This course provides an introduction to fundamentals of economic transactions and market analysis. Topics include negotiation and competitive bidding; the economic functions of contracts; the role of prices in aligning incentives, allocating risk, and minimizing disputes; the functions and operation of markets, including fundamentals of futures markets; the nature, sources, and consequences of transaction costs; and the role of firms and other organizations. The primary focus is on the value-enhancing function of contracts and markets, but attention will also be given to potential anticompetitive effects of business practices and their treatment by the antitrust laws.
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