Search result: Catalogue data in Autumn Semester 2017
|MAS in Management, Technology, and Economics |
MAS MTEC Introductory Event for 1st Semester Students.
01.09.2017, 18:00 - 20:00, Dozentenfoyer ETH Zurich, main campus, HG J
|General Management and Human Resource Management|
|363-0301-00L||Work Design and Organizational Change||W+||3 credits||2G||G. Grote|
|Abstract||Good work design is crucial for individual and company effectiveness and a core element to be considered in organizational change. Meaning of work, organization-technology interaction, and uncertainty management are discussed with respect to work design and sustainable organizational change. As course project, students learn and apply a method for analyzing and designing work in business settings.|
|Objective||- Know effects of work design on competence, motivation, and well-being|
- Understand links between design of individual jobs and work processes
- Know basic processes involved in systematic organizational change
- Understand the interaction between organization and technology and its impact on organizational change
- Understand relevance of work design for company performance and strategy
- Know and apply methods for analyzing and designing work
|Content||- Work design: From Adam Smith to job crafting|
- Effects of work design on performance and well-being
- Approaches to analyzing and designing work
- Modes of organizational change and change methods
- Balancing stability and flexibility in organizations as design criterium
- The organization-technology interaction and its impact on work design and organizational change
- Example Flexible working arrangements
- Strategic choices for work design
|Literature||A list of required readings will be provided at the beginning of the course.|
|Prerequisites / Notice||The course includes the completion of a course project to be conducted in groups of four students. The project entails applying a particular method for analyzing and designing work processes and is carried out by means of interviews and observations in companies chosen by the students.|
|363-0341-00L||Introduction to Management||W+||3 credits||2G||S. Brusoni, P. Baschera|
|Abstract||This course is an introduction to the critical management skills involved in planning, structuring, controlling and leading an organization.|
|Objective||We develop a 'systemic' view of organizations. |
We look at organizations as part of an industry context, which is affected by different elements like strategy, structure, culture, tasks, people and outputs.
We consider how managerial decisions are made in any one of these domains affect decisions in each of the others.
|Content||Further information is available on the Tim Group Chair's website: |
and on the Moodle of the course:
(The Enrollment Key to Moodle will be provided during the course. Please contact the TA of the course: Ms. Barbara La Cara, email@example.com)
|Lecture notes||The content of the course will rely on the book:|
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. 2012. Introduction to Management. New York: McGraw Hill.
Selected readings from the book and additional learning materials will be available on the course Moodle:
All the materials uploaded on Moodle must be considered as required readings.
|Prerequisites / Notice||The final exam of the present course is in written form.|
The final exam is requested for all types of students (BSc, MSc, MAs, PhD, and Exchange students).
It is not possible to retake the exam within the same term or academic year.
We strongly recommend Exchange students to take it into consideration when selecting the courses to attend.
|365-1083-00L||Leading the Technology-Driven Enterprise |
Exclusively for MAS MTEC students (first semester).
A parallel enrolment for the lecture Introduction to Management (363-0341-00) is mandatory.
Limited number of participants: a minimum of 20 persons and a maximum of 60 persons.
Please register by 01.11.2017 at the latest via myStudies.
