1) Students will learn a number of important
concepts and basic tools, rooted in modern microeconomics and
organizational theory that complement other courses at the FSM
Program. 2) Students will acquire tools that can be used to assess,
for example, whether an input should be produced internally
(in-house) or purchased from the market (buy); how strong
incentives should be inside firms; how organizational structures
and systems interact and impact organizational performance; how
knowledge can be effectively governed within and between firms;
etc.
The learning objectives are demonstrated in the exam to the degree
to which students can perform along the following dimensions:
- Understand the core concepts of the course.
- Use core insights from the class to address key business
problems.
- Show understanding of the differences and similarities between
key theories, concepts and insights.
- Use the theories, concepts and insights to derive meaningful,
carefully argued conclusions to the questions in the mini-case in
the exam.
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The course provides an introduction to the theories of the firm,
including the modern microeconomics of firm organization and the
theory and design of organizations. The particular focus is on the
internal organization (rewards, the internal division of labor,
internal communication, the allocation of authority, etc.) and the
boundaries (contracts, ownership positions, alliances, etc.) of
firms. The course surveys key ideas that are essential for
understanding the internal and external organization of firms, such
as asymmetric information, efficiency, incentive conflicts,
property rights, specific assets, organizational structures and,
organizational decision-making. The course relates to a
number of other courses at the FSM Program, perhaps particularly
Strategic Management and Corporate Governance and Finance, and
provides part of the foundation for these courses (e.g.,
transaction cost economics and principal-agent theory are important
in both).
In terms of pedagogics, while the teaching is lecture-based, it
is interactive, and interspersed with within-lecture exercises and
between-lectures exercise classes. Blended learning will be
included to assist, for example, within-lectures exercises (e.g.,
students will be asked to access beforehand relevant case material,
brief prepared tutorials, etc.). To reach continuous feedback aims,
there will be a number of short within-lectures multiple choice
tests to help students improve their comprehension of the
material.
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