Applied Economics for Managers, Summer 2004

Abstract:: Develops facility with concepts, language, and analytical tools of economics. Covers microeconomics, macroeconomics, and international trade and payments. Emphasizes integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing US and international business environments. Restricted to Sloan Fellows. The fact of scarcity forces individuals, firms, and societies to choose among alternative uses -- or allocations -- of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

Game Theory for Managers, Spring 2004

Abstract:: This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play games both within the firm and outside it - with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance your ability to think strategically in complex, interactive environments. Knowledge of game theory will give you an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality.