Online Course
Firm Level Economics: Markets and Allocations
University of Illinois at Urbana-Champaign via Coursera
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Overview
Class Central Tips
Upon successful completion of this course, you will be able to:
• Explain how different market structures result in different resource allocations.
• Model the impact of external shocks to a particular market structure and demonstrate the new equilibrium price and quantity after the impact of this external shock has played out.
• Evaluate the efficiency of an equilibrium. Different market structures produce different levels of efficiency.
• Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets.
• Describe how information problems can cause inefficient outcomes.
• Understand externalities and consider optimal government response to these market failures.
This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.
Syllabus
-You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
Module 1: Perfect Competition
-This module introduces the concept of a perfectly competitive market. It is a benchmark construction, but it accurately models many markets in our economy. We will understand equilibrium outcomes in both the short run and the long run. We will understand how to analyze shocks to these equilibria.
Module 2: Monopoly Markets and Efficiency
-Analysts can predict equilibrium outcomes with some degree of certainty. We want to construct a measure of efficiency that will allow us to evaluate the attractiveness of these equilibrium market outcomes. After using this metric to consider the efficiency of the competitive market, we will introduce a different market structure, monopoly, and use our efficiency metric to evaluate the equilibrium resource allocation under monopoly.
Module 3: Oligopoly and Game Theory
-Perfectly competitive markets have many sellers. Monopoly has one seller. But much economic activity takes place in markets with just a handful of very large producers. These are called oligopoly markets. We will look at collusive arrangements among a small number of rivals, and then will use simple game theoretic techniques to model equilibrium.
Module 4: Market Failures
-Sometimes even markets that appear to be capable of great efficiency in resource allocation, such as the perfectly competitive market, can fall short of efficiency. Economists call this market failure. In this module, we will consider information issues and the impact on efficiency. We will also introduce externalities (spillovers) such as pollution and model these impacts.
Taught by
Larry Debrock
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Reviews
5.0 rating, based on 2 reviews
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Anonymous completed this course.
This was a great course. I had an amazing learning experience in this MOOC. The professor's lecture videos provided thorough explanations of interesting topics. -
Anjin Yahya Jonathan Hendel completed this course.