Thomas J. Webster

Managerial Economics

Tools for Analyzing Business Strategy

• Gebundenes Buch

Produktbeschreibung

Each year, thousands of businesses file for bankruptcy protection because managers fail to efficiently organize the company's operations, misread market trends, pay inadequate attention to product quality, or misinterpret the activities and intentions of rival companies. Perhaps they fail to formulate optimal advertising or financing strategies, procure raw materials and components at least cost, or provide adequate incentives to motivate workers to put forth their best efforts. Managerial economics is the application of economic principles to topics of concern to managers. This textbook develops a framework for predicting managerial responses to changes in the business environment. It combines the various business disciplines with quantitative methods to identify optimal solutions to more efficiently achieve a firm's organizational objectives. The topics discussed in this textbook are readily accessible to students with a background in the principles of microeconomics and business mathematics. The selection and organizations of topics makes the textbook appropriate for use in a wide range of curricula by students with different backgrounds.

Produktdetails

• Verlag: Lexington Books
• Seitenzahl: 442
• Erscheinungstermin: 1. Dezember 2014
• Englisch
• Abmessung: 235mm x 157mm x 30mm
• Gewicht: 866g
• ISBN-13: 9781498507936
• ISBN-10: 149850793X
• Artikelnr.: 41483252

Autorenporträt

Thomas J. Webster is professor of economics in the Department of Finance and Economics of Pace University's Lubin School of Business.

