Showing papers on "Managerial economics published in 1993"

Managerial Economics and Business Strategy

Abstract: "Baye's Managerial Economics and Business Strategy" remains the best-selling managerial economics textbook in which it continues to provide students with the tools from intermediate microeconomics, game theory, and industrial organization to make sound managerial decisions. Baye is known for its real-world examples, frontier research, inclusion of modern topics not found in other managerial books, as well as balanced coverage of traditional and modern microeconomic tools. The seventh edition retains all of the key signature features of previous editions and incorporates new features to enhance students' learning experiences and make it easier to teach from the book. These include updated headlines, new and updated inside business applications, and new end-of-chapter material.

Gender-aware analysis and development economics

Abstract: Economic analysis that is gender-aware, in the sense of recognizing that all economic activity works through and within gendered relationships, has the potential to generate both a better understanding of the development process and a better understanding of the policies required to diminish gender inequality. This paper investigates the extent to which neoclassical and structuralist approaches to the economics of development are gender-aware, and finds both paradigms seriously deficient. Two recent examples of gender-aware development economics are discussed, and suggestions are made about how to improve gender-awareness in development economics. The potential contribution of a critical institutionalist approach is highlighted.

The Economics Of The Profit Rate

Abstract: The Economics of the Profit Rate presents a broad synthesis of recent work and builds on classical theory, using the tools of modern economics, to suggest alternative approaches to conventional microeconomics and macroeconomics. In sharp contrast to the general equilibrium theory, the emphasis is placed on dynamics and the reaction of individual agents to disequilibrium. This impressive book includes an assessment of the history of the US economy in which theoretical and empirical analyses are consistently combined.

Planning in firms as an interactive process

Abstract: This paper discusses the possible uses of economic analysis for strategic planning decisions in firms. It proposes an approach which emphasizes the role of common knowledge for decentralized parallel decision processes. Planning is interpreted as an interactive process among a set of agents who use a plan to formalize a theory of action and an invalidating procedure. In the course of action the agents are supposed to cope with uncertainty as long as the chosen theory remains justified. This approach has strong connections with some recent trends in managerial economics and in particular with the current work in the production sphere which similarly illuminates the role of common knowledge through objective physical flows to promote global efficiency of the firm.

The Economics of Institutions: Avoiding the Open-Field Syndrome and the Perils of Path Dependence:

Abstract: In this article, recent research on the economics of institutions is summarized and assessed The economics of institutions is an attempt to integrate recent research in various sub-fields of econom...

Planning in firms as an interactive process

Abstract: This paper discusses the possible uses of economic analysis for strategic planning decisions in firms. It proposes an approach which emphasizes the role of common knowledge for decentralized parallel decision processes. Planning is interpreted as an interactive process among a set of agents who use a plan to formalize a theory of action and an invalidating procedure. In the course of action the agents are supposed to cope with uncertainty as long as the chosen theory remains justified. This approach has strong connections with some recent trends in managerial economics and in particular with the current work in the production sphere which similarly illuminates the role of common knowledge through objective physical flows to promote global efficiency of the firm.

The Economics of Competitive Enterprise: Selected Essays of P.W.S. Andrews

Abstract: Report from the "accountancy" side of the pilot inquiry into the relative efficiency of small and large scale businesses a reconsideration of the theory of the individual business industrial analysis in economics - with especial reference to Marshallian doctrine the legacy of the 1930s in economics the Netherlands lectures some aspects of competition in retail trade competition in retail trade some aspects of capital development competition in the modern economy business profits and the quiet life industrial economics as a specialist subject industrial uses of economic theory epilogue - whatever happened to P.W.S Andrews's industrial economics?, Peter E. Earl.

The Essence of Business Economics

Abstract: 1. The Essence of Business Economics: An Overview 2. The Analysis of Consumer Demand 3. The Analysis of Production Costs 4. The Competitive Environment 5. Managerial Objectives of the Firm 6. Understanding Pricing Strategies 7. Investment Appraisal 8. Understanding the Labour Market 9. Government and Business 10. Business and Economic Forecasting 11. Business Economics: A Check List for Managers Appendix: Sources of Business Economics Data for Managers References for Further Reading

How to derive keynesian results from 1st principles - a survey of new-keynesian economics

Abstract: In the 1980s theoretical research in macroeconomics was dominated by what has become known as new-Keynesian economics. The principal aim of new-Keynesian economics is to explain how Keynesian results can be reconciled with the neo-classical principles of utility and profit maximization. This paper provides a survey and an assessment of New Keynesian economics. In our view, the theoretical foundation of new-Keynesian economics would be strengthened if more institutional detail is added to the analysis. The real challenge for new-Keynesian economics is to develop macroeconomics (and microeconomics) from a theory that takes the working of markets seriously.

