Showing papers on "Managerial economics published in 1992"

The analytics of uncertainty and information

Abstract: Economists have always recognised that human endeavours are constrained by our limited and uncertain knowledge, but only recently has an accepted theory of uncertainty and information evolved. This theory has turned out to have surprisingly practical applications: for example in analysing stock market returns, in evaluating accident prevention measures, and in assessing patent and copyright laws. This book presents these intellectual advances in readable form for the first time. It unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalises and extends standard economic analysis. Part One of the volume covers the economics of uncertainty: how each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate 'terminal' actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk bearing. In Part Two, covering the economics of information, the state of knowledge is no longer held fixed. Instead, individuals can to a greater or lesser extent overcome their ignorance by 'informational' actions. The text also addresses at appropriate points many specific topics such as insurance, the Capital Asset Pricing model, auctions, deterrence of entry, and research and invention.

Small Business Economics: A Global Perspective

Abstract: (1992). Small Business Economics: A Global Perspective. Challenge: Vol. 35, No. 6, pp. 38-44.

Recent applications of economic theory in Information Technology research

Abstract: Academicians and practitioners are becoming increasingly interested in the economics of Information Technology (IT). In part, this interest stems from the increased role that IT now plays in the strategic thinking of most large organizations, and from the significant dollar costs expended by these organizations on IT. Naturally enough, researchers are turning to economics as a reference discipline in their attempt to answer questions concerning both the value added by IT and the true cost of providing IT resources. This increased interest in the economics of IT is manifested in the application of a number of aspects of economic theory in recent information systems research, leading to results that have appeared in a wide variety of publication outlets This article reviews this work and provides a systematic categorization as a first step in establishing a common research tradition, and to serve as an introduction for researchers beginning work in this area. Six areas of economic theory are represented: Information economics, production economics, economic models of organizational performance, industrial organization, institutional economics (agency theory and transaction cost theory), and macroeconomic studies of IT impact. For each of these areas, recent work is reviewed and suggestions for future research are provided.

The Economics of European Integration (Theory, Practice, Policy)

Abstract: Part I General issues: basic concepts and structures short history institutions. Part II Customs union: customs union theory goods services. Part III Common market: common market theory labour capital. Part IV Sectors of activity: agriculture manufacturing energy services transport. Part V Conditions for balanced growth: allocation, internal market policies stabilization - towards a monetary union redistribution - cohesion policies external relations. Part VI Conclusion: evaluation and outlook. Annexes.

Managerial Economics of Vertically Coordinated Agricultural Firms

Abstract: Differing vertical exchange mechanisms are observed across commodity marketing channels. For example, the poultry sector exhibits exchange mechanisms that result in tighter vertical coordination from upstream to downstream industries than in the feed grains sector, which relies primarily on open spot markets to coordinate vertically. The forces that lead to differing exchange mechanisms are not clearly understood, but interesting recent theoretical progress warrants renewed examination of this area. Theoretical progress has led to new contexts for analyses and allows novel potential explanations (Barry, Sonka, and Lajili). Ultimately, the desire is to be able to forecast which sectors will be vertically coordinated through increasing use of contracts or integration in the future and to assist in public policy and business strategy formation.

Principles of Construction Management

Abstract: An updated and revised edition of this text for civil engineering undergraduates. It focuses on organizational behaviour, managerial economics and productivity aspects and includes new material on financial management, site cost control, financial provision, standard costs and variance analysis.

The post-Keynesian approach to economics : an alternative analysis of economic theory and policy

Abstract: This major book provides a coherent critique of the neo-classical synthesis together with a comprehensive and systematic introduction to the Post-Keynesian alternatives. Professor Arestis demonstrates that Post-Keynesian economics offers a challenge to conventional neo-classsical economics. He argues that although Post-Keynesianism is not problem-free, it neverless offers a more satisfactory explanation of "real" phenomena. The Post-Keynesian Approach to Economics reveals the microfoundations of post-Keynesian economics and describes how these theoretical propositions link up with the macrofoundations. In doing so, it demonstrates that money pricing capital accumulation, growth and distribution are linked very closely together. The economic policy implications are discussed extensively.

Managerial Economics: Economic Tools for Today's Decision Makers

Abstract: Chapter 1. Introduction Chapter 2. The firm and its goals Chapter 3A. Supply and demand Appendix 3. The mathematics of supply and demand Chapter 4. Demand elasticity Appendix 4. Applications of supply and demand Chapter 5. Demand estimation and forecasting Chapter 6. The theory and estimation of production Appendix 6A. The production of services Appendix 6B. The multiple-input case Appendix 6C. Expressing the production function with the use of calculus Chapter 7. The theory and estimation of cost Appendix 7A. A mathematical restatement of the short-run cost function Appendix 7B. The estimation of cost Chapter 8. Pricing and output decisions: perfect competition and monopoly Appendix 8A. The use of calculus in pricing and output decisions Appendix 8B. Break-even analysis (volume-cost-profit) Chapter 9. Pricing and output decision: monopolistic competition and oligopoly Chapter 10. Special pricing practices Chapter 11. Game theory and asymmetric information Chapter 12. Capital budgeting and risk Appendix 12A. The value of a corporation Chapter 13. The multinational corporation and globalization Chapter 14. Government and industry: challenges and opportunities for today's manager Chapter 15. Managerial economics in action Part 1. Beverage industry survey Part 2. The business planning process Appendix 15A. Beverage industry executives Appendix A. Statistical and financial tables Index Online appendices Review of mathematical concepts used in managerial economics Linear programming Calculations for the time value of money Solutions to odd-numbered problems

