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Microeconomics for Business and Marketing is an innovative new text for intermediate-level students of microeconomics which offers a series of alternative approaches to economic analysis. '"And now for something completely different". So starts the preface to Peter Earl's new book. And he is right. He has put together a superbly interesting, intellectually challenging book. It is a book that covers not only the basics of intermediate microeconomics, but also relates microeconomics both to real world business decisions and to the literature wherein the ideas developed. An intermediate micro student who masters this book will be a well trained student. Earl's book will be useful not only to intermediate students, but, perhaps even more so, to graduate students and to faculty teaching intermediate micro and managerial economics. It gives microeconomics both an intellectual context and institutional context for microeconomics. It also contains a wealth of real world examples and discussions of how microeconomic reasoning applies to business. The wealth of essays and problems in the book will be challenging to everyone. This textbook is especially relevant to students of business and commerce since it emphasises practical problem solving and helps readers develop skills in choosing appropriate theoretical 'tools' to deal with particular types of 'real world' problems. While other microeconomics texts focus on mainstream technical set pieces, this book explores, compares and contrasts the tools of both mainstream microeconomic analysis and the behavioural/new institutionalist approaches associated with recent Nobel Laureates Herbert Simon and Ronald Coase. This wider theoretical coverage enables a broader range of practical topics to be addressed, including policy implications of consumer decision processes, and the economics of corporate strategy. Key features of this book include: * Worked essays and case study questions within the chapters, as well as post-mortem' reports on examination questions that have been set to classes using this material. * Overview chapters on theories of decision-making and consumer choice and theories of business behaviour. * Extensive coverage of the economics of uncertainty, including scenario planning, bargaining and competitive games. * Emphasizes and analyses on the significance of technological change, and the variety of methods used to organize modern business activities, such as franchising, joint ventures and multinational enterprises. Microeconomics for Business and Marketing is a wide-ranging, innovative textbook which will stimulate students and teachers alike. It will be of particular relevance to students of marketing, commerce and business strategy. Specifically designed with today's larger class sizes in mind, the book encourages students to question and to develop both analytical and written skills, as well as to use economics as a tool for problem solving.
Primary commodities - food, raw materials, fuels and base metals - continue to be a substantial proportion of the exports of many developing countries and account for over 40 per cent of world trade. The determinants of primary commodity prices, and the terms on which they are traded for manufactured goods, are topics of considerable importance for development economists. The Economics of Primary Commodities brings together in one volume important new work by a group of leading scholars on the economic analysis of primary commodity markets. Their detailed coverage of major recent developments in the field include discussion of modelling and policy issues. Topics addressed include excess co-movement of commodity prices, the stabilization of earnings in volatile commodity markets, a macroeconomic framework for trade terms between north and south, and the influence of economic policy on commodity markets. The essays should provide the reader with an overview of the current 'state-of-the-art' and a useful platform on which future research might be based. This book will be welcomed by academic researchers, practitioners and postgraduate students concerned with the economics of trade, economic development and international economics.
This book is concerned with recent developments in time series and panel data techniques for the analysis of macroeconomic and financial data. It provides a rigorous, nevertheless user-friendly, account of the time series techniques dealing with univariate and multivariate time series models, as well as panel data models. It is distinct from other time series texts in the sense that it also covers panel data models and attempts at a more coherent integration of time series, multivariate analysis, and panel data models. It builds on the author's extensive research in the areas of time series and panel data analysis and covers a wide variety of topics in one volume. Different parts of the book can be used as teaching material for a variety of courses in econometrics. It can also be used as reference manual. It begins with an overview of basic econometric and statistical techniques, and provides an account of stochastic processes, univariate and multivariate time series, tests for unit roots, cointegration, impulse response analysis, autoregressive conditional heteroskedasticity models, simultaneous equation models, vector autoregressions, causality, forecasting, multivariate volatility models, panel data models, aggregation and global vector autoregressive models (GVAR). The techniques are illustrated using Microfit 5 (Pesaran and Pesaran, 2009, OUP) with applications to real output, inflation, interest rates, exchange rates, and stock prices.
