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Microeconomics: When Markets Fail
Course
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English
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- Self-paced
- Free Access
- Fee-based Certificate
- 5 Sequences
- Introductive Level
- Subtitles in Mongolian
Course details
Syllabus
- Week 1 - Costs and Profits + Perfect Competition
In the first part of the course we learnt that if we allow market forces to work we reach an efficient outcome: the maximum benefit that can be generated by a market. The second part of the course explores cases where the markets fail to accomplish our goals. ... - Week 2 - Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition. - Week 3 - Monopoly Continued
Monopolies come in various types: one price monopoly, natural monopoly, price discrimination and monopolistic competition. This week we will expand the basic monopoly model to cover these cases and then explore market outcomes in each case. We will also discus... - Week 4 - Externalities + Public Goods
Two classic cases of market failure will be defined and explored: externalities and public goods. We will define each case, demonstrate why the market fails to provide the efficient outcome and suggest interventions through either marked design or regulation. - Week 5 - Asymetric Information and Inequlity
Up to this point we assumed that there is full information in the market. We are now ready to relax this assumption as we introduce the concepts of moral hazard and adverse selection. We learn that asymmetric information may lead to market failure and we discu...
Prerequisite
None.
Instructors
Rebecca Stein
Senior Lecturer
Economics
Editor
The University of Pennsylvania (commonly known as Penn), founded in 1740, is a private university located in Philadelphia, Pennsylvania, USA. A member of the Ivy League, Penn is the fourth oldest institution of higher learning in the United States and considers itself the first university in the United States to offer both undergraduate and graduate degrees.
Platform
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