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| Semester | spring semester 2024 |
| Course frequency | Every spring sem. |
| Lecturers | Dietmar Maringer (dietmar.maringer@unibas.ch, Assessor) |
| Content | The field of computational economics covers a variety of numerical methods and approaches for all sorts of applications in economics, finance and business. This course highlights some of these and provides participants with computational techniques that every modern economist should have in their methodological toolbox. After a quick revision of basic numerical methods, Monte Carlo methods are discussed. These can be used to analyse models and systems involving randomness. Topics include sampling, path generation, modelling uncertainty and risk, and evaluating simulations. Next, methods for modelling and analysing complex and adaptive systems in an economic context are then presented. Real-world situations often exhibit heterogeneity, butterfly effects, network effects, self-organisation or critical situations that are difficult to analyse using traditional economic approaches. Agent-based modelling and agent-based simulation are increasingly used in this context, and the course covers these topics. The course if very "hands-on" and allows for numerous own implementations and experiments. This will help participants to gain a solid understanding of these methods, their practical application, strengths and limitations. |
| Learning objectives | Successful participants will be familiar with fundamental numerical methods, necessary to approach and solve quantitative problems in economics and business. Also, they will acquire programming skills to implement economic / management models and the necessary methods. |
| Bibliography | Course material will be provided. *) Miranda, M. J. & Fackler, P. L. Applied Computational Economics and Finance The MIT Press, 2002 *) Brandimarte, P. Handbook in Monte Carlo Simulation. Applications in Financial Engineering, Risk Management, and Economics Wiley, 2014 *) Brandimarte, P. Numerical Methods in Finance and Economics, Wiley-Interscience, 2006 *) Gilli, M.; Maringer, D. & Schumann, E. Numerical Methods and Optimization in Finance, Academic Press, 2nd edition 2019. (or 1st ed., 2011) *) Kroese, D. P.; Taimre, T. & Botev, Z. I. Handbook of Monte Carlo Methods Wiley, 2011 *) Jones, O.; Maillardet, R. & Robinson, A. Introduction to Scientific Programming and Simulation Using R, CRC Press, 2009 *) Langtangen, H. P. A Primer on Scientific Programming Using Python Springer, 2014 *) Easley, D. & Kleinberg, J. Networks, Crowds and Markets. Reasoning about a Highly Connected World Cambridge University Press, 2010 *) Hommes, C. Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems Cambridge University Press, 2013 *) Jackson, M. O. Social and Economic Networks Princeton University Press, 2008 *) Tesfatsion, L. & Judd, K. J. (Eds.) Handbook of Computational Economics Vol. 2: Agent-Based Computational Economics North-Holland, 2006 Specific recommendations and additional literature to be announced during the course. |
| Comments | Throughout the course, we will use Python to implement methods and concepts, and perform experiments. Participants are expected to have at least a basic knowledge of programming as taught in "58989 Computing for Business and Economics". |
| Weblink | Weblink |
| Admission requirements | Completed Bachelor in Business and Economics 58989 Computing for Business and Economics or equivalent |
| Course application | 1. Please register for the course and the subsequent assignment via this link here https://adam.unibas.ch/goto.php?target=crs_1489583_rcodeP2fTbUfLmH&client_id=adam from 01.01.24 - 08.02.24. Please make sure that you are already registered for the spring semester and have paid the semester fees. 2. Eucor-/ Mobility students and students from other Swiss Universities/ FHs must then also register with a special course registration sheet at the Studiensekretariat (Student Administration Office). Detailed information can be found on the homepage: https://www.unibas.ch/en/Studies/Mobility.html 3. A deregistration is possible until 14.02.24 at the latest by email to belegungstorno-wwz-at-unibas.ch Please state the course number, title and your matriculation number! 4. Please note that your registration will be entered in your Online Services only after the official deadline of the course registration period, i.e. after 25.03.2024. 5. The following applies to everyone: enrollment = registration for the exam/assignment! In case of non-participation after registration it will be noted as "nicht erschienen" in the transcript. |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| Block | See individual dates | ||
| Date | Time | Room |
|---|---|---|
| Monday 12.02.2024 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Tuesday 13.02.2024 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Wednesday 14.02.2024 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Thursday 15.02.2024 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Friday 16.02.2024 | 10.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Grosses PC-Labor S18 HG.37 |
| Modules |
Module: Field Electives in Economics and Public Policy (Master's Studies: Economics and Public Policy) Module: Risk Analysis (Master's Studies: Actuarial Science) Module: Specific Electives in Data Science and Computational Economics (Master's Studies: Business and Economics) Module: Technology Field (Master's Studies: Business and Technology) Specialization Module: Areas of Specialization in International and/or Monetary Economics (Master's Studies: International and Monetary Economics) |
| Assessment format | record of achievement |
| Assessment details | Combination of active participation, assignment(s), and final exam. written exam: 9.4.24; 09:00-10:00, WWZ S15: A-Z. |
| Assessment registration/deregistration | Registration/deregistration: teaching staff |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |