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Industrial Organization - JEB156
Anglický název: Industrial Organization
Zajišťuje: Institut ekonomických studií (23-IES)
Fakulta: Fakulta sociálních věd
Platnost: od 2022
Semestr: letní
E-Kredity: 6
Způsob provedení zkoušky: letní s.:kombinovaná
Rozsah, examinace: letní s.:2/2, Zk [HT]
Počet míst: neomezen / neomezen (neurčen)
Minimální obsazenost: neomezen
4EU+: ne
Virtuální mobilita / počet míst pro virtuální mobilitu: ne
Stav předmětu: vyučován
Jazyk výuky: angličtina
Způsob výuky: prezenční
Způsob výuky: prezenční
Poznámka: předmět je možno zapsat mimo plán
povolen pro zápis po webu
při zápisu přednost, je-li ve stud. plánu
Garant: Matěj Bajgar, D.Phil.
Vyučující: Matěj Bajgar, D.Phil.
Alessandro Chiari
Třída: Courses for incoming students
Prerekvizity : JEB108
Soubory Komentář Kdo přidal
stáhnout Syllabus.pdf Matěj Bajgar, D.Phil.
stáhnout 1 Introduction and Game Theory.pptx Matěj Bajgar, D.Phil.
stáhnout 10 Infomediaries.pptx Matěj Bajgar, D.Phil.
stáhnout 2 Market Power.pptx Matěj Bajgar, D.Phil.
stáhnout 3 Anti-competitive strategies.pptx Matěj Bajgar, D.Phil.
stáhnout 4 Information.pptx Matěj Bajgar, D.Phil.
stáhnout 5 Advertising.pptx Matěj Bajgar, D.Phil.
stáhnout 6 Innovation.pptx Matěj Bajgar, D.Phil.
stáhnout 7 Mergers and acquisitions.pptx Matěj Bajgar, D.Phil.
stáhnout 8 Network effects and platforms.pptx Matěj Bajgar, D.Phil.
stáhnout 9 Intermediaries and platforms.pptx Matěj Bajgar, D.Phil.
Anotace - angličtina
Poslední úprava: Matěj Bajgar, D.Phil. (12.01.2023)
Most markets are not accurately described by the standard perfect competition and monopoly models. Instead, they are characterised by firms strategically interacting with each other. Firms try to increase and protect their market power, and to do so, they diversify their products, build brands, spend on advertising, invest in research & development, apply for patents, acquire competitors and sometimes even resort to illegal strategies such as collusion. Additional challenges (and opportunities for firms!) are presented by markets with asymmetric information (e.g. used cars or health insurance), network effects (e.g. social networks, operating systems) or two-sided platforms (e.g. Amazon, Airbnb).

Industrial Organization (IO) studies the rich set of strategies that firms employ to compete in the market (and for the market!). As such, it gives unique insights into workings of the economy around us, and it has implications for competition economics, market design, innovation policy and many other areas.

The objective is to provide students with an understanding of key concepts, models and empirical results within selected IO topics, and make them familiar with modern IO research. This will allow them to read and evaluate applied IO work and provide them with the background required to write a thesis in the field of IO.

In order to understand the strategic interaction between firms, the IO relies heavily on the theory of games. The course, thus, also serves as an applied introduction to game theory. In this way, it nicely complements the course Game Theory and Applications, which explores game theory more formally and with many applications from outside of the IO. It can be useful to take both courses in parallel, but it is also absolutely fine to take either of them alone.
Podmínky zakončení předmětu - angličtina
Poslední úprava: Matěj Bajgar, D.Phil. (09.02.2023)

Components of final grade

Your final grade will consist of three parts with the following weights:

  • 3 homeworks: 30%
  • Written mid-term exam (1,5h): 20%
  • Written final exam (3h): 50%

Grades ECTS

  • 91-100 A
  • 81-90 B
  • 71-80 C
  • 61-70 D
  • 51-60 E
  • 0-50 F

Home assignments

There will be 3 homeworks consisting of a combination of problems and reading summaries. You should work out your own homework individually, but feel free to discuss with other students if you are struggling with a particular problem.

Each homework will be posted on MS Teams announced at lectures. Please submit your solutions in paper form to my letter box (“pigeon hole” #23) at the IES lobby. Reading summaries and essay questions should be prepared in a text-processing system and printed out. Problems involving mathematics can be written on computer or by hand, whichever you prefer.

Homeworks must be handed in before the closing of the IES building on the due date. Late submissions will receive zero points.

Literatura - angličtina
Poslední úprava: Matěj Bajgar, D.Phil. (12.01.2023)

Primary course textbook

Belleflamme, P., and M. Peitz (2nd ed. 2015) Industrial Organization: Markets and Strategies. Cambridge University Press.

 

Other textbooks

Cabral L. M. B. (2000) Introduction to Industrial Organization. MIT Press.

Pepall, L., D. Richards and G. Norman (5th ed. 2014) Industrial Organization: Contemporary Theory and Empirical Applications. Blackwell Publishing.

Sylabus - angličtina
Poslední úprava: Matěj Bajgar, D.Phil. (09.02.2023)

1. Introduction to game theory

  • Introducing industrial organization
  • Normal form games and Nash equilibrium
  • Extensive form games and subgame perfection
  • Asymmetric information games

2. Market power

  • What is market power?
  • Market power under perfect competition and monopoly
  • Static oligopoly as a game
  • Dynamic oligopoly as a game
  • Product differentiation

3. Anti-competitive behaviour

  • Cartels, tacit collusion and common ownership
  • Entry deterrence and accommodation
  • Entry deterrence through capacity commitments
  • Brand proliferation and switching costs
  • Leveraging market power across markets

4. Information

  • Hidden information problem
  • Hidden action problem
  • Signalling
  • Advertising
  • Warranties
  • Branding

5. Innovation

  • Market structure and incentives to innovate
  • R&D spillovers
  • Support for R&D
  • Diffusion of innovation
  • General purpose technologies

6. Intellectual property protection and intangible investment

  • Patents and other types of IP protection
  • Optimal design of IP rights
  • Market for patents
  • Other types of intangible investment: software, data, brands, management…
  • Properties and implications of intangible investment

7. Mergers & acquisitions

  • Horizontal mergers & the merger paradox
  • Cost synergies
  • Vertical mergers & the double-marginalisation
  • Killer acquisitions

8. Network effects

  • Direct and indirect network effects
  • Demand and supply with network goods
  • Competing „in the market“ vs. „for the market“
  • Standards and standard wars

9. Intermediaries and platforms

  • Dealers
  • Matchmakers
  • Two-sided platforms
  • Search markets
  • Certification and reputation systems

10. Auctions

  • English and second-price private value auctions
  • Dutch and first-price private value auctions
  • The revenue equivalence theorem
  • Common value auctions and the winner’s curse
  • Auctions and oligopoly pricing
 
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