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Jason Abrevaya, Chair 2225 Speedway, Stop C3100, Austin, TX 78712 • Admin: 512-471-3211 & Advising: 512-471-2973

David S Sibley

Professor Ph.D., Yale University

David S Sibley

Contact

  • Phone: 475-8545
  • Office: BRB 3.102A
  • Office Hours: Tues/Thurs 11:00am - 12:00noon
  • Campus Mail Code: C3100

ECO 304K • Introduction To Microeconomics

34395 • Fall 2014
Meets MWF 300pm-400pm JES A121A
show description

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ECO 328 • Industrial Organization

34515 • Fall 2014
Meets MWF 100pm-200pm CLA 0.126
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 328 • Industrial Organization

34780 • Spring 2014
Meets TTH 330pm-500pm CLA 1.104
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 304K • Introduction To Microeconomics

34425 • Fall 2013
Meets MWF 300pm-400pm UTC 2.102A
show description

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ECO 328 • Industrial Organization

34555 • Fall 2013
Meets MWF 100pm-200pm CLA 0.126
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 304K • Introduction To Microeconomics

34120 • Fall 2012
Meets MWF 300pm-400pm UTC 2.102A
show description

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ECO 328 • Industrial Organization

34255 • Fall 2012
Meets MWF 100pm-200pm PAR 1
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 328 • Industrial Organization

34260 • Spring 2012
Meets TTH 930am-1100am UTC 3.132
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 304K • Introduction To Microeconomics

34035 • Fall 2011
Meets MWF 300pm-400pm UTC 2.102A
show description

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ECO 328 • Industrial Organization

34440 • Spring 2011
Meets TTH 930am-1100am UTC 3.132
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 304K • Introduction To Microeconomics

33325 • Fall 2010
Meets MWF 200pm-300pm WEL 1.308
show description

ANALYSIS OF THE ECONOMIC BEHAVIOR OF INDIVIDUAL CONSUMERS, FIRMS, AND WORKERS; SPECIAL ATTENTION TO THE ROLE OF MARKETS.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course provides an introduction to the theory of how consumers and business firms behave in the market economy. The topics include demand and supply in a competitive market, optimal consumption choice by the individual household given its budget constraint, the producer's costs and output decisions, the demand for labor and other inputs, and economic outcomes under product demand structures ranging from perfect competition to pure monopoly. For specific instructor syllabi and requirements, contact individual instructor.

ECO 384K • Industrial Organization

33555 • Fall 2010
Meets MW 1230pm-200pm BRB 1.120
show description

ECO 328 • Industrial Organization

33630 • Spring 2010
Meets TTH 930-1100 UTC 3.132
show description

THE ORGANIZATION OF INDUSTRIES AND MARKETS: COMPETITION, MONOPOLY, AND OLIGOPOLY; ANTITRUST POLICY AND ITS ALTERNATIVES.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

Industrial Organization is the study of imperfectly competitive markets. In this course, we will analyze the behavior on economic agents (consumers and firms) in such settings, as well as policy issues that arise therein. Topics we will cover include monopoly, oligopoly, product differentiation, entry deterrence, and the role of asymmetric information. Calculus and game theory will be our primary analytical tools. The goal of the course is to develop your understanding of the forces at work in many kinds of market interactions, as well as to foster your ability to think critically.If more information is needed contact instructor.

ECO 304K • Introduction To Microeconomics

33660 • Fall 2009
Meets MWF 1200-100pm UTC 3.102
show description

                                   Economics 304k-Unique # 33660

                                    Introduction to Microeconomics

                                 

Professor David Sibley

BRB 3.102A

475-8545

sibley@eco.utexas.edu

 

Overview

 

An “economy” is a term we use to refer to the billions of interactions that take place each day between buyers and sellers.  Microeconomics is the study of how these agents behave as individuals and how their collective actions determine the prices that we pay for goods and services and the quantities that are sold.  One important part of microeconomics (or, simply, “micro” from now on) involves the study of what objectives individual buyers and sellers have that guide their behavior.  For example, firms may maximize profits and individuals may maximize overall welfare, or “utility”.  A second important part of micro involves the study of constraints and limitations that buyers and sellers face in their everyday activities. For example, when a buyer at a store wants to buy something, he or she may have little idea what the price of that item would be at another store.  A seller may want to expand, but has financing problems. Third, we study how the individual actions of buyers and sellers work together to determine the price we pay, the qualities of various goods, how much people get paid and how much gets produced, of all the millions of goods and services that we see around us.  Finally, once we understand these things, we can study how government policy can either make things better or worse. The following are public policy issues that come up all the time, and which involve micro.

