Managerial economics : a mathematical approach
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Managerial economics : a mathematical approach
Wiley, c2013
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"A John Wiley & Sons, Inc., publication"
Includes bibliographical references (p. 569-571) and index
内容説明・目次
内容説明
Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features:
* An emphasis on practical application through real-life examples and problems
* An accessible writing style that presents technical theories in a user-friendly way
* A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions
* Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions
Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic.
目次
PREFACE xix
UNIT I METHODOLOGICAL PRELIMINARIES
1 Qualitative Fundamentals 3
1.1 Economic Theory and Managerial Economics 3
1.2 Some Methodological Fallacies 5
1.3 Paradigms, Models, and the Scientific Method 6
1.4 The Descriptive and Prescriptive Treatments 8
1.5 The Profit Function: Accounting versus Economics 8
1.6 Entrepreneurship, Management, and Leadership 9
Summary 11
Key Terms 12
Exercises 12
2 Quantitative Fundamentals 13
2.1 Introduction 13
2.2 Functions 14
2.3 Exponents 16
2.4 Logarithms and the Number e 18
2.5 Differential Calculus 19
2.6 Multivariate and Equality Constrained Optimization 22
2.7 Inequality Constrained Optimization: Linear Programming 30
2.8 Selected Statistical Concepts 30
2.9 Maximum Likelihood Estimation 36
2.10 Ordinary and Nonlinear Least Squares Estimation 37
Summary 38
Key Terms 40
List of Formulas 40
Exercises 42
UNIT II DECISIONS AT THE CONSUMER LEVEL
3 Theory of Consumer Choice 47
3.1 Consumer Preferences 47
3.1.1 Indifference Curve 50
3.1.2 Marginal Rate of Substitution (MRS) 52
3.1.3 Nontypical Indifference Curves 55
3.2 Consumer's Affordability 58
3.2.1 Budget Line 58
3.2.2 Slope of the Budget Line 60
3.2.3 Shift, Swing, and Kink of the Budget Line 60
The Shift 60
The Swing 63
The Kink 64
3.2.4 Three-Dimensional Budget 66
3.3 The Optimal Choice 68
3.3.1 Interior and Corner Solutions 69
3.3.2 Utility and Its Measurability 71
3.3.3 Utility Maximization 76
3.4 Effects on the Optimal Choice 81
3.4.1 Change in Income 81
Normal and Inferior Commodities 82
Income-Consumption Curve 83
Engel Curve: Nominal and Real 83
Engel Curve and Income-Consumption Curve for Homothetic and Quasi-Linear Preferences 85
Income Elasticity of Demand 86
3.4.2 Change in Prices 88
Giffen and Non-Giffen Commodities 90
Price-Consumption Curve 90
Price Change and the Demand Curve 91
Price Elasticity of Demand 91
Substitutes and Complements 93
Cross-Price Elasticity of Demand 94
3.5 Income and Substitution Effects 95
3.6 Slutsky Equation 96
Summary 98
Key Terms 99
List of Formulas 99
Exercises 101
4 Consumer Demand: Theoretical Analysis 103
4.1 Demand and Supply: Functions and Laws 103
4.2 Deriving a Demand Function from Utility Maximization 105
4.3 Homogeneity and the Numeraire 109
4.4 Inverse Demand Function 111
4.5 Demand and Supply: Table and Curves 111
4.6 Market Equilibrium 114
4.7 From Individual to Market Demand 120
4.8 Demand and Network Externalities 122
4.8.1 The Case of the Bandwagon Effect 122
4.8.2 The Case of the Snob Effect 124
4.9 Deriving a Market Demand Function under Externalities 126
4.10 Changes in QD and QS versus Changes in D and S 129
4.11 Changes in Equilibrium 131
4.11.1 The Case of Thanksgiving Turkey 132
4.11.2 The Case of Sales and Excise Taxes 134
4.12 Market Disequilibrium 138
4.12.1 The Case of a Price Ceiling 139
4.12.2 The Case of a Price Floor 142
4.13 Marshallian versus Hicksian Demand Curves 144
4.13.1 Shephard Lemma and the Expenditure Function 145
4.14 Deriving the Hicksian (Compensated) Demand Curve 147
4.15 Revealed Preferences 149
4.16 Interdependent Demand 152
Summary 155
Key Terms 157
List of Formulas 157
Exercises 157
5 Consumer Demand: Empirical Estimation 160
5.1 Simple Market Experimentation 160
5.2 Linearity of the Demand Function: From Visual to Regression 163
5.3 Reliability of the Estimation 168
5.4 Quality of Fitting 170
5.5 Fitting by Computerized Regression 172
5.6 Demand Estimation by the Multiple Regression Method 174
5.6.1 Results and Interpretation 179
5.6.2 Goodness of Fit 181