Undisputedly, China has become the world's manufacturing powerhouse, accounting for around half of all personal computers, digital cameras and kitchen appliances. However, the country is fast transitioning from low-cost manufacturing to a higher-value, innovation-led economy, a critical transformation that is at the heart of this new title. Companies are the essential engines of the wealth-creation process, particularly in the areas of internet and mobile telecommunications, and firms such as Tencent and Xiaomi are showing clear potential to become major players. Demonstrating strong commitment to the country's relentless progress in the realm of innovation, the Chinese government has encouraged the development of a business environment in which firms can experiment, operate and thrive. Created in China provides an examination of the critical human factors at play, as well as re-assessing some of the metrics traditionally used to describe and measure China's capacity for innovation. As Chinese firms begin to transform the country into a truly global innovator, the emerging patterns of future innovation are identified and reviewed. New and dynamic practices are arising that are recognisably Chinese, yet at the same time capable of competing on the world stage. Following the successes of firms such as Huawei, Haier and Lenovo, a growing number of technology-focused firms are now turning their attention towards markets outside of China - a development that will not only benefit the country but will provide exciting opportunities for businesses throughout the world.
The volume consists of two parts. Part 1 discusses economic friction in the Asia-Pacific region from three aspects: macroeconomic and microeconomic friction, and that between the state and the market mechanism. Included in the discussion are the recent financial crisis and the economic friction it entailed, the trend of regional integration and its impact on internal and external trade and foreign direct investment, as well as specific types of trade friction and their causes. A case study of the automobile industry is presented. Agricultural trade is also analysed in the context of economic development and the frictions between the state and the market mechanism. In Part 2, four types of legal frameworks for dispute resolution are examined. Firstly, the APEC scheme is contrasted with the EU's experience of flexibility and contestability. Then the system of insurance in maritime law is illustrated with particular reference to the handling of dangerous materials such as nuclear or chemical substances. Thirdly, friction in legal procedures in the telecommunications industry is studied as a concrete example of dispute resolution. Finally, the arbitration mechanism is discussed as a scheme to resolve international commercial disputes.
This important reference book provides a non-partisan introduction to rational expectations, traces its evolution through three decades, and puts a comprehensive annotated bibliography at the reader's fingertips. In the lengthy introduction, Redman examines in a non-technical way what it means to form expectations of variables rationally, explores the concept's ambiguities, and considers the numerous criticisms the concept has raised. She discusses the evolution of the concept with an emphasis on its association with new classical economics, reviews briefly the empirical findings and obstacles to testing rational expectations and puts the development into perspective within a broader scope of economics in general. The second part provides the reader with an annotated bibliography of over 470 significant books and articles on rational expectations. A Reader's Guide to Rational Expectations will be an essential reference guide for all economists who wish to keep abreast of the most recent developments in economic theory.
For Intermediate Microeconomics courses. Microeconomics and its role in decision making and public policy Microeconomics exposes students to topics that play a central role in microeconomics. From game theory and competitive strategy, to the roles of uncertainty and information, and the analysis of pricing by firms with market power, the text helps students understand what's going on in the world of business. It also shows students how microeconomics can be used as a practical tool for decision-making and for designing and understanding public policy. The 9th Edition further illustrates microeconomics' relevance and usefulness with new coverage and examples, and an improved exposition that is clear and accessible as well as lively and engaging. With Microeconomics, readers will be able to fully appreciate how a modern economy functions. MyLabTM Economics not included. Students, if MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information. MyLab Economics is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.
Throughout the last several decades, Korean companies have become strong global competitors in a wide range of manufacturing industries. How did they achieve this exceptional performance? The Evolution of Tiger Management uncovers the secret of their success through a comprehensive analysis of Korean-style management. It explains how it has developed, why it works so well, what non-Koreans can learn from it, and what Korean companies need to do to stay competitive in the future. This book is an extended and significantly updated new edition of Tiger Management: Korean companies on world markets (Routledge, 2012). It tells the remarkable stories of how Korean firms, seemingly coming from nowhere, have successfully challenged their Western and Japanese competitors globally. A new chapter highlights the rise of Korean venture firms and start-ups. Next, the essence of Tiger Management is analyzed by showing that it consists of an effective combination of business strategy, leadership, and human resource management practices. Finally, the evolution and future of Tiger Management is discussed by showing how Korean companies have adapted to changes at home and abroad, and how non-Korean companies can adopt Tiger Management. A new final chapter discusses the way forward for Korean companies.
This book clarifies several ambiguous arguments and claims in finance and the theory of the firm. It also serves as a bridge between derivatives, corporate finance and the theory of the firm. In addition to mathematical derivations and theories, the book also uses anecdotes and numerical examples to explain some unconventional concepts. The main arguments of the book are: (1) the ownership of the firm is not a valid concept, and firms' objectives are determined by entrepreneurs who can innovate to earn excess profits; (2) the Modigliani-Miller capital structure irrelevancy proposition is a restatement of the Coase theorem, and changes in the firm's debt-equity ratio will not affect equity-holders' wealth (welfare), and equity-holders' preferences toward risk (or variance) are irrelevant; (3) all firms' resources are options, and every asset is both a European call and a put option for any other asset; and (4) that a first or residual claim between debt and equity is non-existent while the first claim among fixed-income assets can actually affect the market values of these assets.
