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DRPS : Course Catalogue : School of Economics : Economics

Undergraduate Course: Firms, Markets, and Competition (ECNM10107)

Course Outline
SchoolSchool of Economics CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 10 (Year 3 Undergraduate) AvailabilityAvailable to all students
SCQF Credits20 ECTS Credits10
SummaryWe will study the theory of industrial organisation, a field of microeconomics examining the functioning of imperfectly competitive markets, typically where a firm makes choices about what to sell and consumers make choices about what to buy. The course uses theoretical models to explore how firms make decisions and the effects of those decisions on market outcomes like prices, quantities, the types of products offered, and social welfare. The course aims to equip students with tools to identify and understand strategic firm behaviour. Fundamental questions pursued in this course include: Why do markets differ? How does market structure affect firms' behaviour? What are the sources and implications of firms' market power? We will cover ideas from competition law as well as industry regulation.

Please note: contrary to the information posted here several weeks ago, this course will begin teaching in line with the normal University schedule.
Course description The first part of the course covers models of monopoly pricing, oligopoly behaviour, product differentiation, innovation, advertising, and entry. The second part is more empirical and includes several topics on imperfect competition, collusion, the need for regulation and the analysis of real cases concerning European antitrust legislation.
The course is taught through lectures, problem sets, and readings. There will be a written exam as well as a final oral presentation on a current topic chosen by the student. The final presentation provides the opportunity for students to develop and demonstrate their skills to use economic theory to analyse real-world problems.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Economics 2 (ECNM08006)
Students MUST have passed: Statistical Methods for Economics (ECNM08016) OR ( Probability (MATH08066) AND Statistics (Year 2) (MATH08051)) OR Research Methods and Statistics (PPLS08001)
Prohibited Combinations Other requirements None
Information for Visiting Students
High Demand Course? Yes
Course Delivery Information
Academic year 2023/24, Available to all students (SV1) Quota:  None
Course Start Semester 1
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 200 ( Lecture Hours 20, Seminar/Tutorial Hours 6, Programme Level Learning and Teaching Hours 4, Directed Learning and Independent Learning Hours 170 )
Assessment (Further Info) Written Exam 60 %, Coursework 40 %, Practical Exam 0 %
Additional Information (Assessment) Class participation - 10%
Problem Sets - 20%
Exam - 60%
Final project - 10%
Feedback Not entered
Exam Information
Exam Diet Paper Name Hours & Minutes
Main Exam Diet S1 (December)2:00
Learning Outcomes
On completion of this course, the student will be able to:
  1. A knowledge and understanding of the theoretical and empirical analysis of markets, firms and competition, including principles, models and associated mathematical and statistical techniques, along with empirical analysis and applications and policy implications of those models and a deeper understanding of recent research activity in some more specialised areas.
  2. Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
  3. Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
  4. Personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
  5. Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis, and general IT literacy.
Reading List
Additional Information
Graduate Attributes and Skills Not entered
Keywordsindustrial organisation,firms,markets,competion
Course organiserProf Fiona Scott Morton
Course secretaryMiss Lisa Jones
Tel: (0131 6)51 5958
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