|W+||1 credit||1S||P. Ramakrishnan, D. Röttger|
|Abstract||The bloc-course is about change leadership. It provides MAS students with coaching and mentoring from two senior change leaders in the attempt to develop critical management skills and bridge the gap between theory and practice.|
|Objective||The general objective of the course is to enable MAS students with post work experience to think critically about concepts discussed in class during the course of Introduction to Management (i.e., the transformation process by Nadler and Tushman, 1980) and their own professional challenges.|
|Content||This course is tailored to, firstly, enable participants to understand key concepts of technology and innovation management and, secondly, gain practical "real-life based" leadership skills that improve their ability to implement massive innovative change in today's dynamic global work and marketplace. In consequence, the first part of the course explores foundational frameworks in technology and innovation management with a particular focus on the evolution and adoption of technology-based innovations. The second part of the course, then, provides tools for successfully implementing innovation initiatives at all levels - individual, project and organization.|
|Literature||Literature and readings will be announced beforehand.|
|Strategy, Technology and Innovation Management|
|363-0403-00L||Introduction to Marketing||W+||3 credits||2G||F. von Wangenheim|
|Abstract||The course is designed to convey a profound understanding of marketing's role in modern firms, its interactions and interfaces with other disciplines, its main instruments and recent trends. Particular attention is given to emerging marketing concepts and instruments, and the role of marketing in technology firms.|
|Objective||After taking the lecture, students should have knowledge about|
1) The definition and role of marketing (marketing basics)
2) Creating marketing insights - understanding customer behavior
- Theoretical concepts in customer behavior (customer behavior)
- Analytical means to extend knowledge on customer behavior (marketing research)
- Strategic tools to quantify customer behavior (CLV, CE)
3) Strategic marketing - translating marketing insights into actionable marketing strategies
- Segmentation, Targeting, and Positioning
- Attracting customers (marketing mix, 4Ps)
- Maintaining profitable customer relations (CRM)
|Content||The course is designed to convey a profound understanding of marketing's role in modern firms, its interactions and interfaces with other disciplines, its main instruments and recent trends. Particular attention is given to emerging marketing concepts and instruments, and the role of marketing in technology firms.|
The lecture features tutorial sessions that are held at irregularly spaced intervals throughout the semester (approximately every third week). The tutorial sessions take place at the same time and location as the main lecture. It serves to illustrate theoretical and methodological concepts from the lecture by walking students through the analysis of real-world data from the telecommunications industry. The case data will be provided so that students practice and apply the concepts of the lecture on their own. The tutorial is held jointly by two Teaching Assistants (Zhiying Cui and Jana Gross) and the professor (Prof. F. von Wangenheim).
|Literature||Kotler, P./Armstrong, G.: Principles of Marketing, 17th edition, Pearson 2017.|
Weekly readings, distributed in class (via Moodle)
|Information Management, Operations Management|
|363-0445-00L||Production and Operations Management||W+||3 credits||2G||T. Netland|
|Abstract||This core course on Production and Operations Management provides the students insights into the basic theories, principles, concepts, and techniques used to design, analyze, and improve the operational capabilities of an organization.|
|Objective||This POM core course provides students a broad theoretical basis for understanding, analyzing, designing, and improving operations. After completing this course:|
1. Students can apply key concepts of operations strategy for analyzing production processes.
2. Students can conduct basic process mapping analysis and elaborate the limitations of the chosen method.
3. Students can calculate the needed capacity for production and service operations.
4. Students can select and use problem solving tools and methods.
5. Students can select and use the basic tools of lean thinking to improve the productivity of production and service operations.
6. Students can explain how new technologies and servitization affect production and operations management.
7. Additional skills: Students acquire experience in teamwork, report writing and presentation.
|Content||The course covers the most fundamental strategic and tactical concepts in production and operations management. The lectures cover: Introduction to POM; Operations strategy; Capacity management; Production planning and control; Lean management; Performance measurement; Problem solving; Service operations and servitization; New technologies in POM.|
|Literature||Paton, S.; Clegg, B.; Hsuan, J.; Pilkington, A. (2011) Operations Management, 1st ed., McGraw Hill.|
|363-0421-00L||Mastering Digital Business Models |
Number of participants limited to 100
|W+||3 credits||2G||E. Fleisch|
|Abstract||This lecture provides a theory- and practice-based understanding of how today's information technologies enable new digital business models and disrupt existing markets.|
|Objective||A. After the lecture, the student is able to evaluate digital business models from different angels, including theory-based views:|
- Definition and classification of business models
- Digital business model patterns
- Theoretical frameworks that explain why and how digital business models function
- Impact of digital business model patterns on P&L and balance sheet
Students know how to measure & evaluate investments into the digital space as
- a decision maker in an established company (should I invest in project A or B?)
- an entrepreneur (should I pursue this venture?)
- an investor (should I invest in start-up xy?)
