15.010 is the Sloan School's core subject in microeconomics, with sections for non-Sloan students labeled 15.011. Our objective is to give you a working knowledge of the analytical tools that bear most directly on the economic decisions firms must regularly make. We will emphasize market structure and industrial performance, including the strategic interaction of firms. We will examine the behavior of individual markets--and the producers and consumers that sell and buy in those markets--in some detail, focusing on cost analysis, the determinants of market demand, pricing strategy, market power, and the implications of government regulatory policies. We will also examine the implications of economics on other business practices, such as incentive plans, auctions, and transfer pricing.
This course surveys major topics and theories in the field of Industrial Organization. As part of the applied microeconomics structure, Industrial Organization uses the basic tools of microeconomic theory and game theory to study the structure and behavior of firms and their strategic interactions with one another in the marketplace. Industrial Organization also studies the impact that those interactions have on market structure and welfare. This course will emphasize market structure analysis and the strategic behaviors of competing firms, including (but not limited to) product differentiation, collusion, price discrimination, pricing strategy, non-price discrimination (i.e. advertising), horizontal mergers, vertical integration, and vertical restraints. Upon successful completion of this course, students will be able to: Identify different theories of the firm; Describe the different market structures under which firms operate, with particular emphasis on concentration and monopoly power as well as oligopoly; Analyze how market structures impact the behavior of firms; Identify and compare the anti-competitive pricing strategies that firms adopt under various market structures; Use the theoretical insights presented in this course to explain observed features of particular markets and industries; Apply a deepened knowledge of game theory to understand the strategic behavior of firms in the market; Determine the factors that influence the firm's decision-making over time; Critically analyze the role of the government in regulating industries and the subsequent implications of public regulation. (Economics 306)
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