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401-3956-00L 4 Credits BSC , DR , MSC D-MATH

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Economic Theory of Financial Markets

Lecturers & Examiners: Prof. Dr. Mario Valentin Wüthrich

Does not take place this semester.

VVZ CR n/a

Last Updated: 2026-02-05 15:41:22

Abstract

This lecture provides an introduction to the economic theory of financial markets. It presents the basic financial and economic concepts to insurance mathematicians and actuaries.

Objective

This lecture aims at providing the fundamental financial and economic concepts to insurance mathematicians and actuaries. It focuses on portfolio theory, cash flow valuation and deflator techniques.

Content

We treat the following topics: - Fundamental concepts in economics - Portfolio theory - Mean variance analysis, capital asset pricing model - Arbitrage pricing theory - Cash flow theory - Valuation principles - Stochastic discounting, deflator techniques - Interest rate modeling - Utility theory

General Information

Language: English
Levels: BSC , DR , MSC
Frequency: Every two years

Examination

Type: session examination
Mode: oral 20 minutes

Language of examination: English or German / Prüfungssprache: Deutsch oder Englisch

Course Components

Type	Title	Time & Place	Hours
lecture	Economic Theory of Financial Markets Does not take place this semester.	No time listed	2 h weekly

Offered In

Mathematics (General Courses)
- Actuary SAA Education at ETH Zurich (Further pieces of information are available at Prof. M. Wüthrich's secretariat, HG F 42.)
Mathematics Bachelor
- Electives
  - Selection: Financial and Insurance Mathematics
Mathematics Master
- Electives (For the Master's degree in Applied Mathematics the following additional condition (not manifest in myStudies) must be obeyed: At least 15 of the required 28 credits from core courses and electives must be acquired in areas of applied mathematics and further application-oriented fields.)
  - Electives: Applied Mathematics and Further Application-Oriented Fields (¬)
    - Selection: Financial and Insurance Mathematics
Quantitative Finance Master (see Students in the Joint Degree Master's Programme "Quantitative Finance" must book UZH modules directly at the UZH. Those modules are not listed here.)
- Elective Courses
  - Economic Theory for Finance
Doctoral Department of Mathematics (More Information at: The list of courses (together with the allocated credit points) eligible for doctoral students is published each semester in the newsletter of the ZGSM. WARNING: Do not mistake ECTS credits for credit points for doctoral studies!)
- Graduate School (Official website of the Zurich Graduate School in Mathematics:)