B. The student knows different tools to design digital business model patterns.
|Content||Uber, Airbnb, Nest and Jawbone - A wide range of innovative companies exist, which successfully implemented ICT enabled business models and continue to grow at a rapid pace. Examples, illustrating how digitalization, including the "Internet of Things" currently fosters business model innovation across various industries. This course is designed to help students to understand and critically assess such newly immerging (digital) business models.|
For the lecture students will get access to one of the leading online teaching platforms (called edX) also offered by other top universities (incl. MIT, Harvard, Berkeley, etc.). Using the edX platform, will allow students to collaborate in online discussions, solve online exercises and present a short educational video as part of a group project.
Business model innovation; (digital) business model patterns; business value of IT; the concept of integration; transaction cost perspective; network economics perspective; essentials and impact of web 2.0, internet of things, mobile computing, market places, social analytics and big data; IT governance and portfolio management; entrepreneurship in the digital space, etc.
|Quantitative and Qualitative Methods|
|363-0541-00L||Systems Dynamics and Complexity||W+||3 credits||3G||F. Schweitzer, G. Casiraghi, V. Nanumyan|
|Abstract||Finding solutions: what is complexity, problem solving cycle.|
Implementing solutions: project management, critical path method, quality control feedback loop.
Controlling solutions: Vensim software, feedback cycles, control parameters, instabilities, chaos, oscillations and cycles, supply and demand, production functions, investment and consumption
|Objective||A successful participant of the course is able to: |
- understand why most real problems are not simple, but require solution methods that go beyond algorithmic and mathematical approaches
- apply the problem solving cycle as a systematic approach to identify problems and their solutions
- calculate project schedules according to the critical path method
- setup and run systems dynamics models by means of the Vensim software
- identify feedback cycles and reasons for unintended systems behavior
- analyse the stability of nonlinear dynamical systems and apply this to macroeconomic dynamics
|Content||Why are problems not simple? Why do some systems behave in an unintended way? How can we model and control their dynamics? The course provides answers to these questions by using a broad range of methods encompassing systems oriented management, classical systems dynamics, nonlinear dynamics and macroeconomic modeling. |
The course is structured along three main tasks:
1. Finding solutions
2. Implementing solutions
3. Controlling solutions
PART 1 introduces complexity as a system immanent property that cannot be simplified. It introduces the problem solving cycle, used in systems oriented management, as an approach to structure problems and to find solutions.
PART 2 discusses selected problems of project management when implementing solutions. Methods for identifying the critical path of subtasks in a project and for calculating the allocation of resources are provided. The role of quality control as an additional feedback loop and the consequences of small changes are discussed.
PART 3, by far the largest part of the course, provides more insight into the dynamics of existing systems. Examples come from biology (population dynamics), management (inventory modeling, technology adoption, production systems) and economics (supply and demand, investment and consumption). For systems dynamics models, the software program VENSIM is used to evaluate the dynamics. For economic models analytical approaches, also used in nonlinear dynamics and control theory, are applied. These together provide a systematic understanding of the role of feedback loops and instabilities in the dynamics of systems. Emphasis is on oscillating phenomena, such as business cycles and other life cycles.
Weekly self-study tasks are used to apply the concepts introduced in the lectures and to come to grips with the software program VENSIM.
|Lecture notes||The lecture slides are provided as handouts - including notes and literature sources - to registered students only. All material is to be found on the Moodle platform. More details during the first lecture|
|Prerequisites / Notice||Self-study tasks (discussion exercises, Vensim exercises) are provided as home work. Weekly exercise sessions (45 min) are used to discuss selected solutions. Regular participation in the exercises is an efficient way to understand the concepts relevant for the final exam.|
|363-0565-00L||Principles of Macroeconomics||W+||3 credits||2V||J.‑E. Sturm|
|Abstract||This course examines the behaviour of macroeconomic variables, such as gross domestic product, unemployment and inflation rates. It tries to answer questions like: How can we explain fluctuations of national economic activity? What can economic policy do against unemployment and inflation. What significance do international economic relations have for Switzerland?|
|Objective||This lecture will introduce the fundamentals of macroeconomic theory and explain their relevance to every-day economic problems.|
|Content||This course helps you understand the world in which you live. There are many questions about the macroeconomy that might spark your curiosity. Why are living standards so meagre in many African countries? Why do some countries have high rates of inflation while others have stable prices? Why have some European countries adopted a common currency? These are just a few of the questions that this course will help you answer.|
Furthermore, this course will give you a better understanding of the potential and limits of economic policy. As a voter, you help choose the policies that guide the allocation of society's resources. When deciding which policies to support, you may find yourself asking various questions about economics. What are the burdens associated with alternative forms of taxation? What are the effects of free trade with other countries? What is the best way to protect the environment? How does the government budget deficit affect the economy? These and similar questions are always on the minds of policy makers.
