Firms, Markets, and Competition

Description

PLEASE NOTE: The themes and topics explored in this course are subject to change. We will study the theory of industrial organisation, a field of microeconomics examining the functioning of imperfectly competitive markets, typically where a firm makes choices about what to sell and consumers make choices about what to buy. The course uses theoretical models to explore how firms make decisions and the effects of those decisions on market outcomes like prices, quantities, the types of products offered, and social welfare. The course aims to equip students with tools to identify and understand strategic firm behaviour. Fundamental questions pursued in this course include: Why do markets differ? How does market structure affect firms' behaviour? What are the sources and implications of firms' market power? We will cover ideas from competition law as well as industry regulation. Assessment Information: Written Exam 60%, Coursework 40%, Practical Exam 0%