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Advanced Business Economics: Semester 1

Advanced Business Economics: Semester 1. Outline Strategic decision making in imperfectly competitive markets Monopoly, oligopoly, game theory (revision); collusion and entry deterrence; case studies: e.g. professional sport Externalities and regulation

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Advanced Business Economics: Semester 1

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  1. Advanced Business Economics: Semester 1 • Outline • Strategic decision making in imperfectly competitive markets • Monopoly, oligopoly, game theory (revision); collusion and entry deterrence; case studies: e.g. professional sport • Externalities and regulation • Positive and negative externalities in consumption and production e.g. health, education, sport and exercise, pollution, roads, • Regulation of externalities e.g. pollution control • Managerial and individual decision problems in the context of asymmetric information and risk • Contextualised examples: e.g. second hand markets, health, labour markets

  2. Aims • This part of the course is designed to help you: • Enhance your understanding of ideas and theories that underpin the economic analysis of decision making by economic agents in the context of the economic environment. • Study the interplay between economic theory and economic policy and to critically examine some of the arguments for external regulation of business • Gain some appreciation of the complexity of the economic environment in which individuals, firms and governments operate. • Sharpen your analytical skills.

  3. Assessment • A class test – the penultimate week of this term • Questions will relate directly to the lecture topics • Half of the final exam • Essay/problem style questions • Hints: • Revision questions • Practice working with theories and models, drawing diagrams, thinking about data

  4. Suggested background reading • For theory and business context • Allen et al. 2007. Managerial Economics 7th edition. Norton • Kreps, D. M. 2004. Microeconomics for Managers. Norton • Frank, R. H. 2008. Microeconomics and behaviour. McGraw Hill • Wall,S., Minocha, S. and Rees, B. 2010. International Business, Pearson • For contextual examples • Grimes, P, Register, C. and Sharp, A. 2009. Economics of Social Issues, McGraw Hill • For more on game theory • Dixit, A., Reiley, D. H. and Skeath, S. 2009. Games of Strategy, 3rd Edition , Norton • Rasmusen, E. 2007. Games and Information, Blackwell • Carmichael, F. 2004. A Guide to Game Theory, Pearson

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