ECO3026 : Industrial Economics and Policy
- Offered for Year: 2019/20
- Module Leader(s): Dr Jonathan Jones
- Lecturer: Professor John Sessions
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semester 1 Credit Value:
Semester 2 Credit Value:
1. To develop the ability of students to apply tools of modern microeconomics to examine the reasons for the existence of firms, the diversity of their forms, the way they interact and how government policy influences this.
2. To develop an understanding of the role of strategic interaction and information in shaping firms and market structure.
This module will provide students with an introduction to a branch of economic thought that evolved as an offshoot from standard microeconomic theory. The aim of industrial economics is to give a clearer understanding of the real-world causes and effects of various market structures on the choices of firms in terms of their performance. The course builds upon the tools learnt in intermediary microeconomics and covers issues such as market concentration, market structure, entry barriers, oligopoly, collusion, firm innovation, advertising and policy. The course employs a mix of theoretical analysis, empirical investigation and real life case studies.
Outline Of Syllabus
1. Determinants of Market Structure - What determines whether an industry has many (small) firms or is dominated by a few large firms?
2. The Measurement and Determination of Market Concentration - To what extent is an individual market dominated by its largest sellers (and therefore is market structure one of many competitive firms or oligopolistic)?
3. Static Models of Oligopoly Behaviour - How are major policy variables (price or quantity, advertising, R&D) determined in an interdependent ologopolistic market and what is the impact of market structure?
|Guided Independent Study||Assessment preparation and completion||1||64:00||64:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||15||2:00||30:00||N/A|
|Guided Independent Study||Directed research and reading||1||50:00||50:00||N/A|
|Scheduled Learning And Teaching Activities||Small group teaching||6||1:00||6:00||N/A|
|Guided Independent Study||Independent study||1||50:00||50:00||N/A|
Jointly Taught With
|ECO3099||Industrial Economics and Policy (Study Abroad Sem 1)|
Teaching Rationale And Relationship
1. Lectures introduce the material by providing an in-depth survey of current issues in Industrial Economics.
2. Seminars are used to take students through problem sets and extensions to lecture material and to give solutions to sets done in self study. Seminars also give students the opportunity to review and solve problems in small groups with the seminar leader.
4. Private study allows students to go over lecture content, and work on problems introduced in workshops.
The format of resits will be determined by the Board of Examiners
|Written Examination||120||2||A||75||Unseen exam|
|Prob solv exercises||1||M||Seminar questions provided|
|Prob solv exercises||2||M||Seminar questions provided|
|Written exercise||2||M||Individual feedback on answers to past exam papers.|
Assessment Rationale And Relationship
The essay provides the opportunity for students to apply taught material to real world scenarios. The essay provides formal written feedback for the students and hence although is a summative piece of assessment is also formative in nature. The essay is appropriate to assess understanding beyond what is expected in a time limited unseen examination, allowing the student more options to convey their understanding.
The exam is the standard tool for examining theoretical material under time and resource constraints. The exam tests students ability to tackle problems in industrial economics and understanding of the implications.