3 Review(s)

Through its modern approach to managerial economics, ECONOMICS FOR MANAGERS: TRANSACTIONS AND STRATEGIES, 1e, International Edition prepares students to become informed business decision makers by bringing the course materials for managerial economics up to date with the theory and practice of the field. Organized around the idea that transactions are the fundamental unit of economics, and that their governance by markets, contracts, or organizations is the most important economic question for businesses to cope with, this revolutionary text uses vivid examples from around the world to illustrate relevant theory. The first portion of the text covers the familiar economic theory of markets when transactions are standardized while the second half focuses on contracts, risk and asymmetric information, and organizational design. key Features NOBEL PRIZE-WINNING PARADIGM. This is the first and only text for managerial economics to be organized around the basic paradigm originated by Oliver Williamson (2009 Nobel Prize Winner in Economics): that transactions are the fundamental unit of economics, and that their governance by markets, contracts or organizations is the most important economic question for businesses to cope with. REAL-WORLD RELEVANCE. The author devotes two entire chapters to the economics of contracts and risk and information in contracts. This coverage is crucial to today\'s business decision-makers and is not typically found in other managerial texts. GLOBAL PERSPECTIVE. Vivid Introductions and What\'s Next sections frame each chapter\'s content with business examples from a variety of industries and nations to underscore the critical importance of transactions and strategy in business decision-making. Questions include: who operates the biggest machine in the world; what is the most reliable determinant of whether patients being treated for heart attack will live or die; what can a satellite photo of the African continent tell us about the costs of transactions? CHECKPOINT QUESTIONS. Checkpoint questions at key intervals throughout the chapters ask students to recall important points and gauge how well they are mastering the basic chapter concepts. DISCUSSION POINTS. For Further Thought questions throughout the chapters pose questions of greater computational difficulty or ask readers to consider a more open-ended question for discussion. Table of Contents PART I: CREATING ECONOMIC VALUE 1. Reasoning with Economics: Models and Information 2. Transactions and Institutions: The Building Blocks PART II: MARKETS 3. Markets 4. Cost and Production 5. Extreme Markets I: Perfect Competition 6. Extreme Markets II: Monopoly 7. Between the extremes: Interaction and Strategy 8. Competition and Strategy\\ PART III: CONTRACTS 9. Beyond Markets; Property and Contracts 10. The Economics of Contracts 11. Risk and Information in Contracts PART IV: ORGANIZATIONS 12. Organizations in Concept and Practice 13. Organizational Design PART V: APPLICATIONS: VERTICAL INTEGRATION AND EMPLOYMENT 14. Vertical Relationships 15. Employment Relationships 16. Time, Risk and Options 17. Conflict, Negotiation and Group Choice.