Managerial Economics - BUSI97223
The module is focused on microeconomics, giving a better understanding on how markets operate with a particular application to business decision-making. We’ll go through a number of examples and we will ask you to make presentations on specific cases.
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Information, Incentives and Contracts - BUSI97251
This module introduces basic models in economics of information, contract theory, market design and their applications.
Firms, workers and consumers have to act in situations where they are dealing with a party that knows more than they do, such as the insurance applicant who may be a poor driver, the manager who knows more about the markets her firm is operating in than its shareholders, or brand-name owners (as in franchised businesses) do. This module discusses these topics through the Principal-Agent paradigm and covers the tools that economists have developed to analyse and resolve such issues. We focus on solutions that can give people incentives to act in ways that do not take too much advantage of their superior information.
After overviewing the theoretical foundations the module will discuss applications of the issues to franchise contracts. Franchising nowadays represents a key growth strategy for many businesses worldwide, esp. in service industries – including retail, restaurants, hotels, small service firms, car dealerships; hospitals sometimes also operate through franchise contracts. Many entrepreneurs often start as franchisees of companies with widely recognized brand names (e.g. McDonald’s) in order to learn how to do the business.
Business Economics - BUSI96014
Economics provides us with a useful set of tools for analysing the world and aiding decision-making by businesses and governments. This module aims to give students an overview of many of these tools and of the insights that can be obtained with them, concentrating on those most relevant to businesses. This means that most of the lectures are on microeconomic topics, looking at the actions of firms and of individuals, but the module concludes with some coverage of macroeconomic problems and policies, looking at the economy as a whole and its international context. Students who complete this module should be able to read the business and economics pages of a quality newspaper and assess the arguments they contain.