Applied Statistics for Business and Economics

Abstract: Applied statistics in business and economics provides real meaning to the use of statistics in the real world by using real business situations and real data while​. Coupon: rent applied statistics in business and economics 4th edition ( 9780073521480) and save up to 80% on textbook rentals and 90% on used textbooks​. All the statistical procedures will be illustrated using data from management, business and economics. Applied statistics for business and economics by webster allen from flipkart. Applied statistics in business and economics provides real meaning to the use of statistics in the real world by using real business situations and real data while​. Upon the successful completion of this course, a student should be able to: demonstrate understanding of the nature of statistical analysis​. In a world where everyone is trying to do more for less, applied statistics allow​ statistical inference; economics 2900 economics and business statistics. Scope, the journal of business and economic statistics (jbes) publishes a range of articles, primarily applied statistical analyses of microeconomic,​. Applied statistics in business and economics provides real meaning to the use of statistics in the real world by using real business situations and real data while​. All the statistical procedures will be illustrated using data from management, business and economics.

The new industrial economics

Abstract: This modern up-to-date text presents for the first time an integrated account of industrial economics, oligopoly and game theory. The New Industrial Economics focuses on key issues including entry deterrence, product differentiation, pricing policy, strategic behaviour, research and development which are examined in the light of the most recent developments in game theory. Each chapter is designed to present the results of frontier research in a relatively non-technical manner suitable for intermediate level undergraduate students.

The methodology of economics: The theory of consumer behavior

Abstract: Introduction We are now ready to put our knowledge of methodology to practical use in the appraisal of economic theories. In so doing, we must always begin by stating what Popper calls the “problem-situation” to which the theory is supposed to be a solution. This obvious point is all too frequently neglected. Next, we must decide what it is that the theory actually predicts. This too is an obvious point and yet, as we shall see, it may be a very difficult question to answer. But since we have come so far, we must attempt to assess the evidence bearing upon the theory's predictions without, however, neglecting the nature of the “explanation” that underlies these predictions. Does the theory provide a causal mechanism that takes us systematically from the actions of economic agents and the operations of economic institutions to the outcomes predicted by the theory? None of these questions can be fruitfully discussed if all that is available to us is a single theory. Scientific theories can only be meaningfully assessed in terms of competing hypotheses for the simple reason that methodology provides no absolute standards to which all theories must conform: what it does provide are criteria in terms of which theories may be ranked as more or less promising.

Corporate growth, corporate strategy, and the choice of capital structure

Abstract: The interaction between a firm's strategic decisions and its financial policies has become an increasingly frequent topic in the managerial economics literature. We examine here a dimension of that interaction that has not previously been addressed, and suggest a new framework for defining the manner in which choices of strategy and choices of capital structure might be jointly determined, in an environment where upward pressures on factor costs and product prices are the norm.

Mathematical principles of economics

Abstract: This edition will provide the basis for a re-evaluation of Launhardt’s outstanding, but undervalued, contribution to economics. Taking the neoclassical emphasis on exchange as the central economic problem, Laundardt begins with a thorough treatment of the pure exchange model, then goes on to extend the treatment to the production of goods and the supply of labour, with a sophisticated general equilibrium perspective. It contains important analyses of savings and the role of capital goods, as well as an outstanding study of transport and the location of industry. Launhardt’s book can, with justice, with be described as the first comprehensive treatise on welfare economics. Mathematical Principles of Economics will prove stimulating reading for economic theorists as well as those interested in the history of economics thought.

The interaction between game theory and theoretical industrial economics

Abstract: This paper considers the impact of game theory on economics and of economics on game theory, particularly with reference to the ways that industrial economics has been affected. Some old, pre-game theory oligopoly models of P. Sweezy, H. Stackelberg, and E. H. Chamberlin are revisited and analyzed from a game theoretic standpoint. Then some recent work is examined in which the game theoretic influence is evident. After that the "folk theorem" and its relationship to industrial economics is considered. Finally, some guesses are offered concerning the future directions that theoretical industrial organization should take and the relationship of game theory to these directions. Copyright 1992 by Scottish Economic Society.

Beyond Positivism and Normativism

Abstract: The author rejects the usual division of economics (Positive Economics versus Normative Economics). Since actions and perceptions are not contrary but complementary phases of the same process such an economics seems to be right which is able to serve both economic actions and perceptions. The author argues for the utilization of the Action Research and Evaluation Research methodologies in economics. In the light of these methodologies the constructive and valuative aspects of economics are desirable. Constructive economic researches discover, new earlier non-existent possibilities for the economic activities. Valuative economic researches explicitly valuate the ways economic activities actually run. Constructive and Valuative Economics seems to be appropriate for making of a better economic world than we live in now.

History versus Equilibrium: Joan Robinson on Teaching Economics

Abstract: Argues that Joan Robinson′s interest in teaching and her students was inherently connected to her views on the nature, scope and methodology of economics. More specifically, like the classical economists, she defined economics broadly as the study of the causes of material wealth and growth rather than the more narrow science of allocation of scarce resources. Like J.S. Mill, A. Marshall and J.M. Keynes, she viewed economics as a moral science rather than excluding ethics and politics from economic considerations. Most ⊃4importantly, she believed in the central role of history and thus uncertainty in economic analysis. This emphasis on history in turn implied that she did not consider the tools of economic analysis to be universally applicable across time and space. It is argued here that these beliefs directly affected her views on teaching economics.

Planning for Serfdom—An Introduction to a New Theory of Law and Economics

Abstract: An article based on my book: Planning For Serfdom: Legal Economic Discourse and Downtown Development published in 1991 by University of Pennsylvania Press.

Recent developments in game theory

Abstract: Few fields in economics have experienced such a rapid growth in recent years as game theory. Game theoretic methods have found applications in many fields of economics, ranging from industrial organization to the theory of market transactions.