Managing the Digital Economy
- Teacher(s): C.Peukert
- Course given in: English
- ECTS Credits: 3 credits
- Schedule: Spring Semester 2021-2022, 0.0h. course (weekly average)
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course website
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Related programmes:
Bachelor of Science (BSc) in Economics
Bachelor of Science (BSc) in Management
Bachelor (BSc) in Economic Sciences -
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ObjectivesThis course examines the economic forces of digitization that shape and transform markets and business strategy in various industries, including entertainment goods, software, retail, banking, transportation, health and consulting services. The course will apply standard tools of microeconomic analysis to describe important features of these markets, capturing common and diverging elements of those various industries. We will use these microeconomic tools to make predictions about the impact of technology on future outcomes, to discuss strategic reactions and management, evaluate policy, and to understand the value derived by customers.
You will learn to characterize the consumption and production of information and network goods. You will examine strategies that firms use to compete in the digital economy. In particular, you should be able to: (1) describe key concepts, features and predictions of economic models that characterize the digital economy; (2) apply economic reasoning to describe the impact of technological change and digitization on product, marketing and innovation strategy; (3) use economic reasoning to evaluate the consequences of competition, pricing, and consumer preferences for organization and strategy.
The course will have theoretical and practical parts. In the latter, you present an analysis of a particular industry (firm in an industry) on which we base a class discussion of key challenges, key learnings and implications for organization and strategy. ContentsThe course will be held online, mostly in synchronous format.
Keywords of the topics covered: Copyright, Innovation, Licensing, Differentiation, Pricing, Versioning, Platform Management, Vertical Integration, Entry, Word of Mouth, Trust and Reviews, Internationalization, Automation, The Market for Truth, Disruption, Blockchain, Privacy, Artificial Intelligence, Gig Economy, Standards, Evaluating New and Upcoming Technologies, Business Intelligence & Experiments
Classes 1-4: Introduction and theoretical background Key concepts: Network effects, Information goods, Adoption and Diffusion, Competition and Concentration, Pricing, Multi-sided markets Example project industry: Music
Classes 5-10: Expert speakers from various industries will give us an overview of how digitization has played out in their industry. What has changed, how has it changed, what are possible changes in the future?
Classes 11-12: Group presentations of class projects on industries such as Retail, Books, Software, Banking, Transportation, Healthcare, Management Consulting, i.e. industries for which we did not have a guest speaker. ReferencesNo text book is required for the course. Students will receive articles and case studies for the class project. There will also be recommended and required articles to read before each class. Pre-requisitesI expect students to have a solid understanding of basic microeconomics and strategy, be willing to read and prepare before class, and participate in critical discussion. EvaluationFirst attempt
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