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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: In this paper, a review of mathematical modeling and laboratory experiments that constitute affordable ways to approximate the effects of policies with wide-ranging implications is presented. But the authors focus on the non-replicable evidence issue in biomedical and other sciences.
Abstract: The issue of nonreplicable evidence has attracted considerable attention across biomedical and other sciences. This concern is accompanied by an increasing interest in reforming research incentives and practices. How to optimally perform these reforms is a scientific problem in itself, and economics has several scientific methods that can help evaluate research reforms. Here, we review these methods and show their potential. Prominent among them are mathematical modeling and laboratory experiments that constitute affordable ways to approximate the effects of policies with wide-ranging implications.

35 citations

Journal ArticleDOI
TL;DR: In this paper, a review of economic theory and valuation concepts as they relate to the neglected contributions of women and nature is offered, based on which three concepts are identified as contributing sustainability.
Abstract: INTRODUCTION The term sustainability has been used in many ways. It has been defined as maintaining the existence of the human species, maintaining intergenerational welfare, maintaining productivity and resilience of economic systems (Tisdell 1991: 164), maintaining capital stocks - including "natural capital stocks" (Costanza et al. 1992: 9), and as maintaining the regenerative capacity of the environment (Hueting et al. 1992). The interdependence of economic activity, environmental quality, and ecosystem functions addressed in these definitions reminds us of the context of economic activity. Context here is understood as the biophysical world and the time frame within which economic activity takes place. A context not explicitly mentioned in most discussions of sustainability is the social context of economics. This social and cultural context is central to social economics. Social economics understands itself as a moral science formed by and responsive to its moral and ethical context, "a broader kind of economics" (Waters 1994: 108-109).(1) This paper argues that recovering a contextual understanding of economics is essential to sustainability. In fact the loss of context is at the root of the unsustainability of our present economic activity. To recover only the ecological context or only the social context within which economic activity takes place is not enough. Sustainability challenges us to recover the links between social and ecological contexts. One such link is evident in the contributions of women and nature. Both contributions are unaccounted for in national product accounts, one of the prime measures of economic performance. Only economic transactions mediated through markets and thus reflected in monetary streams enter national accounts. This speaks not only of an inadequate accounting system but also of a destructive one as valuable sustaining functions go unvalued and unsupported. To explore the question of what is at the root of this neglect, a review of economic theory and valuation concepts as they relate to the neglected contributions of women and nature is offered. Based on this review three concepts are identified as contributing sustainability. They are, concreteness rather than abstraction, connectedness rather than isolation, and diversity rather than homogeneity. All three concepts are central themes in feminist theory. Thus it is argued that the voices of women who have gone largely unheard in economics are essential in reconceptualizing economic theory and valuation concepts as sustainable. MISPLACED CONTEXT(2) Positive economics is in principle independent of any particular ethical position or normative judgment.... Its task is to provide a system of generalizations that can be used to make correct predictions about the consequences of any change in circumstances. (Friedman 1953: 4-5) This quote from Friedman's essay on positive economics sums up the self-perception of much of modern mainline economics. Economics is viewed as value neutral, objective, and based on a set of universalizable principles. Yet, considering the subject matter of economics the claim of predictable changes being analyzed by a neutral, uninvolved observer economist seems far-fetched. This positivistic interpretation of economics is in fact a relatively recent product of a definition process characterized by a progressive loss of contextual awareness. For the Scholastics, some of the earliest economic writers, economics was everything but neutral. Rather, it was shaped by the normative context within which it took place.(3) A rigid social order assigning to landlords, merchants, and peasants their given place, and an uncontrollable nature asserting its power in famine and disease provided the framework for economic interaction. Not a market mechanism, but moral principles derived from Greek philosophy, Roman law, or the Bible formed the context for economic theory as well as for the observer economist. …

34 citations

Book
01 Jan 2000

34 citations

Journal Article

34 citations


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