Intermediate microeconomics. Basic notitions of calculus and (unconstrained and constrained) optimization.
The course aims at an intermediate-level understanding, linked to the professional opportunities, of the issues of industrial organization. The course will deepen the understanding of firm behaviour and market outcomes, in imperfectly competitive and oligopolistic markets, in connection with price determination and product differentiation, Research and Development, vertical relations and advertising. Finally, the course addresses regulation of natural monopoly, public policies on intellectual property and competition, also using exemplary case studies.
1. Review of microeconomic concepts. 2. Perfect competition. 3. Monopoly and monopolistic competition. 4. Natural monopoly. 5. Price discrimination and complex methods of pricing. 6. Elements of game theory. 7. Oligopoly. 8. Vertical relations and vertical restrictions. 9. Advertising. 10. Research and Development. 11. Strategic behaviour: entry deterrence, predatory pricing, brand proliferation. Entry and exit. 12. Antitrust policy.
Pepall, L., D. Richards, G. Norman; Industrial Organization: Contemporary Theory and Empirical Applications, 5th ed., Blackwell, Oxford, 2014.
L. Cabral, Introduction to industrial organization, The MIT Press, 2000.
Lecture notes by the teacher.
Lectures and classes.
Written final exam, with two written partial tests, that, if successfully completed, exempt from the final exam. The test includes numerical exercises, whereby theories and models are applied to case studies, and more theoretical questions aimed at evaluating the understanding of models and the skill in presenting and proving their key propositions.
Teacher's lecture notes and exercises are available at the course page in the Moodle platform of the University of Siena.
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