Economics

This course explores the complex interactions between international politics and the global economy, encompassing subjects ranging from geopolitics, security, climate change, global financial systems, and the impact of technology on international trade. 

Students will examine the evolving dynamics of international political economies to navigate the complexities of global economic policymaking process, through a thorough engagement with current case studies to understand the impact of economic decisions on global political structures and vice versa. 

This course examines how to decide where to invest, and how much risk to take on. It covers optimal portfolio construction (Markowitz portfolio theory and Capital Asset Pricing Model (CAPM), how to measure and price risk and exploit mispriced securities, investment strategies, performance evaluation, and bonds and their investment characteristics (such as duration, yield, and term structure). 

This course explores the significant achievements of behavioral economics, focusing on theoretical and empirical evidence. Unlike traditional economics, which assumes human rationality and standard preferences to understand decision-making and behavioral changes, behavioral economics expands human decision-making models based on new insights from psychology and other fields and introduces the concept of policy design and evaluation based upon insights into human behavioral change. Students will gain a thorough understanding of the fundamental concepts of behavioral economics; be able to critically evaluate the traditional economic theories on human rationality; and be able to compare and analyze the usefulness and policy implications of behavioral economics with those of traditional economics. 

Prerequisites: Microeconomics, Basic Calculus 

What is the optimal consumption choice for a consumer given her preferences and income? When will a manager of a firm decide to expand production? What are the costs for the government when it supports the farmers with a per unit subsidy and is such a subsidy socially efficient?  Should monopolies be regulated and if so, how? When does it make sense for a firm to introduce a variable-wage payment scheme? Which attitudes to risk exist and how does this influence behavior? Such questions are treated in this course. The course is specially designed for non-economics students. Assumed previous knowledge: Students are expected to have a good command of secondary school calculus (including simple derivatives).

Tracing the history of beer from China in 7000 BCE, through to the impact of US federal law and European Union regulations, this course explores the determinants and drivers of the economics of beer. It includes an examination of the labor market and brewing, technology and innovation, national beer market trends, media and marketing of beer, new and emerging beer markets, cultural and political factors impacting the beer market, and the decline and rise of local, import, and craft beers.

This course explores the transformative role of new information technologies (IT) and artificial intelligence (AI) in reshaping businesses. Its goal is to equip students with an in-depth understanding of essential economic principles that are crucial for operating and excelling in IT-enabled and/or AI-driven enterprises, while also highlighting the economic ramifications of IT and AI at various levels - including individual firms, broader markets, and society as a whole.  

Students will delve into competitive market analysis and examine IT-specific economic challenges related to pricing, bundling, information asymmetry, and uncertainty. In addition, the module covers AI-centric topics such as automated decision-making and the broader economic effects of AI technologies. Key economic issues associated with IT (such as competitive markets, pricing strategies, and bundling) and foundational concepts like user lock-in, switching costs, and the network effect are discussed. Participants also gain insights into the workings of AI-enabled businesses and address AI-specific economic concerns, including automated decisions, algorithmic bias, and the influence of AI technologies on the job market. 

This course covers processes and theories of government taxation, examining two traditional roles of government in relation to market mechanisms: the provision of public goods and services, and the provision of social insurance and income redistribution. 

This course is not only about theoretical analysis of the abstract expenditure programs, but also about specific institutions and policy debates in Korean context. 

First and second year levels of microeconomics are prerequisite. It is also recommended that students are equipped with mathematical skills related to economics. 

Some of the supplementary materials are written in Korean, thus some Korean language familiarity is recommended; although the materials will be explained in English, some of the terminologies cannot be translated.  

This course introduces the basic tools of game theory and its applications to business choices. The course covers normal form and extensive form games, games of perfect and imperfect/incomplete information, and introduces equilibrium concepts such as Nash equilibrium, subgame-perfect equilibrium and perfect Bayesian equilibrium. It also looks at repeated games and the theory of reputation.

This course provides an introduction to the statistical and econometric theory underlying surveys and counterfactual policy evaluations, which have long played a prominent role in democracies' political life. Doing so, it sharpens critical appraisal of the very many surveys and policy evaluations that are to be found in public discourse. This class uses mathematical notation and proofs: students should be motivated to engage with mathematically formalized material.

This course examines environmental issues with the aid of economic theory. Topics include sustainability of economies; pollution as an externality; approaches to dealing with pollution in different countries; methods of valuing the environment and environmental damage; effect on future generations; environmental amenity as a public good; and the environment and economic development.