The search for symmetry is part of the fundamental scientific paradigm in mathematics and physics. Can this be valid also for economics? This book represents an attempt to explore this possibility. The behavior of price-taking producers, monopolists, monopsonists, sectoral market equilibria, behavior under risk and uncertainty, and two-person zero- and non-zero-sum games are analyzed and discussed under the unifying structure called the linear complementarity problem. Furthermore, the equilibrium problem allows for the relaxation of often-stated but unnecessary assumptions. This unifying approach offers the advantage of a better understanding of the structure of economic models. It also introduces the simplest and most elegant algorithm for solving a wide class of problems.
This book brings together chapters that explore various aspects of trade and financial integration in Asia and the Pacific, the reasons for the lack of it, and potential benefits of strengthening such integration. The book focuses on the exploration of challenges and opportunities that exist in intraregional trade in goods, integration in services trade, availability of trade finance as well as inflows of portfolio investments. The papers have been written by researchers who have applied their extensive expertise and analytical skills to studying the impacts of regional trade liberalization and motivation for financial flows.
This Brief identifies and contrasts the groups of National Basketball Association (NBA) expansion franchises and of any teams that relocated from one metropolitan area or city to another from 1950 to 2013. It discusses historical differences and similarities in the teams' markets and performances and then as members of divisions and conferences. It measures and compares the emergence, development, and success of the teams by analyzing demographic, economic and sport-specific data. It also discusses the respective mergers of the Basketball Association of America and National Basketball League in 1949, and the American Basketball Association and National Basketball Association in 1976. National Basketball Association Strategies makes an important, relevant, and useful contribution to the literature regarding professional sports operations and to the NBA's short and long run business strategies in American culture. Besides numerous sports fans within metropolitan areas and extended markets of these NBA teams, the book's audiences are sports historians and researchers, college and public libraries, and current and potential NBA franchise owners and team executives. This Brief may also be used as a reference or supplemental text for college and university students enrolled in such applied undergraduate and graduate courses and seminars as sports administration, sports business, and sports management.
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Focused on Dhaka, and applicable to other cities, this book uses geospatial techniques to explore land use, climate variability, urban sprawl, population density modeling, flooding, water quality, urban growth modeling, infectious disease and quality of life.
This Brief identifies and contrasts the groups of expansion franchises and any teams that relocated from one metropolitan area or city to another within the National Football League (NFL) during three distinct periods from 1920 to 2013. It discusses historical differences and similarities between the teams' markets and performances before 1933 and then as members of the NFL's divisions and conferences. It measures and compares the emergence, development and success of the teams by analyzing demographic, economic and sport-specific data. It also discusses the NFL's mergers with the All American Football Conference (1950) and American Football League (1970), outlining the reasons for and consequences of these mergers as well as their significance for sports fans and markets. The book makes an important, relevant and useful contribution to the literature regarding professional sports operations and to the NFL's short and long run business strategies in American culture. Besides numerous sports fans within metropolitan areas and extended markets of these NFL teams, the book's audiences are sports historians and researchers, college and public libraries and current and potential NFL franchise owners and team executives. The book may also be used as a reference or supplemental text for college and university students enrolled in such applied undergraduate and graduate courses and seminars as sports administration, sports business and sports management.
Alexander von Kotzebue investigates the interdependency of charitable giving, fundraising, and governmental intervention. His study comprises a literature survey, a model of the donor-fundraiser relation, and finally, an econometric analysis of the impact of fundraising on giving behaviour. The survey introduces theoretical approaches to donor motivation, groups them according to their central assumptions, and assesses their empirical relevance. The theoretical analysis takes for granted that fundraising is an integral part of the giving process, and models the potential conflict concerning the amount of fundraising exerted. Fundraising typically displays an ambiguous effect on donor utility. The empirical analysis employs two extensive datasets to investigate this complex donor-fundraiser relation, while establishing a convincing link of donor-level data to non-profit financial data.
During our lifetime we experience any number of business cycle crises which undermine our confidence and lead many to their ruin. We also experience the 'happy days' when our faith in the future becomes almost limitless, and when we forget that tides always turn again. So how can we better understand and predict these cycles?
To answer these questions Lars Tvede takes us through a story that moves back in time to the Scottish gambler and financial genius, John Law, and then on to the distracted Adam Smith, the stockbroker Ricardo, the investment banker Thornton, the extrovert Schumpeter, the speculator Gould and many others to trace the theory and reality of business cycles, as it has evolved over 300 years. Gradually we reach the computer jugglers of the modern day who, with giant networks of equations, try to solve the same questions that have attracted the attention of classical economists throughout the centuries.