|Lecture notes||The course webpage (to be found at https://moodle-app2.let.ethz.ch/course/view.php?id=3543) contains announcements, course information and lecture slides.|
|Literature||The set-up of the course will closely follow the book of |
N. Gregory Mankiw and Mark P. Taylor (2017), Economics, Cengage Learning, Fourth Edition.
We advise you to also buy access to Aplia. This internet platform will support you in learning for this course. To save money, you should buy the book together with Aplia. This is sold as a bundle (ISBN: 978-1-473762008).
Besides this textbook, the slides and lecture notes will cover the content of the lecture and the exam questions.
|363-0503-00L||Principles of Microeconomics||W+||3 credits||2G||M. Filippini|
|Abstract||The course introduces basic principles, problems and approaches of microeconomics.|
|Objective||The learning objectives of the course are:|
(1) Students must be able to discuss basic principles, problems and approaches in microeconomics. (2) Students can analyse and explain simple economic principles in a market using supply and demand graphs. (3) Students can contrast different market structures and describe firm and consumer behaviour. (4) Students can identify market failures such as externalities related to market activities and illustrate how these affect the economy as a whole. (5) Students can apply simple mathematical treatment of some basic concepts and can solve utility maximization and cost minimization problems.
|Lecture notes||Lecture notes, exercises and reference material can be downloaded from Moodle.|
|Literature||N. Gregory Mankiw and Mark P. Taylor (2017), "Economics", 4th edition, South-Western Cengage Learning.|
The book can also be used for the course 'Principles of Macroeconomics' (Sturm)
For students taking only the course 'Principles of Microeconomics' there is a shorter version of the same book:
N. Gregory Mankiw and Mark P. Taylor (2017), "Microeconomics", 4th edition, South-Western Cengage Learning.
1. R. Pindyck and D. Rubinfeld (2012), "Microeconomics", 8th edition, Pearson Education.
2. Varian, H.R. (2014), "Intermediate Microeconomics", 9th edition, Norton & Company
|363-0711-00L||Accounting for Managers||W+||3 credits||2V||J.‑P. Chardonnens|
|Abstract||Overview of financial and managerial accounting|
Accounting for current and fixed assets
Liabilities and owner’s equity
Recording change in balance sheet
Measuring financial performance
Managing financial reporting
Full and variable costing system
Using accounting information for decision making purposes
|Objective||Understand the different procedures involved in the accounting system|
Record change in financial position
Measure business income
Prepare final accounts
Understand the principles of cost accounting
Calculate the different product costs
Make decisions about the acceptance or rejection of a particular product
|Content||Financial Accounting: Balance sheet, income statement, double-entry accounting, journal and ledger, accounting for merchandising activities, value-added tax, adjustments before final accounts, provisions, depreciation, valuation,|
Managerial Accounting: Full costing, variable costing, cost-volume profit, break-even analysis, activity-based costing
|Prerequisites / Notice||This course is a prerequisite for the course Financial Management.|
|Strategy, Technology and Innovation Management|
|363-0392-00L||Strategic Management |
Number of participants limited to 80.
Registration through myStudies (first come, first served). If you are unable to sign up through myStudies, please contact the course assistant:
|W+||3 credits||2G||G. von Krogh|
|Abstract||This courses conveys concepts and methods in strategic management, with a focus on competitive strategy. Competitive strategy aims at improving and establishing position of firms within an industry.|
|Objective||The lecture "Strategic Management" is designed to teach relevant competences in strategic planning and -implementation, for both professional work-life and further scientific development. The course provides an overview of the basics of “strategy” and the most prevalent concepts and methods in strategic management. The course is given as a combination of lectures about concepts/methods, and case studies where the students solve strategic issues of the case companies. In two sessions, the students will also be addressing real-time strategic issues of firms that are represented by executives.|
a. Strategy concepts
b. Industry dynamics I: Industry analysis
c. Industry dynamics II: Analysis of technology and innovation
d. The resource-based theory of the firm
e. The knowledge-based theory of the firm
|Prerequisites / Notice||Number of participants limited to 80. Registration through myStudies (first come, first served). You will receive a confirmation email from us once you have successfully registered. We do not use the mystudies-Waiting List, but a seperate internal system.|
For further questions and if you are unable to sign up through myStudies, please contact the course assistant:
Session #0: (September 25) Organizational Issues
Session #1: (October 2) Strategy Concepts & How to Solve a Case
Session #2: (October 23) Industry Dynamics I & Guest lecture I
Session #3: (October 30) Guest Lecture II
Session #4: (November 6) Industry Dynamics II
Session #5: (November 13) Resource-Based Theory
Session #6: (November 20) Knowledge-based Theory
Session #7: (November 27) Guest Lecture III
For participants of the MAS-MTEC program we offer a complentary course Practicing Strategy in which students will apply the concepts of Strategic Management to their real-life contexts and organizations. Please register simultaneously for both courses if you want to take part in this course.
For more information please see:
|365-1059-00L||Practicing Strategy |
Exclusively for MAS MTEC students (third semester).
A parallel enrolment for the lecture Strategic Management (363-0392-00) in the same semester is mandatory.
Limited number of participants: a minimum of 10 persons and a maximum of 28 persons.
Please register through myStudies to enrol for the course no later than 23.10.2017.
|W+||1 credit||1S||G. von Krogh, S. Herting|
|Abstract||This lecture is a special course for MAS students which supplements the Strategic Management course. Participants work on real-life strategy problems in a two-day workshop and apply concepts & methods from the Strategic Management course to develop suitable solutions.|
|Objective||The goal of the course is that participants are able to transfer and use the concepts and methods from the Strategic Management lecture to develop solutions for strategic issues in real-life business contexts.|
|Prerequisites / Notice||Successful registration and prior/parallel enrollment in "363-0392-00 G Strategic Management" required (see course catalogue page for details).|
|363-0387-00L||Corporate Sustainability||W+||3 credits||2G||V. Hoffmann|
|Abstract||The lecture explores current challenges of corporate sustainability and prepares students to become champions for sustainable business practices. In the beginning, traditional lectures are complemented by e-modules that allow students to train critical thinking skills. In the 2nd half of the semester, students work in teams on sustainability challenges related to water, energy, mobility, and food.|
- assess the limits and the potential of corporate sustainability for sustainable development
- develop critical thinking skills (argumentation, communication, evaluative judgment) that are useful in the context of corporate sustainability using an innovative writing and peer review method.
- recognize and realize opportunities through team work for corporate sustainability in a business environment
- present strategic recommendations in teams with different output formats (tv-style debate, consultancy pitch, technology model walk-through, campaign video)
|Content||In the first part of the semester, Prof. Volker Hoffmann will share his insights on corporate sustainability with you through a series of lectures. They introduce you to a series of critical thinking exercises and build a foundation for your group work. In the second part of the semester, you participate in one of four tracks in which SusTec researchers will coach your groups through a seven-step program. Our ambition is that you improve your analytic and organizational skills and that you can confidently stand up for corporate sustainability in a professional setting. You will share the final product of your work with fellow students in a final puzzle session at the end of the semester.|
|Lecture notes||Presentation slides will be made available on moodle prior to lectures.|
|Literature||Literature recommendations will be distributed during the lecture|
|Information Management, Operations Management|
|363-0425-00L||Transformation: Corporate Development and IT||W+||3 credits||2G||T. Gutzwiller|
|Abstract||The lecture treats the main challenges of business transformation and the alignment of corporate development and IT activities. It presents a holistic approach to business transformation projects by introducing an integrated model dealing with three main design areas "strategy", "processes" and "information systems" and applying this model to various case studies.|
|Objective||The goal of the lecture is to understand the main challenges of corporate transformation and to demonstrate the application of a holistic project procedure model for corporate transformation projects with special emphasis on the alignment of business and IT. |
The student should understand and be able to explain
• the main reasons for corporate transformation,
• the relevant management processes to manage corporate transformation,
• the interdependencies between strategy, processes and information systems, especially how this three levels interrelate,
• the critical success factors for the successful accomplishment of large scale corporate transformation projects,
• the main instruments of project, quality and change management and
• the different types of resulting IT projects.
