Field Markets & Institutions
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1 Field Markets & Institutions Univ.-Prof. Dr. Johannes Münster ( Univ.-Prof. Dr. Susanne Prantl ( Department of Economics, University of Cologne Field Day 2018 Münster/Prantl (Markets & Institutions) Field Day / 12
2 Markets & Institutions: Overview Module (6 ECTS) Course Lecturer Term Seminar many seminar options Höffler, Münster, S or W Prantl, Dertwinkel-Kalt Competition Policy Competition Policy Höffler S Common Topics Economics of Innovation Prantl S Markets A Media Economics Münster W Matching & Market Design Matching & Market Design Westkamp W Topics B Dynamic Models in Empirical IO Vuong S Topics C Industrial Economics new colleague joining soon W Markets B Information Problems in Health Care Markets new colleague joining soon W Münster/Prantl (Markets & Institutions) Field Day / 12
3 and the Economy B Growth, Labor and Inequality in the Global Inequality in the Global Markets & Institutions: Overview Economy Economy Specialisation module Seminar in Growth, Labor and Specialisation module Foundations in Growth, Labor and Inequality in the Global Economy A Specialisation module Foundations in Growth, Labor and Inequality in the Global Economy B Specialisation module Foundations in Growth, Labor and Inequality in the Global Economy C Specialisation module Topics in Growth, Labor and Inequality in the Global Economy 12 6 CC EC Min. 6 6 EC 6 EC 6 EC Max. 6 Markets & Institutions Specialisation module Seminar Markets and Institutions 6 CC 6 18 Macroeconomics, Money Specialisation module Competition Policy 6 EC 12 Specialisation module Specific Markets A 6 EC Specialisation module Specific Markets B 6 EC Specialisation module Topics in Markets and Institutions A 6 EC Specialisation module Topics in Markets and Institutions B 6 EC Specialisation module Topics in Markets and Institutions C 6 EC Specialisation module Common Topics: Markets and Institutions/ Public Economics Specialisation module Matching and Market Design: Theory and Practice Specialisation module Seminar in Macroeconomics, Money and Financial Markets Specialisation module Foundations in Macroeconomics, Money and Financial Markets A A Specialisation module Foundations in Macroeconomics, Money and Financial Markets B B 6 EC 6 EC 6 CC EC 12 6 EC Münster/Prantl (Markets & Institutions) Field Day / 12
4 Markets & Institutions: Research-oriented teaching current research activities in collaborative networks: Center for Social and Economic Behaviour (C-SEB) at UoC Priority Programme 1764 of the Deutsche Forschungsgemeinschaft: The German Labour Market in a Globalised World: Challenges through Trade, Technology, and Demographics Research Profile Area Markets and Governments at WISO Faculty see also research webpages of researchers involved in field Münster/Prantl (Markets & Institutions) Field Day / 12
5 Summer term 2018: Economics of Innovation (Prantl) The course is currently listed as Schwerpunktmodul Common Topics: Markets and Institutions/Public Economics (see Modulhandbuch). This autumn, the module name will change to Schwerpunktmodul Economics of Innovation. You can currently register for the course either as part of the field Markets & Institutions or Macroeconomics & Public Economics. Münster/Prantl (Markets & Institutions) Field Day / 12
6 Economics of Innovation: Course program Exemplary topics of the course are: Uncertainty and the Value of Inventions The Role of Intellectual Property Rights and Science Innovation, Product Market Competition, Entry of New Firms Ideas, Knowledge Production, and Economic Growth Adoption and Diffusion of Technologies Knowledge Spillovers Worker Mobility, Inventor Mobility and Innovation Münster/Prantl (Markets & Institutions) Field Day / 12
7 Economics of Innovation: Course program Lectures: I. The Economics of Innovation (see above) II. Methods of Empirical Modeling in Economic Research Causality and Causal Inference Potential Outcomes, Treatments and Assignment Mechanisms Effect Identification and Identifying Assumptions Difference-in-Differences Methods Instrumental Variables Approaches Regression Discontinuity Designs, etc. Class sessions: III. Discussions of recent research papers (incl. optional student presentations) Münster/Prantl (Markets & Institutions) Field Day / 12
8 Economics of Innovation: Dates The course will next be taught in the Summer Term 2018/19: First lecture on April 11 th, Time: Wednesdays, 8:15-9:45 and 10:00-11:30. Location: WiSo-Hochhaus, 7 th floor, room 710. Lectures and class sessions. The course will be taught in English. Münster/Prantl (Markets & Institutions) Field Day / 12
