Showing papers on "Managerial economics published in 2012"
Book•
07 Apr 2012TL;DR: In this article, the authors present an overview of classic studies on managerial work and their application in practice, focusing on the role of managers at the top of a management team.
Abstract: PART ONE: FRAMEWORK 1. Overcoming the Rationalist Fallacy in Management Research 2. Management in Practice: Overview of Classic Studies on Managerial Work PART TWO: A PRACTICE PERSPECTIVE ON LEADERSHIP AND MANAGERIAL WORK 3. Well Then - What Now? An Everyday Approach to Managerial Leadership? 4. Managerial Leadership: Identities, Processes, and Interactions 5. Multi-framing as a Tool in Top Management Teams PART THREE: OPERATIONAL MANAGERIAL WORK 6. Work Activities and Stress Among Managers in Health Care 7. Leadership as Muddling Through: Site Managers in the Construction Industry 8. R&D Managers Leading Knowledge Workers with Care PART FOUR: ADMINISTRATIVE MANAGERIAL WORK 9. Managers at the Municipal Top 10. The Swedish Municipality Director: A Managerial Function between Politics and Administration 11. Leaders of Modern Universities: Primi Inter Pares or Chief Executive Officers? 12. Managerial Work at the Top: Tracing Changes in Work Practices and Efforts Towards Theory Development PART FIVE: MANAGERIAL WORK IN SMALL BUSINESSES 13. Managerial Behaviour in Small Firms: Does it Matter What Managers Do? 14. The Duality of Strategic Managerial Work in SMEs: A Structuration Perspective 15. Managerial Practices in Family Owned Firms: Strategizing Actors, their Arenas and their Emotions PART SIX: THE WAY FORWARD 16. Refining Shadowing Methods for Studying Managerial Work 17. Bridging the Management Theory and Practice Gap 18. Conclusion and the Way Forward: Towards a Practice Theory of Management
100 citations
TL;DR: A review of the literature that applies behavioral economic models to managerial decisions can be found in this article, where the authors organize the literature into research into alternative utility functions and research that focuses on non-equilibrium models.
Abstract: This paper reviews the literature that applies behavioral economic models to managerial decisions. It organizes the literature into research that focuses on alternative utility functions and research that focuses on non-equilibrium models. Generally, behavioral models have seen less application to manager decisions than to consumer decisions and therefore there are many opportunities to develop new theoretical models, new laboratory experiments, and new field applications. The application of these models to field data is particularly underdeveloped.
67 citations
Posted Content•
TL;DR: In this article, the authors define market power, discuss how it arises, and describe various methods that have been used for empirically detecting and measuring it, and discuss the role and measurement of market power in important antitrust contexts.
Abstract: Market power – how it arises, and how it is measured – is an important topic for the economics field of “industrial organization” (IO). It is also an important topic for managers and for managerial economics, since it can be related to sustainable advantage for a company and it is usually at the center of antitrust cases in which a company may be involved. This chapter defines market power, discusses how it arises, and describes the various methods that have been used for empirically detecting and measuring it. Attention is also given to the role and measurement of market power in important antitrust contexts.
22 citations
TL;DR: The emergence of non-constructivities in economics is entirely due to the unnecessary and inappropriate formalization of economics by means of 'classical' mathematics as mentioned in this paper, which is the main reason for the emergence of undecidabilities in economics.
Abstract: The emergence of non-constructivities in economics is entirely due to the unnecessary and inappropriate formalization of economics by means of 'classical' mathematics. I have made similar claims for the emergence of uncomputabilities and undecidabilities in economics in earlier writings. Here, on the other hand, I want to suggest a way of confronting uncomputabilities, and remedying non-constructivities, in economics, and turning them into a positive force for modeling, for example, endogenous growth, as suggested by Stefano Zambelli. 107,108 In between, a case is made for economics to take seriously the kind of mathematical methodology fostered by Feynman and Dirac, in particular the way they developed the path integral and the δ-function, respectively. A sketch of a "research program" in mathematical economics, analogous to the way Godel thought incompleteness and its perplexities should be interpreted and resolved, is also outlined, albeit briefly, in the concluding section.
