The New Managerial Economics

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ISBN: 9780395828359 | 039582835X
Cover: Hardcover
Copyright: 4/1/2003

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Boyes introduces non-majors to the power of economics in business decision making. The text's intuitive approach clearly highlights how economics influences marketing, management, and other business-related decisions. In addition to traditional principles of price theory, Managerial Economics examines organizational behavior, strategic management, human resource management, and emerging issues such as game theory, TQM, and information economics.

PART I Introduction and Foundation

(62)

Economics and Management

(13)

Case: Lincoln Electric

(1)

The Successful Firm

(5)

Is It Just Luck?

(1)

Quality

(1)

First Mover

(1)

Size/Market Share

(2)

Globalization

(1)

Leadership

(1)

Management and Economics

(5)

The Role of Economics

(3)

How Management Theory and Economic Principles Relate

(1)

The Study of Managerial Economics: How Do We Proceed?

(1)

Case Review

(1)

Summary

(1)

Key Terms

(1)

Exercises

(1)

Chapter Notes

(1)

Exchange, Efficiency, and Markets

(26)

Case: Procter & Gamble: New Product Launch

(1)

Choices

(4)

Trade and Exchange

(4)

Market System

(6)

Allocation Mechanisms

(2)

Market Outcomes

(1)

Inefficiency

(2)

The Firm's Architecture

(1)

Markets and the Law of One Price

(6)

Market Boundaries

(1)

Law of One Price

(1)

Demand and Supply: Equilibrium

(4)

Case Review

(1)

Summary

(1)

Key Terms

(1)

Exercises

(1)

Chapter Notes

(2)

Appendix: Optimization

(4)

Performance

(21)

Case: The Enron Caper

(1)

Value

(3)

Adding Value

(1)

Economic Profit

(2)

Measuring Economic Profit

(3)

Cost of Capital

(2)

Economic Profit

(1)

The Relationship Between Economic Profit and Shareholder Value

(4)

Shareholder Value

(3)

Valuing the Dot.coms

(1)

The Practical Effect of a Focus on Economic Profit

(1)

Case Review

(1)

Summary

(1)

Key Terms

(1)

Exercises

(1)

Chapter Notes

(2)

Appendix: Calculating Economic Profit

(4)

PART II Seeking Competitive Advantage

(82)

Demand

(32)

Case: Knowing the Customer

(1)

Know Your Customer

(1)

Elasticity

(4)

Price Elasticity of Demand

(1)

Price Elasticity and Revenue

(1)

Other Demand Elasticities

(5)

Income Elasticity of Demand

(2)

Cross-Price Elasticity

(2)

Elasticity Estimates

(1)

Case Review

(1)

Summary

(1)

Key Terms

(1)

Exercises

(1)

Chapter Notes

(2)

Appendix A: Consumer Behavior

(11)

Appendix B: Market Research

(6)

Costs

(25)

Case: Mrs. Fields' Cookies

(1)

Costs and Output

(6)

The Law of Diminishing Marginal Returns

100

(1)

From Production to Costs

101

(4)

The Planning Horizon: The Long Run

105

(8)

Long-Run Cost Curves

106

(1)

Economies and Diseconomies of Scale

107

(2)

Large Scale Is Not Always Best

109

(1)

Economies of Scope

110

(1)

The Experience Curve

111

(2)

Interpreting Some Business Buzzwords

113

(3)

Downsizing

113

(1)

Joint Ventures

114

(1)

The Supply Chain

115

(1)

Case Review

116

(1)

Summary

117

(1)

Key Terms

118

(1)

Exercises

118

(2)

Chapter Notes

120

(1)

Appendix: Costs and Production

121

(2)

Profit Maximization: Seeking Competitive Advantage

123

(23)

Case: Kmart

123

(1)

Seeking Competitive Advantage

124

(3)

Profit Maximization: The MR = MC Rule

124

(2)

Is the MR = MC Rule Useful in the Real World?

