Module Code: LUBS5002M01 Answer two questions Word limit 1,000 words per question 1. Game theory is the study of multi-person decision problems (Gibbons, 1992). Assess the utility of game theory in informing strategic decision making and how evidence from behavioural economics might help these insights. 2. Evaluate the contribution of Oliver Williamson's work on transaction cost economics to our understanding of the efficiency of different organizational forms and consider the influence of digitalisation on internal and external transaction costs. 3. Consider what happens to the workings of the market if information is imperfect and unevenly distributed and how signalling, screening and increased observability may help markets and organisations overcome these issues. 4. Assess the contributions of Jensen and Meckling, Alchian and Demsetz and Fama and Jensen to debates about the efficiency of different organisational forms and how firm ownership affects management behaviour. 5. Assess how diversification, horizontal multinationalism and vertical integration can be used at the corporate level to influence the type and degree of relatedness and hence the benefits of organisational co-ordination. 6. Outline and contrast the contributions of Nelson and Winter and Hannan and Freeman to our understanding of the evolution of organisational forms over time