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EC208: Industrial Economics 1: Market Structure

  • Camilla Roncoroni

    Module Leader
  • Minh Tung Le

    Module Lecturer
15 CATS - Department of Economics
Autumn Module

Principal Aims

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.

Principal Learning Outcomes

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.

Syllabus

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.

Context

Core Module
L116 - Year 2
Optional Module
L1P5 - Year 1, L1PA - Year 1, LM1D (LLD2) - Year 2, V7ML - Year 2, V7ML - Year 3, V7MP - Year 2, V7MP - Year 3, V7MR - Year 2, L100 - Year 2, V7MR - Year 3, V7MM - Year 4, R9L1 - Year 4, R3L4 - Year 4, R4L1 - Year 4, R2L4 - Year 4, R1L4 - Year 4, LM1H - Year 4, L1L8 - Year 2, L1L8 - Year 3, LA99 - Year 2, LA99 - Year 3
Pre or Co-requisites
MORSE/GL11 students – EC106 or EC107 All other students - EC120 + (EC107 or EC109 or EC137) Modules: (EC106-24 or EC107-30) and (EC106-24 or EC107-30 or EC109-30 or EC137-15) and (EC121-12 and EC122-12 and EC125-6) and (EC123-12 and EC124-12 and EC125-6)
Part-year Availability for Visiting Students
Available in the Autumn term only (1 x problem set and 1 x 1200 word essay – 12 CATS)

Assessment

Assessment Method
Coursework (20%) + 2 hr examination (summer) (80%)
Coursework Details
1200 word essay (10%) , 2 hr examination (summer) (80%) , Problem Set 1 (10%)
Exam Timing
N/A

Exam Rubric

Time Allowed: 2 Hours

Read all instructions carefully- and read through the entire paper at least once before you start entering your answers.

There are TWO Sections in this paper. Answer ALL THREE questions in Section A (20 marks each) and FIVE out of SIX questions in Section B (40 marks in total).

Approved pocket calculators are allowed.

You should not submit answers to more than the required number of questions. If you do, we will mark the questions in the order that they appear, up to the required number of questions in each section.

Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.

Reading Lists