Pennsylvania State University 3 credits ECON
Industrial Organization (3 credits) (GS) (BA) Industrial Organization focuses on the study of markets with imperfect competition. After reviewing the Perfect Competition model, the assumptions of that model are systematically relaxed, allowing us to focus on market failures that result, and how they might be remedied. The Structure-Conduct-Performance paradigm is followed. The structure of an industry affects the behavior of firms in that industry, which in turn affects the performance of that industry, evaluated from an efficiency standpoint. Much current material is discussed, especially potential mergers in certain industries and how they might affect market outcomes. Attention is given to oligopolies, using game theory as a tool with which to analyze the performance of these types of markets. Pricing strategies, asymmetric information, advertising, and antitrust law are also covered. The course is designed to provide students with a theoretical background with which to understand current market structures and events. Empirical data is discussed to test the models and theories presented in class.
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