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62651-01 - Lecture: Theory of the Firm (3 CP)
| Semester | fall semester 2025 |
| Course frequency | Every fall sem. |
| Lecturers | Catherine Roux (catherine.roux@unibas.ch, Assessor) |
| Content | • Markets and Prices as Coordination and Incentive Devices • Transaction Costs • Property Rights Approach • Team Production • Asymmetric Information • Incentive Contracts • Efficiency Wages |
| Learning objectives | Why do firms exist? Why are firms organized the way they are? Traditional economic models leave little room for firms or other organizations as they focus on market exchange between individuals. This course will introduce students to microeconomic models that try to explain the existence and structure of firms as we observe them in the real world. Economics brings a rigorous approach that is grounded in theory. The course will provide a basic understanding of economic approaches to modeling and understanding aspects of firms, their structure, the behavior they create, and how they differ from market interaction. About half of the course will be based on the standard textbook by Milgrom and Roberts, the other half will consist of influential articles on the economics of organizations, by authors such as Coase, Williamson, Hart, and Tirole. |
| Bibliography | The readings will consist of both scholarly research articles and chapters from the textbook, Economics, Organization and Management, by Paul Milgrom and John Roberts (1992, Prentice Hall). Both kinds of readings will be made available online. |
| Comments |
| Admission requirements | Completed Bachelor in Business and Economics. No more ECTS may be earned with this lecture if the course 40106 Game Theory and Theory of the Firm has already been successfully completed. |
| Course application | Registration: Please enroll in the Online Services (services.unibas.ch); Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the start of the course and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html After successful registration you can enroll for the course in the Online Services (services.unibas.ch). Applies to everyone: Enrolment = Registration for the course and the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Friday | 12.15-14.00 | Wirtschaftswissenschaftliche Fakultät, Auditorium |
Dates
| Modules |
Module: Core Competences in Economics (Master's Studies: Sustainable Development) Module: Fundamentals in Business and Economics (Master's Studies: Business and Economics) Module: Fundamentals in Business and Technology (Master's Studies: Business and Technology) Module: Fundamentals in Economics (Master's Studies: Economics and Public Policy) |
| Assessment format | exam |
| Assessment details | written exam: tbd repeat exam: tbd IMPORTANT: For courses with a main lecture exam, a repeat exam is offered in addition to the regular examination date.This repeat examination can only be taken if the student has taken part in and failed the regular examination (grade < 4.0) see study guide of our master programs by December 13, 2021: Paragraph 4.13.4.1. |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel course registration |
| Repeat examination | one repetition, best attempt counts |
| Scale | 1-6 0,1 |
| Repeated registration | one repetition |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |