THE UNIVERSITY of EDINBURGH

DEGREE REGULATIONS & PROGRAMMES OF STUDY 2019/2020

University Homepage
DRPS Homepage
DRPS Search
DRPS Contact
DRPS : Course Catalogue : School of Social and Political Science : Sociology

Postgraduate Course: Market Design and Policy (PLIT11021)

Course Outline
SchoolSchool of Social and Political Science CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityAvailable to all students
SCQF Credits10 ECTS Credits5
SummaryThis course introduces students to sociological literature on market design and its relationship to economic theory, social networks, and regulatory technologies. Taking as its starting point the idea that markets do not emerge spontaneously but are socially and politically constructed, the course encourages students ask questions such as: What does it mean to design a market? How can the social relationships between markets actors be conceptualised? Whose interests are served by particular market structures? Does economic theory reflect how markets actually work or prescribe how they should work? Can markets be harnessed in the pursuit of the public interest? The primary focus of the course is conceptual, but the material is illustrated through vivid, in-depth case studies.
Course description Markets are often seen as a uniquely self-organising sphere of human interaction. However, the rise of market design as a prestigious field of economic theory has challenged that assumption. This development has also opened up a productive vein of social scientific research into the ¿performativity¿ of economics and its implications. In their investigations into the constitution of market societies, sociologists have studied how markets are actively constructed by economic actors not merely to maximize efficiency, but as vehicles for achieving particular ideological, social and political goals.

Through an overarching focus on the relationship between economic theory and policymaking, this course encourages students to develop a critical appreciation for the sociotechnical and political origins of markets. In-depth case studies serve to illustrate key concepts. Students are asked to reflect on the opportunities and potential limits of market design as a governance technique, and interrogate critically the presuppositions of markets in a number of different economic ¿sectors¿.

Because this is a team taught course, lecture topics will vary year to year. Students can, however, expect to regularly grapple with market design in financial and environmental contexts. Indicative lectures might include: derivative markets and the Black-Scholes options pricing formula, the role played by carbon markets in attempts to mitigate climate change, and the idea of counter-cyclical financial regulation.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements None
Information for Visiting Students
Pre-requisitesNone
High Demand Course? Yes
Course Delivery Information
Academic year 2019/20, Not available to visiting students (SS1) Quota:  40
Course Start Semester 1
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 100 ( Lecture Hours 6, Seminar/Tutorial Hours 6, Programme Level Learning and Teaching Hours 2, Directed Learning and Independent Learning Hours 86 )
Assessment (Further Info) Written Exam 0 %, Coursework 100 %, Practical Exam 0 %
Additional Information (Assessment) 800-word analysis of a sociological journal article (20 marks).

2,000-word essay analysing issues related to market design and policy from a sociological perspective (80 marks).
Feedback Students will receive written feedback on their 800-word analysis of a sociological journal article. This formative feedback will help students to differentiate the sociological perspective from economic theory.
Students will also receive feedback on their final essay on market design and policy. This will include commentary on the depth of their engagement with the recommended literature, their comprehension of the concepts, and their ability to apply the ideas learnt on the course in a creative and policy-relevant way.
No Exam Information
Learning Outcomes
On completion of this course, the student will be able to:
  1. Critically engage with the concept of market design and understand the reasons why economic theories are employed in the establishment and structural configuration of markets.
  2. Apply interdisciplinary perspectives for understanding the emergence of markets, particularly in a twentieth and twenty first century context.
  3. Evaluate the opportunities and potential limits of market design as a governance technique in a number of different economic sectors.
  4. Reflect on the politics of market design, with attention to distributional consequences and other structural effects of markets.
  5. Think creatively about the implications of different market designs and suggest potential policy proposals to address unresolved societal problems and existing market failures.
Reading List
Akerlof, G.A. (1970) The Market for ¿Lemons¿: Quality Uncertainty and the Market Mechanism, Quarterly Journal of Economics, 84(3): 488¿500.
Coombs, N. (2017) Macroprudential versus monetary blueprints for financial reform. Journal of Cultural Economy, 10(2): 207-216.
Kominers, S.D. et al. (2017) An invitation to market design, Oxford Review of Economic Policy, 33(4): 541¿571.
MacKenzie, D. et al. (eds.) (2007) Do Economists Make Markets? On the Performativity of Economics. Princeton and Oxford: Princeton University Press.
Hischmann, D. and Berman E.P. (2014) Do economists make policies? On the political effects of economics. Socio-Economic Review, 12(4): 779-811.
Additional Information
Graduate Attributes and Skills The course will de-mystify the 'razzle-dazzle' world of markets and financial technologies. Students will be able to employ historical and interdisciplinary concepts in analysing the emergence of all types of markets and identify both the uniqueness and historical dependence of current forms of market behaviour.
By taking this course, students should be able to:
1. Engage with new ideas and be able to detect false logic by leveraging available resources
2. Demonstrate critical thinking skills and ingenuity required to identify and sustainably exploit opportunities, for example, in capital markets.
3. Demonstrate the ability to evaluate assumptions and statements
Additional Class Delivery Information 6 x 50 minute lectures and 6 x 50 minute seminars
KeywordsNot entered
Contacts
Course organiserDr Nathan Coombs
Tel:
Email: Nathan.Coombs@ed.ac.uk
Course secretaryMr Joe Burrell
Tel: (0131 6) 51 3892
Email: j.burrell@ed.ac.uk
Navigation
Help & Information
Home
Introduction
Glossary
Search DPTs and Courses
Regulations
Regulations
Degree Programmes
Introduction
Browse DPTs
Courses
Introduction
Humanities and Social Science
Science and Engineering
Medicine and Veterinary Medicine
Other Information
Combined Course Timetable
Prospectuses
Important Information