The Overmathematicization of Economics: Lessons for Business Disciplines

Abstract: The literature critical of excessive quantification in economics may hold lessons for the related business disciplines that, in the past, have often been influenced by the intellectual legacy of economics. There is concern that the economics profession is losing good students from liberal arts programs and that there is increasing polarization within the profession. In the long run, this will undermine the effectiveness of the discipline in influencing public policy. Are there similar trends in the related business disciplines? Can the experience of economics with mathematical tools be a precursor to similar trends in finance, management, marketing, and the decision sciences? In this article, we discuss the growing literature that is critical of the current dominant status of mathematics in economics. The lessons learned from the crisis in economics may result in avoidance of repetition of these errors in other business disciplines.

Corporate Restructuring and the Information Hypothesis: An Empirical Analysis.

Abstract: The purpose o f this dissertation is to explore the motivation behind various restructuring choices within a securities issuance context. Previous theoretical models and empirical evidence suggest that three methods of restructuring equity carve-outs, sell-offs, and spin-offs, on average, signal favorable information about parent firms. This has been interpreted as reflecting either enhanced potential for efficiency gains, positive asymmetric information about the value o f industry assets, or changes in agency costs. This dissertation presents an alternative framework by relating restructuring announcements to the effects o f security issuance. Empirical tests are formulated to determine if these announcements contain valuable private information about the value o f a subsidiary by analyzing whether or not elements of this information apply to other firms involved in related activities. Rivals o f the carved-out subsidiaries experience negative revaluation effects. This is consistent with the hypothesis that a motivation for equity carve-outs is management’s belief that a subsidiary is likely to be overvalued by the market. Similar to equity carve-outs, the announcement of the intent to go public releases elements of industry-common information that causes downward revaluation o f intra­ industry rivals of the announcing firm. Rivals of spun-off subsidiaries increase in value around these announcements which suggests managers believe the subsidiary’s asset value is greater than the proceeds that equity carve-out or sell-off transactions would produce. Although sell-off announcements do not generate significant intra-

Economics and business economics

Abstract: The comparison between Economics and Business Management allows the clarification of some of their characteristics and limits as regards method, language, and objectives. Secondly, it allows the verification of the reciprocal contribution relating to research. For such a comparison, the object of study, the method, and the objectives of Economics and Business Management are taken into consideration distinguishing; so far as Business Management is concerned, between the Italian and American tradition which has generated Management Science. Management Science has a close affinity to Business Management but differs greatly regarding the method of study which, using the instruments of analysis and reasoning, makes it more similar to Economics.

Time and Space in Economic Theory

Abstract: This article advocates the classical geometric and visual approach to spatial economic modelling, as a means for intuitive understanding, and as a complement to the discrete network representation of space. It is also argued that it is time to abandon the rather weak optimality explanations for such issues as the genesis of hexagonal shapes, and replace them by more robust considerations of structural stability. 1 General Equilibrium Theory Current main stream economics is not in favour of dealing with dynamic processes and spatial structures since the victory of general equilibrium theory, General equilibrium has a long history from Léon Walras 1874 [34] over Gustav Cassel 1918 [8], and Abraham Wald 1936 [33], but its dominance dates from 1960 and the work by Kenneth Arrow and Gérard Debreu, [3], [11]. In this paradigm, the general concept of commodity is basic Such an entity is distinguished, not only through a detailed description of its physical characteristics, also its period attribution and its location in space are part of it, so temporal processes and spatial structures become hidden in the index numbers of commodities. ”Rational expectations”(previously denoted \"perfect foresight\") are part of the theory; and transform temporal processes into special characteristic of an equilibrium point in a huge phase space; or, to put it irreverently, evolution in time into a show of a movie already made in advance. Things are similar in the case of space, but the particularly nasty thing in the case of this way of dealing with time is that the causality principle exits from the theory. Note the contrast to the view of Paul Samuelson 1947,