| ACTUARIAL SCIENCE (TURKISH, NON-THESIS) | |||||
| Master | TR-NQF-HE: Level 7 | QF-EHEA: Second Cycle | EQF-LLL: Level 7 | ||
| Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
| EKO5001 | Management Economics | Spring | 3 | 0 | 3 | 8 |
| The course opens with the approval of the Department at the beginning of each semester |
| Language of instruction: | Tr |
| Type of course: | Departmental Elective |
| Course Level: | |
| Mode of Delivery: | Face to face |
| Course Coordinator : | |
| Course Lecturer(s): |
Dr. Öğr. Üyesi FULYA TAŞEL Assoc. Prof. SELMAN YILMAZ Assoc. Prof. ÇAĞLAR YURTSEVEN Assoc. Prof. KAAN İRFAN ÖĞÜT Prof. Dr. NECİP ÇAKIR Assoc. Prof. EMİN KÖKSAL Prof. Dr. SADULLAH ÇELİK Dr. Öğr. Üyesi BORA ERDAMAR Dr. PELİN YANTUR |
| Course Objectives: | Managerial Economics is an advanced course that aims to apply economic analysis to a wide array of business problems. The course offers a balanced coverage of traditional and modern microeconomic tools. It begins by teaching the practical utility of basic economic tools such as present value analysis, supply & demand, the basic models of perfect competition, monopoly, and monopolistic competition. It also offers real-world examples which includes modern topics such as oligopoly, multistage & repeated games, vertical & horizontal integration, networks, predatory pricing, principal–agent problems, adverse selection, auctions, limit pricing, and a host of other pricing strategies for firms enjoying market power. |
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The students who have succeeded in this course; After completing this class you should be able to: • Explain the role of profits in a market economy. • Use marginal analysis to determine the optimal level of a managerial control variable. • Make investment decisions that increase firm value. • Set optimal prices and price discriminate. • Predict industry-level changes using demand/supply analysis. • Develop long-run strategies to increase firm value. • Use game theory to predict how your actions influence those of others. • Make decisions in uncertain environments. • Solve the problems caused by moral hazard and adverse selection. • Align individual incentives with the goals of the company. • Align division incentives with the goals of the company. • Manage relationships between upstream suppliers or downstream retailers. • Identify sources of market failure. |
| The Fundamentals of Managerial Economics Market Forces: Demand and Supply Quantitative Demand Analysis The Theory of Individual Behavior The Production Process and Costs The Organization of the Firm The Nature of Industry Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets Basic Oligopoly Models Game Theory: Inside Oligopoly Pricing Strategies for Firms with Market Power The Economics of Information Advanced Topics in Business Strategy A Manager’s Guide to Government in the Marketplace |
| Week | Subject | Related Preparation | |
| 1) | What is Managerial Economics? Introduction to the course Fundamental Economic Concepts | ||
| 2) | Benefits, Costs, and Decisions Extent (How Much) Decisions Using Economics in Management Decisions | ||
| 3) | Understanding the Seller’s Costs Understanding the Buyer’s Demand | ||
| 4) | Investment Decisions: Look Ahead & Reason Back Understanding Markets and Profit Maximizing | ||
| 5) | Simple Pricing Economies of Scale and Scope | ||
| 6) | Mid-term Exam | ||
| 7) | Understanding Markets and Industry Changes | ||
| 8) | Relationships Between Industries: The Forces Moving Us Towards Long Run Equilibrium | ||
| 9) | Strategy--the Quest to Slow Profit Erosion | ||
| 10) | Using Supply and Demand; Foreign Exchange, Trade, and Bubbles | ||
| 11) | More Realistic and Complex Pricing | ||
| 12) | Direct Price Discrimination | ||
| 13) | Indirect Price Discrimination | ||
| 14) | Overview | ||
| Course Notes: | Managerial Economics & Business Strategy by Michael BAYE, McGraw-Hill, 7th edition, 2010. |
| References: | The Economist Business Week |
| Semester Requirements | Number of Activities | Level of Contribution |
| Attendance | 14 | % 10 |
| Laboratory | % 0 | |
| Application | % 0 | |
| Field Work | % 0 | |
| Special Course Internship (Work Placement) | % 0 | |
| Quizzes | % 0 | |
| Homework Assignments | % 0 | |
| Presentation | % 0 | |
| Project | 1 | % 20 |
| Seminar | % 0 | |
| Midterms | 1 | % 30 |
| Preliminary Jury | % 0 | |
| Final | 1 | % 40 |
| Paper Submission | % 0 | |
| Jury | % 0 | |
| Bütünleme | % 0 | |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 40 | |
| PERCENTAGE OF FINAL WORK | % 60 | |
| Total | % 100 | |
| Activities | Number of Activities | Workload | |
| Course Hours | 14 | 42 | |
| Laboratory | |||
| Application | 14 | 48 | |
| Special Course Internship (Work Placement) | |||
| Field Work | |||
| Study Hours Out of Class | 14 | 81 | |
| Presentations / Seminar | |||
| Project | |||
| Homework Assignments | |||
| Quizzes | |||
| Preliminary Jury | |||
| Midterms | 1 | 2 | |
| Paper Submission | |||
| Jury | |||
| Final | 1 | 2 | |
| Total Workload | 175 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | Acquire the quantitative skills to become an actuary. | |
| 2) | Will know about risks and ways to manage risk. | |
| 3) | Will know about financial planning and its role in actuarial management. | |
| 4) | Will be able to design new products and carry profitability tests and scenario analyses. | |
| 5) | Besides gaining competence in theoretical subjects, the graduate will also be aware of practical issues and applications through lecturers and instructors who have market experience. | |
| 6) | Will be able to follow all innovations and carry on research on the particular area. | |
| 7) | Will share information with colleagues and will use it for project development.. | |
| 8) | Will be able to apply and make the necessary adaptation to all new rules and regulations. |