Introductory description

EC337-15 Industrial Economics 2: Market Economics, Competition & Regulation

Module web page

Module aims

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 core topics in the syllabus for this module will be based on the following:

1. Market Failures and Competition Policy Theories of market structure, conduct and performance and their relationship to antitrust policy. Theory will be complemented by extensive reference to experiences in the UK, EU and the United States. Specific topics are likely to include:

• The concept of market definition;
• Measures, determinants, and consequences of horizontal concentration and market power (dominance);
• Prohibition on restrictive practices and abuses of dominance (articles 101 & 102 TFEU);
• Substantial lessening of competition tests; horizontal merger policy;
• Vertical structures including vertical integration, restraints, mergers, and operational separation;
• Per se rules versus rule of reason (as part of the wider debate on effects based competition policy versus form based competition policy);
• Essential facilities, access pricing remedies and multi-sided markets;
• Innovation and dynamic efficiency

1. Natural monopoly, Market Liberalisation and Regulation Modern regulatory practice, particularly in relation to communications and other networked public utilities. It analyses technical, economic and societal regulatory theory and practice. Specific topics are likely to inc:

• Incentive-based (“smart”) regulation,
• Use of market-based and/or ex ante regulation (e.g. spectrum auctions) and regulatory reform.
• Specific cases include ‘converged’ regulators (Ofcom formed in 2003 in the UK combines the former duties of five separate regulatory bodies) and self- and co-regulation in e.g. financial and professional services, animal disease management and Internet regulation.
• Examples from Internet economics (e.g. cloud computing networks) and health care management procurement are likely to feature.

However, the module leader may add additional topics and sub-topics within the scope set out by the aims and learning outcomes of the module and subject to the approval of the department.

Learning outcomes

By the end of the module, students should be able to:

• Subject knowledge and understanding:...demonstrate knowledge and understanding of how to analyse competition and regulation policy in different market structures, covering economic regulation of firms and markets, applying critical analysis, formulating concepts and hypotheses, and showing how they are tested in relevant literature. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject knowledge and understanding:...demonstrate knowledge and understanding of Economic Principles; knowledge and understanding of core concepts and methods in micro and macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject knowledge and understanding:...demonstrate knowledge and understanding of how theory and economics are applied to solve and address competition problems within different market structures. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject knowledge and understanding:...demonstrate knowledge and understanding of research issues; familiarity with contemporary empirical debates and latest research in industrial economics. Understanding of how to approach an economic problem from the perspective of a contemporary researcher in economics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as: data skills; use of library and internet as information sources. Knowledge of how to locate relevant data, extract appropriate data, analyse and present material. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as: mathematical/statistical skills; use/application of mathematics and diagrams in economic analysis; understanding of statistical analysis of data. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as reviewing the relevant literature and evidence. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as communicating their knowledge and understanding to others, verbally and in writing. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Cognitive skills:...demonstrate capacity of analytical thinking, reasoning and application. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Cognitive skills:...demonstrate capacity of critical, creative and strategic thinking. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Cognitive skills:...demonstrate capacity of abstraction and problem solving. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.
• Cognitive skills:...demonstrate capacity of applying critical analysis to the topics of the module, formulating concepts and hypotheses, and showing how they are tested in relevant literature. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.

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
Creative thinking
Problem-solving
Policy evaluation
Analysis of incentives

Transferable skills

Students will have the opportunity to develop:
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills