3.0

credits

Average Course Rating

[formerly 440.638] In this course, the focus is on the study of markets and the laws and regulations used to ameliorate some of their imperfections, especially the problems caused by market structure and market power. Many economic models used to explain how markets work and what is necessary for market power to exist are investigated. Subsequently, the course explores how regulators and private litigants try to eliminate or control market power, particularly through antitrust law, with respect to price fixing, mergers, and market dominance. Regulatory issues pertaining to such industries as telecommunication, transportation, electrical power, health, safety, and the environment are covered. Prerequisite: 440.601 Microeconomic Theory and Policy. Corequisite: 440.606 Econometrics.