14 citations
Book•
15 Nov 2012
TL;DR: In this article, the authors recommend using developmental economics as the framework for the operationalization of economics by the military and use this framework for planning and designing campaigns for both counterinsurgency and stability operations.
Abstract: : Economics is a critical component of military operations and will continue to be so in the future. Understanding this is vital to successful military operations. The military requirement for understanding economics and its application in operations is outlined in both national strategy and doctrine. The military has means, motive, and opportunity for the application of economics in operations. Successful campaigns and achievement of the national strategic end state requires the integration of economics throughout all operations and across the levels of war. Military doctrine provides poor guidelines and limited reference for economic operations and concepts. Military doctrine does not agree on economics, the few definitions published limit usefulness as a guide for operations. The definitions also fail to facilitate common understanding across levels of war and the spectrum of conflict. Commanders at all levels must understand basic economic theory and key concepts to effectively execute counterinsurgency and stability operations. The monograph recommends using Developmental Economics as the framework for the operationalization of economics by the military. Developmental Economics is a theory of economics that grew from the failures of classical economics to effectively explain development in third-world nations. This must be the framework the military uses when planning and designing campaigns for both counterinsurgency and stability operations. Economics is not one of several lines of operation, but the overarching framework for the design of counterinsurgency and stability operations. Viewing development as freedom, described by Amartya Sen provides an improved foundation for military operations and a more complete campaign framework. Within these definitions and responsibilities, the military will find the links it needs to execute independent operations.
12 citations
TL;DR: The role of forensic economics in the development of industrial economics and more generally the production of economic knowledge has been examined from a sociological perspective in this paper, where the authors examine how forensic economics may impact the research agenda and the epistemic validity of economics.
Abstract: The emergence of the role of forensic economics in competition law and policy the last four decades has been a major episode in the professionalization of economics and its increasing interaction with the legal sphere. Yet, there have only been very few studies examining from a sociological perspective the impact of forensic economics on the development of the research agenda of industrial economics and more generally the production of economic knowledge. The aim of this study is to critically examine how the emergence of forensic economics may impact on the production and evaluation of economic knowledge. The hypothesis to be investigated is that the production of economic knowledge, 'in the context of application' (that is, 'following the codes of practice relevant to a particular discipline and problem solving which is organized around a particular application') across a heterogeneous environment characterized by the presence of multiple institutions (e.g. Universities, government agencies, non-governmental organizations, private consultancies) affects the research agenda and the epistemic validity of the discipline of economics. The research will focus on an area of economics, with a significant 'context of application', the field of applied Industrial Organization (IO) or competition economics. It will also concentrate on the analysis of the impact of private economic consultancies, as opposed to other institutions. The objective is to reflect on the theoretical foundations of a sociological analysis of forensic economics and more broadly on the relationship of academic economic 'science' and economic science produced in the context of application (regulatory science), in this case economics applied in the field of competition law and policy. After examining the emergence of forensic economics as a separate field (2), we will examine the reality of forensic economics from the perspective of various theoretical approaches in sociology.
10 citations
Dissertation•
01 Jan 2012
7 citations
29 Mar 2012
Journal Article•
TL;DR: In this paper, the authors scrutinize a consensus report prepared for the Rio+20 Conference (United Nations Secretary General, 2012) with respect to the ideas of economics to which it refers and conclude that the report's authors do not know of or consider any alternative to the neoclassical perspective.
Abstract: Sustainable development is a contested concept in that it is interpreted differently by different actors. A distinction has been made between "weak" and "strong" sustainability. Some have referred to three aspects or "pillars" of sustainable development; economic, social and environmental. Others have advocated a further broadening of the kinds of dimensions to be considered. The present author has argued that a distinction between monetary and nonmonetary aspects of development is crucial and also that an actor´s relation to ongoing development and the present political-economic system can be catgorized in terms of "business-as-usual" (BAU) interpretation and attitude, "social and ecological modernization" or as demanding "radical change" in our present political-economic system.Mainstream neoclassical economics in its textbook form will be scrutinized with respect to its scientific and ideological features. this will be related to what appears to be needed to meet the challenge of sustainable development. An economics that is more open and compatible with democracy is indicated.Influential actors in business, government and civil society have their specific - or less precise - ideas of economics for management and governance. Such mental maps of influential and other actors are closely related to mainstream neoclassical economic theory. This assertion has of course to be made credible or proven by special studies. Here, I will scrutinize a consensus report prepared for the Rio+20 Conference (United Nations Secretary General, 2012) with respect to the ideas of economics to which it refers. My conclusion is that the report's authors do not know of or consider any alternative to the neoclassical perspective. Pluralism with respect to paradigms in economics is then recommended as an initial first step towards sustainable development.
