Managerial economics

About: Managerial economics is a research topic. Over the lifetime, 1524 publications have been published within this topic receiving 83965 citations.

Economics and the Study of Individual Happiness

Abstract: Within economics a remarkable new development is underway: the theoretical and empirical economic analysis of individual well-being or happiness. This development transcends the borders of standard economics in various ways. The economics of happiness argues that the measurable concepts of happiness or life satisfaction allow us to proxy the theoretical concept of utility in a satisfactory way. This approach provides new insights into how human beings value goods and services and more general social and economic conditions, and suggests new policies that significantly deviate from what has been proposed so far. These developments could even be called "revolutionary" in that they change the way society is looked at from an economics point of view (Frey, 2008). Happiness economics has the potential to change economics substantially in the future, both with respect to analysis of economic problems and the policy recommendations intended to solve them. Our argument rests on three pillars: measurement, new insights, and policy consequences.

The Comparative Law and Economics of Energy Markets

Abstract: This chapter surveys research on the regulation of the energy sector that applies the methodology of Comparative Law and Economics or provides insights on how to improve it It begins with a discussion of the notion of economic efficiency in the context of energy markets liberalization and restructuring Then the chapter goes on with a critical discussion of the pitfalls surrounding the design of indicators of institutional quality and the selection of regulatory best practices Examples include indicators proposed by World Bank researchers and the monitoring of physical and financial energy markets in the US and the EU The next methodological issue is the description, explanation and planning of the process leading to legal transplants Two examples are discussed: emissions trading systems and feed-in tariffs The last section of the chapter deals with behavioural approaches to energy regulation and the possibility to connect the comparative dimension to such analyses The overall conclusion is that in the energy sector comparative law and economic theory have not achieved a satisfactory level of integration A large share of the benefits stemming from this interdisciplinary collaboration still lies before us

New Institutional Economics: New Institutional Economics, Organization, and Strategy

Abstract: Introduction Although the roots of research into business strategy were seeded in the late 1960s with Igore Ansoff and Richard Brandenburg (1967), the field broke through to the surface and began to grow quickly in the 1970s and early 1980s. In particular, 1980 was a watershed year because of the launching of the field's first major journal, the Strategic Management Journal , and Michael Porter's (1980) book, Competitive Strategy , which was heralded in the business community. Since then research into business strategy has been a “growth opportunity,” attracting scholars from many disciplines and subdisciplines and publishing an increasing number of papers each year in a widening number of journals of both general and special interest. Transaction cost economics (TCE) is one of the subdisciplines that planted seeds in the strategy field and nurtured them with notable success. The good news for those studying TCE is that the field of strategy remains fertile and, in our opinion, TCE remains a useful tool for planting many more seeds as well as for harvesting opportunities. Research into business strategy is motivated by three questions: (1) Why do some firms earn more rents than other firms, even in the same industry? (2) Why do performance differences persist? And (3) what can managers do to earn higher and enduring rents for their firms? (For a discussion, see Rumelt, Schendel, and Teece 1991.

Management is a Science

Abstract: The article presents information on the implementation of management science to everyday management practice and describes the evolution of scientific thinking and the structural design of humans a...