In this class, we will derive equilibrium outcomes across a variety of market structures. We will begin by understanding equilibrium under a market structure called Perfect Competition, a benchmark construction. Economists have tools to measure the efficiency of market outcomes. We next consider the polar extreme of a competitive market: a monopoly market. We will determine the monopoly equilibrium price and quantity and efficiency properties. Much economic activity takes place in markets with just a handful of very large producers. To understand equilibrium in these oligopoly markets requires more careful attention to strategic interdependence. To capture this interdependence, we consider collusive arrangements among a small number of rivals as well as the use of simple game theoretic techniques to model equilibrium. Market Failure describes situations where markets fail to find the efficient outcome. Information asymmetries are one fertile form of market failure. Another form of market failure occurs when externalities are present. We will examine one key externality, pollution, and construct a policy prescription to mitigate the negative efficiency impacts of this externality.
Upon successful completion of this course, you will be able to:
• Explain how different market structures result in different resource allocations.
• Model the impact of external shocks to a particular market structure and demonstrate the new equilibrium price and quantity after the impact of this external shock has played out.
• Evaluate the efficiency of an equilibrium. Different market structures produce different levels of efficiency.
• Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets.
• Describe how information problems can cause inefficient outcomes.
• Understand externalities and consider optimal government response to these market failures.
This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.
Este curso faz parte do Programa de cursos integrados Managerial Economics and Business Analysis
Firm Level Economics: Markets and Allocations
oferecido por
Programa de cursos integrados Managerial Economics and Business Analysis University of Illinois at Urbana-Champaign
Informações sobre o curso
4.8
267 classificações
Habilidades que você terá
ExternalityEconomicsGame TheoryMarket (Economics)
Programa - O que você aprenderá com este curso
Semana
1Course Orientation
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
1 vídeo (total de (Total 4 mín.) min), 5 leituras, 1 teste
5 leituras
Syllabus10min
About the Discussion Forums10min
Glossary10min
Updating Your Profile10min
Social Media10min
1 exercício prático
Orientation Quiz10min
Module 1: Perfect Competition
This module introduces the concept of a perfectly competitive market. It is a benchmark construction, but it accurately models many markets in our economy. We will understand equilibrium outcomes in both the short run and the long run. We will understand how to analyze shocks to these equilibria.
7 vídeos (total de (Total 67 mín.) min), 3 leituras, 4 testes
7 videos
1-1.2. Market Structure11min
1-1.3. Perfect Competition in Reality - as Told by an Economist4min
1-1.4. Firm Supply Curve in a Perfectly Competitive Industry9min
1-2.1. Build Short Run Equilibrium Framework9min
1-2.2. Long Run Equilibrium8min
1-2.3. External Shock and Movement to New Equilibrium7min
3 leituras
Module 1 Overview10min
Module 1 Readings10min
Module 1 Peer Review Explanation10min
3 exercícios práticos
Lesson 1-1 Practice Quiz6min
Lesson 1-2 Practice Quiz6min
Module 1 Quiz28min
Semana
2Module 2: Monopoly Markets and Efficiency
Analysts can predict equilibrium outcomes with some degree of certainty. We want to construct a measure of efficiency that will allow us to evaluate the attractiveness of these equilibrium market outcomes. After using this metric to consider the efficiency of the competitive market, we will introduce a different market structure, monopoly, and use our efficiency metric to evaluate the equilibrium resource allocation under monopoly.
7 vídeos (total de (Total 68 mín.) min), 3 leituras, 4 testes
7 videos
2-1.2. Producer Surplus6min
2-1.3. The Benevolent Dictator12min
2-2.1. Monopoly Equilibrium11min
2-2.2. Marginal Revenue Curve in Monopoly4min
2-2.3. Social Costs of Monopoly10min
2-2.4. Governments Intervene in Monopoly12min
3 leituras
Module 2 Overview10min
Module 2 Readings10min
Module 2 Peer Review Explanation10min
3 exercícios práticos
Lesson 2-1 Practice Quiz6min
Lesson 2-2 Practice Quiz6min
Module 2 Quiz30min
Semana
3Module 3: Oligopoly and Game Theory
Perfectly competitive markets have many sellers. Monopoly has one seller. But much economic activity takes place in markets with just a handful of very large producers. These are called oligopoly markets. We will look at collusive arrangements among a small number of rivals, and then will use simple game theoretic techniques to model equilibrium.
