EC208-15 Industrial Economics 1: Market Structure

Department: Economics
Level: Undergraduate Level 2
Module leader: Robert Akerlof
Credit value: 15
Module duration: 10 weeks
Assessment: Multiple
Study location: University of Warwick main campus, Coventry

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 web page

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 empirical support for the theoretical models. 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.
Solve algebraic problems relating to the standard models. 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 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
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.

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 D6

	Weighting	Eligible for self-certification
Problem Set 1	10%	No
1200 word essay	10%	No
Examination	80%	No
A paper which examines the course content and ensures learning outcomes are achieved. ~Platforms - AEP Answerbook provided by department Students may use a calculator

Assessment group R

	Weighting	Study time	Eligible for self-certification
Online Examination - Resit	100%		No
A paper which examines the course content and ensures learning outcomes are achieved. ~Platforms - AEP Answerbook provided by department

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.

Past exam papers for EC208

Pre-requisites

Any of:

EC106-24 Introduction to Economics OR
EC107-30 Economics 1 OR
EC109-30 Microeconomics 1 OR
EC137-15 Economics 1 (Micro)

AND

EC121-12 Mathematical Techniques A AND
EC122-12 Statistical Techniques A AND
EC125-6 Computing and Data Analysis

EC123-12 Mathematical Techniques B AND
EC124-12 Statistical Techniques B AND
EC125-6 Computing and Data Analysis

MORSE/GL11 students – EC106 or EC107
All other students - EC120 + (EC107 or EC109 or EC137)

Courses

This module is Core for:

Year 2 of UECA-3 Undergraduate Economics 3 Year Variants

This module is Optional for:

TECA-L1PA Postgraduate Taught Economics (Diploma plus MSc)
- Year 1 of L1PA Economics (Diploma plus MSc)
- Year 2 of L1PA Economics (Diploma plus MSc)
Year 2 of UECA-3 Undergraduate Economics 3 Year Variants
Year 2 of UECA-LM1D Undergraduate 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
Year 2 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics
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:

Year 4 of UIBA-N203 BSc in 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)
Year 3 of USTA-Y602 Undergraduate Mathematics,Operational Research,Statistics and 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