|Content||The globalization of the world leads to an increasingly faster pace in business transformation. Enterprises have to adapt faster and even faster to the environmental changes in a global economy to remain competitive and to make sure they stay in business. In today’s information age this does not only mean to adapt business strategy and business processes but also to adapt information systems to the new circumstances. The fast adaptation trough large scale corporate transformation projects that change strategy, business processes and information systems is critical to ensure competitiveness for tomorrow. The introduction of new business processes and information systems typically takes years in very complex large scale projects. Many projects fail because of insufficient alignment between decision makers in business and IT. Unclear understanding of the overall project scope, undefined roles and responsibilities, unclear project processes, quality problems and resistance to change are some typical problems found in such projects. The lecture is subdivided into following modules: |
• Corporate development – introduction and motivation,
• Parallelization of corporate development and complexity reduction,
• Planning process and project portfolio management in corporate development,
• Management of large scale projects – integration of strategy, processes and information systems,
• Quality management in large scale projects,
• Project management in large scale projects,
• Change management within projects. The lecture is accompanied by four case studies that are used to exemplify the contents of the lecture by applying the concepts to real situations in corporate life.
|363-0453-00L||Strategic Supply Chain Management||W+||3 credits||2G||S. Wagner|
|Abstract||The course offers an introduction to the theory and practice of supply chain management. Students will learn how to develop supply chain strategies and supply chain networks based on firms’ competitive strategies and marketing priorities.|
|Objective||The task of designing and managing supply chains requires that managers apply strategic, decision making and leadership skills in a supply chain context. The goal of this course is to develop and practice these skills.|
|Content||Effective supply chains ought to be aligned with and support the achievement of the firm’s corporate, business and product strategies, taking into account future opportunities and risks. This course will familiarize students with modern supply chain management theory and practice to develop and manage supply chains. The topics covered range from fundamental logistics and supply chain concepts (e.g. push vs. pull, postponement) to the development of supply chain strategies, relationships and networks.|
|Lecture notes||Course material will be available for download from the homepage of the Chair of Logistics Management:|
Login will be provided in the first lecture or can be obtained from the Teaching Assistant Stefan Naef (firstname.lastname@example.org).
|Literature||The following textbook is mandatory:|
Chopra, Sunil and Meindl, Peter (2016): Supply chain management: Strategy, planning, and operation, 6th ed., Harlow, UK: Pearson Education.
The following textbook is supplementary:
Hopp, Wallace J. (2008): Supply chain science, New York: McGraw-Hill/Irwin
|Prerequisites / Notice||The final course grade will be a weighted average of the following:|
Exam (semester end): 70%
Case studies (during the semester): 30%
Students (at least in groups of two) must bring a laptop with MS Excel and the Excel Solver installed to class.
