04 May WHAT STRATEGIES DO FIRMS EMPLOY TO TAKE ADVANTAGE OF THE BOUNDED RATIONALITY OF CONSUMERS?
The aim of the essay is to discuss the banking industry in Australia based on the following instructions:
1. an abstract (max. 400 words)
2. short introduction
3. Main analysis
General discussion about the banking industry in Australia including only commercial banks:
• What is the cost structure of the industry? Are there economies of scale and scope?
• How does industrial policy (i.e. trade restrictions, antitrust policy) affect the market?
Questions should be answered by making a comparison between Commonwealth Bank and National Australia Bank (NAB) banks:
• How are firms in the industry organized in terms of vertical integration?
• Are the firms in the market using price discrimination methods?
• What is the informational structure of the market? Can buyers easily observe price and quality? What specific strategies do firms employ to solve asymmetric information problems?
• How intensive is the usage of advertising? What form of advertising is mainly used?
• Is the market multi-sided? Are there any direct or indirect network effects?
• Is it reasonable to assume that consumers in this industry are perfectly rational? What strategies do firms employ to take advantage of the bounded rationality of consumers?
4. Short conclusion.
Notes:
In your analysis you should make use of quantitative data (costs, market share, profitability, advertising expenditure etc.) in answering the above questions. Usage of graphs and tables is highly appreciated.
The essay should:
• Demonstrate a good understanding of the different aspects of the industry.
• Present quantitative data, back its arguments by evidence from sources.
• Use the Harvard referencing style in the body of the essay, and provide a full list of correctly documented references at the end of the essay.
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