Tsinghua_2005MBA_Lecture_01(Overview)(ppt 110页)(英文).ppt

,LectureOne,Overview,Lecture_1,Slide2,ManagerialEconomics,ForMBAcorecourse48hoursInstructor:Dr.ZhishuYang(杨之曙)AssociateProfessorofFinanceSchoolofEconomicsandManagementTsinghuaUniversityE-mail:yangzhshTel:62771769(o)Office:S-543,Lecture_1,Slide3,2005MBA-F1ZhongyuanPan(潘中元),MasterDegreeCandidateTel:6277-4753E-mail:panzhy2005MBA-F2YiyiWang(王一伊),MasterDegreeCandidateTel:62778828E-mail:wangyy3,TeacherAssistant,Lecture_1,Slide4,DiscussantArea,AccountNo.s659KeyNo.ft5777,Lecture_1,Slide5,Scores,2PointsHomework10scoresFinalexam90scoresTotal100scores,Lecture_1,Slide6,1.RobertPindyck,DanielRubinfeld,Microeconomics,FifthEdition.2.YiyuanLiandMingzhiLi,MicroeconomicAnalysis,ChineseVersion,TsinghuaUniversityPress,2003.ZhangwuChen,ManagerialEconomics,ChineseVersion,TsinghuaUniversityPress,1996.ChinaDaily,WallStreetJournal,BusinessWeek.,Reference,Lecture_1,Slide7,Whyyouneedthiscourse?,Lecture_1,Slide8,SOEOwnershipReformWhichDirection?,Recently,LarryLang,ProfessorofFinanceattheChineseUniversityofHongKong,repeatedlycriticizedsomeofChinasbestknownenterprises,includingHaierandTCL,overtheirreformofpropertyrights.LangalsohadsomeharshwordsforChinason-goingstate-ownedenterprisesreform,whenhesaidthecurrentsituationresemblesthatofRussianprivatization,whichusesanimperfectlegalsystemtolawfullyswallowstateassets.LangwasadamantChinashouldimmediatelyputthebrakesonthereformofstatepropertyrights.Justhowshouldweevaluatethecurrentstateofthisreformandtheissuessurroundingprivateenterprisesinvolvedinstateenterpriserestructuring?,Lecture_1,Slide9,Whyyouneedthiscourse?,1.Economicsisrelevantformanyquestionsfacingbusiness.Forexample:(1).WhatBusinessAreYouIn?(2).Pricing?ProductDesign?(3).RelevantCostsofProducing?(4).NewCapacityInvestment?NoworLaterorNever?(5).EnteraNewMarket?(6).HowDoYouCompete?(7).InternalFirmOrganization?,Lecture_1,Slide10,2.EconomicReasoningprovidesSystematicApproachtoBusinessDecisionsFoundation.(1).Approachbusinessquestionsassumingthatallrelevantparticipantsaregoingtodothebesttheycan.(2).Interactionsgovernedbyeconomicprinciples.,Lecture_1,Slide11,CourseDescription,ThisisanintermediatelevelcourseinmicroeconomicsforfirstyearMBAstudents.Microeconomicsisamajorcomponentoftheanalyticaltoolkitusedbyeconomistsintheacademicworld,industry,finance,consultancy,andtheformulationofpublicpolicy.Thiscoursewillhelpyoutobefamiliarwithsomebasicelementsofthistoolkit;modelsofconsumerbehavior,supplyanddemandinperfectlycompetitivemarkets,andmonopolyfirms.Youwillalsobeintroducedtonewareasofeconomicswhichareattheforefrontofcurrentresearch;oneoftheseisgametheorywhich,Lecture_1,Slide12,wewillbeusingthistermtolookatauctions,andthenatureofcompetitioninindustrieswithasmallnumberoffirms.Anothernewarea,whichyouwillmeet,istheeconomicsofuncertaintyandinformation,whichisusedtoinvestigatetopicsasdiverseasthemarketforsecondhandcars,insurance,andeducation.,Lecture_1,Slide13,GoalofStudy,1.Haveathoroughknowledgeoftheeconomicsoftheconsumer,thebehavioroffirmsandtheapplicationofequilibriumtheory.2.Beconversantwithmodelsofperfectcompetition,monopoly,andoligopoly,usinggametheory.Beabletoapplythetheorytoanalyzethepracticaleconomicproblems,forexample,tofinishaspecialreportofeconomics.,Lecture_1,Slide14,TopicstobeDiscussed,BasicIdeasofMicroeconomics,AnExampleTheThemesofMicroeconomicsWhatIsaMarket?WhatdoesMicroeconomicsStudy?HowtoWriteSpecialEconomicReport?,Lecture_1,Slide15,Economistsoftenmakehighlyunrealisticassumptionsintheiranalyses.Manypeoplepokefunateconomistsfortheirpropensitytoimaginetheimpossible.Youmayknowthejokeaboutthethreehungrycastawaysonadesertedislandwhoaretryingtoopenacanoffood.Thechemistsuggestsheatingthecanuntilitbursts.Theengineerproposesbreakingitwithasharprock.Theeconomistsuggests,“Assumewehaveacanopener,”Thejokeisunfair,butitreflectsthediscomfortpeoplefeelaboutmanyabstracteconomicmodels.,AJoke:EconomistsandtheirCanOpeners,Lecture_1,Slide16,ThreeBasicElementsofModelinginEconomics,PurposeSimplificationthroughassumptionsValuejudgment,Lecture_1,Slide17,ThePurposeofanEconomicModel,Thepurposeofaneconomicmodelistohelpprovidepreciseinsights(精确的洞察力）onaspecificeconomicphenomenon.Thus:Differentphenomenaneedsdifferentmodel;Simplificationbyassumptionisnecessary,Lecture_1,Slide18,EconomicAssumption,Economistsmakeunrealisticassumptionswhenanalyzingissuestoensurethattheycancreateasituation(model)theyfullyunderstand.Theythenconsiderwhathappenstotheirresultswhentheyreplacetheunrealisticassumptionswithmorerealisticones.Thismethodallowseconomiststhoroughlyunderstandcomplexsituationsthatmightotherwiseeludetheirunderstanding.Itisespeciallyusefulforidentifyingtheimportanceofvariousissuesthataffecttheresults.Withsimplifyingassumptions,economistscanopenmanycomplexproblem.,Lecture_1,Slide19,TheDiscussionof“HumanNature”,1、“人之初，性本善”（孔子）2、“人之性恶，其善者伪也”（荀子）3、“人之性也善恶混，修其善则为善人，修其恶则为恶人”4、“利己是人类的天性，没有自利心，人类就会灭亡，但利己必须依法平等互惠，利他方能利己”5、“大公无私，先人后己”,Lecture_1,Slide20,Threeassumptions,1.Rationality(economicman)a.Selfishprinciple;b.Efficiencyprinciple;Economicman+InvisibleHand=Economics2.PureCompetitiveness3.CompleteinformationQuestion1:Howtomakedecisionundertheconditionofincompleteinformation?Question2:Whetherisdecisionsatisfiedwiththerationalityprinciple?,Lecture_1,Slide21,AnIllustration:ModelingtheApartmentMarket,Purpose:Howareapartmentrentsdetermined?Arerents“desirable”?Simplifyingassumptions:apartmentsarecloseordistant,butotherwiseidenticaldistantapartmentsrentsareexogenous(外生变量）andknownmanypotentialrentersandlandlords,Lecture_1,Slide22,TwoVeryCommonModelingAssumptions,RationalChoice:Eachpersontriestochoosethebestalternativeavailabletohimorher.Equilibrium:economicagentsinteractwitheachother,resultinginanequilibrium,inwhicheachpersonreachesanoptimaldecisiongivenothersdecisions.,Lecture_1,Slide23,ModelingApartmentDemand,Demand:Supposethemostanyonepersoniswillingtopaytorentacloseapartmentis$500/month.Thenp=$500QD=1.Supposethepricehastodropto$490beforea2ndpersonwouldrent.Thenp=$490QD=2.,Lecture_1,Slide24,ModelingApartmentDemand,Theloweristherentalratep,thelargeristhequantityofcloseapartmentsdemandedpQD.Thequantitydemandedvs.pricegraphisthemarketdemandcurveforcloseapartments.,Lecture_1,Slide25,MarketDemandCurveforApartments,Lecture_1,Slide26,ModelingApartmentSupply,Supply:Ittakestimetobuildmorecloseapartmentssointhisshort-runthequantityavailableisfixed(atsay100).,Lecture_1,Slide27,MarketSupplyCurveforApartments,Lecture_1,Slide28,CompetitiveMarketEquilibrium,Quantitydemanded=quantityavailablepricewillneitherrisenorfallsothemarketisatacompetitiveequilibrium.,Lecture_1,Slide29,CompetitiveMarketEquilibrium,Lecture_1,Slide30,ComparativeStatics,Whatisexogenousinthemodel?priceofdistantapartmentsquantityofcloseapartmentsincomesofpotentialrenters.Whathappensiftheseexogenousvariableschange?Note：Wearenotanalyzingthetransitionprocessordynamicprocess.,Lecture_1,Slide31,ComparativeStatics,Supposethepriceofdistantapartmentrises.Demandforcloseapartmentsincreases(rightwardshift),causingAhigherpriceforcloseapartments.,Lecture_1,Slide32,MarketEquilibrium,Lecture_1,Slide33,MoreComparativeStatics(DoThemYourself),Supposethereweremorecloseapartments.Or,rentersincomerises;,Lecture_1,Slide34,ImperfectlyCompetitiveMarketCase1：AMonopolisticLandlord,LandlordsetsarentalpricepherentsD(p)apartments.Revenue=pD(p).HechoosesptomaximizespD(p),subjecttoD(p)=S(totalnumberofapartmentsinhishands)Typically,hisoptimalpissuchthatD(p)S,thatis,therearevacantapartments.,Lecture_1,Slide35,MonopolisticMarketEquilibrium,Lecture_1,Slide36,ImperfectlyCompetitiveMarketCase2：PerfectlyDiscriminatoryMonopolisticLandlord,Imaginethemonopolistknewwillingness-to-payofeverybody,Charge$500tothemostwilling-to-pay,charge$490tothe2ndmostwilling-to-pay,etc.,Lecture_1,Slide37,DiscriminatoryMonopolisticMarketEquilibrium,p,QD,QS,100,p1=$500,1,Lecture_1,Slide38,DiscriminatoryMonopolisticMarketEquilibrium,Lecture_1,Slide39,DiscriminatoryMonopolisticMarketEquilibrium,Lecture_1,Slide40,RentControl,Localgovernmentimposesamaximumlegalprice,pmaxpe,thecompetitiveprice.,Lecture_1,Slide41,MarketEquilibrium,Lecture_1,Slide42,ValueJudgment,Whichofthefollowingisbetter?RentcontrolPerfectcompetitionMonopolyDiscriminatorymonopolyBut,whatdoyoumeanby“better”?,Lecture_1,Slide43,ParetoEfficiency,VilfredoPareto;1848-1923.AParetooutcomeallowsno“wastedwelfare”;i.e.theonlywayonepersonswelfarecanbeimprovedistoloweranotherpersonswelfare.,Lecture_1,Slide44,ParetoEfficiency,AParetoinefficientoutcomemeansthereremainunrealizedmutualgains-to-trade.Anymarketoutcomethatachievesallpossiblegains-to-trademustbeParetoefficient.,Lecture_1,Slide45,ParetoEfficiency,Competitiveequilibrium:allcloseapartmentrentersvaluethematthemarketpricepeormoreallothersvaluecloseapartmentsatlessthanpesonomutuallybeneficialtradesremainsotheoutcomeisParetoefficient.,Lecture_1,Slide46,ParetoEfficiency,DiscriminatoryMonopoly:assignmentofapartmentsisthesameaswiththeperfectlycompetitivemarketsothediscriminatorymonopolyoutcomeisalsoParetoefficient.,Lecture_1,Slide47,ParetoEfficiency,Monopoly:notallapartmentsareoccupiedsoadistantapartmentrentercouldbeassignedacloseapartmentandhavehigherwelfarewithoutloweringanybodyelseswelfare.sothemonopolyoutcomeisParetoinefficient.,Lecture_1,Slide48,ParetoEfficiency,RentControl:somecloseapartmentsareassignedtorentersvaluingthematbelowthecompetitivepricepesomerentersvaluingacloseapartmentabovepedontgetcloseapartmentsParetoinefficientoutcome.,Lecture_1,Slide49,FurtherExtensionsoftheModel,Overtime,willthesupplyofcloseapartmentsincrease?rentcontroldecreasethesupplyofapartments?amonopolistsupplymoreapartmentsthanacompetitiverentalmarket?,Lecture_1,Slide50,Apictureofeconomicactivities,Factormarket,goodsmarket,Household,Governments,Firms,Lecture_1,Slide51,Economicactivity,Howwillthevariousgoodsandservicesbeproduced?Byhandorbyrobots?Forwhomwillthevariousgoodsandservicesbeproduced?Howiseconomicbenefitdistributed?Thatisamechanismofallocationscarceresources,answerabovethreebasicquestions.,Lecture_1,Slide52,Economicactivity:Participants,Whomakedecision?Decisionmakersfallintothreegroups:HouseholdsFirmsGovernments,Lecture_1,Slide53,Economicactivity:Participants,Householdisanygroupoflivingtogetherasadecision-makingunit.Householdprovidefactorsforincometobuygoodsandservices,Lecture_1,Slide54,Economicactivity:Participants,Firmisanorganizationthatproducesgoodsandservices.Allproducersarecalledfirms,nomatterhowbigtheyareorwhattheyproduce.Firmbuythefactorsfromhousehold,andsupplygoodsandservicestohouseholdandgovernment.,Lecture_1,Slide55,Economicactivity:Participants,Governmentisanorganizationthathastwofunctions:(1).Theprovisionofgoodsandservicestohouseholdsandfirms.(2).Theredistributionoftheincomeandwealth.,Lecture_1,Slide56,Microeconomics:Definition,Microeconomicsdealswith:BehaviorofindividualunitsWhenConsumingHowwechoosewhattobuy,Lecture_1,Slide57,Microeconomics:Definition,Microeconomicsdealswith:BehaviorofindividualunitsWhenProducingHowwechoosewhattoproduce,Lecture_1,Slide58,Microeconomics:Definition,Microeconomicsdealswith:Markets:Theinteractionofconsumersandproducers,Lecture_1,Slide59,Macroeconomics:Definition,Macroeconomicsdealswith:Analysisofaggregateissues:EconomicgrowthInflationUnemployment,Lecture_1,Slide60,MacroeconomicsandMacroeconomics,TheLinkageBetweenMicroandMacro-economicsMicroeconomicsisthefoundationofmacroeconomicanalysis,Lecture_1,Slide61,TheThemesofMicroeconomics,AccordingtoMickJagger*Microeconomics;Macroeconomics,DecisionscienceMathematicaleconomicsEconometrics,ManagerialEconomics:Applicationofeconomictheoryanddecisionsciencetoolstosolvemanagerialdecisionproblems,Optimalsolutiontomanagerialdecisionproblem,Lecture_1,Slide68,TheoriesandModels,MicroeconomicAnalysisTheoriesareusedtoexplainobservedphenomenaintermsofasetofbasicrulesandassumptions.ForexampleTheTheoryoftheFirmTheTheoryofConsumerBehavior,Lecture_1,Slide69,TheoriesandModels,MicroeconomicAnalysisModels:amathematicalrepresentationofatheoryusedtomakeaprediction.,Lecture_1,Slide70,TheoriesandModels,MicroeconomicAnalysisValidatingaTheoryThevalidityofatheoryisdeterminedbythequalityofitsprediction,giventheassumptions.,Lecture_1,Slide71,TheoriesandModels,MicroeconomicAnalysisEvolvingtheTheoryTestingandrefiningtheoriesiscentraltothedevelopmentofthescienceofeconomics.,Lecture_1,Slide72,PositiveVersusNormativeAnalysis,PositiveAnalysisPositiveanalysisistheuseoftheoriesandmodelstopredicttheimpactofachoice.Forexample:Whatwillbetheimpactofanimportquotaonforeigncars?Whatwillbetheimpactofanincreaseinthegasolineexcisetax?,Lecture_1,Slide73,PositiveversusNormativeAnalysis,NormativeAnalysisNormativeanalysisaddressesissuesfromtheperspectiveof“Whatoughttobe?”Forexample:Considertheequityandefficiencytrade-offofanincreaseinthegasolineexcisetaxversusimportrestrictiononforeignoil.,Lecture_1,Slide74,WhatisaMarket?,MarketsAgeographicallydefinedareawherebuyersandsellersinteracttodeterminethepriceofaproductorasetofproducts.,Lecture_1,Slide75,WhatisaMarket?,Marketsvs.IndustriesIndustriesarethesupplysideofthemarket.,Lecture_1,Slide76,WhatisaMarket?,DefiningtheMarketThemarketparametersmustbesetbeforeananalysisofthemarketcantakeplace.,Lecture_1,Slide77,WhatisaMarket?,ArbitrageBuyingaproductatalowpriceinonelocationandsellingatahighpriceinanother,Lecture_1,Slide78,WhatisaMarket?,Competitivevs.NoncompetitiveMarketsCompetitiveMarketsBecauseofthelargenumberofbuyersandsellers,noindividualbuyerorsellercaninfluencetheprice.Example:Mostagriculturalmarkets,Lecture_1,Slide79,WhatisaMarket?,Competitivevs.NoncompetitiveMarketsNoncompetitiveMarketsMarketswhereindividualproducerscaninfluencetheprice.Example:OPEC,Lecture_1,Slide80,WhatisaMarket?,MarketPriceCompetitivemarketsestablishoneprice.Noncompetitivemarketsmaysetmanypricesforthesameproduct.,Lecture_1,Slide81,WhatisaMarket?,MarketDefinition2.Costs;3.Typeofmarkets4.Marketmicrostructure,Marketfailure,MarginalanalysisInformationEconomics(gametheory),ContentsofStudy,5.Corporationgovernance,Lecture_1,Slide95,MarketMicrostructure,Marketmicrostructureisthestudyoftheprocessandoutcomesofexchangingassetsunderexplicittradingrules.(OHara,1994)Whilemuchofeconomicsabstractsfromthemechanicsoftrading,themicrostructureliteratureanalyzeshowspecifictradingmechanismsaffectthepriceformationprocess.Themarketmicrostructureincludesthefollowings:1.Technology,2.Regulation,3.Information,4.Participants,5,Instruments,6.Tradingprotocols.(AitkenandFrino,1997),Lecture_1,Slide96,Observingeconomicphenomenon,Economictheory(literaturereview),Question?,Model,Empiricalinvestigation,Conclusion,HowtostudyEconomics?,Lecture_1,Slide97,Summary,Microeconomicsisconcernedwiththedecisionsmadebysmalleconomicunits.Microeconomicsreliesheavilyontheuseoftheoryandmodels.,Lecture_1,Slide98,Summary,Microeconomicsisconcernedwithpositivequestionsandnormativeanalysis.Amarketreferstoacollectionofbuyersandsellerswhointeractandtothepossibilityforsalesandpurchasesthatresultsfromthatinteraction.,Lecture_1,Slide99,Summary,Themarketpriceisestablishedbytheinteractionofbuyersandsellers.Amarketsgeographicboundariesandrangeofproductsmustbedefined.Toeliminatetheeffectsofinflationwemeasurerealprices,ratherthannominalprices.,Lecture_1,Slide100,Appendix:TheFormofSpecialReportofEconomic,1.Introduction2.Literaturereview3.Model4.Empiricalresearch5.Conclusion,Casestudy,Lecture_1,Slide101,Incriticallyanalyzingaresearchwork,youshouldseektoanswerthefollowing:1.IntroductionInoneortwosentences,describethecentralissueanalyzedbythepaper.Whatisthemotivationforthepaper?Doesthepaperhaveanypracticalimplications?Whatarethepreviouspapertheworkbuildsupon?,AGuidetoAnnotatingaJournalArticle,Lecture_1,Slide102,2.Theoryand/orLiteratureReviewBrieflydescribethebasictheory/literatureused/developedbytheauthors.Whataretheassumptionsofthetheory?Whatarethelimitationsofthetheory?Whatarethehypotheses/conjectures,orempiricallytestablepropositionsarisingfromthetheory/literature