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Learning outcomes for the course
Upon completion of the course, the PhD-student shall be able to:
• use microeconomic theory and game theory to analyse information and motivation
problems in different types of institutions.
• explain the importance of asymmetric information for the effectiveness of an institu-tion.
• explain how risk and uncertainty associated with decision-making can be analysed.
• explain the difference between “hidden action” problems and “hidden characteristics”
problems, and explain how to work to solve the respective problems.
• analyse how contracts, or different ways of organising a business, can be used to handle incentive problems in companies.
• analyse the problems with public goods and how incentives can be used to clarify individual actors’ valuation of these goods.
• explain how being able to pair different actors with each other, so called matching, and how the existence of networks can affect an efficient allocation of resources.
• explain how pricing and property rights affect an efficient allocation of resources.
• discuss the importance of cultural differences in the design of institutions and incen-
tives, critically reflect on leaders’ alternative strategies to formal decision models.