7 vídeos (total de (Total 72 mín.) min), 3 leituras, 4 testes
7 videos
3-1.2. Collusion13min
3-1.3. Efficiency, Social Costs, and Antitrust Enforcement10min
3-2.1. Simple Game Theory4min
3-2.2. Computer Chess9min
3-2.3. The Prisoner's Dilemma13min
3-2.4. The Nash Equilibrium to a Non-Cooperative Game11min
3 leituras
Module 3 Overview10min
Module 3 Readings10min
Module 3 Peer Review Explanation10min
3 exercícios práticos
Lesson 3-1 Practice Quiz6min
Lesson 3-2 Practice Quiz6min
Module 3 Quiz22min
Semana
4Module 4: Market Failures
Sometimes even markets that appear to be capable of great efficiency in resource allocation, such as the perfectly competitive market, can fall short of efficiency. Economists call this market failure. In this module, we will consider information issues and the impact on efficiency. We will also introduce externalities (spillovers) such as pollution and model these impacts.
6 vídeos (total de (Total 50 mín.) min), 3 leituras, 4 testes
6 videos
4-1.2. Information Asymmetries7min
4-1.3. Adverse Selection: Unraveling Insurance Markets6min
4-2.1. Positive and Negative Externalities11min
4-2.2. Measure the Gains from Positive Externality6min
4-2.3. Measure the Costs Caused by Negative Externality9min
3 leituras
Module 4 Overview10min
Module 4 Readings10min
Module 4 Peer Review Explanation10min
3 exercícios práticos
Lesson 4-1 Practice Quiz6min
Lesson 4-2 Practice Quiz6min
Module 4 Quiz30min
Melhores avaliações
por AA•Jun 8th 2016
Awesome instructor, awesome materials and awesome learners. Of course, difficult assignments that I taught me a lot! Thank you Coursera, Dr. Larry and the entire team behind the scene.
por LD•Mar 7th 2018
Prof. Larry DeBrock makes very complicated concepts seem simple and understandable. He shows how to apply the concept to contemporary relevant issues. I sincerely loved this class.
Instrutores
Larry DeBrock
Dean Emeritus and Professor of Finance and Professor of EconomicsUniversity of Illinois, Urbana-Champaign College of Business Department of Business Administration
Comece a trabalhar rumo ao seu mestrado
Este curso é parte de uma graduação 100% on-line Master of Business Administration (iMBA) pela University of Illinois at Urbana-Champaign.
Caso seja aceito para o programa completo, seus cursos contarão para sua graduação.
Sobre University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Sobre o Programa de cursos integrados Managerial Economics and Business Analysis
In order to effectively manage and operate a business, managers and leaders need to understand the market characteristics and economic environment they operate in. In this Specialization, you will build a solid understanding of the operation of markets and the macro-economic environment with real-world examples. You will be able to identify firm and country-level economic factors that impact business decisions, develop an analytical framework using statistical tools, and apply economic theory and data in the analysis of business environment and trends to make effective business decisions.
The capstone project involves an in-depth analysis of an actual business situation in which you will examine the global economic environment of a business. The final project will be a business plan that uses statistical tools and economic theory to create a comprehensive analysis of the microeconomic and macroeconomic environment in which the focal company operates.
This Specialization is part of the University of Illinois Masters of Business Administration degree program, the iMBA. Learn more about the admission into the program here and how your Coursera work can be leveraged if accepted into the program. You can also start with for-credit courses within the Illinois iMBA degree program.
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