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Postgraduate programs

We want to inform you about new postgraduate programs launched in europe. One of the programs is launched by Pompeu Fabra (Barcelona). It's a 2-years Msc program in international trade, finance and development and this program certainly takes advantage of the excellent econ-faculty at UPF (among them is Mas-Collel as you all know). The entire program is taught in english and aims to be a stepping stone towards a PhD degree (of course they don't have a placement record yet), but the program also advertises its leaning towards applied work. For further details concerning admission criteria and scholarships please visit their webpage. We also want to inform you about a program offered by the Kiel Institute for world economy. This 10-months lasting program adresses international MA graduates and especially those of you, who plan to pursue their PhD studies at well known international institutions. It's definitely a possibility to maximize your admission probabilities and a way to improve your profile. For further information on this program and its offers please visit the homepage of this advanced studies program.

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Growth, development and sustainability - Summer School

From June 21st to June 28th the ISEO Institute organizes again their well known graduate summer school and it will take place in Iseo/Italy of course. It's not only the topic, which might be of particular interest for some of you. Also the list of instructors is amazing: Robert Solow (Nobel prize laureate 1987) and Michael Spence (Nobel prize laureate 2001) are among the speakers. Further Richard Ernst (Nobel prize laureate 1991) who's not an economist but a well known professor in chemistry might offer a different point of view from which especially the "sustainability" part should be considered. The fee for the interesting 7 day program is 2.200€ but exceptional students like all of you can and should apply for the scholarship which amounts to 1.500€. Apply as soon as possible and follow the ISEO instructions and we hope that you'll be admitted. Good luck!

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  Edmund Phelps in Vienna!

Just within three months four well known nobel prize laureates: Robert Engle, Vernon Smith, Joseph Stieglitz and Edmund Phelps gave or will give public lectures on various topics. Sounds like the typical trimester at the University of Stockholm? No! The vivid academic community in Vienna invited those famous economists to give interesting talks. On January the 29th Edmund S. Phelps, (Nobel prize laureate) from the University of Columbia, gives a lecture on the topic: Hayek and the Economics of Capitalism. The event is organized by our friends from the Hayek Institute and members of  this circle face the possibility to attend it. I hope we will see most of you there! Register as soon as possible and if you have any questions don't hesitate to contact either Sascha, Mario or Christian.

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Course on discrete choice models!

Between March 25th to March 29th Prof. Daniel McFadden (Nobel prize laureate), Prof. Moshe Ben-Akiva (Massachusetts Institute of Technology) and other economists give an advanced continuing education course on the topic: Discrete Choice Analysis: Predicting Demand and Market Shares. This course is organized by TRANSP-OR, the Transport and Mobility Laboratory, and will take place in Lausanne. For PhD students of outstanding promise the organization provides generous fellowships (6'300 CHF) to cover all expenses. If you are interested in this course (and I bet most of you are) you should apply for the fellowships as soon as possible. For further information concerning administrative affairs and also schedules please visit the webpage. Good luck!

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  Welcome to the new year!

We hope that all members of this reading circle and people somehow affiliated to it celebrated and enjoyed the winter break. The new year is still pretty young but it seems to become an exciting one. Besides the fact that Austria is the host-country (together with switzerland) of the european soccer championships many well known economists are going to visit Austria and give interesting lectures. For example our friends from the Hayek Institute invited Edmund Phelps, who gives a public lecture on the topic: "Hayek and the economics of capitalism". Other economists, who visit Austria and give full lectures on various topics are: Harry H. Kelejian (University of Maryland), Larry L. Blume (Cornell University), Stefano Demichelis (University of Pavia), Christian Keuschnigg, (Universität St. Gallen) and many more. We'll keep you informed! Have a successful year!

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  Interesting Presentations!

In the next fourteen days two interesting presentations are given, which a member of this reading circle shouldn't miss. First, on Dec. 6th Ariel Rubinstein from the University of Tel Aviv gives a talk and presents his paper entitled:  "A Study in the Pragmatics of Persuasion: A Game Theoretical Approach", at the institute for advanced studies. As some of us are very interested in this topic this provides a great opportunity. Further, Charles B. Blankart from the Humboldt University Berlin gives a talk about solvency and bancruptcy of jurisdictions in Germany. This presentation will be on Dec. 12th and will take place at the Hayek Institute. We expect to see you there as well.

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Robert Engle at the IHS!

Last week one of the three nobel prize winners who visited Vienna, Robert Engle from UCSD and NYU, gave a presentation at the institute for advanced studies. Whereas most of you probably know Robert Engle from studies in the field of cointegration, his presentation dealt with high dimension correlations. While applying his new and very pragmatic method, called McGyver Method, he was able to show that correlations among certain stocks, as an area of application, should be taken into account in order to make better predictions about the development of stocks. Given the recent turmoil at financial markets his work gives many insights about the flaws of current forecasting models and might explain parts of the crisis.

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Nobel prize winners in Vienna!

The ISEO (Instituto di studi economici per l'occupazione) organizes the second edition of the so called european colloquia. This conference will take place on November 29th in Vienna and the list of speakers is impressive and is the reason why members of this reading circle should attend it. Three nobel prize winners in economics: Joseph Stiglitz, Robert Engle and Vernon Smith will give a speach. In order to register for this event visit the ISEO homepage. Participation is free of charge and students are more than welcome. See you there.

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Announcements!

We are happy to announce that one of our members, Ruth Pollak, who studied at the university of Krems (international management center) published her first, and hopefully not last, book in the area of eventmarketing. Currently the book is only available in german language but, dependent on the success of the publication, the appearance of english translations seems likely. It should be noted that the starting point of this book was the diploma thesis of Ruth Pollak. This should motivate all students who are somehow related to this platform and who are currently working on their final works - the effort might be rewarded!

Buy the book!

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  Auction Theory course

Auction theory deals with the analysis of auction structures, optimal design of auctions and its implications with respect to (e.g.) efficiency and revenue- criteria. The results of auction theory are demanded by the public sector (optimal government procurement, treasury auction markets) as well as by the private sector and young PhD candidates, who write their dissertations in this area are highly valued by the academic market. The last two weeks Martin Pesendorfer, visiting professor from the London school of economics, gave a lecture on auction theory at the Institute for advanced studies and after these insightful weeks the following literature can be recommended:

Auction Theory Book,Reading List,

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Social Choice Theory

Social Choice Theory is an interesting area of microeconomics, which deals with several aspects of aggregating individual preferences without assumunig identical homothetic or quasilinear preferences of the analyzed group of agents. The mathematical aspects of different types of aggregation rules (e.g.: Is the range of the aggregation rule empty under plausible assumptions) and the derivation of optimal aggregation rules are topics, which are analyzed by Shmuel Nitzan from Bar-Ilan University, Israel. He gave a lecture at the IHS some weeks ago and for students who are interested in the topic of social choice the following material is recommended:

The Borda Rule and Condorcet Consistency, The Inverse Pluarlity Rule: An Axiomatization, The Cost of Implementing the Majority Principle - The Golden Voting Rule

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