Perfect markets achieve efficiency: maximizing total surplus generated. But real markets are imperfect. In this course we will explore a set of market imperfections to understand why they fail and to explore possible remedies including as antitrust policy, regulation, government intervention. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
Offered By
Microeconomics: When Markets Fail
University of PennsylvaniaAbout this Course
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Shareable Certificate
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Approx. 12 hours to complete
English
Subtitles: English, Mongolian
Skills you will gain
- Externality
- Economics
- Microeconomics
- Market (Economics)
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Approx. 12 hours to complete
English
Subtitles: English, Mongolian
Offered by
University of Pennsylvania
The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies.
Syllabus - What you will learn from this course
3 hours to complete
Costs and Profits + Perfect Competition
In the first part of the course we learnt that if we allow market forces to work we reach an efficient outcome: the maximum benefit that can be generated by a market. The second part of the course explores cases where the markets fail to accomplish our goals. This week sets up the benchmark case of the perfectly competitive market: a model we will modify in the next few weeks. We define Perfect Competition, learn to model it graphically and discuss some key results in terms of long run profits and implications for efficiency.
3 hours to complete
20 videos (Total 45 min), 1 reading, 3 quizzes
2 hours to complete
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.
2 hours to complete
13 videos (Total 39 min)
2 hours to complete
Monopoly Continued
Monopolies come in various types: one price monopoly, natural monopoly, price discrimination and monopolistic competition. This week we will expand the basic monopoly model to cover these cases and then explore market outcomes in each case. We will also discuss how government may intervene in such cases to benefit society as a whole and increase the surplus generated by the market.
2 hours to complete
14 videos (Total 39 min)
3 hours to complete
Externalities + Public Goods
Two classic cases of market failure will be defined and explored: externalities and public goods. We will define each case, demonstrate why the market fails to provide the efficient outcome and suggest interventions through either marked design or regulation.
3 hours to complete
20 videos (Total 52 min)
Reviews
TOP REVIEWS FROM MICROECONOMICS: WHEN MARKETS FAIL
by HTApr 23, 2021
The course is best for those who are beginners to Microeconomics. I had no idea of Microeconomics. This course has given me confidence to start my journey to start learning more. Thanks
by JRJan 13, 2018
Great and relevant content, presented in an interesting and easy way; allowing the student to go through the video materials in an individual pace and thus optimize the study sessions.
by NPAug 11, 2018
I really appreciated the short form videos and abundant visual examples. I would take MANY more classes on Coursera if it were guaranteed that they would follow this format.
by SMMar 9, 2021
Rebecca is knowledgeable and explains very clearly. Great teacher and great course. I’d love another course and more numerical exercises if possible. Great course, thanks!!
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