- Introduction into core theoretical concepts such as preferences over lotteries, Arrow-Debreu securities, arbitrage, the law of one price, market completeness, etc.

- Stylized Facts in (aggregate) Asset Pricing

- In-depth discussion of prominent consumption-based models

The students acquire a basic knowledge of asset pricing and the most prominent consumption-based models. The focus will be on theory and the empirics of aggregate market level outcomes.

Attendance is mandatory.

Taught course,Whiteboard, open discussions, presentations by students.

80% Final Exam

10% Problem Sets

10% Participation in class

The course is primarily designed for Ph.D. students, and assumes knowledge of some basic general equilibrium theory and dynamic programming

Grades are based on the (quality of) solution of exercises, presentations, and a final written test (exact weights too be determined).