 

  • Should there be rent controls in cities where rents are very high?
  • How do “cap and trade” policies deal with pollution?
  • Why do we put price fixers in jail?
  • Should we raise the minimum wage?
  • Should Whole Foods be allowed to acquire Wild Oats?
  • Should a federal health care plan reduce Medicare compensation to doctors and hospitals?

 

How will knowledge of micro help you in later life?  First, it can make you a better and more informed citizen.  You hear things from politicians many times which sound great at first. A little thought, guided by a background in micro, often will show that the politicians are actually wrong or, at the very least, telling only one side of the story.  In business, basic micro often comes in handy.  Professions other than economics often rely on at least some grounding in micro.  For example, many areas of the law, such as antitrust, patent or labor law, require a good knowledge of micro.

 

Requirements

There will be three midterms, of which those with the two highest grades will count towards your final grade.  That is, if you get 65, 79 and 75 on the three midterms, I will drop the 65. Together, the two midterms that I keep will count 40 percent of your final grade.  The midterms will cover both what is in the book and what I cover in lecture. The final exam will count for 30 percent of your grade; it will cover the entire course. Homework will count 20 percent of the final grade and quizzes 10 percent. Attendance will also affect your grade. Each day in class I will take attendance. You are allowed to miss 5 classes, unexcused, without penalty. For the sixth and each subsequent unexcused absence from class, I will deduct one point from your final grade.        

 

I will assign homework each Monday, beginning on August 31, and it will be due in class one week later.  I will not accept homework assignments after the end of class on the day it is due.  There will be a quiz each Friday, starting September 4, and covering the assigned reading in the textbook for the previous week.  Thus, the quiz on September 4 will cover Chapter 2, the one on September 11 will cover Chapter 3, etc.  The quizzes will not be hard; their only point is to help ensure that you actually read the text.

 

Missed Assignments

I will drop your lowest quiz, homework and midterm grades. If you miss one midterm, for example, that will be the one that I will drop. If you miss any subsequent midterms, I will add the grade weight of missed midterm(s) to the final. Thus, if you miss all three midterms, then your final will count 70 percent of your final grade.

 

Office Hours

 

I will have office hours on Wednesdays from 10:30 -11:30.  If this time does not work, just email me or talk to me after class and we will work something else out.  Also, if you have any questions that can be handled by email, send me email at any time. I usually get back to people within a day.

 

Lecture and Exam Schedule

The exact material covered on each date may vary a little.  The midterm dates, however, are firm.

                         

Date                                             Chapter/Assigned Reading

8/26                                                      none

8/28, 8/31, 9/2                                       2

9/4, 9/7, 9/9                                           3

9/11, 9/14, 9/16                                     4

9/18, 9/21, 9/23                                     5

9/25, 9/28, 9/30, 10/2                            6                                                      

10/5                                                       Review for Midterm 1

10/7                                                       Midterm 1

10/9, 10/12, 10/14                                 7

10/16, 10/19, 10/21                               8

10/23, 10/26, 10/28                               9

10/30                                                     fill in extra material

11/2                                                       Review for Midterm 2

11/4                                                       Midterm exam 2

11/6, 11/9, 11/11                                   13

11/13, 11/16, 11/18                               14

11/20, 11/23, 11/25                               15

11/30, 12/2                                            18

12/4                                                        Midterm 3

Note: there will be an evening review session for Midterm 3.      

