L12418 Industrial Economics
Pre-requisites: L12302 Microeconomic Theory or equivalent
Credits: 10
Module description & content
Topics that will be covered in the module may include:
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What is Industrial Economics?
Structure-Conduct-Performance paradigm; Empirical Industrial Economics.
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The Theory of the Firm
Neoclassical theory; Behavioural theories.
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Market Structures
From Perfect competition to Monopoly via Oligopoly, including Product Differentiation.
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Strategies and Conduct of Firms
Collusion; Price discrimination; Entry deterrence; Vertical relationships; Advertising; Research & Development.
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Regulation of Industries
Regulation of monopolies; Antitrust laws; Public policy.
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Industry Dynamics
Firms' routines; Evolution of industries.
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Aims and objectives
Education Aims:
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To introduce students to economic theories used in the analysis of industries;
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To evaluate these theories in view of empirical evidence;
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To describe policy implications of these theories and their empirical evaluation.
Learning Outcomes:
Knowledge and Understanding:
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A2 Apply core economic theory and economic reasoning to applied topics.
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A3 Show understanding of analytical methods, both theory- and model-based.
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A4 Demonstrate understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them.
Intellectual Skills:
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B2 Work with abstract concepts and in a context of generality
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B3 Reason logically and work analytically
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B5 Understand the context in which a problem is to be addressed
Professional / Practical Skills:
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C1 Develop appropriate economic models
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C3 Justify conclusions using economic arguments with appropriate rigour
Transferable Skills:
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D1 Apply mathematical, statistical and graphical techniques in an appropriate manner
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D2 Communicate effectively and clearly in written and oral formats
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Module downloads
Lecture slides and other material for this module can be found on WEBCT at http://webct.nottingham.ac.uk/webct/entryPage.dowebct - restricted to registered students only.
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Lectures and tutorials
Economics lecture timetables are available online in the Portal.
The teaching methods employed in this module are:
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18 Lectures
These will provide basic information on each topic and will form the basis for further reading and analysis by the students.
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3 Tutorials (time and place to be announced in Nexus)
Tutorials are compulsory for all students taking this module. Tutor(s) will guide students through exercises and/or short essays. Students are expected to prepare answers to exercises and essays before the tutorials.
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Experiments (linked from WebCT)
There will be an opportunity to make decisions as if you were the manager of a firm. Participation is compulsory for all students taking the module. Exam questions may refer to the experiments.
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Module Assessment
Method of Assessment: 2 hour written exam (100%)
Previous Examination Papers and Feedback for all modules can be viewed online in the Portal but are restricted to registered students only. A password may be required to access this material.
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Module Texts
Although the presented material will be taken from several sources, one of the textbooks used most is:
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Pepall, L., Richards, D., Norman, G. (2008) Industrial Organization, 4th edition, Blackwell. [Companion website]
Other textbooks that contain material relevant for the module are:
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Carlton, D.W., Perloff, J.M. (2005) Modern Industrial Organization, 4th edition, Pearson Addison-Wesley. [Companion website]
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Lipczynski, J., Wilson, J.O.S., Goddard, J. (2009) Industrial Organization, 3rd edition, FT Prentice Hall. [Companion website]
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Martin, S. (2010) Industrial Organization in Context, Oxford University Press. [Companion website]
The books that cover similar material but have the focus on a slightly different level:
More basic level:
More advanced level:
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Belleflamme, P., Peitz, M. (2009) Industrial Organization, Cambridge University Press. [Companion website]
Additional materials may be provided in class.
This list is not exhaustive. Students are encouraged to read beyond this list, including other textbooks, economics books, and newspapers, for example, The Economist and The Financial Times.
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Further information
If you have any questions regarding this module please feel free to contact the lecturer. At the end of this semester, we would welcome your views on the organisation and content of this module.
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