|Quantitative and Qualitative Methods|
|363-0305-00L||Empirical Methods in Management||W+||3 credits||2G||F. von Wangenheim|
|Abstract||Evidence-based management requires valid empirical research. In this course, students will learn the basics of research design, fundamentals of data collection and statistical methods to analyze the data acquired in social science research. Students are expected to apply their knowledge in class discussions and out-of-class assignments.|
|Objective||- Ability to formulate research questions and designing an appropriate study|
- Ability to collect and analyze data using a variety of methods
- Ability to critically assess the quality of empirical research in management
- Applied knowledge of empirical methods through out-of-class assignments
|Content||1) Introduction to empirical management research|
2) Research designs: exploratory, descriptive, experimental
3) Measurement and scaling
4) Data collection and sampling
5) Data analysis methods
6) Reporting and presenting empirical research
|Prerequisites / Notice||Assignments and projects: This course includes out-of-class assignments and projects to give students some hands-on experience in conducting empirical research in management. Projects will focus on one particular aspect of empirical research, like the formulation of a research question or the design of a study. Students will have at least one week to work on each assignment. Students are expected to work on these assignments individually. Duplicate answers will receive no credit and will be subject to a disciplinary review. Assignments will be graded and need to be turned-in on time. |
Class participation: Class participation is encouraged and can greatly improve students' learning in this class. In this spirit, students are expected to attend class regularly and come to class prepared.
|363-1004-00L||Operations Research||W+||3 credits||2G||M. Laumanns|
|Abstract||This course provides an introduction to operations research methods in the fields of management science and economics. Requisite mathematical concepts are introduced with a practical, problem-solving perspective.|
|Objective||- Introduction to building and using quantitative models in a business / industrial environment|
- Introduction to basic optimization techniques (Linear Programming and extensions, network flows, integer programming, dynamic and stochastic optimization)
- Understanding the integration of quantitative models into the managerial decision process
|Content||The following topics are covered: Systems and models, linear models and the importance of linear programming, duality theory and shadow prices, integer programming, optimization under uncertainty and applications in inventory management.|
|Lecture notes||A printed script will be made available.|
|Literature||Any standard textbook in Operations Research is a useful complement to the course.|
|Prerequisites / Notice||Undergraduate calculus, linear algebra, probability and statistics are a prerequisite.|
|363-0537-00L||Resource and Environmental Economics||W+||3 credits||2G||L. Bretschger, A. Brausmann|
|Abstract||Relationship between economy and environment, market failure, external effects and public goods, contingent valuation, internalisation of externalities; economics of non-renewable resources, economics of renewable resources, cost-benefit analysis, sustainability, and international aspects of resource and environmental economics.|
|Objective||Understanding of the basic issues and methods in resource and environmental economics; ability to solve typical problems in the field using the appropriate tools, which are concise verbal explanations, diagrams or mathematical expressions.|
Introduction to resource and environmental economics
Importance of resource and environmental economics
Main issues of resource and environmental economics
Fairness according to Rawls
Economic growth and environment
Externalities in the environmental sphere
Governmental internalisation of externalities
Private internalisation of externalities: the Coase theorem
Free rider problem and public goods
Types of public policy
Efficient level of pollution
Tax vs. permits
Command and Control Instruments
Empirical data on non-renewable natural resources
Optimal price development: the Hotelling-rule
Effects of exploration and Backstop-technology
Effects of different types of markets.
Biological growth function
Optimal depletion of renewable resources
Social inefficiency as result of over-use of open-access resources
Cost-benefit analysis and the environment
Measuring environmental benefit
Concept of sustainability
Conflicts sustainability / optimality
Indicators of sustainability
Problem of climate change
Cost and benefit of climate change
Climate change as international ecological externality
International climate policy: Kyoto protocol
Implementation of the Kyoto protocol in Switzerland
|Content||Economy and natural environment, welfare concepts and market failure, external effects and public goods, measuring externalities and contingent valuation, internalising external effects and environmental policy, economics of non-renewable resources, renewable resources, cost-benefit-analysis, sustainability issues, international aspects of resource and environmental problems, selected examples and case studies.|
|Literature||Perman, R., Ma, Y., McGilvray, J, Common, M.: "Natural Resource & Environmental Economics", 3d edition, Longman, Essex 2003.|
|363-0561-00L||Financial Market Risks||W+||3 credits||2G||D. Sornette|
|Abstract||I aim to introduce students to the concepts and tools of modern finance and to make them understand the limits of these tools, and the many problems met by the theory in practice. I will put this course in the context of the on-going financial crises in the US, Europe, Japan and China, which provide fantastic opportunities to make the students question the status quo and develop novel solutions.|
|Objective||The course explains the key concepts and mechanisms of financial economics, their depth and then stresses how and why the theories and models fail and how this is impacting investment strategies and even a global view of citizenship, given the present developing crises in the US since 2007 and in Europe since 2010.|
-Development of the concepts and tools to understand these risks and master them.
