Module overview
In this module we study the working of imperfectly competitive markets, the behaviour of firms in these markets, welfare implications and competition policy.
Linked modules
Prerequisites: ECON1001 OR ECON1003 or ECON1020 OR ECON1022
Aims and Objectives
Learning Outcomes
Transferable and Generic Skills
Having successfully completed this module you will be able to:
- communicate policy recommendations based on analytic modelling of strategic interaction in written form.
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- the nature of strategic competition and its implications for policy
- the central theoretical and practical concepts and fundamental analytical methods in industrial economics
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- apply a set of analytical techniques to a variety of industrial economics (and non-economic) problems.
Syllabus
In most markets, firms need to be aware of their rivals, and even potential rivals, when making decisions. In other words, they must act strategically. We will analyse strategic decision making on prices, product specifications, and investments which will be relevant to anyone with an interest in corporate strategy. But our concern will extend beyond the firms concerned, to the implications for welfare more generally. The module thus begins with a discussion of competition policy in the UK, the European Union and the USA. Throughout the module, theoretical and empirical analysis will be linked to contemporary and classic cases.
Learning and Teaching
Teaching and learning methods
Lectures and Tutorials
| Type | Hours |
|---|---|
| Independent Study | 126 |
| Teaching | 24 |
| Total study time | 150 |
Resources & Reading list
Textbooks
Tirole, Jean (1988). The Theory of Industrial Organization. Cambridge Massachussetts: MIT press.
Carlton, Dennis W. and Jeffrey M. Perloff (2005). Modern Industrial Organization. London: Pearson/Addison Wesley.
Church, Jeffrey and Roger Ware (2000). Industrial Organization: A Strategic Approach. London: McGraw-Hill.
Assessment
Assessment strategy
Assessment in this module will be in form of two coursework assignments (each wroth 15% of the final mark) and long take-home assignment at the end of the module (70%). This is supported by formative assessment in form of problem sets. This is the same for internal repeats. Referral and external repeat assessment are through 100% end of module take-home assignment.
Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Coursework | 80% |
| Coursework | 20% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Coursework | 100% |
Repeat
An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.
| Method | Percentage contribution |
|---|---|
| Coursework | 100% |
Repeat Information
Repeat type: Internal & External