23801 Managerial and Behavioural Economics6cp
There are course requisites for this subject. See access conditions.
This subject considers the value of economic reasoning as an analytical framework for decision making and a means for understanding business opportunities. The goal is to understand different models that describe and predict economic phenomena. It introduces the theory of the firm and other fundamental microeconomic and macroeconomic fundamentals such as supply and demand and competition as well as the economic analysis of corporate and policy decisions, international policies and the economic environment. It outlines the economic forces that influence corporate strategy, enabling participants to acquire a range of skills and expertise expected of corporate managers. Finally, the subject considers recent contributions from the field of behavioural economics, exploring the assumptions, implications and failures of several fundamental standard economic models, to develop alternative, behavioural models based on findings from psychology, and to explore the implications of the new models. The course outcomes are achieved using learning strategies that foster the application of leading-edge practices to meet business challenges and to think systematically and strategically about achieving competitive advantage through the management of the firm's resources.
Detailed subject description.