Undergraduate

modules

Modules

ACE3079 : Food Economics

Semesters
Semester 2 Credit Value: 10
ECTS Credits: 5.0

Aims

The goal of this module is to provide students with contemporary knowledge on how food markets operate and offer them rationales to make adequate strategy decisions. In line with developments of food markets in the past 30 years, the module will focus on differentiated food markets and will build on industrial economic models of market strategy.

The module has two sections: 1) in the first section of the module the students will learn theoretic frameworks to understand firm marketing decisions; 2) in the second section the students will learn about empirical models and will have the opportunity to apply their knowledge on a study of a sample of agro-food industries.

Outline Of Syllabus

The module covers the following topics:
* Revision market structures and supply and demand
* Game theory and oligopoly
* Product differentiation
* Price discrimination
* Marketing communications
* Agency theory and Vertical Integration
* Innovation
* Business performance measures

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion110:0010:00Writing and editing the food industry analysis report
Guided Independent StudyAssessment preparation and completion11:001:00Semester 1 examination
Guided Independent StudyAssessment preparation and completion101:0010:00Revision for Semester 1 examination
Scheduled Learning And Teaching ActivitiesLecture92:0018:00Lectures are designed to cover the economics concepts and models of the module
Scheduled Learning And Teaching ActivitiesPractical41:004:00These practicals focus on industry, consumer and policy analysis
Guided Independent StudyIndependent study136:0036:00Research and reading to prepare classes and reflect on material covered in the module
Guided Independent StudyIndependent study121:0021:00Selection and examination of readings and data to prepare an industry analysis report
Total100:00
Teaching Rationale And Relationship

Lectures convey the key economic theories that are relevant to food markets analysis.
The practicals are structured to prepare students to conduct an industry analysis. These sessions should be timetabled on a fortnight basis, starting on the 2nd week of classes.
Students are encouraged to develop their understanding through further reading and relate the topics covered to industries/topics of their interest.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
PC Examination602A50This PC exam will have a multiple choice and an essay components covering all material taught in class
Other Assessment
Description Semester When Set Percentage Comment
Written exercise2M50This is a 1500 words analysis of a food business strategy
Assessment Rationale And Relationship

The PC examination draws together materials from across the module and tests students' individual ability apply economic concepts relating to food markets and the food industry.

The students will also be required to write an individual report on a food business of their choice and will conduct an economic reflection on the business strategy. This report will include a description of the competitive and demand environments. This report will also allows students to demonstrate how the concepts apply to industries of their own particular interest.

Each piece of assessment will be worth 50%

Reading Lists

Timetable