Programme/Approved Electives for 2020/21
None
Available as a Free Standing Elective
No
This module explores topics in industrial organisation and regulation. The module examines how firms' behaviour in setting output and price changes when we allow for non-competitive behaviour and inter-dependent decision-making. Issues associated with prospective industrial regulation are also examined.
Aims
This module focuses on the study of imperfectly competitive markets, a much more realistic setting than the perfect competition case. The emphasis is on the behaviour of firms in such settings, in particular their quest for, and use of, market power. The strategic interaction of firms, including their pricing decisions and the possible equilibrium outcomes, are analysed in detail. The basic game-theoretic tools necessary for the study of industrial organisation will be taught in the context of the models being developed. The welfare implications of alternative market organisations, the consequences of market power, and the scope for government regulation and antitrust/competition policies will be considered.
Intended Learning Outcomes
demonstrate knowledge of key questions in the field of industrial organisation and regulation and their relevance: 1,2explain the implications of taking strategic considerations into account and relate how behaviour may be different in strategic environments compared to non-strategic environments: 1,2translate real-world situations into an abstract model in order to critically analyse and derive predictions of real-world behaviour: 1,2solve the "equilibrium" in various models of markets including oligopolistic markets, markets with dynamic interaction, markets with price discrimination and markets with vertical interaction: 1,2use strategic thinking to predict market outcomes in simple settings.: 1,2analyse basic economic and strategic models of industrial organisation using game theoretic solution concepts such as Nash equilibrium and subgame perfect equilibrium: 1,2
Lectures: 20 hoursSmall-group teaching: 4 hoursReading/revision of lecture material: 83 hoursPreparation of problem sets: 20 hoursClass preparation: 20 hoursClass test: 1 hourExam: 2 hours
ECO-30047, Advanced Topics in Microeconomics
Description of Module Assessment
1: Online Tasks weighted 30%50 min take away test involving a mix of numerical and discursive questionsA take-away assessment which will be available on KLE for 24-hours to answer and submit your answer via Turnitin File. Although students have been given significant time to complete this exam script, we expect most students to spend no more than one hour to complete and submit their answers via Turnitin (with a maximum of 1000 words). Answers should be as accurate and concise as possible. A sequence of short problem-solving questions and short descriptive questions designed to elicit understanding and act as a fitting mid-term revision exercise.
2: Online Tasks weighted 70%Assessment - takeaway examOnline assessment covering the syllabus of the whole module. This take-away exam will be available on KLE for 24-hours to answer and submit your answer via Turnitin File. Although students have been given significant time to complete this exam script, we expect most students to spend no more than 2 hours to complete and submit their answers via Turnitin (with a maximum of 2000 words). Answers should be as accurate and concise as possible.