The course consists of two parts:

In the first part, the assumptions and various models of microeconomics (e.g., fertility, marriage decision, addictive behavior, housing) are discussed.

In the second part, the solution of differential equations is discussed and fundamental models of macroeconomics (e.g., cobweb model, multiplier-accelerator model, overlapping generations model, bank runs) are covered.

Students are familiar with the use and benefits of formal models in research. They are capable of questioning and defending simple assumptions and discussing the results of theoretical models.

Students are able to solve differential equations and apply them to research questions.

Attendance is mandatory; a maximum of 2 absences will be tolerated.

Lectures and group work. Calculations within the framework of model solutions are solved and discussed during the lectures.

Performance assessment (max. 100 points):

• Midterm Exam (40%)
• Final Exam (40%)
• Modelling Project (20%)

Requirements for a positive overall grade:

• >= 50 points in total
• >= 15 points in the midterm exam
• >= 15 points in the final exam
• >= 8 points in the modelling project

Recommended prerequisite: Proficient handling of basic mathematics and quantitative methods.

If you have a valid course registration but cannot attend this course, please deregister via LPIS during the registration period so that your course place can be made available to other students.

Course places during the registration period are allocated on a "first-come, first-served" basis.

After the registration period ends, available course places will be assigned to students on the waiting list who do not yet have a valid registration for the course, ordered by their study progress, not by their waiting list position.

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Upon request (appointment arrangement via email: fabian.siuda@wu.ac.at)

Reference to the literature for this course is made within the units.