Course Topics
I: MICROECONOMICS 1. Introduction 2. Demand theory 3. Household theory 4. Production theory 5. Cost functions 6. Perfect competition 7. Monopoly 8. Price discrimination 9. Oligopoly II. MACROECONOMICS 1. Introduction 2. National accounting 3. Overview over long-run growth 4. Production model 5. Solow growth model 6. Romer model 7. Inflation 8. Short-run model 9. IS-curve 10. Monetary policy and Phillipscurve 11. Government in the economy

Teaching format
lectures (in person)

Educational objectives
Knowledge and understanding of corporate decisions in monopolies with regard to quality, quantity and prices models of strategic interaction between companies in oligopolistic contexts the role of network externalities in the digital economy the strategies of vertical and horizontal differentiation of companies the strategies for maintaining a dominant position by a company the comparative advantages in the area of travel destinations price and quality strategies in the destination economic policy instruments to promote the development of destinations the basic principles of the theory of supply and demand the theory of pricing the role of artificial intelligence and algorithms in pricing mechanisms the role of the state in the economy the fundamentals of monetary economics the basics of tax policy and budget planning growth theory the theory of cooperative games and collusive behaviour sectoral analysis tools for the sports and events industry industrial policy instruments for the sports sector the impact of the organisation of sports events on regional economic growth the quality strategies of accommodation providers the pricing strategies of accommodation providers using strategic interaction models from game theory. the horizontal differentiation strategies of accommodation providers Incentives in the internal organisation of accommodation providers methods for the evaluation of external effects and public goods in the tourism and sports sector economic policy for sustainable tourism the concept of sustainability and its impact on regional development the economic systems of tourism and sports enterprises the determinants of co-operation and system building capacity between the different local tourism stakeholders. Ability to apply knowledge and understanding analyse markets with the aim of selecting products and markets on which to focus business activities Contextual criteria for pricing Assess the costs and benefits of maintaining a dominant position and choosing the most appropriate instruments to achieve the objective Analysing the trade-off between price and product quality and understanding the criteria used to choose the appropriate level of quality for the context Ex-post analysis of the impact of economic policies, both in traditional contexts (with limited data) and in innovative contexts (with big data) Analysing the economic sustainability of current and future destinations Analyse the impact of public policies to increase the attractiveness of destinations Ability to argue like an economist, i.e. to apply the schemes and criteria typical of economic analysis Ability to understand the interaction between individual consumer and business decisions and market equilibrium Apply incentive theory to the relationship between incentives and consumer and business decisions Analyse the impact of different economic and fiscal policy decisions on the development of macro- and microeconomic variables Evaluate public policies to support elite sports federations and promote the organisation of events (from the perspective of policy makers) Evaluation of the factors that determine the financial sustainability of sports federations and event organisers (from a management perspective) Development of economic models for the sustainable development of tourism in the local area Planning and evaluation of economic development processes in the tourism sector at macro and micro level Analysing the economic impact of economic policy measures for the tourism sector at local, regional and national level Development of a sustainable tourism development plan (from the perspective of political decision-makers) Development of economic models for sustainable tourism development at local level Critically analysing tourism policy instruments to promote local products and evaluating the effectiveness of the various instruments. Making judgements identify the main variables to be used in making judgements in complex situations; Analyse and critically report on information, experience and data to make appropriate business decisions; select the most appropriate quantitative and qualitative analytical tools to support decision making; find solutions by using logical reasoning and combining information and analytical tools Communication skills Achievement of this objective is assessed through written examinations, group work, assignments, presentation of case studies and projects and the final thesis. Learning skills the ability to analyse, critically assess and integrate data, information and experience; the ability to develop possible solutions to problems in economic and operational areas that relate to those work contexts that represent a possible career prospect for graduates.

Additional educational objectives and learning outcomes
none

Assessment
Written exam (100 %), consisting of multiple choice questions and problems to solve

Evaluation criteria
Economic knowledge, analytical skills

Required readings

for Microeconomics:

 

Allen, Weigelt, Doherty and Mansfield: Managerial

Economics – Theory, Applications, and Cases, 8th edition

W. W. Norton & Company

 

for Macroeconomics:

 

Jones

Macroeconomics, 4rd edition

W. W. Norton & Company

 

Supplementary readings

Varian, Intermediate Microeconomics, 9. edition, W W Norton

 

Blanchard, Macroeconomics, 7. ed., Pearson

Nechyba: Microeconomics – An Intuitive Approach with Calculus, 2nd edition

South-Western Cengage Learning

(particularly recommended for an calculus base approach)

 

Pindyck and Rubinfeld: Microeconomics, 6th edition Pearson Addison Wesley

 

Varian: Intermediate Microeconomics with Calculus: A Modern Approach, 1st edition

W. W. Norton & Company

 

Frank: Microeconomics and Behavior, 8th edition McGraw-Hill

 

Blanchard

Macroeconomics, 5th edition Pearson/Addison-Wesley

 

Dornbusch, Fischer and Startz Macroeconomics, 10th edition McGraw-Hill

 

Acemoglu, Laibson and List: Economics, 1st edition

Pearson

Further information
none