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Showing papers on "Managerial economics published in 2007"


Journal ArticleDOI
TL;DR: In this article, a review sheds new light on the effects of managerial practices on employee well-being, and offers guidelines for managing and mitigating well-well-being tradeoffs.
Abstract: Although managerial practices are often structured with the explicit goal of improving performance by increasing employee well-being, these practices frequently create tradeoffs between different dimensions of employee well-being, whereby one aspect of employee well-being improves but another aspect of employee well-being decreases. We call attention to the multi-dimensional nature of well-being and highlight the importance and prevalence of these well-being tradeoffs. Our review sheds new light on the effects of managerial practices on employee well-being, and offers guidelines for managing and mitigating well-being tradeoffs.

512 citations


Journal ArticleDOI
TL;DR: In this paper, the authors highlight the divergence between environmental economics and ecological economics on different issues and identify some research avenues that would potentially bring convergence between these two perspectives and identify certain research avenues.

97 citations


Book
05 Oct 2007
TL;DR: Error in Economics as mentioned in this paper is an alternative to the theory-based orthodoxy and places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics.
Abstract: What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated.

93 citations


Journal ArticleDOI
TL;DR: In this article, the authors take stock of economics in methodological terms and examine the appearance of increasing variety, or plurality, in economics, in particular in economic theory, and what this implies for non-mainstream economics.
Abstract: In this chapter, we take stock of economics in methodological terms. The discipline of economics is continually changing, requiring a reexamination of the concepts of mainstream economics and non-mainstream economics. The particular feature of recent change which this chapter examines is the appearance of increasing variety, or plurality, in economics, in particular in economic theory, and what this implies for non-mainstream economics. In the process, we revisit a range of themes addressed earlier in the volume.

71 citations


Book
12 Apr 2007
TL;DR: The economic theory and analysis of the firm is given new life here by looking at the firm as a whole: as an institution and an organization, which has special functions and a distinct role in the economy and society.
Abstract: The book enhances current economic understanding of the firm as an institution and an organization, looking beyond the narrow boundaries of neoclassical economics to an interdisciplinary approach based on accounting and law as well as economics itself It represents the first synthesis of the authors' research work on the subject and provides the groundwork for the development of a comprehensive framework centred on the firm as an entityThe volume starts with a synthesis and a critique of the current state of the different economic theories of the firm and further develops them through new insights and neglected lessons from different traditions of thoughtThe economic theory and analysis of the firm is given new life here by looking at the firm as a whole: as an institution and an organization, which has special functions and a distinct role in the economy and society

68 citations


ReportDOI
TL;DR: The current state of behavioral law and economics has been described and assessed in this paper, with a new emphasis on debiasing through law, using existing or proposed legal structures in an attempt to reduce people's departures from the traditional economic assumption of unbounded rationality.
Abstract: Behavioral economics has been a growing force in many fields of applied economics, including public economics, labor economics, health economics, and law and economics. This paper describes and assesses the current state of behavioral law and economics. Law and economics had a critical (though underrecognized) early point of contact with behavioral economics through the foundational debate in both fields over the Coase theorem and the endowment effect. In law and economics today, both the endowment effect and other features of behavioral economics feature prominently and have been applied in many important legal domains. The paper concludes with reference to a new emphasis in behavioral law and economics on ”debiasing through law” using existing or proposed legal structures in an attempt to reduce people’s departures from the traditional economic assumption of unbounded rationality.

58 citations


Book
10 Aug 2007
TL;DR: The Measurement in Economics: A Handbook as discussed by the authors provides an up-to-date survey of recent developments in economic measurement, written at a level intended for professional use by economists, econometricians, statisticians and social scientists.
Abstract: "Measurement in Economics: A Handbook" aims to serve as a source, reference, and teaching supplement for quantitative empirical economics, inside and outside the laboratory. Covering an extensive range of fields in economics: econometrics, actuarial science, experimental economics, index theory, national accounts, and economic forecasting, it is the first book that takes measurement in economics as its central focus. It shows how different and sometimes distinct fields share the same kind of measurement problems and so how the treatment of these problems in one field can function as a guidance in other fields.This volume provides comprehensive and up-to-date surveys of recent developments in economic measurement, written at a level intended for professional use by economists, econometricians, statisticians and social scientists. It employs an integrative approach of measurement in economics. It contains multi-disciplinary chapters and up-to-date survey of measurement literature in economics and econometrics.

41 citations


Journal ArticleDOI
Daniel Levy1
TL;DR: In this article, the authors summarized the eight studies of price rigidity that are included in this special issue, and summarized the important role of price rigidities in modern monetary economics and in monetary policy.
Abstract: The price system, the adjustment of prices to changes in market conditions, is the primary mechanism by which markets function and by which the three most basic questions get answered: what to produce, how much to produce and for whom to produce. To the behaviour of price and price system, therefore, have fundamental implications for many key issues in microeconomics and industrial organization, as well as in macroeconomics and monetary economics. In microeconomics, managerial economics, and industrial organization, economists focus on the price system efficiency. In macroeconomics and monetary economics, economists focus on the extent to which nominal prices fail to adjust to changes in market conditions. Nominal price rigidities play particularly important role in modern monetary economics and in the conduct of monetary policy because of their ability to explain short-run monetary non-neutrality. The behaviour of prices, and in particular the extent of their rigidity and flexibility, therefore, is of central importance in economics. This introductory essay briefly summarizes the eight studies of price rigidity that are included in this special issue.

28 citations


Journal ArticleDOI
TL;DR: In this paper, the authors argue that any successful project in economics will need to adopt a philosophical orientation that is rather different to that of the current mathematical mainstream, and they argue that explicit, systematic and sustained ontological analysis is required.
Abstract: This paper argues that any successful project in economics will need to adopt a philosophical orientation that is rather different to that of the current mathematical mainstream. In particular, it argues that explicit, systematic and sustained ontological analysis is required. The possibilities and limits of ontology are elaborated. The paper also sets out the explicit ontological conception that the author finds to be the most sustainable. He sees signs that such an orientation is being adopted in green economics and is optimistic that this development will continue. This paper defends crucial ideas that underlie and explain green economics.

18 citations





Book
16 Jul 2007
TL;DR: In this article, the authors discuss the relationship between contract theory competition and Monopoly game theory in the context of economic development and property rights, and propose a game theoretic approach.
Abstract: Capitalism Contract Theory Competition and Monopoly Game Theory Development Economics and Property Rights

Book
12 Jan 2007
TL;DR: The nature and scope of Managerial Economics are discussed in this paper. But the focus of this paper is on the management tools and their application in the management of a large number of companies.
Abstract: PART ONE INTRODUCTION 1. The Nature and Scope of Managerial Economics 2. Demand, Supply, and Equilibrium Analysis 3. Optimization Techniques and New Management Tools PART TWO DEMAND ANALYSIS 4. Demand Theory 5. Demand Estimation 6. Demand Forecasting PART THREE PRODUCTION AND COST ANALYSIS 7. Production Theory and Estimation 8. Cost Theory and Estimation PART FOUR MARKET STRUCTURE AND PRICING PRACTICES 9. Market Structure: Perfect Competition, Monopoly, and Monopolistic Competition 10. Oligopoly and Firm Architecture 11. Game Theory and Strategic Behavior 12. Pricing Practices PART FIVE REGULATION, RISK ANALYSIS, AND CAPITAL BUDGETING 13. Regulation and Antitrust: The Role of Government in the Economy 14. Risk Analysis 15. Long-Run Investment Decisions: Capital Budgeting

Posted Content
01 Jan 2007
TL;DR: This paper shows how, with the help of the Microsoft Excel Solver tool, the principles of dynamic economics can be taught to students with minimal knowledge of calculus.
Abstract: Dynamic optimisation is widely used in financial economics, macroeconomics and resource economics. This accounts for friction between the undergraduate and graduate teaching of economics because most undergraduate programmes still concentrate on static economic analysis. This paper shows how, with the help of the Microsoft Excel Solver tool, the principles of dynamic economics can be taught to students with minimal knowledge of calculus. As it is assumed that the reader has no prior knowledge of optimal control theory, some attention is paid to the main concepts of dynamic optimisation.

Journal ArticleDOI
TL;DR: The authors argued that the meaning of mathematical economics is restricted to those elements of economic reality that may be talked about in terms of mathematical objects and there is a danger of declining economic visualisability as the metaphors of mathematical economic become less vivid.
Abstract: The mathematisation of economic theory is an issue that has been discussed many times. These discussions have been dominated by debate about the appropriateness of the deductive method for economics. This rather narrow focus has pushed a number of important methodological issues regarding the nature of mathematical economics aside. In this paper, it is argued that mathematical economics involves the construction of metaphor and is therefore metaphorical in nature. Whilst mathematical economics has been responsible for what are generally regarded to be notable theoretical achievements and retains a place in economics as an apparatus for the development of economic science, the meaning of mathematical economics is restricted to those elements of economic reality that may be talked about in terms of mathematical objects and there is a danger of declining economic visualisability as the metaphors of mathematical economics become less vivid.


Posted ContentDOI
TL;DR: The evolution and classification of the major works (published books) of Clem Tisdell can be found in this paper, where the authors divided these books into six categories: microeconomic theory, information economics, managerial economics, science and technology policy, bounded rationality, and evolutionary economics.
Abstract: This paper outlines the evolution and classification of the major works (published books) of Clem Tisdell. To do this it divides these books into six categories. 1. Those focusing on knowledge limitations and, the presence of uncertainty (information economics). These develop microeconomic theory and apply it to policy issues. Subjects covered include the operation of market systems, the economics of decision-making, managerial economics, science and technology policy, bounded rationality, and evolutionary economics. 2. Textbooks on microeconomics and basic economics. 3. Ecological, natural resource and environmental economics. 4. Tourism economics and leisure studies. 5. Economic development in general and in particular, Asian-Pacific countries or regions. 6. Social policy, which includes coverage of gender issues, social issues associated with globalization, and the investigation of poverty and social disadvantage. The subject matter of several of these books overlaps and other classifications are also possible. Some of Tisdell’s books are co-authored and several are jointly edited. In addition, a collection of his articles (several of which are jointly authored) have not yet appeared in book form. Note that this overview is not intended to provide an in-depth analysis of recurring themes in Tisdell’s books and the development of these.