-Working knowledge of the main concepts and tools in finance (Portfolio theory, asset pricing, options, real options, bonds, interest rates, inflation, exchange rates)
-Strong emphasis on challenging assumptions and developing a systemic understanding of financial markets and their many dimensional risks
|Content||1- The Financial Crises: what is really happening? Historical perspective and what can be expected in the next decade(s). Bubbles and crashes. The illusion of he perpetual money machine.|
2- Risks in financial markets
-What is risk?
-Measuring risks of financial assets
-Introduction to three different concepts of probability
-History of financial markets, diversification, market risks
3- Introduction to financial risks and its management.
-Relationship between risk and return
-portfolio theory: the concept of diversification and optimal allocation
-How to price assets: the Capital Asset Pricing Model
-How to price assets: the Arbitrage Pricing Theory, the factor models and beyond
4- Financial markets: role and efficiency
-What is an efficient market?
-Financial markets as valuation engines: exogeneity versus endogeneity (reflexivity)
-Deviations from efficiency, puzzles and anomalies in the financial markets
-Financial bubbles, crashes, systemic instabilities
5- An introduction to Options and derivatives
-Calls, Puts and Shares and other derivatives
-Financial alchemy with options (options are building blocs of any possible cash flow)
-Determination of option value; concept of risk hedging
6-Valuation and using options
-a first simple option valuation modle
-the Binomial method for valuing options
-the Black-scholes model and formula
-practical examples and implementation
-Realized prices deviate from these theories: volatility smile and real option trading
-How to imperfectly hedge with real markets?
7- Real options
-The value of follow-on investment opportunities
-The timing option
-The abandonment option
-conceptual aspects and extensions
8- Government bonds and their valuation
-Relationship between bonds and interest rates
-Real and nominal rates of interest
-Term structure and Yields to maturity
-Explaining the term structure
-Different models of the term structure
9- Managing international risks
-The foreign exchange market
-Relations between exchanges rates and interest rates, inflation,
and other economic variables
-Hedging currency risks
-Exchange risk and international investment decisions
|Lecture notes||Lecture slides will be available on the site of the lecture|
Brealey / Myers / Allen
McGraw-Hill International Edition (2006)
+ additional paper reading provided during the lectures
|Prerequisites / Notice||none|
|363-0723-00L||Corporate Finance||W+||3 credits||2G||M. Neuhaus|
|Abstract||Corporate Finance, investment management, business valuation, value based management & compensation, financial reporting today & in future, financial reporting value chain, reporting on non-financial measures, such as corporate sustainability reporting, mergers & acquisitions, legal aspects, taxes, corporate governance - risk management - internal controls & mgmt. information systems, turnaround.|
|Objective||Introduction in theory and practical application of Corporate Finance, with a particular focus on financing of operations and transactions, analysed from multiple aspects, including legal and tax.|
|Content||Corporate Finance, investment management, business valuation, value based management and compensation, financial reporting today and in future, financial reporting value chain, reporting on non-financial measures, such as corporate sustainability reporting, mergers and acquisitions, legal aspects, taxes, corporate governance - risk management - internal controls and management information systems, turnaround.|
|Lecture notes||Slides in English will be available for download on the following website: Link|
|Literature||Brealey, Richard A. / Myers, Stewart C. / Allen, Franklin (June, 2013): Principles of Corporate Finance, 11 Edition / Global Edition., New York: McGraw Hill - Hill Book Co.|
|Prerequisites / Notice||The lecture will be supported by the Chair of Entrepreneurial Risks. Please refer to the chair's website for more detailed information regarding the course (http://www.er.ethz.ch/education/teaching.html)|
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