Economic Analysis For Decision Making

The success of any business relies heavily on the evaluation and improvement on current strategies and processes. Such progress can be facilitated by implementing more effective decision-making systems. Tools and Techniques for Economic Decision Analysis provides a thorough overview of decision models and methodologies in the context of business economics. Highlighting a variety of relevant issues on finance, economic policy, and firms and networks, this book is an ideal reference source for managers, professionals, students, and academics interested in emerging developments for decision analysis.

This book, originally published in 1975, is an attempt to bridge the gap between economic theory and business practice by relating the tools of economic analysis to the decision making process itself. It is written from a decision making systems analysis viewpoint. This approach enables the reader to perceive the integrative nature of the subject matter in relation to the functioning of the business enterprise. Although the unifying theme of ‘decision making’ is at the heart of the book, where necessary some of the theoretical underpinnings of traditional neo-classical theory of the firm are covered.

A comprehensive analysis of the macroeconomic and financial forces altering the economic landscape Financial decision-making requires one to anticipate how their decision will not only affect their business, but also the economic environment. Unfortunately, all too often, both private and public sector decision-makers view their decisions as one-off responses and fail to see their decisions within the context of an evolving decision-making framework. In Decision-Making in a Dynamic Economic Setting, John Silvia, Chief Economist of Wells Fargo and one of the top 5 economic forecasters according to Bloomberg News and USA Today, skillfully puts this discipline in perspective. Details realistic, decision-making approaches and applications under a broad set of economic scenarios Analyzes monetary policy and addresses the impact of financial regulations Examines business cycles and how to identify economic trends, how to deal with uncertainty and manage risk, the building blocks of growth, and strategies for innovation Decision-Making in a Dynamic Economic Setting details the real-world application of economic principles and financial strategy in making better business decisions.

Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. Makes the case for ‘smart and rational’ decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities Explains how incorporation of the ‘smart’ decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of ‘smart and rational’ approaches

The right tools to guide real decisions When you're climbing a mountain, you have to carefully consider every step if you want to reach your goal. You need to know how your tools will actually perform on the mountain. It also helps to have a trusted guide who knows the way. The same holds true in today's highly competitive, global business environments. The decisions managers make are more complex and critical than ever before. You need to understand how to use economic analysis techniques to make real business decisions. When it comes to making real-life decisions based on sound economic analysis, there is no better guide than Samuelson and & Marks's Managerial Economics, 5th Edition. Featuring many detailed, real-world examples, as well as strong coverage of decision making under uncertainty, game theory, and international topics, this practical text equips you with the right tools you need to make smart decisions. New in the Fifth Edition * Updated and revised chapters on making decisions under uncertainty (Chapters 8 and 9). * New discussions of behavioral economics, including such issues as bounded rationality, sunk-cost fallacies, decision-making heuristics and biases, and the winner's curse. * Updated and expanded coverage of corporate incentives and governance. * Incorporates new developments in the areas of technological change, network economies, and internet economics. * Updated applications and revised end-of-chapter problems.