Lars Tvede concludes this historical journey with a summary of what the core of the problem is and how modern understanding of business cycles can be used to forecast economic fluctuations.
The final sections of the book provide detailed studies and explanations to of how stocks, bonds, hedge funds, private equity funds, gold, diamonds, exchange rates, real estate, commodities, art and collectibles, and numerous sub-sectors of some of these markets each behave over different categories of business cycles.
Immigration policy is one of the most contentious public policy issues in the United States today. High-skilled immigrants represent an increasing share of the U.S. workforce, particularly in science and engineering fields. These immigrants affect economic growth, patterns of trade, education choices, and the earnings of workers with different types of skills. The chapters in this volume go beyond the traditional question of how the inflow of foreign workers affects native employment and earnings to explore effects on innovation and productivity, wage inequality across skill groups, the behavior of multinational firms, firm-level dynamics of entry and exit, and the nature of comparative advantage across countries.
Most of our daily decisions are made under uncertainty and risk, without complete information about all relevant aspects. We all constantly make such decisions, from the simplest "should I take my raincoat today?" to more serious examples, such as those on investment and portfolio decisions, holding of shares, insurance patterns, or negotiation processes. Within these situations, the bounded rationality of individuals and institutions towards risk and uncertainty is embedded. The central theory underlying this study is prospect theory, an adequate model to predict the real and most often bounded rationality of human behavior given certain incentives, preferences, and constraints.Evelyn Stommel investigates a crucial question within behavioral economics, namely the research on reference points within human decision making processes. Based on experimental investigations, she focuses three key challenges: what constitutes a reference point, the process of the formation of a reference point, and factors influencing the formation of reference points.
"EURO." The name of the single currency for the European Union has not been chosen casually by the Heads of State and Government during the Madrid Council of December 1995. After tough discus sions, it has been unanimously accepted. The intention was to recall to every single citizen that this new money would be his money, that it would be the expression of the new European environment carefully built since the "fifties" to avoid any return to war and barbarism in Europe. Confidence and positive expectations for a better future put in the European construction have thus been clearly linked to the confidence in the new European currency and vice-versa. Euro notes and coins will be the first expression, clear, material and universal (for any European citizen being young or old, rich or poor, but also for the rest of the world) of a European identity alongside the national one. Obviously, it is of the outmost importance that the change over to the euro, be as smooth and as citizen-friendly as possible."
This collection of essays, from leading economic experts on the UK
labour market, provides an overview of the key issues concerning
the performance of the labour market, and the policy issues
surrounding it, with a focus on the recent recession and its
aftermath. The book contains assessments of the effects of many
policies introduced over the last 10 years in employment,
education, and welfare.
The Board prepares this report in accordance with the following provisions contained in article 12 of the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988: 1) The Board shall prepare an annual report on its work containing an analysis of the information at its disposal and, in appropriate cases, an account of the explanations, if any, given by or required of Parties, together with any observations and recommendations which the Board desires to make. The Board may make such additional reports as it considers necessary. The reports shall be submitted to the Economic and Social Council through the Commission which may make such comments as it sees fit, and 2) The reports of the Board shall be communicated to the Parties and subsequently published by the Secretary-General. The Parties shall permit their unrestricted distribution.
This book provides a game theoretic model of interaction among VoIP telecommunications providers regarding their willingness to enter peering agreements with one another. The author shows that the incentive to peer is generally based on savings from otherwise payable long distance fees. At the same time, termination fees can have a countering and dominant effect, resulting in an environment in which VoIP firms decide against peering. Various scenarios of peering and rules for allocation of the savings are considered. The first part covers the relevant aspects of game theory and network theory, trying to give an overview of the concepts required in the subsequent application. The second part of the book introduces first a model of how the savings from peering can be calculated and then turns to the actual formation of peering relationships between VoIP firms. The conditions under which firms are willing to peer are then described, considering the possible influence of a regulatory body.
One might expect that after their identification in the 19th century, all aspects of Giffen goods would have been studied by now. This appears not to be the case. This book contains the latest insights into the theory of Giffen goods. In the past, surprisingly few goods could be categorized as "Giffen." This may be because of a lack of understanding of the character of these goods. Therefore, the theories explained in this book may also produce a solid basis for further empirical research in the field. Experts throughout the world have contributed to this book, which predominantly pursues a mathematically rigorous approach. It may be used by researchers in the field of fundamental economics and in graduate-level courses in advanced microeconomics.
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