5.6.3 The Overall Explanatory Power of the Model 182
5.6.4 Major Problems to Check On 183
Multicollinearity 183
Autocorrelation 184
Heteroscedasticity 185
5.7 Nonregression Approaches to Estimation 186
5.7.1 Market Experimentation 186
5.7.2 Observational Studies 187
5.7.3 Micromarketing and Virtual Shopping 187
5.8 Advanced Demand Estimation: The Pad Model 188
5.8.1 Model Specification 188
Desired Demand 188
Adjustment Equation 188
Estimating Equation 189
5.8.2 Graph of the Linear PAD Model 189
Summary 196
Key Terms 196
List of Formulas 196
Exercises 198
6 Consumer Demand: Economic Forecasting 200
6.1 Forecasting Models 201
6.1.1 Quantitative Models 201
6.1.2 Qualitative Models 202
6.2 Time Series Analysis 202
6.2.1 Secular Trends 202
6.2.2 Seasonal Variations 202
6.2.3 Cyclical Fluctuations 203
6.2.4 Random Changes 203
6.3 From Symbolic to Numeric Fitting 203
6.4 Adjusting for Seasonality 207
6.4.1 The Simple Average of Errors Method 208
6.4.2 The Actual-to-Forecast (A/F) Ratio Method 210
6.4.3 The Dummy Variables Method 212
6.5 Smoothed Forecasts 214
6.5.1 Simple Moving Average Method 214
The RMSE Check 217
6.5.2 The Weighted Moving Average 218
6.5.3 Exponential Smoothing 219
Mean Absolute Deviation (MAD) 223
6.6 Barometric Forecasting 224
6.7 Econometric Models 226
6.7.1 Single-Equation Model 227
6.7.2 Multiple-Equation Model 229
6.8 Input-Output Matrix 231
6.9 Judgmental Models 233
6.9.1 Opinions and Polls 233
6.9.2 Surveys and Market Research 233
6.10 Forecasting Accuracy and Reliability 234
Summary 235
Key Terms 236
List of Formulas 236
Exercises 238
UNIT III MANAGERIAL DECISIONS AT THE FIRM LEVEL
7 Production Theory 243
7.1 Variability of Inputs throughout Time 243
7.2 Production Function 244
7.3 Graphical Representation of the Production Function 246
7.4 Short-Run, One Variable Input Function 250
7.5 Dynamic Relations among Production Curves 252
7.6 Law of Diminishing Marginal Returns 260
7.7 Long-Run, Two Variable Input Function 261
Isoquants 261
7.8 Marginal Rate of Technical Substitution (MRTS) 263
7.9 The Economically Efficient Region of Production 266
7.10 Returns to Scale 267
7.11 Elasticity of Substitution 269
7.11.1 Elasticity of the Cobb-Douglas Production Function 270
7.11.2 Elasticity of the Leontief Production Function 271
7.11.3 Leontief Technology and Linear Programming 272
7.11.4 Elasticity of the Linear Production Function 273
7.11.5 Elasticity of the CES Production Function 274
7.11.6 Graphical Representation of CES 275
7.12 Optimal Employment of an Input 277
7.13 Technological Progress, Invention, and Innovation 278
7.14 Technological Progress and Production Function 280
Summary 282
Key Terms 283
List of Formulas 283
Exercises 285
8 Cost Theory 287
8.1 Cost Concepts and Categories 287
8.2 Short-Run Costs 289
8.3 The Optimal Combination of Inputs 297
8.3.1 Isocost 297
8.4 Minimizing Input Cost and Maximizing Output 298
8.5 Long-Run Costs 301
8.6 Short-Run and Long-Run Average Costs: Economies of Scale 303
8.7 Derivation of the Cost Function 306
8.8 Economies of Scope: Basic Concept and Cost Complementarities 311
8.9 Economies of Scope: Synergy and Input Indivisibility 313
8.10 The Learning Curve 316
8.11 Cost-Volume-Profit Analysis and Operating Leverage 321
8.11.1 Break-Even Quantity and Break-Even Revenue 322
Fixed Cost 323
Variable Cost 323
Contribution Margin 324
8.11.2 Cash Break-Even Technique 326
8.11.3 The Break-Even Point and Target Profit 327
8.11.4 An Algebraic Approach to the Break-Even Point 329
8.11.5 Break-Even Time 330
8.11.6 The Dual Break-Even Points 334
8.12 Leverage 337
8.12.1 Operating Leverage 338
8.12.2 Operating Leverage, Fixed Cost, and Business Risk 341
Summary 342
Key Terms 344
List of Formulas 344
Exercises 347
9 Production and Cost: Estimation and Forecasting 349
9.1 Estimation of the Production Function 350
9.2 Estimation of the Cost Function 352
9.3 Forecasting Output 355
9.4 Forecasting Cost 359
9.5 Meeting Obligations through Decisions with Probabilistic Results 360
Summary 361
Key Terms 361
List of Formulas 361
Exercises 363
UNIT IV MANAGERIAL DECISIONS AT THE MARKET LEVEL
10 Market Structure and Business Organization 367
10.1 Perfect Competition 368
10.1.1 Characteristics of Perfect Competition 368
10.1.2 Profit Maximization for Competitive Firms 369
