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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.


Papers
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Journal ArticleDOI
TL;DR: The up-and-down economics refers to economics found on the nightly news or the business pages of newspapers, preoccupied with what latest economic numbers are up or down as discussed by the authors.
Abstract: Up-and-down economics refers to economics found on the nightly news or the business pages of newspapers, preoccupied with what latest economic numbers are up or down. Understanding the rationale used by journalists should help students learn important macroeconomic principles and develop an ability to apply them to real-world events.

1 citations

Journal Article
TL;DR: This paper developed wargaming exercises that center attention on the role of the entrepreneur in subjectively ascertaining and dealing with oligopolistic uncertainties to which his firm is subject, and demonstrated how these simulations can be used effectively in teaching economics.
Abstract: All business firms face risks and uncertainties of various sorts in their day to day decision making. Drawing on military wargames to simulate battlefield conditions, business decision makers fabricate real world conditions so that managers must act and react to each other's actions. This paper illustrates how these simulations can be used effectively in teaching economics. Specifically, I develop wargaming exercises that center attention on the role of the entrepreneur in subjectively ascertaining and dealing with oligopolistic uncertainties to which his firm is subject. Since no one firm can perfectly anticipate either the actions of its rivals or how its rivals will react to actions by the firm under consideration, uncertainty is inherent in this market structure. In the classroom, the students are sensitized to anticipate and react expeditiously to market developments and to tailor solutions to authentic business problems. These simulations open the students' eyes to potential problems caused by competitive interaction and introduces them to a business decision practice commonly found today in the competitive market place. INTRODUCTION There has been a recent trend in economic education increasing the use of cooperative learning exercises to enhance student learning. Holt (1999) noted that placing students directly in an economic environment connects them to the theories presented in lecture. Beach (1997) concluded that students participating in or observing cooperative economic exercises score significantly higher than non participating "control groups" for the same course. These exercises enhance learning because they open the students' eyes to enhanced understanding and retention of the theories presented in lecture. Indeed, experimental methods are changing the way economics is taught. This trend has led to some economics textbooks replete with games and classroom experiments (e.g., Binmore 1992 and Gardner 1995). A popular introductory textbook by Mankiw (2001) includes an activity and game book written by Stull (2001). These experiments allow students to engage in classroom simulations that reinforce the theories presented in the course. UNCERTAINTY IN BUSINESS DECISIONS Oligopolistic behavioral uncertainty (Greenhut and Lane 1989) evolves from the condition that business decision makers face an increasingly complex market because of the rapid pace of technological innovations, the increased rate at which new products are introduced, intensified competition, market globalization, and more regulations. Business decision makers confront these challenges as they attempt to guide their companies through changing business landscapes. The business climate is changing rapidly and firms need to be prepared for the dynamics required by anticipating and adapting to market risks. Entrepreneurs also have to be able to visualize the future needs of their consumers and to draft research and development plans which would meet future demands. Firms must acquire a strategy which recognizes that their profits and market shares depend on variables such as: customer satisfaction, employee satisfaction, inflation, interest rates, product quality, location, currency exchange rate volatility, taxes and economic growth. In his 1994 book, Henry Mintzberg noted that "analysis intensive" business planning was destined to fail. Companies seek to efficiently produce and distribute their products. To accomplish this, typical "analysis planning" uses the past to interpret how the future might evolve. However, because markets are highly unpredictable and fast changing in this information age, it is impossible to predict how competitors will act based on historic analysis. Wargaming, on the other hand, addresses these dynamic issues by simulating the markets to be analyzed. Unlike "analysis planning" that uses historic information, wargaming is forward looking. …

1 citations

Book
08 Mar 2001
TL;DR: In this paper, the authors present a model for modelling in Managerial Economics using conditional statements and the Excel solver, which is based on the model presented in this paper, as well as a regression analysis.
Abstract: Preface 1. Introduction to Managerial Economics 2. Modelling in Managerial Economics 3. Modelling in Managerial Economics Using Conditional Statements and the Excel Solver 4. Production and Cost Analysis 5. Demand Analysis 6. Break Even and Profit Analysis 7. Supply, Demand and Market Price 8. Economic Systems and Input Output Analysis 9. Market Structure Analysis 10. Investment Appraisal 11. Decision Making Under Uncertainty and Risk 12. Regression Analysis 13. National and International Economic Structures 14. Government Intervention in the Market Economy

1 citations

Book ChapterDOI
28 Aug 2007

1 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20231
20226
20215
20201
201911
20187