 

Online Material

 

The TA for this course will set up Blackboard, which you will be able to access online.  Your grades will all be posted on blackboard, as will lecture notes, exams, practice tests, etc.  I will also post current events or other optional reading material on blackboard from time to time.

ECO 328 • Industrial Organization

33795 • Fall 2009
Meets MWF 1100-1200 BRB 2.136
show description

 

                   Syllabus-Economics 328: Industrial Organization

                                           Unique Number 33795

                                           Professor David Sibley

                                                  Fall  2009

This course covers the basics of Industrial Organization from a business strategy standpoint.  Industrial Organization is the study of business strategies and markets in the absence of perfect competition, but where there is no single monopoly seller.  The main feature that distinguishes the study of oligopoly from perfect competition and monopoly is that an oligopolist must take account of rivals' reactions to whatever strategy it employs. This never comes up in either perfect competition or monopoly; in perfect competition, each firm just takes the market price as given, sets a quantity so that marginal cost equals that market price and then goes back to bed.  The monopolist, by definition, has no rivals to worry about.  So we will be looking at the in-between cases in this course, where each firm faces competition, but not perfect competition.

Industrial Organization can be studied in a number of ways.  I am going to try teaching it using a business strategy book, along with my own notes.  The reasons for doing it this way are twofold.  First, much interesting business strategy is premised on oligopolistic markets.  Business strategy studies how firms in such markets try to weaken their competition or make it irrelevant.  Business strategists have observed that most successful firms find ways of moving out of situations in which they face tough price competition to ones in which they face very soft price competition. They do this by tactics such as product differentiation, price discrimination, merger or tacit collusion. Second, although there will be a lot of math and diagrams in this course, teaching business strategy will, I hope, give you a sense of how the concepts studied in Industrial Organization play out in real life.

There will be homework due every week after week one, assigned each Friday.  Each Monday, there will be a brief quiz covering the previous week's lectures and text. There will be three midterms and a final.  The grading weights for each of these components are as follows:

                                                        Homework: 10 percent

                                                        Quizzes: 5 percent

                                                        Each Midterm: 25 percent

                                                        Final Exam: 35 percent.

 

The course will start off with about five weeks of lectures on Industrial Organization (IO) models and simple game theory, going over concepts that we will be using later in the course. I will post my notes on Blackboard, along with supplementary material.  I will put copies of a standard IO textbook on reserve at UGL for you to look at for additional review, apart from my notes; the book is Modern Industrial Organization, by Carlton and Perloff.  From about October 9 onward, I will lecture out of the course text, The Economics of Strategy, by Besanko et al.  The approximate lecture schedule is given on the next page.  The topics for each class date may vary a bit from the schedule, but the dates of the midterms will not change.

 Regarding missed assignments, I will drop your lowest homework, quiz and midterm grades, so you have a free pass to that extent. Thus, if you miss one midterm, your grade for the course will be based on the other two, plus homework, etc.  If you miss more than one midterm, the grading weights for the missed midterm(s) will be added to your final. This, if you miss all three midterms, then your final exam will count 85 percent.

 

                                             Lecture Schedule

 

August 26, 28                     When and why perfect competition does not work.

August 31                           Video of the lysine price fixing conspiracy, produced by the

                                            FBI, with the original cast.                        

September 2                        Review of monopoly and case studies.

September 4, 9, 11, 14        Basics of game theory

September 16, 18                The Cournot model of oligopoly

September 21, 23, 25          Dynamic cooperative behavior

September 28, 30                Models of product differentiation

October 2, 5                        Price discrimination

October 7                            Midterm 1

October 9, 12, 14                Chapter 2

October 16, 19                    Chapter 3

October 21, 23, 26              Chapter 6

October 28, 30                    Chapter 7

November 2                        Chapter 7

November 4                        Midterm 2

November 6, 9                    Chapter 7 (through p. 229), Chapter 8

November 11, 13, 16          Chapter 8, Chapter 9

November 18, 20                Chapter 10

November 23                      Chapter 11

November 25                      Review

November 30                      Chapter 11

December 2                         Review

December 4                         Midterm 3

Note: For the date and time of the final exam, go to the Registrar's website.

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