10.1.3 The Decision to Shut Down 373
10.1.4 The Competitive Firm in the Long Run 377
10.2 Monopoly 381
10.2.1 Monopoly's Equilibrium in the Short Run 381
10.2.2 Monopoly's Equilibrium in the Long Run 385
10.2.3 Monopoly Power and the Lerner Index 388
10.3 Monopolistic Competition 389
10.3.1 Monopolistic Competition Equilibrium in the Short Run 390
10.3.2 Monopolistic Competition Equilibrium in the Long Run 391
10.4 Oligopoly 393
10.4.1 The Concentration Ratio and the Herfindahl Index 394
10.4.2 Models of Oligopoly 395
Cournot Model 395
Stackelberg Model 399
Bertrand Model 403
Sweezy Model 407
Summary 410
Key Terms 411
List of Formulas 411
Exercises 412
11 Pricing Decisions and Practices 414
11.1 Basics of Price Setting 414
11.2 The Markup Rule 415
11.3 Multiproduct Pricing Strategies 418
11.4 Joint Products with Independent Demands 419
11.4.1 Product Set of Fixed Proportions 419
11.4.2 Product Set of Variable Proportions 421
11.5 Transfer Pricing 423
11.5.1 The Intermediate Product in a Perfectly Competitive Market 424
11.5.2 The Intermediate Product in an Imperfectly Competitive Market 429
11.6 Pricing Strategies and Practices 430
11.7 Price Discrimination 433
11.7.1 First-Degree Price Discrimination 434
11.7.2 Second-Degree Price Discrimination 436
11.7.3 Third-Degree Price Discrimination 437
Summary 445
Key Terms 446
List of Formulas 446
Exercises 447
UNIT V MANAGERIAL DECISIONS IN THE LONG RUN
12 Capital Budgeting and Investment Project Evaluation 451
12.1 What is Capital Budgeting? 451
12.2 Basic Model of Capital Budgeting 453
12.3 Selection Process and Project Evaluation 454
12.4 Methods of Evaluation for Proposed Investment Projects 455
12.4.1 Net Present Value 455
12.4.2 Internal Rate of Return 459
12.4.3 NPV versus IRR for Mutually Exclusive Projects 462
12.4.4 NPV Profile, Crossover Rate, and the Ranking Reversal 465
12.5 Profitability Index and Capital Rationing 467
12.6 Payback Method 469
12.7 Cost of Capital 471
12.7.1 Cost of Debt Capital 472
12.7.2 Cost of Equity Capital 473
The CAPM Estimation 473
The Dividend Valuation Estimation 474
12.7.3 The Weighted Marginal Cost of Capital 476
12.7.4 Capitalization and Capitalized Cost 478
12.7.5 Last Words on the Cost of Capital 481
Summary 481
Key Terms 483
List of Formulas 483
Exercises 485
13 Risk Analysis and Managerial Decisions under Uncertainty 487
13.1 Risk and Uncertainty 487
13.2 Sources of Risk 488
13.2.1 Economic Sources 488
13.2.2 Political Sources 488
13.2.3 Social Sources 489
13.2.4 International Sources 489
13.3 Measurement of Risk 489
13.3.1 The Absolute Measure 490
13.3.2 The Relative Measure 495
13.4 Risk Aversion 495
13.5 Risk Attitudes and Utility of Money 496
13.6 Expected Utility of Money versus Expected Monetary Return 498
13.7 Risk Discount and Certainty Equivalent 501
13.8 Risk Impact on the Valuation Model 503
13.8.1 Risk Premium Adjustment 503
13.8.2 Certainty-Equivalent Adjustment 506
13.9 Diversifiable versus Nondiversifiable Risk 509
13.10 Portfolio Risk 510
13.11 Risk of Two-Asset Portfolio 518
13.12 Lending and Borrowing at the Risk-Free Rate of Return 520
13.13 Measuring the Systematic Risk by Beta ( ) 522
13.14 The CAPM Model 525
13.15 The Security Market Line (SML) 526
13.15.1 SML Shift by Inflation 527
13.15.2 SML Swing by Risk Aversion 528
13.16 Managerial Decision Tree 532
13.17 Mathematical Simulation and Sensitivity Analysis 533
13.18 Advanced Choice under Risk, Ambiguity, and Uncertainty 536
13.18.1 Stochastic Dominance 536
Assumptions 537
Expected Utility 537
First-Degree Stochastic Dominance 537
Interpretation of FSD Conditions 538
Second-Degree Stochastic Dominance 538
Interpretation of FSD Conditions 538
Applications of SSD Conditions 539
13.18.2 Choice under Ambiguity 539
13.18.3 Choice under Uncertainty 539
Summary 541
Key Terms 542
List of Formulas 543
Exercises 544
14 Management Consultants and Information 546
14.1 Measuring Information and Its Impact on Uncertainty 546
14.2 Perfect Management Information 548
14.3 Valuing Perfect Management Information 549
14.4 Valuing Less-than-Perfect Management Information 549
Summary 556
Key Terms 557
List of Formulas 557
Exercises 558
APPENDIX 560
FURTHER READING 569
INDEX 573
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