Run by Bangor Business School
10 Credits or 5 ECTS Credits
Organiser: Dr Rhys ap Gwilym
Overall aims and purpose
This module aims at developing microeconomic and game theoretic concepts encountered in year 2, to understand key aspects of industrial organisation. In particular, the module will analyse topics related to how markets work, how firms and consumers interact in markets, and how the policy environment can impact upon those interactions.
- Concentration indices and market power;
- Market structures;
- Game theory;
- Static and dynamic oligopoly;
- Oligopoly with differentiated goods;
- Pricing strategy: Price discrimination, Intertemporal price discrimination, bundling;
- Competition policy.
Satisfactory standard: No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work’s objectives.
Excellent standard: An outstanding performance, exceptionally able. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
Average Standard: Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
High Standard: Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
Demonstrate a thorough understanding of analytical models.
Apply knowledge of microeconomic and game theoretic concepts to understand key aspects of industrial organisation.
Apply critical thinking to topics in industrial organisation.
Analyse the impact of regulation on the behaviour of market participants.
|Examination S1 2hrs||70|
Teaching and Learning Strategy
One 2 hour lecture each week.
- Literacy - Proficiency in reading and writing through a variety of media
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
- Information retrieval - Able to access different and multiple sources of information
- Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
- Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
Subject specific skills
- Abstraction. From the study of economic principles and models, students see how one can abstract the essential features of complex systems and provide a useable framework for evaluation and assessment of the effects of policy or other exogenous events. Through this, the typical student will acquire proficiency in how to simplify while still retaining relevance. This is an approach that they can then apply in other contexts, thereby becoming more effective problem-solvers and decision-makers.
- Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
- Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
- Framing. Through the study of economics, a student should learn how to decide what should be taken as given or fixed for the purposes of setting up and solving a problem, i.e. what the important 'parameters' are in constraining the solution to the problem. Learning to think about how and why these parameters might change encourages a student to place the economic problem in its broader social and political context. This 'framing' skill is important in determining the decision-maker's ability to implement the solutions to problems.
Talis Reading listhttp://readinglists.bangor.ac.uk/modules/asb-3514.html
Pre- and Co-requisite Modules
Courses including this module
Compulsory in courses:
- LN14: BA Economics/Accounting year 3 (BA/ECA)
- LN15: BA Accounting & Economics (with International Experience) year 4 (BA/ECAIE)
- L1T1: BA Economics and Chinese year 4 (BA/ECCH)
- LR13: BA Economics/Italian year 4 (BA/ECIT)
- LL13: BA Sociology/Economics year 3 (BA/ECS)
- LR14: BA Economics/Spanish year 4 (BA/ECSP)
- LR11: BA French/Economics year 4 (BA/FREC)
- LR12: BA German/Economics year 4 (BA/GEC)
- LV11: BA History/Economics year 3 (BA/HEC)
- LL14: BA Social Policy/Economics year 3 (BA/SPEC)
- NL41: BSc Accounting and Economics year 3 (BSC/ACCEC)
- NL42: BSc Accounting and Economics with International Experience year 4 (BSC/AEIE)
- L190: BSc Business Economics year 3 (BSC/BEC)
- L191: BSc Business Economics with International Experience year 3 (BSC/BECIE)
- L111: BSc Financial Economics year 3 (BSC/FINEC)
Optional in courses:
- 8V55: BSc Banking and Finance (with International Experience) year 3 (BSC/BFIE)
- N391: BSc Banking and Finance year 3 (BSC/BFIN)