Topic
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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01 Jan 2001TL;DR: In this article, the authors assess the current status of the economics of information, focusing on the acquisition of information (search) and the incentives associated with asymmetric information (non-cooperative game theory).
Abstract: This article assesses the current status of the economics of information. The focus is on the acquisition of information (search) and the incentives associated with asymmetric information (noncooperative game theory). The evolution of these two areas also is presented along with simple examples. Their evolutions have a similar structure. The formal, abstract development of search is separate from its informal, concrete growth. At critical points the two paths intersect. The unification and illumination generated by these sudden meetings propel the economics of search to higher levels of understanding. In the economics of asymmetric information, game theory comprises the formal trajectory and industrial organization, broadly construed, is the relatively informal path. Econometric methods, devised shortly after an intersection, have exploited the empirical aspects of the new search paradigm. Experimental economics is performing an analogous function in the economics of asymmetric information. The article concludes with predictions regarding future developments.
96 citations
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TL;DR: This article used industrial organization theory to critically evaluate the media economics literature, particularly as provided in media-related journals, and made practical suggestions as to how researchers interested in media economics can apply industrial organisation theory to research questions they are attempting to answer.
Abstract: This article uses industrial organization theory to critically evaluate the media economics literature, particularly as provided in media-related journals, and makes practical suggestions as to how researchers interested in media economics can apply industrial organization theory to research questions they are attempting to answer. A review of basic industrial organization theory is provided, along with a discussion of more recent developments involving industrial organization theory. This is followed by a review of the media economics literature and suggestions for increasing the use of industrial organization theory in future research.
94 citations
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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
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TL;DR: In this paper, the authors survey and compare approaches of impact measurement such as a production function of economics or the demand and supply of trained economists and discuss the determinants of the strength of the influence of economics.
Abstract: Due to its formality and highly analytic thinking, economics is often attributed a leading role among the social sciences and a prominent position as contributor to economic or social issues in the real world. Fact is, however, that the empirical proof for such a claim is either missing or anecdotal. This paper aims to outline the "economics of economics". It surveys and compares approaches of impact measurement such as a production function of economics or the demand and supply of trained economists and discusses the determinants of the strength of the influence of economics. It furthermore discriminates between the impact of economic ideas versus that of economists as scientists or politicians. Economists tend to display a remarkable degree of self-confidence. They do so when they claim that their analytical approach - often relying on a formal language - makes economics the "Queen of the Social Sciences". Unsurprisingly, they also take it for granted that economics contributes to the solution of social problems. And yet, it is this point where they are misled. While in other areas of economics they would not easily accept that looking at the input side allows the effect on output to be assessed, they do so when it comes to evaluating the effects of economic theory on economic or political development. It is striking that a systematic analysis of the impact of economic ideas is lacking. Instead, economists refer to their participation in advisory boards, i.e. the input side of the political
90 citations