9 Economics of Innovation: Readings Selected research papers: Angrist, J., P. Azoulay, G. Ellison, R. Hill, and S. Feng Lu Economic Research Evolves: Fields and Styles. American Economic Review: Papers and Proceedings. 107(5): Aghion, P., P. Howitt, and S. Prantl Patent Rights, Product Market Reforms, and Innovation. Journal of Economic Growth, 20(3): Bloom, N., M. Draca and J. Van Reenen Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity. Review of Economic Studies 83 (1): Galasso, A. and M. Schankerman Patents and Cumulative Innovation: Causal Evidence from the Courts. Quarterly Journal of Economics 183 (1): Waldinger, Fabian Bombs, Brains, and Science. The Role of Human and Physical Capital for the Creation of Scientific Knowledge. Review of Economics and Statistics 98(5): Münster/Prantl (Markets & Institutions) Field Day / 12
10 Economics of Innovation: Readings Selected introductory readings: Aghion, P. and P. Howitt The Economics of Growth. Cambridge, USA: MIT Press. Selected chapters. Jones, Charles and Dietrich Vollrath Introduction to Economic Growth. New York, USA: W. W. Norton and Company. Selected chapters. Scotchmer, S Innovation and Incentives. Cambridge, USA: MIT Press. Selected chapters. The Economist Taming the Titans and Coping with Techlash - Silicon Valley, we have a problem. January 20 th, 2018: 11 and Selected readings on empirical modeling: Blundell, R., and M. Costa Dias Alternative Approaches to Evaluation in Empirical Microeconomics. Journal of Human Resources 44(3): Imbens, G. W. and D. B. Rubin Causal Inference for Statistics, Social, and Biomedical Sciences - An Introduction. New York, USA: Cambridge University Press. Selected sections. Wooldridge, J. M Econometric Analysis of Cross Section and Panel Data. Cambridge, USA: MIT Press. Selected sections. Münster/Prantl (Markets & Institutions) Field Day / 12
11 August/November 2018: Seminar (Prantl) Seminar topic: The Behaviour and Decisions of Entrepreneurs and Inventors You will be able to register for the seminar either as part of the field Markets & Institutions or Macroeconomics & Public Economics. Timing: Seminar in November 2018 with kick-off meeting in August Münster/Prantl (Markets & Institutions) Field Day / 12
12 Summer term 2018: Dynamic Models in EIO (Vuong) Block course Dynamic Models in Empirical Industrial Organization : Dynamic programming Industrial economics in the dynamic context Model set-ups, estimation techniques and applications to specific markets You will be able to register for the course as part of the module Schwerpunktmodul Topics in Markets & Institutions B in the field Markets & Institutions. Dates: (12 noon - 2 pm), , , , , ,04.06., and Location: SSC Building, room R Münster/Prantl (Markets & Institutions) Field Day / 12
13 Field Markets and Institutions Prof. Johannes Münster Prof. Johannes Münster () Markets & Institutions 1 / 7
14 My teaching focusses on Media Economics. Lecture Media Economis : every winter semester. Regular seminars. (I also teach Advanced Micro in the research track, every winter term.) This summer term, I am on a sabbatical (Forschungssemester). Prof. Johannes Münster () Markets & Institutions 2 / 7
15 Media Economics Content media: print: newspapers, magazines, books, audiovisual: lm, broadcast TV, radio, video channels Platform media: wireline telecom, wireless telecom cable & satellite TV platforms Internet media: ISPs search engines online news media social media Prof. Johannes Münster () Markets & Institutions 3 / 7
16 Why study media markets? Worlwide media revenue 7% of world GDP Share of discretionary income 20% Share of discretionary time > 50% IO perspective on media markets: high xed costs, low marginal cost two-sided markets Policital economy perspective on media markets Prof. Johannes Münster () Markets & Institutions 4 / 7
17 Media Economics (Modul Speci c Markets A, Lecture & Exercise, every winter term) Syllabus 1 Media s impact on markets, politics, and social outcomes (media e ects research econ style: randomized experiments, DID, IV, RD designs) 2 Structure and performance of media markets (cost structure, optimal pricing, two-sided markets) 3 Political Economy of Media Markets (media bias, media power, media concentration and diversity) Prof. Johannes Münster () Markets & Institutions 5 / 7
18 Seminar Topics of recent seminars News media and political polarization The digital transformation of media markets Media concentration Economics of internet media Political economy of media markets Two-sided markets Prof. Johannes Münster () Markets & Institutions 6 / 7
19 Literature Anderson, Strömberg & Waldfogel (eds.) 2016, The Handbook of Media Economics, Vol. 1A and 1B, Elsevier. Bundeskartellamt 2016, Arbeitspapier Marktmacht von Plattformen und Netzwerken. Allcott, H., & Gentzkow, M. (2017). Social media and fake news in the 2016 election. Journal of Economic Perspectives, 31(2), Prof. Johannes Münster () Markets & Institutions 7 / 7
Field Markets and Institutions
Field Markets and Institutions Prof. Johannes Münster Prof. Johannes Münster () Markets & Institutions 1 / 8 Overview Schwerpunktmodule Markets and Institutions Prof. Johannes Münster () Markets & Institutions
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