Об этом курсе: Perfect markets achieve efficiency: maximizing total surplus generated. But real markets are imperfect. In this course we will explore a set of market imperfections to understand why they fail and to explore possible remedies including as antitrust policy, regulation, government intervention. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
Автор: University of Pennsylvania
Преподаватели: Rebecca Stein, Senior Lecturer
Economics
| Язык | English, Субтитры: Mongolian |
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Программа курса
НЕДЕЛЯ 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. This week sets up the benchmark case of the perfectly competitive market: a model we will modify in the next few weeks. We define Perfect Competition, learn to model it graphically and discuss some key results in terms of long run profits and implications for efficiency.
20 видео, 1 материал для самостоятельного изучения
- Reading: Participate in a Purdue Research Project (Optional)
- Видео: 1.1.1: Defining Profits
- Видео: 1.1.2: Defining Fixed Costs and Variable Costs
- Видео: 1.1.3: Marginal Productivity
- Видео: 1.1.4: Marginal Productivity: Definition
- Видео: 1.1.5: Marginal Cost
- Видео: 1.1.6: Average Cost
- Видео: 1.1.7: Graph of Marginal and Average Cost Curves
- Видео: 1.2.1: Perfect Competition: Definition
- Видео: 1.2.2: Profit Maximization Perfect Competition
- Видео: 1.2.3: Profit Maximization: MR=MC
- Видео: 1.2.4: Profit Maximizations vs. Making Profits
- Видео: 1.2.5: Profit Maximization: The Case of Losses
- Видео: 1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE
- Видео: 1.2.7: Definition of Short Run vs. Long Run
- Видео: 1.3.1: Perfect Competition: Firm Entry When Profits are Positive
- Видео: 1.3.2: Perfect Competition: Firm Entry When Profits are Negative
- Видео: 1.3.3: Perfect Competition: An Efficient Outcome
- Видео: 1.3.4: Perfect Competition: In The Long Run
- Видео: 1.3.5: Perfect Competition: An Efficient Outcome Pt 2
- Discussion Prompt: Firm and Profit Maximization
Оцениваемый: 1.1: Costs and Profits
Оцениваемый: 1.2: Perfect Competition: Definition and Output
Оцениваемый: 1.3: Perfect Competition: Implications for Efficiency
НЕДЕЛЯ 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.
13 видео
- Видео: 2.1.2: The Monopoly as a Price Setter
- Видео: 2.1.3 Marginal Revenue vs Price: Numerical Example
- Видео: 2.1.4 Marginal Revenue vs Price: Graphical Example
- Видео: 2.1.5 Marginal Revenue vs Price: Example Using Calculus
- Видео: 2.1.6 Profit Maximization in a Monopoly
- Видео: 2.1.7 Profit Maximization in a Monopoly: Numerical Example
- Видео: 2.2.1 Monopoly vs Perfect Competition
- Видео: 2.2.2 Efficiency loss under a Monopoly
- Видео: 2.2.3 Monopoly vs Perfect Competition: Numerical Example
- Видео: 2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss
- Видео: 2.2.5 Monopoly vs Perfect Competition: Summary
- Видео: 2.2.6 Why do we allow monoplies?
- Discussion Prompt: Monopoly in Real Life
Оцениваемый: 2.1: Monopoly definition
Оцениваемый: 2.2: Monopoly vs. Perfect Competition Numerical example
НЕДЕЛЯ 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 discuss how government may intervene in such cases to benefit society as a whole and increase the surplus generated by the market.
14 видео
- Видео: 3.1.2 Government Regulation and Antitrust Law
- Видео: 3.1.3 Natural Monopoly: Implications for the Average Total Cost
- Видео: 3.1.4 Natural Monopoly: Graphical Presentation
- Видео: 3.1.5 Natural Monopoly: Profit Maximizing Outcome
- Видео: 3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing
- Видео: 3.1.7 Natural Monopoly: Regulation though Average Cost Pricing
- Видео: 3.2.1 Price Discrimination: Definition
- Видео: 3.2.2 Price Discrimination: Graphical Example
- Видео: 3.3.1 Monopolistic Competition: Definiton
- Видео: 3.3.2 Monopolistic Competition: Core Results
- Видео: 3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run
- Видео: 3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run
- Видео: 3.3.5 Monopolistic Competition: Mark up and Excess Capacity
- Discussion Prompt: Different Market Structures and Government Intervention
Оцениваемый: 3.1: Natural Monopoly
Оцениваемый: 3.2: Price Discriminating Monopoly
Оцениваемый: 3.3 Monopolistic Competition
НЕДЕЛЯ 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.
20 видео
- Видео: 4.1.2: Externalities: Allocative Efficiency: Refresher
- Видео: 4.1.3: Negative Externalities: Implications for Efficiency
- Видео: 4.1.4: Positive Externalities: Implications for Efficiency
- Видео: 4.1.5: The Coase Theorem
- Видео: 4.1.6: Interalizing a Negative Externality via a Per Unit Tax
- Видео: 4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy
- Видео: 4.2.1: Externalities: A Numerical Example
- Видео: 4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example
- Видео: 4.2.3 Government Intervention in the Case of Externalities
- Видео: 4.2.4 Externality: Conclusion
- Видео: 4.3.1 Pure Public Goods: Nonexcludable and Nonrival
- Видео: 4.3.2: Examples of Different Types of Goods
- Видео: 4.3.3: Implications of Nonexcludability
- Видео: 4.3.4: Free Riding
- Видео: 4.3.5: Implications of Nonrivalness
- Видео: 4.4.1: The Role of the Government in Providing Public Goods
- Видео: 4.4.2: Provision of Public Good by the Government
- Видео: 4.4.3: Free Riding as a Prisoners' Dilemma
- Видео: 4.4.4: Public Goods Conclusion
- Discussion Prompt: Externality and Government Intervention
Оцениваемый: 4.1: Externalities
Оцениваемый: 4.2: Solutions to Externalities
Оцениваемый: 4.3: Public Goods
Оцениваемый: 4.4: Solutions to Public Goods
НЕДЕЛЯ 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 discuss some remedies. The last segment in the course is a reminder that besides efficiency, equity is also a criteria we all care about. A short introduction will explore how economist measure poverty and inequality.
10 видео
- Видео: 5.1.2 Adverse Selection: Consequences and Solutions
- Видео: 5.1.3 Adverse Selection: A Numerical Example
- Видео: 5.1.4 Adverse Selection: A Numerical Example with Private Information
- Видео: 5.1.5 Adverse Selection: Possible Solutions
- Видео: 5.1.6 Moral Hazard
- Видео: 5.1.7 Moral Hazard: Consequences and Solutions
- Видео: 5.2.1 Inequality
- Видео: 5.2.2 Poverty
- Видео: 5.2.3 Income Redistribution
- Discussion Prompt: Measuring Poverty
Оцениваемый: 5.1: Asymmetric Information
Оцениваемый: 5.2: Poverty and Inequality
Оцениваемый: Final Exam
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Авторы
University of Pennsylvania
The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies.
Рейтинги и отзывы
I loved this course for its clear explanation of microeconomic principles and how and when they fail. The course teaches how to apply the principles to real world examples and thus gives important applied knowledge with real world examples.
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NP
I really appreciated the short form videos and abundant visual examples. I would take MANY more classes on Coursera if it were guaranteed that they would follow this format.