Neoclassical theory and industrial organization
| Order ID | 53563633773 |
| Type | Essay |
| Writer Level | Masters |
| Style | APA |
| Sources/References | 4 |
| Perfect Number of Pages to Order | 5-10 Pages |
Description/Paper Instructions
Neoclassical theory and industrial organization
Neoclassical theory is a branch of economics that assumes that individuals and firms act rationally to maximize their own self-interest. This theory is based on the following assumptions:
Individuals and firms have perfect information about the market.
Individuals and firms are free to enter and exit the market.
There is no government intervention in the market.
Under these assumptions, neoclassical theory predicts that markets will be efficient. This means that prices will reflect the true value of goods and services, and that resources will be allocated to their most efficient use.
Industrial organization is a branch of economics that studies the behavior of firms in a market setting. It focuses on how firms interact with each other, and how these interactions affect market outcomes.
One of the key concepts in industrial organization is market structure. Market structure refers to the number of firms in a market, the size of those firms, and the barriers to entry and exit in the market.
Neoclassical theory predicts that different market structures will lead to different levels of competition and market performance. For example, a market with a small number of large firms is likely to be less competitive than a market with a large number of small firms. This is because large firms have more market power and can more easily influence prices.
The structure-conduct-performance (SCP) paradigm is a framework that links market structure, firm conduct, and market performance. The SCP paradigm predicts that market structure will determine firm conduct, which in turn will determine market performance.
For example, a market with a high concentration of firms (i.e., a small number of large firms) is likely to be characterized by tacit collusion (i.e., firms secretly agreeing to not compete with each other). This tacit collusion can lead to higher prices and lower output, which are both indicators of poor market performance.
The SCP paradigm has been criticized for being too simplistic. Critics argue that firm conduct is not determined solely by market structure, but also by other factors such as the government’s regulatory environment and the nature of the product being produced.
Game theory is another tool that is often used in industrial organization. Game theory is a branch of mathematics that studies strategic interaction between two or more players. It can be used to analyze how firms behave in a market setting, and how their behavior affects each other.
Game theory has been used to study a wide range of issues in industrial organization, such as collusion, price wars, and entry deterrence.
Neoclassical theory and industrial organization are two important branches of economics that study the behavior of firms in a market setting. Neoclassical theory provides a general framework for understanding how markets work, while industrial organization focuses on the specific factors that affect firm behavior in different market settings.
The SCP paradigm and game theory are two tools that are often used in industrial organization to analyze firm behavior and market outcomes.
Neoclassical theory and industrial organization
RUBRIC | QUALITY OF RESPONSE | NO RESPONSE | POOR / UNSATISFACTORY | SATISFACTORY | GOOD | EXCELLENT | | Content (worth a maximum of 50% of the total points) | Zero points: Student failed to submit the final paper. | 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. | 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. | 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. | 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. | | Use of Sources (worth a maximum of 20% of the total points). | Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. | 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. | 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. | 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. | 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. | | Grammar (worth maximum of 20% of total points) | Zero points: Student failed to submit the final paper. | 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors | 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors | 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. | 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. | | Structure of the Paper (worth 10% of total points) | Zero points: Student failed to submit the final paper. | 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. | 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper | 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. | 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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