126

(1)

Selling Environments: Market Structures

127

(11)

Perfect Competition

128

(3)

Monopoly

131

(2)

Comparing Monopoly and Perfect Competition

133

(1)

Monopolistic Competition and Oligopoly

134

(3)

Sustaining Economic Profit

137

(1)

Profit Maximization over Time: Present Value

138

(3)

Valuing a Stream of Payments

138

(3)

Case Review

141

(1)

Summary

142

(1)

Key Terms

142

(1)

Exercises

142

(2)

Chapter Notes

144

(1)

Appendix: Profit Maximization

145

(1)

PART III Sustaining Competitive Advantage

146

(104)

Creating Barriers to Entry

148

(14)

Case: Wal-Mart

148

(1)

Sustaining Profit with Size

149

(2)

Economies of Scale as a Barrier to Entry

149

(1)

Capital Requirements

150

(1)

Access to Distribution Channels

151

(1)

Differentiation

151

(6)

Reputation and Brand Name

152

(4)

Guarantees

156

(1)

Other Strategies to Deter Entry

157

(2)

Government as a Source of Strategic Advantage

157

(1)

Unique Resources

158

(1)

Internal Strategic Assets

158

(1)

Case Review

159

(1)

Summary

159

(1)

Key Terms

160

(1)

Exercises

160

(1)

Chapter Note

161

(1)

Price Strategies

162

(26)

Case: Pricing Chips

162

(1)

What Price?

163

(10)

The Internet, Auctions, and Pricing

163

(3)

Personalized Pricing

166

(2)

Self-Selection: Product-Line Extension

168

(1)

Peak-Load Pricing

168

(1)

Cost-Plus Pricing

169

(1)

Framing

170

(1)

Pricing to Deter Entry

171

(2)

More Complexities

173

(4)

Bundling

173

(3)

Joint Products

176

(1)

Profit Centers and Transfer Prices

176

(1)

Interdependencies Among Firms

177

(2)

Case Review

179

(1)

Summary

179

(1)

Key Terms

180

(1)

Exercises

181

(1)

Chapter Notes

182

(2)

Appendix: Pricing Problems

184

(4)

The New Economy: Technological Change and Innovation

188

(21)

Case: Winner-Takes-All

188

(1)

What Is the New Economy?

189

(11)

Technological Changes and the Supply Chain

190

(2)

Networks

192

(8)

Technological Change

200

(5)

Patent Races

200

(3)

Firm Size

203

(2)

The Old Versus the New Economy

205

(1)

Case Review

205

(1)

Summary

206

(1)

Key Terms

207

(1)

Exercises

207

(1)

Chapter Notes

208

(1)

The Firm's Architecture: Organization and Corporate Culture

209

(20)

Case: Culture Clashes

209

(1)

Organizational Change

210

(1)

The Evolution of the Firm

210

(1)

Vertical Boundaries

211

(4)

Make or Buy?

211

(1)

Transactions Costs

212

(3)

Horizontal Boundaries

215

(2)

Economies of Scope

215

(1)

Diversification

216

(1)

Relationship-Specific Assets

216

(1)

Internal Structure

217

(5)

U-Form

217

(1)

M-Form

218

(1)

Matrix

219

(1)

Network

219

(1)

Hierarchy

220

(2)

Culture

222

(3)

Creation of Culture

223

(1)

Performance and Culture

224

(1)

Case Review

225

(1)

Summary

226

(1)

Key Terms

227

(1)

Exercises

227

(1)

Chapter Notes

227

(2)

Personnel and Compensation

229

(21)

Case: Executive Compensation

229

(1)

Incentives Matter

230

(1)

The Principal--Agent Relationship

230

(2)

Relationships Between the Firm and Its Employees

232

(1)

Employee Compensation

232

(7)

Efficiency Wage

232

(1)

Backloaded Compensation

233

(2)

Piece-Rate Compensation

235

(1)

Teams

236

(1)

Subjective Evaluations

237

(1)

Risk

238

(1)

Executive Compensation

239

(6)

Stock Options

241

(1)

Market for Corporate Control

242

(1)

Corporate Governance

243

(1)

Tournaments and Superstars

243

(2)

