Billy Foster, PhD

Billy Foster

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Quotations

As a skeptic, I reject a sole time series of the past as an indication of future performance; I need a lot more than data. My major reason for this is the rare event, but I have others. On the surface, my statement here may seem to contradict earlier discussions, where I blame people from not learning enough from history. The problem is that we read too much into shallow recent history, with statements like ‘this has never happened before,’ but not from history in general… [H]istory teaches us that things that never happened before do happen. — Nassim Nicholas Taleb

Posts Tagged ‘industrial organization’

Industrial Organization

Industrial Organization
Course number:
NEIU – ECON 332

FULL SYLLABUS (.pdf)

“It is not enough to prove that a given industry is not competitive. The crucial question is: how far do the conditions in the industry depart from competition? In many and perhaps most cases the answer is that the departures are not large.”

– George Stigler, The Theory of Price, 1946

INTRODUCTION

Industrial Organization studies market structures, how concentrated industries are, to what extent firms can exercise monopoly power, mergers and takeovers. We will also study the impact of industry structures on consumers: price discrimination, product differentiation, advertising, research and development. Understanding industrial organization brings economic reasoning to cases for which the analyses of extremes of perfect competition or monopoly are not sufficient.

REQUIRED TEXTS

Modern Industrial Organization
Carlton and Perloff
ISBN: 0312180232

The Winner’s Curse
Richard Thaler
ISBN: 0691019347

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