Business Economics and Game Theory for Decision Making
- Offered byCoursera
Business Economics and Game Theory for Decision Making at Coursera Overview
Duration | 41 hours |
Start from | Start Now |
Total fee | Free |
Mode of learning | Online |
Official Website | Explore Free Course |
Credential | Certificate |
Business Economics and Game Theory for Decision Making at Coursera Highlights
- Earn a certificate from Illinois Tech
- Add to your LinkedIn profile
- 21 assignments
Business Economics and Game Theory for Decision Making at Coursera Course details
- 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.
- 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.
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
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