Case Review

245

(1)

Summary

245

(1)

Key Terms

246

(1)

Exercises

246

(1)

Chapter Notes

247

(1)

Appendix: Productivity and Employee Compensation

248

(2)

PART IV Analytic Problem-Solving Tools

250

(38)

Capital Allocation: Real Options

252

(16)

Case: Merck and Medco

252

(1)

Intertemporal Decision Making

253

(11)

Present Value

253

(2)

Options

255

(3)

Valuing Real Options

258

(4)

Use of Real Options in Business

262

(2)

Case Review

264

(1)

Summary

265

(1)

Key Terms

265

(1)

Exercises

265

(2)

Chapter Notes

267

(1)

Strategic Behavior: The Theory of Games

268

(20)

Case: Unilever and P&G

268

(1)

Games

269

(4)

Sequential Games

269

(1)

Simultaneous Games

270

(3)

Components of the Game

273

(4)

Number of Players

274

(2)

Rules

276

(1)

Perceptions

276

(1)

Boundaries

277

(1)

Prisoner's Dilemma Revisited

277

(7)

Credible Commitments

278

(2)

Repeated Transactions

280

(1)

End-of-Game Problem

280

(2)

Uncertainty

282

(2)

Case Review

284

(1)

Summary

285

(1)

Key Terms

286

(1)

Exercises

286

(1)

Chapter Notes

287

(1)

PART V Looking Outside the Firm

288

(42)

Globalization

290

(22)

Case: The Automakers and the Yen

290

(1)

Exchange-Rate Fluctuations

291

(6)

Foreign Exchange

291

(3)

Arbitrage and the Law of One Price

294

(3)

Exchange-Rate Exposure

297

(5)

Types of Exposure

297

(3)

Using Financial Markets to Reduce Exposure

300

(2)

The Global Capital Market

302

(6)

The Asian Crisis

303

(1)

The Breakdown of Barriers

304

(1)

Emerging Markets

305

(1)

Tariffs and Other Restrictions

305

(3)

Case Review

308

(1)

Summary

308

(1)

Key Terms

309

(1)

Exercises

309

(2)

Chapter Notes

311

(1)

Government and Business

312

(18)

Case: Microsoft

312

(1)

Government Intervention in Business

313

(1)

Antitrust Policy

314

(6)

Defense Against Antitrust as a Strategy

317

(1)

Antitrust as Strategy

318

(1)

International Competition and Antitrust Strategy

319

(1)

Government Regulation

320

(7)

Economic Regulation

321

(2)

Social Regulation

323

(1)

Regulation as Strategy

324

(3)

Case Review

327

(1)

Summary

327

(1)

Key Terms

328

(1)

Exercises

328

(1)

Chapter Notes

329

(1)

PART VI Putting It All Together

330

(19)

Strategy and Management

332

(17)

Case: Edward Jones Brokerage

332

(1)

Strategy

333

(3)

Strategic Positioning

333

(1)

Imitation or Innovation?

333

(2)

Innovation Is Not for Everyone

335

(1)

The Strategic Audit

336

(4)

What Business Are We In?

336

(1)

Who Are Our Customers?

337

(1)

Costs

338

(1)

Strategic Assets

338

(1)

Fit

339

(1)

The Executives

339

(1)

Illustration of a Strategic Audit: Southwest Airlines

340

(6)

What Is Southwest Airline's Distinctive Capability?

340

(1)

What Business Are We In?

340

(1)

Who Are Our Customers?

341

(1)

Costs

341

(2)

Corporate Culture

343

(1)

Stategic Assets

343

(1)

Fit

343

(1)

Leadership

343

(1)

Economic Performance

344

(1)

New Economy

345

(1)

Strategic Directions

346

(1)

Summary of the Strategic Audit

346

(1)

Case Review

347

(1)

Summary

347

(1)

Key Term

348

(1)

Exercise

348

(1)

Chapter Notes

348

(1)

Glossary

349

(4)

Company Index

353

(4)

Subject Index

357

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The New Managerial Economics

Summary

Table of Contents

Supplemental Materials