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Economics

EC337: Industrial Economics 2: Market Economics, Competition & Regulation

Caroline Elliott

Module Leader

  • Caroline Elliott

    Module Leader

  • Ao Wang

    Module Lecturer

Total students will not give an accurate representation of student numbers until module registration is complete

263total
students
20total
lecture hours
4total
seminars
24total
contact hours
15 CATS - Department of Economics
Autumn Module

Principal Aims

EC337-15 Industrial Economics 2: Market Economics, Competition & Regulation

Principal Learning Outcomes

Subject knowledge and understanding:...demonstrate knowledge and understanding of how to analyse competition and regulation policy in different market structures, covering economic regulation of firms and markets, applying critical analysis, formulating concepts and hypotheses, and showing how they are tested in relevant literature. Students will demonstrate knowledge and understanding of how to apply microeconomic theory to address regulation and competition problems, as well as demonstrating familiarity with contemporary empirical debates and latest research in industrial economics.. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.

Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as communicating knowledge and understanding to others, verbally and in writing; demonstrating proficiency in study and research skills including data skills and the use of library and the Internet as information sources; demonstrating proficiency in mathematical/statistical skills; and demonstrating proficiency in study and research skills through reviewing relevant literature and evidence. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.

Cognitive skills:...demonstrate capacity of analytical thinking, reasoning and application; demonstrate capacity of abstraction and problem solving, and demonstrate capacity of applying critical analysis to the topics of the module. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Essay and Briefing paper.

Syllabus

The core topics in the syllabus for this module will be based on the following:

1. Market Failures and Competition Policy Theories of market structure, conduct and performance and their relationship to antitrust policy. Theory will be complemented by extensive reference to experiences in the UK, EU and the United States. Specific topics are likely to include:

•The concept of market definition;

•Measures, determinants, and consequences of horizontal concentration and market power (dominance);

•Prohibition on restrictive practices and abuses of dominance (articles 101 & 102 TFEU);

•Substantial lessening of competition tests; horizontal merger policy;

•Vertical structures including vertical integration, restraints, mergers, and operational separation;

•Per se rules versus rule of reason (as part of the wider debate on effects based competition policy versus form based competition policy);

•Essential facilities, access pricing remedies and multi-sided markets;

•Innovation and dynamic efficiency

2. Natural monopoly, Market Liberalisation and Regulation Modern regulatory practice, particularly in relation to communications and other networked public utilities. It analyses technical, economic and societal regulatory theory and practice. Specific topics are likely to inc:

•Incentive-based (“smart”) regulation,

•Use of market-based and/or ex ante regulation (e.g. spectrum auctions) and regulatory reform.

•Specific cases include ‘converged’ regulators (Ofcom formed in 2003 in the UK combines the former duties of five separate regulatory bodies) and self- and co-regulation in e.g. financial and professional services, animal disease management and Internet regulation.

•Examples from Internet economics (e.g. cloud computing networks) and health care management procurement are likely to feature.

However, the module leader may add additional topics and sub-topics within the scope set out by the aims and learning outcomes of the module and subject to the approval of the department.

Context

Optional Module
GL11 - Year 3, GL12 - Year 4, L1P5 - Year 1, L1PA - Year 1, LM1D (LLD2) - Year 3, V7ML - Year 3, V7MM - Year 4, LA99 - Year 3, R9L1 - Year 4, R3L4 - Year 4, R4L1 - Year 4, R2L4 - Year 4, R1L4 - Year 4, L1L8 - Year 3, L1CA - Year 3, L1CB - Year 4
Pre or Co-requisites

EC202 (with EC208 and EC231 desirable) OR

EC204 (with EC208 and EC231 desirable) OR

EC238 (with EC208 and EC231 desirable)

EC231 and EC208 are recommended though not a formal pre-requisite. For those without EC231 or EC208, it is recommended that material covered in the EC208 and EC231 syllabus is the basis for private study during the summer vacation.

Summary:

Modules: EC204-30 or EC202-30 or EC238-15

Assessment

Assessment Method
Coursework (100%)
Coursework Details
Briefing paper (70%) , Written Assignment (30%)
Exam Timing
N/A

Reading Lists