MBA/EMBA courses I teach at INSEAD

Prices & Markets (MBA and EMBA)

This course provides the tools and concepts that are relevant to managerial decision making. We touch upon supply and demand; production and costs; pricing strategies; competition between industry participants; strategic decision-making and decision-making under uncertainty. Economic fundamentals, like demand, cost, market competition, and government policies, are critical to strategic decisions on issues relating to pricing, capacity management, new market entry, exit decisions, to name just a few. The microeconomic concepts and tools have many applications beyond those treated explicitly in the course; we see such applications, for example, in subsequent marketing, strategy, and finance courses. In fact, the primary objective of this course is to provide the basic tools that will be repeatedly applied in subsequent core and elective classes at INSEAD.

Some MBA Microeconomic tools that I have found entertaining.

Strategic Thinking With Game Theory (MBA and EMBA elective)

Game Theory offers a systematic approach to strategic decision making that helps in identifying the right alternatives and choosing among them. The biggest win comes from not just understanding the game you are playing and choosing the right strategies, but most importantly, from changing the rules of the game to your advantage. Given the uncertain, complex, and interconnected worlds that we all inhabit, game theory is a powerful tool that for making informed decisions. Game theory is also a language that facilitates deeper dialogue about strategy, and communicating your view of the world, and your rivals’ view of the world. The main objective of this course is to familiarize you with game-theoretic concepts and tools that are critical to formulating more robust business strategies and to becoming better strategic thinkers.

Economics and Management in Developing Countries (MBA)

“Economics and Management in Developing Countries” is intended to provide future managers, expecting to work in or with developing countries, with an understanding of their current economic reality and future prospects of these nations. The course concentrates on the relationship between corporate management and the economic and social development of poor countries. It does not cover in detail the internal operational challenges of corporations.

There are three parts to this course. Part A provides a general introduction to the problems of development, and the implications of the international economic and political order. Part B addresses the role that private business and markets can play in promoting economic growth, stressing the activities of foreign investors. Part C looks at the specificities of poverty and the role of the private sector in solving this problem.

Executive Education modules I teach at INSEAD

The World After the Covid Shock: The world is undergoing a crisis, unlike anything it has ever experienced. At its heart, we are experiencing a healthcare crisis with various parts of the world succumbing in a staggered fashion. The closest parallel was the Spanish Flu 100 years ago. Even this parallel is inexact as demographic shifts, the rise of globalization, urbanization, and larger, more densely populated cities can facilitate a virus’ spread across the globe in a few days and weeks. Countries around the world have chosen to put their economies into deep freeze temporarily. How long the economic impact lasts depends singularly on how long the pandemic lasts. This, in turn, depends on epidemiological variables and health policy choices such as the effectiveness of isolation and quarantine measures, herd immunity, development of rapid serological tests, discovery of a vaccine, surge in healthcare capacity, etc. Even when the pandemic ends, resumption of normalcy is likely to be gradual. Policymakers, especially central banks and fiscal authorities, have a crucial role to play. In this session, we will discuss the relative efficacy of various policy measures to counter the contraction effectively and promptly. More importantly, we shall identify economic variables that should be closely monitored to prevent this crisis from morphing into a debt crisis, or a financial crisis, or a currency crisis. Finally, we will discuss policies that can ensure a quick recovery once the pandemic ends.

Game Theory: I teach half and full day modules on Game Theory; I cover simultaneous and sequential form games and their applications to business and policy situations; Participants, in groups, play repeated games using an INSEAD game simulation that provides insights into dynamic strategies, trust, and cooperation. I have taught this in the Asian International Executive Programme, and to participants from Alstom and Economic Development Board. I also designed a half-day module relating Game Theory to the financial crises

Understanding the Global Economic Landscape: I setup a framework to analyze the macroeconomic landscape and its evolution over time. I use this framework to understand the growth prospects of the world economy, assess the experiences of countries like Japan and Singapore, the economic success stories, as well as that of growth disasters such as Chad and Niger. Participants apply this framework to understand the challenges and the opportunities offered by China, India, Vietnam, and other new “growth” centers. I have taught this to participants from Shell, Petronas, McKinsey, Alstom, IBM, Google, Adidas, EDB, SKF, Rio Tinto, ABN-Amro, Mubadala and Ernst & Young

The Rise of Inequality: Growth of average incomes does not tell us much about how the fruits of growth are or should be distributed. Today, inequality as an issue is attracting the most attention from business leaders, policy makers, politicians and voters. In this session, I define inequality and initiate a broad discussion on whether we should even care about inequality. I next take a data and event driven approach to understand when and how inequality matters. I close with thinking through the policy tools to tackle inequality and the responsibility of businesses in this domain. Issues spanning ethics, economics, politics, and business are covered.

Doing Business in Risky Countries: I analyze the risks and challenges of doing business in really risky countries such as Chad, Nigeria, Angola, to name a few. I touch upon the natural resource curse, the Dutch Disease, environmental sustainability, and corporate social responsibility. I use project finance to assess and mitigate the risks. I have taught this to participants from Shell, Petronas, Mubadala, Rio Tinto, McKinsey, and Ernst & Young as well as in the International Executive Programme

Singapore's Growth Challenges: Singapore has been one of the remarkable growth success stories. But what does the future hold for Singapore and what are the key challenges facing Singapore going forward? This session does a deep dive into the key challenges facing Singapore going forward and the strategies needed to successfully meet these challenges. I identify Singapore’s key competitive advantage and how it can be sustained in a rapidly transforming world, Topics I cover include innovation, productivity-driven growth, demographics, health-care costs, immigration, the future of work and inequality

Consumer Behavior in a Crisis: Here we try to understand how businesses will be impacted in a crisis (currency or banking crisis). To understand this requires a fundamental understanding of the impact of the crisis on the consumption decisions of the firm’s consumers. It is the consumers’ decisions on consumption that translate into demand for the firm and thereby determines how badly a crisis is likely to hurt the firm. I use consumption smoothing as a tool to analyze this issue. I also analyze which sectors in which countries are likely to recover the fastest. I use a Crisis Simulation Tool that I designed with Paddy Padmanabhan to convey the key learning points. Participants are provided with a series of macroeconomic forecasts and have to make pricing, production and inventory decisions in 2 countries (one developed and one developing) in the midst of a crisis. I have taught this to participants from Google, Toshiba, IBM, and Economic Development Board and in the International Marketing Programme, Asian International Executive Programme, and a program on the financial crisis.

Understanding the Great Contraction of 2008-2009: I teach a half day module on the latest financial crisis. I touch upon two broad issues: imabalances and incentives. I analyze the buildup in global imbalances and the perverse incentives in the financial and housing sectors to diagnose the great contraction. I also spend time on the crisis in the Eurozone, the debt dynamics in the US, and the short-term macroeconomic outlook in India and China. I have taught this in the International Executive Programme

FDI Policy: I teach a half day module for policymakers interested in attracting and retaining MNCs.

Corruption: I analyze the causes, consequences and challenges of corruption and how businesses should operate in corrupt environments. I have taught this in Asian International Executive Programme, Shell, Petronas, and Building the Business: Strategies for Asia-Pacific.

Microeconomics: I teach 1 and 2 day modules of core microeconomic tools. These include demand, supply and applications; market entry and exit decisions; using the industry supply curve to understand volatility; pricing strategies especially price discrimination; game theory. I have taught this to participants from McKinsey and COFRA

Microeconomics I

International Trade