GAME THEORY FOR ENTREPRENEURS
ECN6110 Game Theory For Entrepreneurs
3 Credit MSM Elective
In this course you will learn to analyze strategic situations that have an interactive component. You will learn how the economic perspective informed by game theory, probability and mathematics can be used to analyze complex situations that managers and entrepreneurs encounter on a regular basis. You will learn to anticipate how other individuals and firms will behave and react to the environment and actions of other players. Gaining an understanding of the structure and strategies of other players enhances your ability to play games well and to improve the results. You will also gain an appreciation for the game before the game, how to influence the structure, strategies and payoffs in order to promote specific behavior or outcomes. The analytical tools developed in this class are valuable for common business situations such as pricing models, investment decisions, contract design and dealing with the issues of moral hazard and adverse selection.
ECN7200 Managerial Economics
Managerial Economics (MICRO) - This course provides a framework for systematic analysis of consumer and firm’s choices in light of global market dynamics to create and capture value given the firm's and industry’s market structure. This framework is used to explain firm adjustment to changes in market conditions, as well as to changes in government policies and laws. While the course focuses on understanding how the value of the firm can be increased, it also addresses broader questions of efficiency, equity and sustainability.
MANG AT CROSSROADS BUS, GOVT, INTL ECN
ECN7201 Managing at the Crossroads: Business, Government, and the International Economy
Managing at the Crossroads: Business, Government, and the International Economy (Mac-BGIE) – This course focuses on domestic and international cause-and-effect relationships among credit markets, goods and services markets, and foreign exchange markets. This global framework is used to explain the effect that economic, social, and/or political shocks have on a nation’s growth and prosperity.
ECONOMIC & FINANCIAL FORECASTING
Economic and Financial Forecasting
If you have taken QTM9501, Business Forecasting, you cannot take this course.
Do you anticipate making or evaluating economic and business forecasts in your career? This "hands-on" course provides students a comprehensive introduction to the field of forecasting and econometrics. It covers three main areas of forecasting: basic statistical methods, structural models, and time series models. Throughout the course we will focus on applied examples and use software to forecast key economic and business measures of performance (such as asset pricing, investment risk, interest rates, unemployment rates, industry level and firm level sales, revenues and other variables) while learning to assess the strengths and weaknesses of these forecasts.
These techniques can improve corporate financial planning, marketing, sales forecasts, production planning, and many other decisions where better predictions in light of uncertainty can reduce costs, raise profits and lead to better decision-making.
This course is typically offered in the following semester: Fall
TRADE & GLOBALIZATION
Trade & Globalization
This semester-long course examines the application of economic concepts for strategic decision-making in a global market place. The global economy and the global marketplace make it necessary that students have functional knowledge and the ability to identify international market opportunities, government influences on competitiveness, market access problems and protectionism, and opportunities for outsourcing. This course will also offer an analysis of the consequences of regional economic integration, globalization trends, trade negotiations and actions by the World Trade Organization for export/import and/or foreign direct investment. Students will have the opportunity to perform an economic analysis of a specific trade or investment strategy, or of a policy issue of their choosing. Career considerations: international trade (import/export trade), international marketing, foreign investment and banking, global strategy and economic development. Complementary courses: International Finance; Global Strategic Management, Global Marketing; offshore and regionally focused courses and internships; international aspects of advanced marketing, entrepreneurship, management, finance, accounting and law courses.
This course is typically offered in the following semester: Spring
BUSINESS STRATEGY AND GAME THEORY
ECN7550- Business Strategy and Game Theory
3 credit graduate elective
This course makes extensive use of Game Theory (in addition to classical strategic models and applied microeconomic theory) to provide a systematic and rigorous approach for formulating winning strategies for creating and capturing value in the context of interdependence and uncertainty. In this course you will have an opportunity to, whenever possible, calculate the value of your strategy given market structure, firm's internal competencies, and industry dynamics. Case studies are used to illustrate successful application of strategies. The teaching method utilizes simulations, gaming, and practical, case based discussions. Topics include: the dynamics of pricing rivalry, entry decisions/entry deterrence, mergers and acquisitions, strategic commitment, product positioning, diversification, networks, make or buy decisions, negotiating and bidding. Antitrust issues will also be addressed.
