). Repeated Games. Incomplete Information Games: Bayesian Nash Equilibria. Signaling Games and Equilibrium Refinements (+applications). The macroeconomics of financial market imperfections, financial networks, contagion and financial crisis

Teaching format
In presence

Educational objectives
The courses aim to train researchers with strong quantitative and theoretical skills, capable of analyzing economic and financial phenomena. Candidates’ dissertations are expected to adhere to the highest standards of scientific rigor and to demonstrate innovative features that make them suitable for publication in leading international peer-reviewed journals. The programme therefore seeks to contribute to the international scientific debate in economics and finance. To this end, candidates will be encouraged to employ state-of-the-art methodologies and to adopt a multidisciplinary approach. The advanced training provided by the programme, together with the research methods required to complete the dissertation, prepares candidates both for an academic career and for high-level professional positions involving policy analysis and policymaking. Macroeconomics: students will master complex modern macroeconomics, analyzing how financial market imperfections, network structures, and contagion mechanisms generate systemic risks and propagate macroeconomic financial crises.

Additional educational objectives and learning outcomes
Specific educational objectives (Macroeconomics): Understand complex modern macroeconomics, focusing on financial imperfections, network contagions, systemic risk, and their impact on financial crises.

Assessment
Microeconomics: Presentation, homework, take-home exam Macroeconomics: Students are required to select and present two to three academic papers directly related to the core arguments, models, and themes discussed throughout the lectures.

Evaluation criteria
Microeconomics: Ability to develop proofs and to solve exercises, understanding of the concepts presented in class and ability to apply those concepts to new situations Macroeconomics: Marks will be awarded based on the student's demonstrated ability in analytical comprehension, economic intuition and presentation quality

Required readings

Microeconomics: Microeconomic Theory by Mas- Colell, Whinston and Green

Macroeconomics: Brunnermeier, M. and Reis, R. (2023), A Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries. Princeton University Press.

Supplementary readings

Microeconomics: Game Theory by Fudenberg and Tirole

Macroeconomics: Gai, P. (2011), Systemi Risk: The Dynamics of Modern Financial Systems. Oxford University Press.

Further information
12 hours Macroeconomics: Prof. Edoardo Gaffeo 10 hours Microeconomics: Prof. Federico Boffa 10 hours Microeconomics: Prof. Paolo Roberti