Oxford university business economics programme - Summer school 2022 - Fundamental economics Sunday 10 July to Friday 15 July
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BUSINESS
ECONOMICS
PROGRAMME
Oxford university business
economics programme
Summer school 2022 - Fundamental economics
Sunday 10 July to Friday 15 July
Oxford University Business Economics Programme 2
Oxford University Business Economics Programme
About the programme
The Oxford University Business Our intensive programme
Economics Programme is an allows you to focus and explore
immersive executive programme economic theory and its real-world
based in Oxford at the Department application - so that you can better
of Economics. understand the challenges and
choices that today’s businesses face
Our core objective is to help you to
and the impact of those choices on
develop the level of critical thinking
the wider world.
required of a future leader by
combining high-calibre academic This year, we are celebrating our
tuition, and discussion sessions with 70th anniversary and are excited
industry-leading keynote speakers. to introduce a new programme
All in the company of a diverse format that accommodates modern
group of delegates who share a work practices and maintains our
similar vision. exemplary teaching standards.
3
Oxford University Business Economics Programme
20 10 5
Online Distinct Day residential
lectures topics tutorial week
4
Oxford University Business Economics Programme
the 2022 Programme -
Fundamental economics
Traditionally, the core programme is change, globalisation and the
run over the course of 2 weeks, but potentially long-lasting economic
for our 70th year, we are introducing impact of the COVID-19 pandemic.
a new hybrid format to allow you
The lectures will provide you with
greater flexibility and a more
all the theoretical background, but
comprehensive learning experience.
the intensive tutorial week is where
The programme combines 20 online you will be able to dive deeper and
lectures with a 5-day residential broaden your understanding of each
‘tutorial week’. The lectures will cover topic. The residential week is built
10 distinct topics and will be provided around small discussion groups
to you well in advance of the tutorial - all led by experienced Oxford
week so that you can make the most University tutors and researchers.
of your time with our tutors.
You will also participate in group
projects where you will work with
Course Overview
real-life scenarios that are directly
Fundamental Economics offers related to the programme material.
participants an intensive overview
of the World of Economics. We will At the end of each day, your group
start with the fundamentals of will present and discuss what
supply and demand, and finish with you have learned. We will also
the latest state-of-the-art models of encourage you to challenge the
economic growth. Our programme ideas presented and discuss how
gives participants the economic what you have learned relates to
grounding necessary to understand your own at-work experiences.
current issues, such as climate
5
Oxford University Business Economics Programme
topics and 1.
lectures
(Missing) markets
Can economics help us understand
the current climate crisis? The short
answer is yes! In certain situations,
markets may “fail” or even be “missing”
altogether. Prices of goods/services
may not reflect the “true” social costs.
Pollution and global warming are
examples of such market failures. In
these lectures, we introduce the basic
concepts of markets, when and how
they may fail and what remedies may
be used to help.
Lectures:
The basics of supply and demand
Missing markets and saving the
planet
6What people say about OUBEP:
“A brilliant analysis, very thought provoking,
and just what you would expect from OUBEP.
Changes your view of how the world works
too, critically and economically.”
2. 3.
Market power Strategic reasoning
How can businesses strike the right Understanding the competitive
balance between volume and profit landscape is crucial when entering
margins and how does this trade- a new market. But what if your
off depend on market competitors? competitors are aware of your
What happens when there are no offering and take an offensive stance?
physical resource constraints, e.g. Should you still proceed, or will the
for information-based products? Our threat make the post-entry battle
next two lectures guide you through unprofitable? Here we provide the
the basic rules you need to apply basics of game theory and apply them
when choosing between scale and to familiar market entry scenarios.
price. We also demonstrate how
these rules can change depending Lectures:
on the economic environment.
Basics of game theory
Future play and market entry
Lectures:
Exploiting market power
Pricing, product differentiation and
market positioning
7Oxford University Business Economics Programme
topics and lectures continued
4. 5.
The power of information Auction theory
What happens when you and your What kind of bidding strategy will
customers do not have the same help you win at a house auction?
information? From used car sales to Can we save endangered species
financial markets and complex insurance with auctions? Can mere contract or
- there is a hierarchy of understanding. product design help you overcome
Market participants often know more customer impulses such as loss
than others about asset valuations aversion or lack of self-control? This
and underlying performance, and in set of lectures explore the importance
these lectures, we show you the power of interpreting human behaviour and
of information and signalling. We will provide you with the tools to
also discuss how to elicit – otherwise understand these types of situations.
unobserved information – by a clever
design of contracts. Lecture:
Auction design
Lectures:
Screening and signalling
Corporate finance
Contract design
8“High quality academic and business
perspective from new angles. Great insight.”
6. 7.
The basics of behavioural The macroeconomy
economics How do we measure Gross Domestic
Product (GDP)? What does it tell us
What are the key behavioural biases
about the macroeconomy? What other
and how do they affect your approach
indicators help us understand the
to pricing policy and marketing
health of our economy? And what role
strategy? How can you motivate
does the intermediation of financial
employees that care about reciprocity
resources play in this regard? These
and fairness? In this special topic
lectures provide an insight into the
lecture, we will explore how psychology
macroeconomy and how it works.
and economics interact, and how
understanding this interplay will help
Lectures:
you decide the best way to incentivise
your customers and your workforce. GDP and beyond
The role of the financial sector
Lecture:
The basics of behavioural economics
9Oxford University Business Economics Programme
topics and lectures continued
8. 9.
