Seminar: Getting inside the digital economies

After completing the seminar the student is expected to be able to fulfill the learning outcome specified in the Master curriculum and to be able to:

Understanding how digital economies work, how profits are made, and how the economic models from “old” economies can be applied to the digital economy. Also, an understanding of how the (infamous) algorithms used in social media and otherwise help determine user/customer profiles to then transform this identification into economic models based on consumer behavior.

Knowledge:

• Account for how digital economies work both in existing (non-digital) industries and in digital industries.
• Describe how the digital economy is either similar to or different from the “old” economy and put it in perspective to known economic models from either industrial organization or microeconomic theory.
• Define what economic model that will be best suited to describe a business operating in a digital economy. The arguments for the description must be soundly founded.

Skills:

• Analyze a business or an industry and be able to advocate for or against if either is able to perform well in a digital economy.
• Evaluate what parameters that describe either a business or an industry and compare these parameters with known economic models.
• Discuss the possible economic consequences for a business or an industry if it either initiates in a digital economy or how it will be influenced by competition from a digital service or product.
• Understand how consumer behavior can be determined from algorithms and later be used in an economic model to optimize business or industry market approach

Competences:

• Plan a move into a digital economy for either an existing business or a new initiative or company.
• Implement the necessary steps to execute the planned move into a digital economy. This ability of implementation will also be based on the recognition of the underlying economic model.
• Identify and Initiate collaborations within the business or industry with relevant parties that will help execute the planned move of a business into a digital economy.
• Be able to use user segmentation algorithms in economic models to optimize business market behavior.