ECN7555 Health Economics
3 credit elective
Health and medical care pervade every aspect of our lives. As the world population ages, an entirely new demographic stress will be put on healthcare systems. Some estimates project healthcare costs in U.S. to account for 20% of GDP in the next few years. There is an urgent need for a re-evaluation of the system and assessment of its business opportunities, which Health Economics is best suited for.
By combining microeconomic theories and quantitative methods this course will examine major players in this industry including pharmaceutical companies, hospitals, insurance companies, physicians, patients and the government. We will analyze problems each player faces such as "how do pharmaceutical companies quantify the costs and benefits of different medical interventions?", "how does competition (or lack of it) of HMOs and hospitals in the market influence prices, and choices in the market?", "how do insurance companies decide the rates and the consequences of rate structures for medical providers and patients?", "does more government spending lead to better health outcomes? If not, what does?". These and many other interesting questions will be examined to better understand outcomes and opportunities in this complex industry.
This course will interest any individual planning a career in the health care or related industries. It should also interest students who wish to see how economics is applied to business and policy issues.
COMP CHALLENGES OF NEW EUROPE
ECN7575 Competitiveness Challenges of the New Europe
3 Credit Off-shore Course.
This course explores competitive and strategic dimensions of companies in the context of the EU, its institutions, history, culture and its present reality. Through classroom lectures and company visits, this course builds on the fundamentals of economics and global strategy by taking a deeper look at strategies of companies doing business in the EC. It also examines emerging trends, opportunities and challenges for business and business creation in Italy and in the EC in light of their comparative advantages, and current economic and political events.
Italian business is also well known for luxury products. This course will identify and analyze various luxury brand business models in relation to their mission statement and strategy. The course will also explore sources of competitive advantage and sustainability challenges of luxury brands in the global markets.
ECN7575 starts with two mandatory pre-departure sessions on campus in February/early March, followed by a week in Milan, Italy.
Prerequisite: ECN7200 and ECN7201. Usually offered during the Spring break.
******Independent research is available for all academic divisions. Registration is manual for
students through Graduate Programs and Student Affairs******
Independent Research provides an opportunity to conduct in-depth research in areas of a student's own specific interest. Students may undertake Independent Research for academic credit with the approval of a student-selected faculty advisor, the appropriate division chair, and Graduate Programs and Student Affairs. Please note that a student is responsible for recruiting a faculty advisor through the student's own initiative and obtain the advisor's prior consent/commitment before applying for an independent research project. Authorization for such a project requires submission of a formal proposal written in accordance with standards set forth by the Graduate School. The research project normally carries 1.5 or 3 credits.For more information and a proposal outline please visit: http://life.babson.edu/organization/GPSA
STRATEGY & TACTICS OF PRICING
ECN9501 Strategy and Tactics of Pricing - 1.5 Credit Intensive Elective.
The fact that companies use a number of different pricing structures is a testament to the importance of pricing for profitability and a competitive growth enhancement. Which price is the best one? Price determination is a top priority for managers in charge of marketing strategy or product strategy for existing or new products. It is also a key variable for CFOs and controllers who have to forecast and manage impacts of pricing changes on financial results of companies in competitive markets.
This course discusses a variety of pricing practices across products, services and industries and develops tools and competencies to evaluate pricing decisions and their consequences for profitability. The focus of the course is on analyzing pricing choices and introducing necessary analytics and other skills to implement best pricing practices in organizations. Students will gain exposure to different best practices with a focus on creating value for customers and charging for that value. The course also explores tactical and strategic pricing decisions in global and dynamic markets and their impact for organizational sustainability.
Prerequisite: ECN7200 and MKT7200