Course Catalogue

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This course aims to present and discuss the economic theory of the regulation of natural monopolies, and to explain and analyse the economist's approach to business strategy.

Lectures: 10 x 2-hours

Tutorials: 5 x 1-hour

Additional 2-hour revision lecture

University of Glasgow students must have achieved Subject Honours entry requirements as detailed below to enrol on this course. Permission is required for non-Economics students to take this course as an outside option.

A GPA of 12 (average C3) in Economics 2A and 2B with no course grade below D3, attained at the first attempt. A minimum grade of D3 in both ECON1012, Introductory Mathematics for Economists and ECON1013, Introductory Statistics for Economists unless exemptions were agreed on the basis of other courses taken in year 1. Refer to course specifications for details. These grades may be achieved at the second attempt.

1 in course exam (30%), 1 degree exam (70%)

Reassessments are normally available for all courses, except those which contribute to the Honours classification. For non Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below. 

This course will present and discuss the economic theory of the regulation of natural monopolies, and explain and analyse the economist's approach to business strategy.

It is intended that students who have completed this course should be able to:

1. Explain the implications of natural monopoly and why monopolies may be subject to regulation;

2. Analyse alternative models of regulation and regulatory mechanisms; show how uncertainty and multi-product firms affect regulation and how problems can be addressed through surplus subsidy schemes;

3. Explain the business economist's approach to business strategy, and how it relates to transaction cost and resource-based approaches;

4. Explain and analyse the key components of business strategy and explain how corporate success may be measured and sustained;

5. Demonstrate an ability to construct a focused argument based on coherent general principles in respect of a particular and specific problem/set of circumstances;

6. Generate logical argument from information about specific complex problems.

None.