Showing papers on "Managerial economics published in 1985"

Information and Economic Analysis: A Perspective

Abstract: Ten years ago, I delivered a paper before this group with the title, 'Information and Economic Analysis.' I chose the title deliberately: I did not call the subject on which I was speaking the 'Economics of Information' because to do so would have been to suggest that my topic, like the economics of agriculture, or the economics of industry, or the economics of labour represented another branch of specialisation within economics. I wanted to suggest that informational considerations were, in fact, central to the analysis of a wide variety of phenomena, that they constituted a central part of the Foundations of Economic Analysis. At the time, though economists had long paid lip service to the importance of information, there was little formal literature. The last decade has seen a burgeoning of the literature. It has become to the late 7O's and early 8O's what growth theory was to the early 6O's. And it has been greeted with some of the same scepticism. There seems to be a myriad ofspecial cases and few general principles. The little examples are often contrasted unfavourably with the generality of general equilibrium theory. What have we learned ? Have diminishing returns set in? Are there fruitful directions for future research, and if so, what are they? These are the questions which I wish to address here. The work of the past decade has made, I think, a fundamental and lasting contribution to economic analysis. The contributions have been both negative and positive: we have learned that much of what we believed before is of only limited validity; that the traditional competitive equilibrium analysis, though having the superficial appearance of generality in terms of superscripts and subscripts is indeed not very general; the theory is not robust to slight alterations in the informational assumptions. It is but a special and not very plausible 'example' among the possible set of informational assumptions which can be employed to characterise an economy. At the same time, the theory has been able to provide insights into phenomena about which the traditional model had nothing to say, or which seemed inconsistent or inexplicable within the competitive paradigm. It has provided some of the micro-foundations for macro-economics, it has provided the basis of a New Theory of the Firm, of a New New Welfare Economics, and of a theory of Economic Organisation (including a Comparison of Economic

In Search of Power: A Statistical Power Analysis of Contemporary Research in Strategic Management.

Abstract: The statistical power of research in the 1982-1984 volumes of the Strategic Management Journal (SMJ) was examined. The mean power figures to detect small, medium, and large population effect sizes ...

Needed: An Economics Approach to Systems for Medical Information

Abstract: Excerpt Professions are defined in part by their expert knowledge and skills in applying it. Expert knowledge in medicine is its information and the conceptual machinery with which we use it. For a...

Macroeconomic Interdependence of Japan and the United States: Some Simulation Results

Abstract: In this paper we examine the macroeconomic interdependence of Japan and the U.S. using a medium-scale simulation model of the world economy. Our goal is to determine how shifts in macroeconomic policies in the U.S. or Japan affectthe other country as well as the rest of the world. In particular we examine the following three issues: (1) the likely macroeconomic ramifications for the U.S., Europe and Japan of significant budget cuts in the U.S.; (2) the macroeconomic implications of a protectionist tariff imposed by the U.S.; and (3) the scope for policy coordination among the U.S., Japan and Europe.

Estimation and testing of dynamic econometric models from panel data.

Abstract: This research develops methods of estimation and test statistics of dynamic single equation models from panel data when the errors are serially correlated. It is assumed that the number of time periods is fixed while the number of cross-section observations is large. This makes it possible to consider prediction equations of the initial observations based on the exogenous variables corresponding to all periods available in the sample, as well as to leave unrestricted the covariances of the prediction errors with the remaining errors in the model. The concentrated likelihood function is derived both for cases where the prediction error is left unrestricted and where it is assumed to have the marginal distribution of the stationary process. The performance of maximum likelihood methods is investigated, either for correct models or under several misspecifications, by resorting to Monte Carlo methods using antithetic variates. Dynamic models from panel data can be seen as a specialisation of a triangular system with covariance restrictions. In this context, the asymptotic distribution of the estimators that maximise the gaussian likelihood function is derived when normality holds and also when the errors are non-normal. In particular, it is shown that in the latter case the estimator that takes into account the covariance restrictions is not generally more efficient than the estimator that leaves the co-variance matrix unrestricted. The possibility of obtaining consistent estimates of the unrestricted intertemporal covariance matrix is used to develop test statistics of covariance restrictions arising from various random effects specifications. A Wald test and a minimum chi-square test, which are robust to the non-normality of the errors, and appropriate asymptotic probability limits for the quasi-likelihood ratio test are proposed. Monte Carlo experiments are conducted to study the performance of these test criteria. In order to illustrate these procedures, QML estimates of dynamic earnings functions from the Michigan Panel are obtained.-4-Joint minimum distance estimators of slope and covariance parameters are defined that are generally efficient relative to QML estimators when normality is not imposed and the covariance matrix is restricted. Finally, it is shown that there exist separate minimum distance estimators of the covariance parameters and generalised least squares estimators of the slope parameters that are efficient. A simulation is also carried out to examine the performance of these methods.

Statistics for Management and Economics

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The Managerial Economics of Civil Litigation

Abstract: As the United States has become a more litigation society, executives are finding more of their time and their firms' resources consumed by litigation. This paper attempts to assist their decision making with regard to legal matters by looking at the following questions: Under what conditions should a potential plaintiff litigate a specific issue? Under what conditions should a defendant faced with a lawsuit respond forcefully to it? How can legal expenses be budgeted and controlled by both sides? What are the most likely conditions under which both plaintiff and defendant would be willing to seek out of court settlement? The research determines the economic requisites of both a plaintiff's decision to litigate an issue and the corresponding defendant's decision on how to respond to the suit. These decisions are viewed as both commensurate and competitive with other managerial operating decisions, e.g., capital budgeting and market expansion, that make demands upon the firm's resources. Models from econom...

Applied transport economics : a practical case studies approach

Abstract: Objective of this book is to provide an examination of the ways in which economic theory may be applied to transport problems. Discusses a.o.: the development and state of transport economics; theory and practice of road pricing; the assessment of technical change; shipping conferences. Gives short concluding comments on the future.