#BESANKO ECONOMICS OF STRATEGY 7TH INSTALL#
Before entering the conference, install the device with the camera so that the camera captures you at the desk where you will be writing answers on paper, and the screen of the device from which you will be making the tasks. One device with the camera and ZOOM conference, and the second one you will use to make the test. Before the exam you need to prepare 2 devices. When suspicions of a violation of academic ethics arise, the administration reserves the right to review the video to decide if any action is necessary. There will be online proctoring during the exam at ZOOM platform. This "black box" view of the firm captures many important aspects of what a firm does, but leaves many questions unanswered: why do firms exist?, why some firms decide to buy inputs and others to make them?, what do managers do?, what is the role of hierarchy?, why do firms often appear dysfunctional?, why do inefficient and efficient firms coexist?, should we care about their coexistence? The purpose of this course is to move beyond the Neoclassical view of the firm and to provide you with a set of models that you can use as a first step when thinking about modern Given market prices, the firm chooses a set of inputs to buy, turns them into outputs, and then sells those outputs on the market in order to maximize profits. Neoclassical economics traditionally viewed a firm as a production set. The second part of the course revolves around the Economics of Organizations. How should the principal cope with this situation? In the context of organizations, we will see how firm’s owners succeed in aligning the objectives of its various members, such as workers, supervisors, and managers, with profit maximization. This private information can be of two types: either the agent can take a hidden action (known as moral hazard) or the agent has some private knowledge (known as adverse selection). The principal delegates a task to the agent who will obtain some private information as a result. We will focus on settings with two parties: a principal (e.g. Economics of Information looks at situations where one of the contracting parties have private information. This had deep implications for economic policy. This field was a revolution in economics, overturning long standing presumptions, including the one of market efficiency. The first part of this course provides an introduction to the Economics of Information.
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