Posted Content•
01 Jan 2012
TL;DR: In this paper, the authors applied Data Envelopment Analysis (DEA) to rank 180 mainstream economic journals and found that the journals with the highest rankings in mainstream economics are Journal of Political Economy, Quarterly Journal of Economics, Journal of Economic Literature, Review of Economic Studies, American Economic Review, Econometrica, review of economics and statistics, Journal Of Economic Theory, Journal Econometrics, Economic Journal, Journal Monetary Economics, Foreign Affairs Journal of International Economics, Brookings Papers on Economic Activity, International Economic Review and Journal of Development Economics.
Abstract: This paper by applying Data Envelopment Analysis (DEA) ranks Economics journals. In contrast with many other studies this paper ranks journals which are characterized as mainstream economic journals rather than interciplinary economic journals. By using one composite input and one composite output the paper ranks 180 journals. In addition for the first time three different quality ranking reports have been incorporated to the DEA modelling problem in order to classify the journals into four categories (‘A’ to ‘D’). The results reveal that the journals with the highest rankings in mainstream economics are Journal of Political Economy, Quarterly Journal of Economics, Journal of Economic Literature, Review of Economic Studies, American Economic Review, Econometrica, Review of Economics and Statistics, Journal of Economic Theory, Journal of Econometrics, Economic Journal, Journal of Monetary Economics, Journal of International Economics, Brookings Papers on Economic Activity, International Economic Review, Journal of Development Economics, Journal of Economic Perspectives, Journal of Risk and Uncertainty and Journal of Public Economics.
TL;DR: In this paper, the authors introduce heterodox economics as a viable alternative to market-fundamentalist economics and outline the articles of the special issue, which provides an overview and summary of the contributions.
Abstract: Purpose – The purpose of this article is to introduce heterodox economics as a viable alternative to market‐fundamentalist economics and to outline the articles of the special issue.Design/methodology/approach – This introductory article provides an overview and summary of the contributions in the special issue.Findings – Market‐fundamentalist economics has failed to adequately explain the economy or to provide guidance to policymakers that lead to widely‐shared prosperity and human well‐being. By contrast, heterodox economics offers social and historical narratives of both market and non‐market activities.Originality/value – The article helps general readers to get acquainted with visions and approaches that are alternative to market‐fundamentalist economics. This will allow them to imagine more concretely that a better world is possible.
TL;DR: This book provides a survey of the mathematical models used to describe social and economic processes as well as address economics and managerial tasks to help readers develop skills in mathematical formalization of economic-managerial tasks, their analysis, and decision-making.
Abstract: This book provides a survey of the mathematical models used to describe social and economic processes as well as address economics and managerial tasks. The text includes a large number practical applications of mathematical models used in problem solving. The book provides self-study materials including checklists to help readers develop skills in mathematical formalization of economic-managerial tasks, their analysis, and decision-making.
TL;DR: The Economic Policy Research Centre (EPRC) in carrying out its mandate of advancement of research-based knowledge and applied policy analysis has initiated the Business Climate Index (BCI) for Uganda.
Abstract: The Economic Policy Research Centre (EPRC) in carrying out its mandate of advancement of researchbased knowledge and applied policy analysis has initiated the Business Climate Index (BCI) for Uganda. The BCI reflects the perceptions of Ugandan business executives on the current and expected business economic conditions. The BCI is intended to be an indicator of economic activity, to supplement official statistics.
