Industrial Organization
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1 Industrial Organization Session 1: Introduction Jiangli Dou School of Economics Jiangli Dou (School of Economics) Industrial Organization 1 / 11
2 Instructor Lecturer: Dr. Jiangli Dou Assistant Professor in Economics Ph.D in Economics from Toulouse School of Economics Jiangli Dou (School of Economics) Industrial Organization 2 / 11
3 Instructor Lecturer: Dr. Jiangli Dou Assistant Professor in Economics Ph.D in Economics from Toulouse School of Economics Research topics: Industrial Organization, Intellectual Property Right, Regulation and Competition Policy Homepage: Jiangli Dou (School of Economics) Industrial Organization 2 / 11
4 Why should one be interested in Industrial Organization? The purpose of an economic theory is to analyze, explain; predict; and evaluate.(joe Bain, 1968) To study industrial organization is to study the functioning of markets, a central concept in microeconomics.(jean Tirole, 1988) Jiangli Dou (School of Economics) Industrial Organization 3 / 11
5 What is Industrial Organization? Industrial Organization (IO) studies markets (industrial, agriculture and services), in particular those markets that are not perfect i.e. that depart from perfect competition. Jiangli Dou (School of Economics) Industrial Organization 4 / 11
6 What is Industrial Organization? Industrial Organization (IO) studies markets (industrial, agriculture and services), in particular those markets that are not perfect i.e. that depart from perfect competition. What type of questions do we want to answer in IO? Example 1: Is there market power in the Mobile industry? Example 2: Why do taxi calling apps subsidize both the driver and passangers? Jiangli Dou (School of Economics) Industrial Organization 4 / 11
7 Case Study: Glaxo Wellcome Handouts Jiangli Dou (School of Economics) Industrial Organization 5 / 11
8 Case Study: Glaxo Wellcome Handouts Discussion Jiangli Dou (School of Economics) Industrial Organization 5 / 11
9 Case Study: Glaxo Wellcome Handouts Discussion Is there market power? Jiangli Dou (School of Economics) Industrial Organization 5 / 11
10 Case Study: Glaxo Wellcome Handouts Discussion Is there market power? How does GW acquire and maintain market power? Jiangli Dou (School of Economics) Industrial Organization 5 / 11
11 Case Study: Glaxo Wellcome Handouts Discussion Is there market power? How does GW acquire and maintain market power? Legal protection (patent); Firm strategy (price, investment, advertisement,...) Jiangli Dou (School of Economics) Industrial Organization 5 / 11
12 Case Study: Glaxo Wellcome Handouts Discussion Is there market power? How does GW acquire and maintain market power? Legal protection (patent); Firm strategy (price, investment, advertisement,...) What are the implications of market power? Jiangli Dou (School of Economics) Industrial Organization 5 / 11
13 Case Study: Glaxo Wellcome Handouts Discussion Is there market power? How does GW acquire and maintain market power? Legal protection (patent); Firm strategy (price, investment, advertisement,...) What are the implications of market power? Transfer effect; Allocation inefficiency; Productive inefficiency; rent seeking; all bad? Jiangli Dou (School of Economics) Industrial Organization 5 / 11
14 Case Study: Glaxo Wellcome Handouts Discussion Is there market power? How does GW acquire and maintain market power? Legal protection (patent); Firm strategy (price, investment, advertisement,...) What are the implications of market power? Transfer effect; Allocation inefficiency; Productive inefficiency; rent seeking; all bad? Is there a role for public policy regulating market power? Reguation; Antitrust; Industrial policy Jiangli Dou (School of Economics) Industrial Organization 5 / 11
15 Development of Industrial Organization Development of Industrial Organization Jiangli Dou (School of Economics) Industrial Organization 6 / 11
16 Development of Industrial Organization Havard tradition (Harvard School) : 1930s Representives: Joe Bain and Edward Mason Structure, Conduct, and Performance paradigm: market structure (the number of sellers in the market, their degree of product differentiation, the cost structure, the degree of vertical integration with suppliers, and so on) determines conduct (price, research and development, investment, advertising, and so forth), and conduct yields market performance (efficiency, ratio of price to marginal cost, product variety, innovation rate, profits, and distribution). Empirical in nature with a descriptive language: This paradigm often rested on loose theories, and it emphasized empirical studies of industries. The empirical regressions produced a useful array of stylized facts, however, the links (or the absence of links) between variables must be interpreted as correlations or descriptive statistics, NOT as causal relationships. Jiangli Dou (School of Economics) Industrial Organization 7 / 11
17 Development of Industrial Organization Cons (and Pros) The absence of causal interpretation is troubling for an analyst. Although progress has been made in measuring basic (exogenous) conditions (technology, preferences, technology change, etc.), it is often difficult to gather data that are accurate measures of basic conditions and are comparable across industries. Many informal stories were built around the regressions. Those stories, together with antitrust analysis and case studies, supported the subsequent theoretical wave. Chicago tradition (Chicago School) : 1970s By the early 1970s it was felt that in many instances theory was more a way of explaining statistical results or of buttressing particular intellectual positions than a rigorous and systematic investigation. Jiangli Dou (School of Economics) Industrial Organization 8 / 11
18 Development of Industrial Organization Strategic approach: 1970s The growing dissatisfaction with the limits of the cross-sectional empirical analysis that had come to dominate the field of IO. Utill the 1970s, economic theorists pretty much ignored industrial organization, which did not lend itself to elegent and general analysis the way the theory of competitive equillibrium did. Since then, a fair number of top theorists have become interested in IO. Non-cooperative game theory imposed itself as the standard tool for the analysis of strategic conflict, thus bring a unified methodology to the field. Furthermore, it made serious progress in two crucial areas: dynamics and asymmetric information. Jiangli Dou (School of Economics) Industrial Organization 9 / 11
19 The Study of Industrial Organization 4 Major Observations Concentration: Many industries are composed of few firms. In the majority of markets, the level of competition lies between the two extreme cases of perfect competition and monopoly. Product Characteristics: homogenous or almost identical products; differentiated brands Costly activivities: producing costs; advertising; quality control; product differentiation costs; marketing and dealership costs Research and development: cost reducing technologies, new products; imitations (reverse engineering) Jiangli Dou (School of Economics) Industrial Organization 10 / 11
20 The Study of Industrial Organization These four observations are interrelated. The goal of this course is to provide a theoretical linkage of those factors. The competitive market structure fails to explain why industries are composed of a few large firms instead of many small firms. Given the noncompetitive behavior of firms, markets are also influenced by buyers reactions to firms attempts to maximize profits. The approach we take in this course is a strategic one, meaning that both firms and consumers learn the market structure and choose an action that maximizes profit and utility. Jiangli Dou (School of Economics) Industrial Organization 11 / 11
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