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Business Economics and Game Theory for Decision Making 

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Business Economics and Game Theory for Decision Making
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Coursera 
Overview

Duration

41 hours

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Total fee

Free

Mode of learning

Online

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Credential

Certificate

Business Economics and Game Theory for Decision Making
 at 
Coursera 
Highlights

  • Earn a certificate from Illinois Tech
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  • 21 assignments
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Business Economics and Game Theory for Decision Making
 at 
Coursera 
Course details

What are the course deliverables?
  • What you'll learn
  • The economic concept of elasticity, and how to utilize it in making informed decisions on pricing products.
  • Sources of market power and how firms with market power set prices, segment customers, and customize prices to different segments.
  • Concepts in game theory, including simultaneous games, sequential games, auctions, and adverse selection issues.
More about this course
  • Good decision making and strategy do not exist in isolation: the success and profitability of a business depend not only on the organization - own strategic moves but also on those that other firms make, especially competitors. Understanding the strategic linkages among firms can therefore be immensely valuable. Economics and Game theory offer tools that can specifically enhance one's understanding and ability to exploit such strategic linkages. This course will cover one of the most crucial decisions that a firm offering a differentiated product needs to make how to price its product. In addition, the course will demonstrate some of the consequences of governments and platforms intervening in markets, either because markets may have failed or because the rule-maker may have been persuaded to intervene by key stakeholders. Importantly, the course will layer game-theoretic considerations on top of economic considerations in the marketplace.
  • By the end of the course, students will be able to:
  • - Develop an understanding of the economic concept of elasticity and be able to utilize it in making informed decisions on how, if at all, to alter a product's pricing.
  • - Identify the implications of market intervention for various stakeholders, including consumers, firms, and government, and incorporate them in analyzing potential policies.
  • - Identify sources of market power and solve for profit-maximizing prices.
  • - Classify forms of price discrimination and develop an understanding of why the practice can be beneficial in customer segmentation and price customization.
  • - Develop an understanding of the dynamics of oligopolistic price and quantity competition.
  • - Describe introductory concepts in game theory, including simultaneous games, sequential games, and auctions, as well as develop an understanding for how asymmetric information can lead to adverse selection issues.
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Business Economics and Game Theory for Decision Making
 at 
Coursera 
Curriculum

Module 1: Price Elasticity of Demand

Course Introduction

Instructor Introduction

Module 1 Introduction

Elasticity - An Introduction

Price Elasticity of Demand

Price Elasticity of Demand with a Linear Demand Curve - Part 1

Prices Elasticity of Demand with a Linear Demand Curve Part II

Elasticity and Profitability

Syllabus

Demand and Supply

Elasticity

Elasticity and Pricing

Elasticity in Areas Other Than Price

Module 1 Summary

Module 1 Summative Assessment

Demand and Supply

Elasticity Quiz

Elasticity and Pricing Quiz

Elasticity and Profitability Quiz

Meet and Greet Discussion

Module 2: Policy; Winners and Losers from Intervention; Influencing Policy

Module 2 Introduction

Economic Efficiency Analysis

Government Intervention

Reverse Engineering a Linear Demand Curve from Elasticity and a Demand Point

Government Intervention Case Study - Part 1

Government Intervention Case Study - Part 2

Positive and Negative Externalities

Price Ceilings and Price Floors

The Potential Unintended Consequences of Intervention - Example

Externalities

Module 2 Summary

Module 2 Summative Assessment

Price Ceilings and Price Floors Quiz

The Potential Unintended Consequences of Intervention - Example Quiz

Externalities Quiz

Module 3: Pricing with Market Power

Module 3 Introduction

Sources and Implications of Market Power

4-Step Process Part 1

4-Step Process Part 2

H&M Example - Part 1

H&M Example - Part 2

Pricing, Cost Structures, and Loss Leaders

How Monopolies Form: Barriers to Entry

How a Profit-Maximizing Monopoly Chooses Output and Price

Monopolistic Competition

Module 3 Summary

Module 3 Summative Assessment

How Monopolies Form: Barriers to Entry Quiz

How a Profit-Maximizing Monopoly Chooses Output and Price Quiz

Monopolistic Competition Quiz

Module 4: Competing Market

Module 4 Introduction

Pricing with Different Demand Segments

Optimal Mark-Up Rule

Market Power Effects

Potential Collusion

Oligopoly

Corporate Mergers

Monopoly and Antitrust Policy

Module 4 Summary

Module 4 Summative Assessment

Oligopoly Quiz

Corporate Mergers Quiz

Monopoly and Antitrust Policy Quiz

Module 5: Game Theory

Module 5 Introduction

Simultaneous Games - Part 1

Simultaneous Games - Part 2

Auctions

Oligopolistic Price Competition

Oligopolistic Quantity Competition

Adverse Selection

Strategy - An Introduction to Game Theory - by Joel Watson

A Brief Introduction to the Basics of Game Theory

A Brief Introduction to the Basics of Game Theory

Module 5 Summary

Module 5 Summative Assessment

Strategy - An Introduction to Game Theory Quiz

A Brief Introduction to the Basics of Game Theory Quiz

A Brief Introduction to the Basics of Game Theory Quiz

Summative Course Assessment

Business Economics and Game Theory for Decision Making
 at 
Coursera 
Admission Process

    Important Dates

    May 25, 2024
    Course Commencement Date

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