Journal ArticleDOI
TL;DR: The authors discusses the criticisms of rational choice theory that have emerged within the recent literature on experimental and behavioral economics, and speculates about the possible impact on the discipline of economics, including economics.
Abstract: This public lecture discusses the criticisms of rational choice theory that have emerged within the recent literature on experimental and behavioral economics, and speculates about the possible impact on the discipline of economics.

Proceedings ArticleDOI
03 Jan 2007
TL;DR: In its twenty years the mini-track on information, strategy, and economics has made considerable progress in developing theory that can serve as the basis for decision-making when managers face ambiguous and uncertain problems in an unfamiliar and rapidly changing environment.
Abstract: In its twenty years the mini-track on information, strategy, and economics has made considerable progress in developing theory that can serve as the basis for decision-making when managers face ambiguous and uncertain problems in an unfamiliar and rapidly changing environment. Just as scientists in other disciplines use experience and a small set of paradigmatic problems to structure unfamiliar situations, information strategy and economics provides its own set of paradigms to guide and structure the use of experience in managerial settings

Journal ArticleDOI
Christoph Zott1
01 Aug 2007
TL;DR: In this article, the authors explore how entrepreneurs manage the emotions of internal and external stakeholders and how doing so affects their ability to create new organizations, and find that emotion management affects the creation of new organizations.
Abstract: This study explores how entrepreneurs manage the emotions of internal and external stakeholders and how doing so affects their ability to create new organizations. Our data indicate that emotion ma...

Posted Content
01 Jan 2007
TL;DR: In this paper, the authors posit the nexus between psychology and economics, and synthesize psychology and economic within the framework of the Islamic system and how the Islamic model of man influences motivation and human actions, and suggest a holistic approach to man, development and development policies should be implemented to ensure effectiveness in the enhancement of man's material and spiritual well being and his quality of life.
Abstract: This study attempts to posit the nexus between psychology and economics. However it is not the purpose of the paper to focus on all aspects of psychology and its various theories. It is also not the purpose of this paper to trace the historical development of economics, its various schools and the economic ideas that emerged. It discusses only those areas that are relevant to the development of economic thought particularly with regard to motivation and psychological behaviour. It traces the historical experience of western economics and psychology through three phases, which inevitably led to secularism and the separation of both disciplines from morality. This study considers the emergence of the egoistic and selfish motives underlying assumptions as the cause of the predicament and confusion in the body of knowledge present in modern economics and psychology and other behavioral sciences. Due to the inextricable link between culture, motivation and psychological behaviour, this paper also attempts to synthesize psychology and economics within the framework of the Islamic system and how the Islamic model of man influences motivation and human actions. It is the contention of this paper that the Islamic synthesis between psychology and economics is significant as it suggests the need for reformulation of economic concepts, models and policies and theories which may differ from those of neoclassical economics. Therefore as a corollary, this paper also suggests that a holistic approach to man, development and development policies should be implemented to ensure effectiveness in the enhancement of man’s material and spiritual well being and his quality of life.


Book ChapterDOI
01 Jan 2007
TL;DR: In this paper, a paper on a public economics topic in which esteem figures as a major analytic category is presented, and a double role of content and intent is played by esteem.
Abstract: Festschrifts are an occasion for registering the esteem in which the honouree is held. Given Beat Blankart’s significant contributions to public economics over an extended career, we thought it appropriate for this occasion to write a paper on a public economics topic in which esteem figures as a major analytic category. In that sense, esteem here plays a double role — as content and as intent.





Posted Content
TL;DR: In this paper, a collection of essays dealing with financial markets' imperfections and the inability of neoclassical economics to deal with such imperfections is presented, and the authors suggest reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient.
Abstract: The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach.This book consists of a collection of essays dealing with financial markets' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics - something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy.

Journal ArticleDOI
TL;DR: In this article, the authors consider how the economics of intellectual property can benefit from what has been published in the area of insurance and show that the two areas of study are sufficiently related for the insights of the latter to be relevant to the former.
Abstract: This paper considers how the economics of intellectual property can benefit from what has been published in the area of the economics of insurance. The objective is to show that the two areas of study are sufficiently related for the insights of the latter to be relevant to the former. Since the economics of insurance is a very mature subject, while the economics of IP is much younger, it seems that there could be many valuable lessons from insurance that can be imported into IP, at least at a first degree of approximation.