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Managerial economics
About: Managerial economics is a research topic. Over the lifetime, 1524 publications have been published within this topic receiving 83965 citations.
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TL;DR: A framework for the collection and specification of the Economics of simulation modeling projects is proposed as a method of urging management scientists to begin to collect and publish data on the economics of simulation projects.
Abstract: This paper deals with the economics of computer simulation applied to problems in the operations management/industrial engineering area. First, the material in the literature dealing with the economics of simulation is summarized. However, the amount of information available on the economics of simulation is very small. A number of hypotheses are presented for this paucity of material. Since many managers operate in an environment in which costs and benefits are relevant to their decision-making process, the lack of data on the economics of simulation may be a barrier to the utilization of the technique. In an attempt to improve this situation, a framework for the collection and specification of the economics of simulation modeling projects is proposed as a method of urging management scientists to begin to collect and publish data on the economics of simulation projects.
5 citations
TL;DR: In this paper, the basic core of the Marxian economic theory is reconstructed and a structuralist reconstruction of Marx's economics is presented. But the analysis of game theory and decision theory is different.
Abstract: 1.- Neoclassical Theory Structure and Theory Development: The Ohlin Samuelson Programme in the Theory of International Trade.- Empirical Claims in Exchange Economics.- Ramsey-Elimination of Utility in Utility Maximizing Regression Approaches.- Structure and Problems of Equilibrium and Disequilibrium Theory.- A General Net Structure for Theoretical Economics.- General Equilibrium Theory - An Empirical Theory?.- 2.- The Basic Core of the Marxian Economic Theory.- A Structuralist Reconstruction of Marx's Economics.- x2018 Value': A Problem for the Philosopher of Science.- The Economics of Property Rights - A New Paradigm in Social Science?.- 3.- Subjunctive Conditionals in Decision and Game Theory.- The Logical Structure of Bayesian Decision Theory.- Computational Costs and Bounded Rationality.- How to Make Sense of Game Theory.- On the Economics of Organization.- How to Reconcile Individual Rights with Collective Action.- List of Contributors and Participants.
5 citations
TL;DR: Grossman and Hart as discussed by the authors developed a refined but mainly verbal approach to an economic explanation that they saw, and advertised, as fundamentally neoclassical but with a much wider explanatory reach, which served as direct inspiration for the second-generation property rights economists such as Louis De Alessi, Yoram Barzel, Eirik Furubotn, Douglass North, Steven Pejovich, and John Umbeck.
Abstract: One of the important breakthrough theories of the 1960s was property rights economics (PRE). ‘First-generation’ property rights economists such as Armen Alchian, Ronald Coase, Harold Demsetz, and (Coase student) Steven Cheung developed a refined but mainly verbal approach to an economic explanation that they saw, and advertised, as fundamentally neoclassical but with a much wider explanatory reach. Their work served as direct inspiration for the slightly later work of the ‘second-generation’ PRE theorists such as Louis De Alessi, Yoram Barzel, Eirik Furubotn, Douglass North, Steven Pejovich, and John Umbeck. Modern (third-generation) representatives of the PRE are Douglas Allen, Lee Alston, Thrainn Eggertson, Gary Libecap, Dean Lueck, Ellinor Ostrom, and others. A different approach, emerging in the mid-1980s (Grossman & Hart, 1986), growing out of formal contract theory as well as key ideas in transaction cost economics (TCE), and associated with the work of Oliver Hart and his colleagues and students, is often also referred to as the ‘property-rights approach’. This approach will be briefly discussed towards the end of the chapter.
5 citations
TL;DR: In one respect "supply-side economics" has become like "The Theory of Relativity": a phrase often dropped at cocktail parties without a hint of the deeper implications.
Abstract: In one respect "supply-side economics" has become like "The Theory of Relativity": a phrase often dropped at cocktail parties without a hint of the deeper implications. So a critical evaluation of Reagan's economic policy should start by first defining supply-side economics. Three basic points are worth emphasizing: * Supply-side economics did not start out as a theory of taxes. Instead it originated as a theory of how countries can achieve stable prices in an integrated global economy. Supply-side economics is a multidimensional theory.
5 citations
01 Aug 2009
TL;DR: In this paper, the authors present management science research on new product development and creation of significant technological innovations, and two major forms of organizational structure for integrating new products and technologies are presented.
Abstract: The article presents management science research on new product development and creation of significant technological innovations. Two major forms of organizational structure for integrating new pr...
5 citations