Lecture 10 (Turbo) - Product Design
432 views · Published 3 January 2012 · 1:23:17 · Indexed 31 October 2026
Channel: The University of Chicago · 2012 · People & Blogs
ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College. "Product Design," November 10, 2011. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This lecture considers a firm's design of products to attract the most profitable consumers and extract maximal revenue from them. We take as a foundation Spence's model of a quality-choosing monopoly and use this to understand the competition of political parties for votes and newspapers for readers. Next we consider platforms, firms whose attractiveness to users depends on how many and which other users use their service. This forces firms to try to attract users who will be most valuable, both directly to the firm and to other users. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: Since its founding in 1890, the University of Chicago has been a destination for rigorous inquiry and field-defining research. This transformative academic experience empowers students and scholars to challenge conventional thinking in pursuit of original ideas. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-homepage News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected].
More from this channel
-
0:46
The University of Chicago - Lasting Values
-
44:40
Lecture 9 - Why its Colder Aloft
-
45:42
Lecture 11 - Six Degrees
-
43:51
Lecture 14 - The Weathering CO2 Thermostat
-
47:24
Lecture 15 - The Lungs of the Carbon Cycle
-
40:22
Speciation: Problems and Prospects, Allen Orr and Jerry Coyne
-
2:31
How do Classic Works Affect Your Perspective of the World Today?
-
2:28
What Happens in a Basic Program Classroom?