EC208-15 Industrial Economics 1: Market Structure
Introductory description
This module presents core topics in Industrial Economics. There is a focus on understanding market structure (explain why firms are grouped together in industries in particular ways). Also, students will learn about the nature of market power, why firms interact as they do in markets, and how the nature of these interactions influences economic performance in terms of efficiency, profits, technical progress and welfare.
Module aims
To provide explanations of why firms are grouped together in industries in particular ways, the nature of market power, why firms interact as they do in markets, and how the nature of these interactions influences economic performance in terms of efficiency, profits, technical progress and welfare.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
The module will typically cover the following topics:Introduction to Industrial Economics; use of game theory in modelling strategic behaviour; models of market structure such as Bertrand, Cournot, and Stackelberg; Cartels and Collusion; product differentiation; entry and exit; contestable markets; measuring market structures; determinants of concentration; studies of structure and profitability.
Learning outcomes
By the end of the module, students should be able to:
- Understand the nature of market power, why firms interact as they do in markets and how the nature of these interactions influences economic performance in terms of efficiency The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, reading The summative assessment methods that measure the achievement of this learning outcome are: Assessed Essay, Exam
- Understand the nature of empirical support for the theoretical modelsThe teaching and learning methods that enable students to achieve this learning outcome are: Lectures, reading The summative assessment methods that measure the achievement of this learning outcome are: Assessed Essay, Exam
- Solve algebraic problems relating to the standard modelsThe teaching and learning methods that enable students to achieve this learning outcome are: Lectures, reading The summative assessment methods that measure the achievement of this learning outcome are: Assessed Essay, Exam
- Understand more of the methodology of model-building and work in groups to solve problems.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, reading The summative assessment methods that measure the achievement of this learning outcome are: Assessed Essay, Exam
Indicative reading list
Please see Talis Aspire link for most up to date list.
View reading list on Talis Aspire
Subject specific skills
Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Policy evaluation
Analysis of incentives
Analysis of institutions
Analysis of optimisation
Transferable skills
Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
Data-based skills
IT skills
Written communication skills
Oral communication skills
Team work skills
Mathematical, statistical and data-based research skills
Study time
| Type | Required |
|---|---|
| Lectures | 20 sessions of 1 hour (13%) |
| Seminars | 4 sessions of 1 hour (3%) |
| Private study | 126 hours (84%) |
| Total | 150 hours |
Private study description
Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group D5
| Weighting | Study time | |
|---|---|---|
| Problem Set 1 | 10% | |
| 1200 word essay | 10% | |
| Online Examination | 80% | |
|
A paper which examines the course content and ensures learning outcomes are achieved.
|
||
Feedback on assessment
The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.
Pre-requisites
MORSE/GL11 students – EC106, EC107 or EC137
All other students - EC120 + (EC107 or EC109)
EC120 = EITHER (EC121+EC122+EC125) OR (EC123+EC124+EC125)
To take this module, you must have passed:
- Any of
- Any of
- All of
- All of
Post-requisite modules
If you pass this module, you can take:
- EC231-15 Industrial Economics 1: Strategic Behaviour
Courses
This module is Core for:
-
UECA-3 Undergraduate Economics 3 Year Variants
- Year 2 of L116 Economics and Industrial Organization
- Year 2 of L116 Economics and Industrial Organization
This module is Optional for:
-
TECA-L1PA Postgraduate Taught Economics (Diploma plus MSc)
- Year 1 of L1PA Economics (Diploma plus MSc)
- Year 1 of L1PA Economics (Diploma plus MSc)
- Year 2 of L1PA Economics (Diploma plus MSc)
- Year 2 of L1PA Economics (Diploma plus MSc)
-
UECA-3 Undergraduate Economics 3 Year Variants
- Year 2 of L100 Economics
- Year 2 of L100 Economics
- Year 2 of L100 Economics
-
UECA-4 Undergraduate Economics 4 Year Variants
- Year 4 of LM1H Economics, Politics & International Studies with Study Abroad
- Year 4 of LM1H Economics, Politics & International Studies with Study Abroad
-
UECA-LM1D Undergraduate Economics, Politics and International Studies
- Year 2 of LM1D Economics, Politics and International Studies
- Year 2 of LM1D Economics, Politics and International Studies
- Year 4 of UIBA-N140 Undergraduate International Business
- Year 4 of UIBA-N1R1 Undergraduate International Business with French
- Year 4 of UIBA-N1R2 Undergraduate International Business with German
- Year 4 of UIBA-N1R3 Undergraduate International Business with Italian
- Year 4 of UIBA-N1R4 Undergraduate International Business with Spanish
-
USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics
- Year 3 of G300 Mathematics, Operational Research, Statistics and Economics
- Year 4 of G300 Mathematics, Operational Research, Statistics and Economics
- Year 3 of UMAA-GL11 Undergraduate Mathematics and Economics
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
-
UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
- Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
- Year 4 of V7MH Philosophy, Politics and Economics - Economics/Philosophy Bipartite (Economics Major) (with Intercalated year)
- Year 4 of V7MI Philosophy, Politics and Economics - Philosophy/Economics Bipartite (Philosophy Major) (with Intercalated year)
- Year 4 of V7MJ Philosophy, Politics and Economics - Philosophy/Politics Bipartite (with Intercalated year)
- Year 4 of V7MG Philosophy, Politics and Economics - Politics/Economics Bipartite (Politics Major) (with Intercalated year)
This module is Option list B for:
-
UIBA-N203 BSc in International Management
- Year 4 of N203 International Management
- Year 4 of N203 International Management
- Year 3 of UIBA-N201 BSc in Management
- Year 4 of UIBA-N202 BSc in Management (with Intercalated Year/UPP)
- Year 3 of UIBA-NN35 Undergraduate Accounting and Finance
-
UIBA-NN36 Undergraduate Accounting and Finance (with Intercalated Year/Undergraduate Partnership Programme)
- Year 4 of NN36 Accounting and Finance (Intercalated)
- Year 4 of NN37 Accounting and Finance (Undergraduate Partnership Programme)
-
USTA-Y602 Undergraduate Mathematics,Operational Research,Statistics and Economics
- Year 3 of Y602 Mathematics,Operational Research,Stats,Economics
- Year 3 of Y602 Mathematics,Operational Research,Stats,Economics
- Year 4 of USTA-Y603 Undergraduate Mathematics,Operational Research,Statistics,Economics (with Intercalated Year)
This module is Option list C for:
- Year 3 of USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics
-
USTA-G301 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics (with Intercalated
- Year 3 of G30F Master of Maths, Op.Res, Stats & Economics (Econometrics and Mathematical Economics Stream) Int
- Year 4 of G30F Master of Maths, Op.Res, Stats & Economics (Econometrics and Mathematical Economics Stream) Int