Learn how to gain crucial insights to support effective management with the Economics of Markets and Organisations programme.
The curriculum of the master consists of tool courses, core courses and seminars. The tool courses, Applied Econometrics and Game Theory provide a foundation for the empirical and theoretical analysis of all kinds of problems that firms face. Game Theory trains students to quickly reduce a situation to its essence, and provides the tools needed to analyse situations of strategic interaction. Applied Econometrics provides students with the tools to extract reliable information from available data as well as teaches them how to assess the credibility of empirical results.
Of crucial importance for any organisation is the ability and willingness of its employees to pursue the goals of the organisation. The core course Economics of Organisations covers many relevant topics related to employees, including recruitment and retention, motivation using monetary incentives as well as non-monetary incentives, performance evaluation, human capital formation, and job assignment.
The electives build on the skills and insight obtained into the tool courses. In the elective Strategy and Organisational Design the focus is on the interaction between the firm and its environment. A strategy of a firm refers to its long-run policies. This includes questions like: which markets should the firm enter? Which prices should it charge and how does this depend on market structure? With which other firms should the firm cooperate? This course couples these questions to the set-up of the firm, for instance regarding hierarchical structure, (de)centralisation of decision rights (e.g., in case of a multinational, who is allowed to set prices in various countries: headquarters or local management), and communication between different people in the organisation.
The elective Empirical Personnel Economics combines the skills obtained in Applied Econometrics with the insights from Economics of Organisations by studying empirical work on personnel economics in-depth. It benefits students in two ways. In the first place, students get up-to-date knowledge of the current scientific evidence on issues of e.g. incentive pay, team formation, peer effects, human capital formation, and recruitment. In the second place, students learn to critically assess results obtained from various sources of data, and to judge whether it is possible to draw conclusions given the available data. In many organisations, the ability to infer which conclusions can be drawn based on the available information, and which cannot, is scarce. Even more scarce is the insight needed to see how information needed to make a good decision can be acquired.
The elective Advanced Behavioural Economics discusses recent evidence on bounded rationality and its effects on individual decision-making. This includes loss aversion, mental accounting and subjective probability assessment. This course is not specifically aimed at management and organisations, but provides students with understanding as to why people do not always act as rational economic agents and how economic policies and strategies can be improved to take such deviations from rational behaviour into account.
The seminars build on the tool and core courses. In the seminars, students are expected to write research notes, present their findings, and actively participate in classroom discussions. In block 3, we offer a theory-oriented seminar and a seminar that is more practically / empirically oriented.
The theoretical seminar, Economics of Organisation, further advances students’ insight into decision-making in organisations, including subjects such as delegation, communication, information collection, (de)centralisation and adaptation.
The empirically-oriented seminar, Management Control, combines academic work with hands-on experience in management control through case-studies. This courses studies the various ways in which information systems, such as cost systems, budgets and incentive contracts but also administrative and cultural controls influence behaviour of people in organisations.
In block 4, all students take part in the seminar Recent Advances in Economics of Management. In this seminar, students discuss the most recent literature in the field of EMO. Students are expected to critically discuss the articles studied, and to implement ideas that improve upon the available literature.
Why study Master Economics of Markets and Organisations
Do you want to make a difference in management? Are you research-oriented and eager to learn how to determine the impact of organisational choices on the performance of companies? Learn how to gain crucial insights to support effective management with the Economics of Management and Organisation programme.
This specialisation uses the latest research insights and teaches you to determine how recruitment, rewards, job design and decision-making procedures drive human behaviour at work and, by extension, organisational performance. With the skills and tools to perform theoretical and empirical analysis, you are able to recognise core drivers for managerial problems and provide and present relevant input to solve them. And not just those of today, but also 20 years from now.
Erasmus School of Economics, here’s why
This programme is ideal when you seek to gain insight into what drives human behaviour at work and how decisions affect organisational performance. The Erasmus School of Economics is unique in harbouring a large group of active researchers in the field of Organisational Economics, who are dedicated to combine excellent research with lecturing skills that inspire and enthuse. This makes the ESE the place to be in Europe for studying a programme in this field.
"This programme turns you into a manager who knows how to run a firm and motivate people"
Upon completion, this programme has given you the skills required to provide sound advice to other organisations or actively shape and improve the structure and functioning of your organisation from a managerial position. The high-level programme is practical and relevant and allows you, for instance, to become a (better):
- HR manager
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Last updated August 31, 2018