Undergraduate Course: Firms, Markets, and Competition (ECNM10107)
Course Outline
| School | School of Economics |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 10 (Year 3 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | 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. |
| Course description |
The course covers models of monopoly pricing, oligopoly behaviour, product differentiation, and includes several topics on imperfect competition, collusion, the need for regulation
The course is taught through lectures, problem sets, and readings.
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Information for Visiting Students
| Pre-requisites | None |
| High Demand Course? |
Yes |
Course Delivery Information
| Not being delivered |
Learning Outcomes
On completion of this course, the student will be able to:
- A knowledge and understanding of the theoretical and empirical analysis of markets, firms and competition, including principles, models and associated mathematical and statistical techniques, along with empirical analysis and applications and policy implications of those models and a deeper understanding of recent research activity in some more specialised areas.
- Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
- Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
- Personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
- Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis, and general IT literacy.
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Additional Information
| Graduate Attributes and Skills |
Not entered |
| Keywords | industrial organisation,firms,markets,competion |
Contacts
| Course organiser | Prof Jonathan Thomas
Tel: (0131 6)50 4515
Email: Jonathan.Thomas@ed.ac.uk |
Course secretary | Miss Rico Chen
Tel:
Email: rico.chen@ed.ac.uk |
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