INSTITUTIONAL ECONOMICS

Scienze Politiche e delle Relazioni Internazionali INSTITUTIONAL ECONOMICS

1212100081
DIPARTIMENTO DI SCIENZE POLITICHE, SOCIALI E DELLA COMUNICAZIONE
POLITICAL AND INTERNATIONAL RELATIONS SCIENCE
2013/2014

OBBLIGATORIO
YEAR OF COURSE 3
YEAR OF DIDACTIC SYSTEM 2008
PRIMO SEMESTRE
CFUHOURSACTIVITY
540LESSONS
Objectives
THE MAIN AIM OF THE COURSE IS TO PROVIDE AN IN-DEPTH UNDERSTANDING OF THE LIMITS OF MARKET-FUNCTIONING THROUGH THE ANALYSIS OF MARKET FAILURES AND OF THE ROLE PLAYED BY INSTITUTIONS IN OVERCOMING SUCH FAILURES. IN THE LATTER RESPECT ATTENTION IS PAID TO ORGANIZATIONAL FORMS OF TRANSACTIONS ALTERNATIVE TO THE MARKET.

EXPECTED LEARNING OUTCOMES:

KNOWLEDGE AND COMPREHENSION ABILITY
KNOWLEDGE OF THE DIFFERENT COMPONENTS OF INSTITUTIONAL SYSTEMS MEANT AS RULES, BELIEFS, NORMS AND ORGANIZATIONS AND THE ABILITY TO SINGLE OUT HOW THEY MAY JOINTLY GENERATE A BEHAVIOURAL REGULARITY.

ABILITY TO APPLY KNOWLEDGE AND COMPREHENSION
THE ABILITY TO UNDERSTAND HOW DIFFERENT INSTITUTIONAL SYSTEMS THROUGH A COMPARATIVE ANALYSIS MAY AFFECT THE ECONOMIC PERFORMANCES OF EITHER COUNTRIES OR SMALLER COMMUNITIES.

CAPACITY FOR AUTONOMOUS JUDGMENT
AT THE END OF THE COURSE THE STUDENT IS EXPECTED TO BE ABLE TO INDIVIDUATE THE SPECIFIC ASPECTS OF AN INSTITUTIONAL SYSTEM AND TO ASSESS ITS ROLE IN THE FUNCTIONING OF AN ECONOMIC SYSTEM.

COMMUNICATION ABLITY
ABILITY TO DESCRIBE THE CRUCIAL ASPECTS OF A SPECIFIC INSTITUTIONAL SYSTEM.

LEARNING ABILITY
FINALLY THE STUDENT WILL DEVELOP THE ABILITY TO ANALYZE MORE THOROUGHLY THE DETERMINANTS OF ECONOMIC PERFORMANCES, ALREADY STUDIED IN MACROECONOMICS AND MICROECONOMICS.
Prerequisites
MICROECONOMICS IS REQUIRED TO FOLLOW THIS COURSE.
Contents
INTRODUCTION TO INSTITUTIONS MEANT AS INSTITUTIONAL SYSTEMS.
INSTITUTIONS AND MARKET FAILURES.
MARKET AS AN EFFICIENT WAY TO ALLOCATE RESOURCES.
MARKET FAILURES.
EXTERNALITIES, 'THE TRAGEDY OF THE COMMONS' AND PROPERTY RIGHT DEFINITION.
COASE THEOREM AND TRANSACTION COSTS.
PUBLIC GOOD PROVISION AND SOCIAL NORMS.
INCOMPLETE CONTRACTS AND ENFORCEMENT MECHANISMS.
AGENCY PROBLEMS AND INSTITUTIONS.
ANALYSIS OF THE CASE STUDIES ON INSTITUTIONS AND MARKET FAILURES.
Teaching Methods
THE COURSE CONSISTS OF 30 HOURS OF LECTURES AND 10 HOURS OF SEMINARS.

AS MOST OF THE TOPICS ARE CHARACTERIZED BY A MATHEMATICAL APPROACH, I STRONGLY RECOMMEND THAT STUDENTS ATTEND THE CLASS. THE OTHERS CAN STUDY THE TEXTS SUGGESTED IN THE READING LIST.

FOR THE SEMINARS SOME OF THE ARTICLES ARE IN ENGLISH.
Verification of learning
STUDENT ASSESSMENT
FOR THE STUDENTS WHO ATTEND THE CLASS: A WRITTEN ESSAY AT THE END OF THE SEMINARS AND ORAL EXAMINATION.
FOR THE OTHERS: ORAL EXAMINATION.
Texts
READING LIST COMMON TO ALL STUDENTS
FRANK, R. H., MICROECONOMIA, CAP. 16 'EQUILIBRIO GENERALE ED EFFICIENZA DI MERCATO', PP. 595-612; CAP. 17 'ESTERNALITÀ, DIRITTI DI PROPRIETÀ E TEOREMA DI COASE', PP. 625-634, MCGRAW-HILL, 1997.
VARIAN, H. R., MICROECONOMIA, CAP. 31 'ESTERNALITÀ', PP. 517-535; CAP. 32 'BENI PUBBLICI' PP.536-549, CAFOSCARINA, 1987.
MILGROM, P., ROBERTS, J., ECONOMIA, ORGANIZZAZIONE E MANAGEMENT, CAP. I 'L'IMPORTANZA DELL'ORGANIZZAZIONE', PP. 19-42; CAP. II 'ORGANIZZAZIONE ECONOMICA ED EFFICIENZA', PP. 45-80; CAP. V 'RAZIONALITÀ LIMITATA ED INFORMAZIONI PRIVATE', PP.199-218, PP. 229-250, IL MULINO, 2005.

READING LIST FOR THE STUDENTS WHO DO NOT ATTEND THE CLASS
HODGSON, G., 1988. ECONOMIA E ISTITUZIONI, CAPITOLI 6, 7, 8, PP. 169-272, OTIUM EDIZIONI: ANCONA.
OLSON, M., 1994. LOGICA DELLE ISTITUZIONI, CAPITOLO 1, PP. 3-36, EDIZIONI DI COMUNITÀ, MILANO.

More Information
DURING THE COURSE ON MY WEBSITE I WILL PUBLISH A READING LIST WITH THE ARTICLES THAT THE STUDENTS - IN A GROUP WITH A MAXIMUM OF FIVE PEOPLE - WILL PRESENT DURING THE SEMINARS. EACH GROUP CAN CHOOSE AMONG THE ARTICLES. ALL THE TOPICS DISCUSSED DURING THE SEMINARS WILL BE THE OBJECT OF THE WRITTEN ESSAY.

E-MAIL PINAUT@UNISA.IT, TEL. 089962659.
MY OFFICE HOURS WILL BE CONSTANTLY UPDATED ON MY WEBSITE.
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