Economic Aspects of Competition Policy (BUST10124)
Normal Year Taken
Delivery Session Year
Visiting students must have at least 4 Business courses at grade B or above. This MUST INCLUDE at least one Economics course at intermediate level. This course cannot be taken alongside BUST08005 Business Economics or ECNM08006 Economics 2. We will only consider University/College level courses.
This course aims at familiarizing the student with the economic theory that supports competition policy and analysing the mutual effects between the structures of industries and their economic performance.
The course considers the social welfare implications of different market structures, as they affect the behaviour and strategies of firms in terms of price, output, or R&D. Special attention is paid to the theory of oligopoly and how it fits within the overall structure-conduct-performance (SCP) paradigm. The lessons obtained from the theory will be applied to the analysis of mergers, price-fixing, or abuse of dominant position, among other topics. Real-life case studies will be discussed in class, and they appear in all forms of assessment. SYLLABUS: The course is delivered in ten sessions that cover the following topics: 1. Introduction to the SCP paradigm 2. Theory of Oligopoly 3. Introduction to Game Theory 4. Oligopolistic Coordination 5. Strategic Entry Deterrence 6. Introduction to Competition Policy 7. Market Structure and Concentration 8. Mergers and Acquisitions 9. Merger Policy 10. Market Structure, R&D, and Intellectual Property. STUDENT LEARNING EXPERIENCE: Much of the student's learning will be achieved by the student reading the set items from the reading list. For each topic the reading list specifies the most important and the less important items. For each topic on the Reading List a question is specified which helps students to focus their thoughts whilst carrying out the reading. Lectures provide a detailed synthesis of the literature with illustrative examples. Because the class is typically small, and the scheduled time for each lecture quite long, students are given ample opportunities to both discuss their understanding of the material they have read and the ideas put forward by the Lecturer. This course makes extensive use of detailed lecture slides which will be available on Learn at least 2 days before the class so that students can download them and concentrate of the verbal explanations in lectures. In the 2nd Semester an additional (voluntary) revision session is held.
Written Exam 0%, Coursework 100%, Practical Exam 0%
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