DOI•
01 Jan 2012
TL;DR: In this paper, the authors present four essays on strategic communication, focusing on three types of communications: communications, communications, and strategic communication (CS) and strategic communications, respectively.
Abstract: Four Essays on Strategic Communication
Book•
10 Dec 2012
TL;DR: The Managerial Economics: A Mathematical Approach as discussed by the authors is an excellent reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic.
Abstract: Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment.
While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features:
An emphasis on practical application through real-life examples and problems
An accessible writing style that presents technical theories in a user-friendly way
A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions
Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions
Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic.
Posted Content•
TL;DR: In this article, the authors examined the use of flexible resource allocation as a management tool for achieving successful product innovation and proposed a variety of approaches for getting the most out of R&D investments.
Abstract: Increasing investment in innovation has been a major goal of research and innovation policy in Europe over the past decade. Yet to secure competitive advantage and achieve growth, R&D investment has to be translated into successful innovations, and this is first and foremost the task of firms. Turning R&D into successful innovation is a tricky business, however. Consequently, managerial economics has proposed a variety of approaches for getting the most out of R&D investments. A recent study funded under the SEEK research programme examined the use of flexible resource allocation as a management tool for achieving successful product innovation.
TL;DR: In this paper, the relevance of the New Institutional Economics (NIE) approach in analysing the current behaviour of suppliers of agrocredit in remote areas of developing economies is outlined.
Abstract: In this paper we outline the relevance of the New Institutional Economics (NIE) approach in analysing the current behaviour of suppliers of agrocredit in remote areas of developing economies. The paper covers the definition of NIE and its relevancy in modern economics, basic features of NIE, transaction cost economics (TCE) and modelling of transaction costs, application of transaction cost economics in agriculture sector, and review of empirical research using TCE theory. The application of NIE theory in advancing understanding of the development path of agrocredit market and other related markets has proved very relevant particularly in less developed areas of the developing world. Key words : New Institutional Economics, Transaction Cost Economics, Agrocredit SuGood day managers,
Posted Content•
TL;DR: In this article, the authors use the theory of the firm to integrate and link economic theory (microeconomics and macroeconomics), decision sciences (mathematical economics and econometrics), and the functional areas of business (accounting, finance, marketing, personnel or human resource management, and production) and show how all of these topics are crucial components of managerial decision making.
Abstract: This text uses the theory of the firm to integrate and link economic theory (microeconomics and macroeconomics), decision sciences (mathematical economics and econometrics), and the functional areas of business (accounting, finance, marketing, personnel or human resource management, and production) and shows how all of these topics are crucial components of managerial decision making. The text is divided into five parts-Part I examines the nature and scope of managerial economics, Part II analyses demand, Part III presents the theory and measurement. It covers the full range of optimization techniques used in managerial decision making. The book offers extensive end-chapter material in the form of the summary, discussion questions, problems, chapter appendixes along with appendix problems, supplementary readings, and Internet site addresses. This seventh edition includes new sections, new case studies, some of which are India based, and five new longer Indian integrated case studies. In addition, the existing case studies, supplementary readings, and Internet site addresses have been revised.
TL;DR: In this article, the authors explain collectively that the only possible exit strategy from the ongoing crisis requires a fundamental change in the way and means that both teachers and researchers in economics put to practical use at secondary and university levels.
Abstract: The financial and economic crisis that has been devastating a number of countries in the world since its outbreak in 2007–2008 originates in the currently still dominant paradigm in both finance and economics. The contributions selected for this special issue explain collectively that the only possible exit strategy from the ongoing crisis requires a fundamental change in the way and means that both teachers and researchers in economics put to practical use at secondary and university levels. The call for action that stems from the selected papers offers a variety of lines to reforming the economics curriculum on pluralistic grounds.
DOI•
01 Jan 2012
TL;DR: In this paper, the authors discuss communication in game theory, and propose a communication model for game theoretic communication in communication in games, using game theory theory as a means of communication.
Abstract: Essays on Communication in Game Theory
Journal Article•
TL;DR: A pedagogical tool to make the instruction and estimation of (C-D) production functions much more palatable to students in the intermediate level undergraduate economic courses and graduate students in managerial economics is offered.
