# Mathematical Models in Economics

Course Code : | 1001WETWME |

Study domain: | Mathematics |

Academic year: | 2017-2018 |

Semester: | 2nd semester |

Sequentiality: | - |

Contact hours: | 30 |

Credits: | 3 |

Study load (hours): | 84 |

Contract restrictions: | No contract restriction |

Language of instruction: | Dutch |

Exam period: | exam in the 2nd semester |

Lecturer(s) | - NNB |

### 1. Prerequisites *

an active knowledge of

- Dutch

Broad basic knowledge of probability theory and statistics.

### 2. Learning outcomes *

- To acquire general knowledge and insight about working with models
- To acquire knowledge and insight in a number of mathematical models and techniques that are used in an economic setting
- To be able to explain and justify the models
- To be able to apply the models and techniques to concrete economic research questions

### 3. Course contents *

The set of mathematical methods in economics is very large. In this course, we will discuss risks (definitions, dangerous risks, comparing risks), utility theory (axiomas, expected utility methods, links to insurance and game theory, criticism), sums of independent risks (covariances, convolution, properties), sums of dependent risks (problems, various approximation methods, comonotonicity), and credibility theory (intuitive approach, models of Buhlmann & Buhlmann-Straub).

### 4 International dimension*

### 5. Teaching method and planned learning activities

### 6. Assessment method and criteria

### 7. Study material *

#### 7.1 Required reading

Notes taken in class.

Syllabus, additional information and exercises are available via Blackboard.

**7.2 Optional reading**

The following study material can be studied voluntarily :R. Kaas, M. Goovaerts, J. Dhaene, M. Denuit, "Modern Actuarial Risk Theory", 2001.

B. Sundt, "An Introduction to Non-Life Insurance Mathematics", 1993.

M. Goovaerts, R. Kaas, A. Van Heerwaarden, T. Bauwelinkx, "Effective Actuarial Methods", 1990.

M. Denuit, J. Dhaene, M. Goovaerts, R. Kaas, "Actuarial Theory for Dependent Risks Measures, Orders and Models", 2005.

### 8. Contact information *

A. De Schepper

Faculteit TEW, Prinsstraat 13 (B.427), 2000 Antwerpen

tel: 03-265.40.77

ann.deschepper@uantwerpen.be