Saving the economy from Globalisation, nationalism
recessions and supply chains
What is Quantitative Easing and how is it How did COVID-19 change the trade-off
different from the other “conventional” between globalisation and nationalism
tools that central banks can use to help when it disrupted global supply
prop up economies? Will the large-scale chains? Who benefits and who loses
fiscal responses to the COVID-19 recession when the USA and China enter a trade
lead to unsustainable national debts? war? In these lectures, we discuss the
These lectures explore the potential rationale behind free trade and we
answers to these questions using basic, study the winners and losers from trade
yet powerful, frameworks so you can liberalisations. We also touch upon the
understand why economies experience magnitude and importance of global
booms and recessions. supply chains and what happens to
trade policy when they are disrupted.
Lectures:
Lectures:
Central banks, inflation targeting and
quantitative easing The basics of international trade
Fiscal policy and debt sustainability Globalisation and supply chain
disruptions
Winners and losers of trade
liberalisation
10“Rigorous and challenging economic
analysis. always Well presented by
world class experts.”
10.
Inequality, entrepreneurship
and economic growth
Why does inequality within and
across countries persist and what
drives economic growth? How can
entrepreneurship and startups affect
the macroeconomy? In this final
series of lectures, we will develop
your understanding of economic
growth and inequality in the current
environment. We will also demonstrate
how important entrepreneurship and
startups are for growth and highlight
concerns around the barriers and
disruptions that startups face, such
as those during the Great Financial
Crisis or the COVID-19 pandemic.
Lectures:
Growth within and across countries
Entrepreneurs, startups and
innovation
11Oxford University Business Economics Programme
programme
tutors
The core programme is curated and ABI ADAMS-PRASSL
delivered by the department of Director of External Engagement
Economics’ leading academics, whose
tutoring experience and cutting edge Abi is an Associate Professor at the
research make the programme insightful, Department of Economics at the
engaging and unique to OUBEP. University of Oxford. She has published in
leading journals in Economics, Law, and
Computer Science, and is on the editorial
board of The Review of Economic Studies,
one of the leading economics journals
globally. She has raised over £2.5million
in research funds for a range of projects
on the impact of technology of work and
the justice system, and on understanding
gender inequality in the labour market
and beyond. She was awarded the
Economic & Social Research Council’s
Outstanding Impact on Public Policy Prize
and was selected as an initial leader of
the Oxford Policy Engagement Network.
Alongside her University work, Abi is
currently a Specialist Advisor to the
UK Parliament Women & Equalities
Select Committee and advises a range
of stakeholders on empirical analysis
relating to strategic litigation in the
realm of public law and human rights.
12Oxford University Business Economics Programme
ALEX TEYTELBOYM PETR SEDLACEK
Director of OUBEP Senior Tutor for OUBEP
Alex is an Associate Professor in Petr is a macroeconomist with
Economics within the Department of a particular interest in the vast
Economics in Oxford, a Tutorial Fellow heterogeneity among workers and
at St Catherine’s College, and a Senior firms. He is fascinated by the question
Research Fellow at the Institute for New of how worker and firm heterogeneity
Economic Thinking (INET) at the Oxford interacts and how it shapes and is
Martin School. shaped by, the aggregate economy.
His research combines empirical
His main research interests lie within
analysis of micro-level and aggregate
market design (e.g. matching markets
data for macroeconomic questions
and auctions) and network economics.
and theoretical and quantitative
He is interested in the applications of
models with heterogeneous agents.
economic theory to many policy areas,
including environment, energy and Petr is the senior tutor for OUBEP
refugee resettlement. and as such curates the academic
programme and content for all
seminars and the summer programme.
13Course timetable Work all together
Work in tutorial groups
Monday 11 to Friday 15 July 2022 Meals/coffee breaks
Sun Mon tue wed Thu Fri
10th July 11th July 12th July 13th July 14th July 15th July
Morning
08:00 Breakfast Breakfast Breakfast Breakfast Breakfast
08:45 Intro Intro Intro Intro Intro
09:00 Recap 1 Recap 1 Recap 1 Recap 1 Recap 1
09:45 Tutorial 1 Tutorial 1 Tutorial 1 Tutorial 1 Tutorial 1
10:45 Break Break Break Break Break
11:00 Tutorial 2 Tutorial 2 Tutorial 2 Tutorial 2 Tutorial 2
afternoon
12:00 Lunch Lunch Lunch Lunch Lunch
13:00 Recap 2 Recap 2 Oxford tour Recap 2 Recap 2
13.45 Arrival Tutorial 3 Tutorial 3 Tutorial 3 Tutorial 3
14:45 Break Break Break Break
15:00 Tutorial 4 Tutorial 4 Tutorial 4 Tutorial 4
16:00 Break Break Break Break
16:15 Project Project Project Project
17:30 Presentations Presentations Presentations Presentations
evening
18:00 Dinner Break / drinks Break / drinks Free evening Formal Dinner at Drinks reception
Balliol College
(with Steering
committee
members after
meeting)
19:30 Dinner Dinner 7.00pm - Drinks Awards ceremony
7.30pm - Dinner
20:30 Evening speaker Evening speaker Departure15
Facilitated by the department of economics
Programme fees: £12,500 (Includes all lectures and accommodation costs)
For more information and to book please email us:
DEPARTMENT OF oubep@economics.ox.ac.uk
ECONOMICS oubep.econ.ox.ac.uk
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