Inhaltsangabe

Contents Chapter 1 Managerial Economics and Strategy The role of economics
in business management What is economics? What is managerial economics?
Strategic behavior Quantitative methods The role of a manager The role of
profit The objective of the firm What's a company worth? Types of profit
Constraints on the operations of the firm Conflicts of interest Other
players Thinking at the margin Deriving marginal from total values Chapter
exercises Chapter 2 Demand and Supply Demand Income and substitution
effects Demand determinants Estimating the market demand equation Consumer
surplus Supply Supply determinants Producer surplus Market Equilibrium Net
Social Welfare Changes in Demand and Supply: Price and Output Determination
Demand shifts Demand and supply shifts Rationing Function of Prices Price
ceilings Price floors Allocating Function of Prices Chapter exercises
Chapter 3 Elasticity Price Elasticity of Demand Calculating the price
elasticity of demand Definitions Determinants of the price elasticity of
demand Total and marginal revenue Formal relationship between the price
elasticity of demand and total revenue Income Elasticity of Demand
Cross-Price Elasticity of Demand Advertising Elasticity of Demand Chapter
exercises Chapter 4 Production and Cost The Production Function Production
relationships Productivity Measures Average and marginal products of a
variable input Law of Diminishing Returns Isoquants Cost in the Short Run
Total cost Average and marginal costs Functional form of the total cost
equation Isocost Line Learning Curve Effect Cost in the Long Run Economies
and diseconomies of scale Sources of economies of scale Sources of
diseconomies of scale Multiproduct Cost Functions Economies of scope Cost
complementarities Chapter Exercises Chapter 5 Profit Maximization Profit
Maximization Optimal input combinations Maximizing profit in practice
Optimal input substitution How to Procure Inputs Spot exchange Contracts
Vertical integration Specialized Investments Types of specialized
investment Bargaining costs Underinvestment Opportunism Procuring Inputs
Involving Specialized Investments Promoting Maximum Effort: The
Principal-Agent Problem Owner-manager principal-agent problem
Manager-worker principal-agent problem Chapter Exercises Chapter 6
Corporate Structure and Culture The Supply Chain Transaction costs Vertical
Integration Horizontal Integration Economies of scale Economies of scope
Diversification Economies of scale and scope Lower transactions costs
Smoother cash flows Internal financing Diversifying shareholder investment
Undervalued firms Strategic Alliances Firm Architecture Evolution of the
modern corporation Organizational Structure Types of Organizational
Structure Unitary (functional) form (u-form) Multidivisional form (m-form)
U-form/M-form hybrid Matrix structure Contractual network Strategy or
Structure: Chicken or Egg? Corporate Culture Unwritten rules Creating a
corporate culture Chapter Exercises Chapter 7 Industry Organization Market
Structure Number, size, and distribution of rival firms Number, size, and
distribution of buyers Product differentiation Entry and exit conditions
The Five Forces Threat of entry Threat of substitutes Competitive rivalry
Bargaining power of buyers Bargaining power of suppliers Industry Types
Perfect competition Imperfect competition Monopoly Industrial Concentration
Concentration ratios Herfindahl-Hirschman index Market Power and Pricing
Lerner index Rothschild index Profitability Variations in profits across
firms and industries Other Criteria for Classifying Industries Production
technology Nature of market demand Degree of industrial integration
Research and development Chapter Exercises Chapter 8 Perfect Competition
and Monopoly Perfect Competition Short-run perfectly competitive
equilibrium Economic losses and shutdown Long-run perfectly competitive
equilibrium Monopoly Sources of monopoly power Barriers to entry Welfare
implications of monopoly Landmark U.S. Antitrust Legislation Sherman Act
(1890) Clayton Act (1914) Federal Trade Commission Act (1914) Willis-Graham
Act (1921) Robinson-Patman Act (1936) Wheeler-Lea Act (1938)
Celler-Kefauver Act (1950) Hart-Scott-Rodino Act (1980) Contestable Markets
Chapter Exercises Chapter 9 Imperfect Competition Oligopoly Oligopoly
Models Cournot model Stackelberg model Bertrand model Bertrand paradox
Collusion Comparing oligopoly models Monopolistic Competition Short-run
profit-maximizing price and output Long-run profit-maximizing price and
output Advertising and product differentiation Product Differentiation and
Strategic Behavior Chapter Exercises Chapter 10 Thinking Strategically What
is Game Theory? Lexicon of game theory Rational versus actual behavior
Static Games Nash equilibrium Secure strategy Mixed Strategies Cooperation
Finitely-repeated static games Tit-for-tat Infinitely-repeated static games
Evaluating payoffs in infinitely-repeated games Dynamic Games Subgame
perfection Backward induction First-mover advantage Chapter Exercises
Chapter 11 Pricing Strategies Standard Pricing Rule Extracting consumer
surplus First-degree price discrimination Second-degree price
discrimination Third-degree price discrimination Special Pricing Practices
Capacity peak-load pricing Multiproduct pricing Non-Marginal Pricing
Cost-plus pricing Price fixing Price matching Most-favored customer Price
leadership Penetration pricing Transfer Pricing No external market
Perfectly competitive external market Entry Deterrence Limit pricing
Chapter Exercises Chapter 12 Bargaining The Bargaining Problem Nash
Bargaining Rubenstein Bargaining Last-mover advantage Symmetric impatience
Asymmetric impatience Chapter Exercises Chapter 13 Economics of Information
Risk and Uncertainty Mean Variance Standard deviation Static Games with
Uncertain Payoffs Attitudes toward Risk Risk aversion Understanding
risk-averse behavior Managing Risk Diversification Options contracts
Uncertainty and Search Costs Dynamic Games with Uncertain Payoffs Bayesian
updating Asymmetric Information Adverse selection Moral hazard Separating
and pooling strategies Screening Chapter Exercises Chapter 14 Contracts
Contracting Environment Contracting Phase Implementation Phase
Self-enforcement External enforcement Breach Remedies Expectation damages
Reliance damages Restitution damages Chapter Exercises Chapter 15 Auctions
Auctions and the Internet Types of Auctions Information Structures
Incomplete-Information Auctions with Independent Private Values Sealed-bid,
first-price auction Sealed-bid, second-price auction English auction Dutch
auction Expected revenues from incomplete-information auctions with
independent private values Incomplete-Information Auctions with Correlated
Value Estimates Common-value auctions and the winner's curse
Incomplete-Information Auctions and Risk Aversion Chapter Exercises Chapter
16 Networks Evolutionary Game Theory Reproductive success Evolutionary
equilibrium Networks Positive feedback effects Network game Implications
Restraint of Trade in Network Industries Bottlenecks Technical standards
B2B exchanges Chapter Exercises AppendixRegression Analysis Estimation
Diagnostics Confidence intervals t-statistic p-value Coefficient of
determination Adjusted coefficient of determination Respecifying the
regression equation Glossary References