Study-unit ECONOMIC OF REGULATED MARKETS AND INSTITUTIONS
| Course name | Business administration |
|---|---|
| Study-unit Code | 20A00077 |
| Location | PERUGIA |
| Curriculum | Comune a tutti i curricula |
| Lecturer | Paolo Polinori |
| Lecturers |
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| Hours |
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| CFU | 6 |
| Course Regulation | Coorte 2023 |
| Supplied | 2023/24 |
| Supplied other course regulation | |
| Learning activities | Caratterizzante |
| Area | Economico |
| Sector | SECS-P/01 |
| Type of study-unit | Obbligatorio (Required) |
| Type of learning activities | Attività formativa monodisciplinare |
| Language of instruction | Lessons are in Italian. International and Erasmus students can attend the course. Teaching materials are available in English. Written and/or oral examinations can be made in English. Please, send a mail to the Lecturer to book an appointment in the first week of lessons. |
| Contents | The course examines the role of the public sector in the economy. The course objective is to provide an understanding of the reasons of public intervention in the economy, the extent of such intervention , and the response of the private operators to the actions of the public sector. The theoretical foundations of public intervention are also treated focusing on the role of the asymmetric information and externalities. Finally, the course provides the tools to understand the role of the citizens and of the co-production in the delivery of public services. |
| Reference texts | 1) G. CERVIGNI - D'ANTONI M., Monopolio naturale, concorrenza e regolamentazione, Roma, Carrocci Editore, 2001 2) M. MOTTA - POLO M., Antitrust, Economia e politica della concorrenza, Bologna, Il Mulino, 2005 3) E. OSTROM, Governare i beni collettivi, Marsilio, Venezia, 2006. A list of additional readings will be provided during the course. Additional materials, books 2 and 3 are also available in english. |
| Educational objectives | The main goal is to provide the basic theoretical knowledge and skills necessary to act in the regulated markets. The main skills that students will acquire: a) the basic knowledge of the analytical tools of the regulatory economics; b) the knowledge of the operation of the public services sector; d) the knowledge of the operation of the network sectors; The main skills that allow you to apply the knowledge gained will be: a) the identification of characteristics that are the basis of the relationship between public services sector, institutions and citizens; b) the recognition of the main problems that characterize public services in the age of crisis and privatization. |
| Prerequisites | Topics covered in the course do not require advanced knowledge of math. The topics are treated only using graphical tools and linear equations. Good knowledge of these elementary tools is required. The knowledge of expected utility function and of Nash equilibrium are also required. |
| Teaching methods | The course is organized as follows . a) lectures that will cover all the topics of the program ; b ) exercises on natural monopoly and game theory; c ) films and reports related to the topics of the course . d ) TV debates on economic issues . e) organization of seminar. |
| Other information | More info will be provided in class and made available on the platform moodle : https://www.unistudium.unipg.it/unistudium/ |
| Learning verification modality | There are three written tests and an optional oral examination. The exam schedule is as follows 1st test: homework (Open Book -Take home exams-). Used to test the student's ability in research, develop, integrate and apply the information and concepts introduced in the lectures. It takes place at the end of the second week of classes. It is a written examination to be carried out at home and return the next day assignment. (Worth up to a maximum of 2/30 points) 2nd test: first written exam (Middle term exam). It takes place just after the break teaching. It is a written examination in three parts. First part: computable exercise. It serves to test the ability to apply information and concepts introduced in the lectures in terms of problem solving. Second part: three open questions to be chosen out of 5. It serves to test the student's ability to develop, connect and integrate the concepts introduced in class. Third part: 6 multiple-choice questions. It serves to check the preparation of the student on all topics covered in class. Free time 1h 30 '. Worth up to a maximum of 30/30 points comprises: 6 points for the exercise + 18 points (6 points for each open question) + 6 points (1 point for each multiple choice question). 3rd test: final written examination (Final exam term). It takes place at the end of the course. It is a written examination in three parts. First part: computable exercise. It serves to test the ability to apply information and concepts introduced in the lectures in terms of problem solving. Second part: three open questions to be chosen out of 5. It serves to test the student's ability to develop, connect and integrate the concepts introduced in class. Third part: 6 multiple-choice questions. It serves to check the preparation of the student on all topics covered in class. Free time 1h 30 '. Worth up to a maximum of 30/30 points comprises: 6 points for the exercise + 18 points (6 points for each open question) + 6 points (1 point for each multiple choice question). The final grade is the arithmetic average of the tests II and III if both sufficient. (The tests must be repeated until the achievement of sufficiency), the homework grade is added to the average score obtained. If the passing grade achieved is not satisfactory for the student, it can ask to perform the oral examination on the whole program. |
| Extended program | The course provides students with an intuitive and accessible discussion, but rigorous in approach, of the theoretical foundations of public intervention in markets with asymmetric information and externalities.The initial part of the course are referred to the fundamental theorems of welfare economics, the main cases of market failure, the analysis of the efficiency as well as a critical reading of the social welfare function and Arrow's theorem.The general part of the course is divided into regulation and competition. Lessons related to the regulation will include: natural monopoly (welfare analysis of static and dynamic) economies and diseconomies (of scale, density and diversity) and network externalities. Cost reasons and objectives of regulation. Mechanisms of competition for the market and pricing are also covered in the course.The course also deals with the commons good and the citizens’ participation in public services focusing on the co-production.The final part of the course focuses on the analysis of the sectors characterized by natural monopoly segments (energy, transport, telecommunications and water utilities) with examples of the recent Italian and European backgrounds. The program is the same for students attending and not attending. |
| Obiettivi Agenda 2030 per lo sviluppo sostenibile | 11. Sustainable Cities and Communities 16. Peace, Justice and Strong Institutions 17. Partnerships for the Goals |