Abstract: There has been a plethora of thinking and research about better methods of teaching important economic concepts to undergraduate and graduate level students. One concept students have a particularly difficult time grasping is the Cobb-Douglas (C-D) production function. Not only does the concept create a hurdle for students, but the actual estimation and interpretation of the C-D production function has perplexed even the most dedicated students. This paper offers a pedagogical tool to make the instruction and estimation of (C-D) production functions much more palatable to students in the intermediate level undergraduate economic courses and graduate students in managerial economics. To that end, the paper has two parts. In the first part, we introduce the production function and make the connection between team sports and the productivity of inputs. Next, we relate a specific type of production function, the Cobb-Douglas, to major league baseball teams' performance. A model is introduced and explained, with a description of the various inputs used to produce team wins. The first part concludes with the estimation of a log-linear C-D production function and an evaluation of the results. The paper's pedagogical contribution is explained in the second part of the paper. We provide a student project that professors can use in their courses to facilitate the teaching of C-D production functions. The project comes complete with data from the 2006 MLB season, which students use to estimate a log-linear C-D production function. The steps involved in the data transformation process are provided along with the empirical results. Questions and answers about the regression results are included and could be used to reinforce students' learning and understanding of the model and output. (ProQuest: ... denotes formulae omitted.) INTRODUCTION Cobb-Douglas Production Function Considering that most students have played a team sport at some point, this familiarity will make it easier for the student to grasp the connection between what the manager/coach is trying to produce (team wins) and productive inputs (which are measured by players' offensive and defensive skills). As with most team sports, baseball being no exception, team composition is critical for maximizing wins, so the manager's task is to obtain players with the right mix of skills and abilities, bring them together, and win ballgames. For the manager, understanding the impact of inputs such as hitting, pitching, errors and stolen bases on a team's winning percentage is important for at least two reasons. First, if empirical results indicate that pitching has a greater positive impact on team wins than hitting, then the manager can trade or hire accordingly. For example, a manager may trade a player with a strong batting average in order to get a pitcher with a really low earned run average. Second, those players whose skills have the greatest positive impact on team wins (a high marginal product) may negotiate for higher salaries, which would certainly affect the team payroll. Managers (or owners) do not want to overpay for a player if his skills will not have much impact on team wins. Let us begin with a brief explanation of the production function and how it can be used to examine major league baseball team success. The production function shows the resulting quantity of output that can be produced with a given set of inputs. It also provides a conceptual framework for decisions involving the allocation of the firm's (team's) resources. One particular form of the production function is the Cobb-Douglas (C-D). The C-D is used extensively in economic studies, and its properties have kept it popular for over eighty years. Given the importance of production theory to microeconomic analysis and the obvious practical appeal of using the Cobb-Douglas, it is interesting to note the range of coverage found in a sample of economic textbooks. …
TL;DR: In this article, the authors examined the honey market in south India to make a conceptual contribution and examined how honey hunters overcome the barriers to market access and examined the impact of different typ...
Abstract: The issue of market integration has been primarily examined in the disciplines of international business, development economics, finance strategy and managerial economics. Sociological views about market have been largely mute on integration issues. In this article, we examine the honey market in south India to make this conceptual contribution. Honey as a natural product, through interaction of complex botanical and zoological species, generates a unique market. It is ethnic communities, living closely with the nature, which depend on honey for their livelihood. Because of this reason, market integration is a challenging factor from the sociological point of view. Further, different policies by the state on forest products make market integration more difficult. In this study we empirically examine the honey market in the Nilgiri Biosphere Reserve (NBR) which is spread in three south Indian states. We examine how honey hunters overcome the barriers to market access. We examine the impact of different typ...
01 Jan 2012
TL;DR: In this paper, the authors discuss how government policies are determined or why government may prefer one policy to another, and why the government may choose one policy over another in the private sphere.
Abstract: Previous chapters have been concerned with people’s behaviors in private spheres. When government was considered, it was always in terms of the consequences of policies that had already been adopted (for example, price controls). We have said little about how government policies are determined or why government may prefer one policy to another.