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Economics of Organizations Exam - Prifysgol Aberystwyth University, January 2009, Exams of Economics

A past exam paper from prifysgol aberystwyth university, january 2009, for the economics of organizations (ec31410) course. The exam consists of one and a half hours and requires answers to two questions. The questions cover topics such as transaction costs, vertical integration, diversification, m-form organization, and the principal-agent problem. Students are expected to demonstrate an understanding of these concepts and their relevance to the economics of organizations.

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2011/2012

Uploaded on 12/06/2012

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PRIFYSGOL ABERYSTWYTH UNIVERSITY
DEGREE EXAMINATIONS January 2009
ARHOLIADAU GRADD Ionawr 2009
SEMESTER 1
EC31410
ECONOMICS OF ORGANISATIONS
Time allowed: ONE AND A HALF hours
Answer TWO questions
1. What is meant by transaction costs and how do they arise? What is the basis
for the transaction cost argument for the existence of firms?
2. Critically examine the alternative explanations for vertical integration. Why
might firms adopt looser forms of vertical arrangements?
3. Distinguish between concentric and conglomerate diversification. Explain
what is meant by ‘economies of scope’ and consider its relevance for
explaining different forms of diversification in contrast to other explanations.
4. Describe the key features of M-form organisation, and explain why it emerged
as an alternative to the U-form of internal organisation within a firm. In what
sense does the M-form perform the role of a miniature capital market?
5. Explain the nature and implications of the Principal-Agent problem in the
context of firm ownership and control.
AND
Examine the various internal and external mechanisms for controlling
managerial discretion.
End of Paper

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PRIFYSGOL ABERYSTWYTH UNIVERSITY

DEGREE EXAMINATIONS – January 2009 ARHOLIADAU GRADD – Ionawr 2009

SEMESTER 1

EC3 1410 ECONOMICS OF ORGANISATIONS

Time allowed: ONE AND A HALF hours

Answer TWO questions

  1. What is meant by transaction costs and how do they arise? What is the basis for the transaction cost argument for the existence of firms?
  2. Critically examine the alternative explanations for vertical integration. Why might firms adopt looser forms of vertical arrangements?
  3. Distinguish between concentric and conglomerate diversification. Explain what is meant by ‘economies of scope’ and consider its relevance for explaining different forms of diversification in contrast to other explanations.
  4. Describe the key features of M-form organisation, and explain why it emerged as an alternative to the U-form of internal organisation within a firm. In what sense does the M-form perform the role of a miniature capital market?
  5. Explain the nature and implications of the Principal-Agent problem in the context of firm ownership and control. AND Examine the various internal and external mechanisms for controlling managerial discretion.

End of Paper