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ECONOMICS

CODE 98227
ACADEMIC YEAR 2022/2023
CREDITS
  • 4 cfu during the 1st year of 10728 ENGINEERING TECHNOLOGY FOR STRATEGY (AND SECURITY)(LM/DS) - GENOVA
  • SCIENTIFIC DISCIPLINARY SECTOR SECS-P/01
    LANGUAGE English
    TEACHING LOCATION
  • GENOVA
  • SEMESTER 2° Semester
    TEACHING MATERIALS AULAWEB

    OVERVIEW

    The aim of the course is to provide students with the fundamental concepts of Microeconomics and Economics of Strategy. The focus will be on developing concepts related to the equilibrium in markets with asymmetric information, Monopoly & Oligopoly Models, and Labour markets. These will be developed using Game Theory concepts.

     

     

    AIMS AND CONTENT

    LEARNING OUTCOMES

    Course aims to: Provide Fundamental concepts of Economics, Monopoly & Oligopoly Models, Basic Consumer Theory as well as Game Theory applied to these fields

    AIMS AND LEARNING OUTCOMES

    Students will learn the mathematical tools used to understand and critically evaluate the strategic interaction between economic agents.

    The aim will be to acquire skills on the use of Economic techniques, methodologies and tools that can shed light on real world business problems. Particular attention will be given to how different forms of market structure shape the way firms compete. A section of the course will delve deep into pricing strategies, with a focus on both traditional markets but also on online markets and e-commerce. Students will learn how  to recognise different forms of  Market Structure and how the competitive process leads to different outcomes in each market type. Students will also learn how different forms of informational asymmetries shape how  firm design their products to improve efficiency and enhance competitiveness.

     

     

     

     

     

    PREREQUISITES

    None.

    TEACHING METHODS

    All concepts will be presented during lectures. During the lectures, to reinforce learning and a deeper understanding of the topics, videos may be shown. Students will also be asked to solve exercises and discuss possible areas of application of the topics under study.

    SYLLABUS/CONTENT

    The course is organized in two parts.

    In the first, some basic concepts of microeconomics will be covered:

    1. Theory of the firm
    2. Choice under risk and uncertainty
    3. Equilibrium in markets with asymmetric information
    4. Monopoly
    5. Price discrimination - linear and non-linear pricing
    6. Pricing online - fundamentals with applications.

    All these issues will be studied by making real-world examples and combining theory with exercises and applications.

    Building on these concepts,  in the second part the following topics will be covered:

    1. Benchmark Case: The perfectly competitive market
    2. Strategic Thinking and Game Theory;
    3. Nash equilibrium
    4. Refinements of Nash equilibrium;
    5. Business Application of Game Theory: competing in an oligopolistic market.
    6. Monopolistic competition and Product Differentiation.

    RECOMMENDED READING/BIBLIOGRAPHY

    Recommended readings fo both parts are:

    • Nechyba, T. (2011), Microeconomics: an Intuitive Approach with Calculus, International Edition, 1st or 2nd  Edition, Southwestern CEngage Learning
    • Pepall, Richards, Norman, (2013) Industrial Organization: Contemporary Theory and Empirical Applications. fifth edition, Blackwell Publishing
    • Belleflamme P. and Peitz M. (2015), Industrial Organization. Markets and Strategies, Cambridge University Press.

    Several applications are discussed in

    • Besanko, D., Dranove, D., Shanley, M. and Schaefer, S. Economics of Strategy, 6th ed., Wiley and Son.
    • Brickley, J., Smith, C. and Zimmerman, J. Managerial Economics and Organizational Architecture, international edition, 2004, McGraw Hill.
    • Carlton, D. and Perloff, J. 2005. Modern Industrial Organization, Pearson.

    LESSONS

    Class schedule

    All class schedules are posted on the EasyAcademy portal.

    EXAMS

    EXAM DESCRIPTION

    Written examination with questions on theory and quantitative exercises.

    ASSESSMENT METHODS

    The exam is aimed to verify  students' ability to apply the basic concept of game theory and industrial economics to real world situations.

     

     

    Exam schedule

    Date Time Location Type Notes
    12/01/2023 17:00 GENOVA Scritto
    02/02/2023 17:00 GENOVA Scritto
    17/02/2023 17:00 GENOVA Scritto