This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities. The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented. This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.

This challenging book tackles one of the most fundamental questions in economics: Why are commercial organizations more efficient than organizations in the public domain? It is generally accepted that the traditional answer (the fact that commercial organizations maximize profits) does not necessarily hold true. Finding a solution to this anomaly, as this book attempts to do, should therefore be a prime concern in economics. The authors believe the answer lies in the fact that even in a completely stable environment, all organizations will eventually fail irreparably. Organizations operating in the market are more efficient because, once in decline, they are 'free to fail' and allowed to be disassembled or even replaced. Public organizations that fail are more often than not protected and allowed to continue even though their efficiency is questionable. This fascinating and thought-provoking book will provide a stimulating read for academics and students with an interest in economics, business and management and public policy. Contents: Preface 1. Introduction 2. Key Concepts 3. The Historic Debate 4. Profit Maximization is Only Part of the Answer 5. Organizational Mortality and its Fruits 6. Causes of Organizational Failure 7. Uncontrollability 8. Empirical Evidence 9. The Soft Constraint Syndrome 10. When Left to its Own Devices 11. Necrosis and Apoptosis 12. Why Public Organizations? Appendix: The Dutch Affair or the Destructive Power of Organizational Warfare References Index

The Himalayas have experienced a population explosion which has stripped the mountain forests, causing erosion, landslides, and massive damage downstream in the Ganges plain . . . or so it is claimed by the dubious Theory of Himalayan Environmental Degradation. In this book, renowned authorities Jack D. Ives and Bruno Messerli dissect and dismember the theory, showing how its mistaken assumptions have misguided development policy and foreign aid for decades. They challenge received notions of the causes and effects of deforestation, and argue that mountain subsistence farmers, far from being a source of the region's problems, are in fact an integral part of the solution.

Now in its third edition, Cost-Benefit Analysis has been updated, offering readers the perfect introduction to project, programme and policy appraisal using basic tools of financial and economic analysis. The key economic questions of any social cost-benefit analysis are: do the benefits of the project or policy exceed the costs, no matter how widely costs and benefits are spread, and irrespective of whether or not project impacts, such as environmental effects, are reflected in market prices? And which group or groups of individuals receive the benefits and which bear the costs? This book addresses these questions with an emphasis on putting the theory presented in the book into practice. This third edition has several attractive features: Readers are encouraged to develop their own skills by applying the tools and techniques of cost-benefit analysis to case studies and examples, including an analysis of a project which is developed throughout the book. The book emphasizes the use of spreadsheets which are invaluable in providing a framework for the cost-benefit analysis. A dedicated chapter provides guidance for writing up a report which summarises the analysis which has been undertaken. New pedagogical features, including Technical Notes and Examples, have been added as an aid to readers throughout the text. An appendix provides 14 additional case studies which can be developed in class or as assignment projects. Additional material for instructors and students is provided through Support Material maintained by Routledge. This updated edition is an ideal text for a course on cost-benefit analysis where the emphasis is on practical application of principles and equipping students to conduct appraisals. It is also a useful handbook for professionals looking for a logical framework in which to undertake their cost-benefit analysis work.

Ensuring long-term care (LTC) is one of the most urgent problems in health care today. Demographic trends are expected to lead to a higher proportion of old and very old people in the global population. As a result, an increased proportion of global income will be devoted to LTC services. With this in mind, Long-term Care: Economic Issues and Policy Solutions aims to address the following important objectives: to provide a detailed analysis of the arrangements and institutions designed to protect the disabled and dependent elderly people in various countries, and to try to evaluate their respective merits. to discuss the projections of future costs of protection for dependent elderly, and to assess the impact of improvements in disability-free life expectancy on the future cost of care and choices between informal and formal care. to present empirical research on these decisions, with special consideration of primary caregivers, and on the substitution between in kind and cash benefits as well as between institutional (or formal) care and home (or informal) care. to analyze different theoretical approaches in modeling decisions referring to LTC services to be provided both within and between generations. With its mix of empirical, theoretical and policy-related contributions, Long-term Care: Economic Issues and Policy Solutions will be of interest not only to health economists, but also to social scientists, health insurers, and public policy advocates.

This volume contains papers in the broadly defined area of microeconomic theory presented to the International Economic Association Tenth World Congress in Moscow. A wide range of topics is represented - from the foundations of economic choice through strategic behaviour, multiple market interactions, and asymmetric information to applications in such diverse areas as the internal organization of firms, patent policy, product markets, and labour supply, finishing with a piece on the history of oligopoly theory. The collection strongly suggests that microeconomic theory is indeed thriving as a fascinating and useful central part of economic science.

Andreff and his contributors bring a strong dose of reality to the economic modelling of sports leagues. Disequilibrium Sports Economics provides an intellectually compelling opening and a theoretically necessary antidote to the study of sports economics.' - Andrew Zimbalist, Smith College, US'This is an interesting book worth reading for every sports economist because it introduces a thought provoking approach to the growing field of sports economics. The authors show how disequilibrium economics may improve our understanding of puzzling economic phenomena in sports. I congratulate the editor and the contributors for this new book and the novel perspectives provided therein!' - Helmut M. Dietl, University of Zurich, Switzerland 'I felt great intellectual excitement after getting acquainted with this volume. The high quality papers by Wladimir Andreff and his co-authors are more significant than the topic indicated modestly by the title; they may not only urge economists of sport to reconsider their earlier theories, but may also provide inspiration and a new momentum to the wide research program on disequilibrium and the soft budget constraint.' - Janos Kornai, Harvard University, US and Corvinus University of Budapest, Hungary 'This book sounds like a theoretical breakthrough towards a new approach in sports economics that generates important insights into the issue of financial fair play in football.' - Andrea Traverso, Head of Club Licensing and Financial Fair Play, UEFA 'This path-breaking volume contains novel analysis of problems of critical importance to sports clubs, leagues, fans and academics interested in sports.' - Robert Simmons, Lancaster University Management School, UK For decades, sports economics has been set within the framework of equilibrium economics, in particular when modelling team sport leagues. Based on a conviction that this does not reflect real life, this book addresses a gap in the literature and opens up a new research area by applying concepts drawn from disequilibrium economics. It is divided into two parts, the first of which focuses on economic disequilibrium in sports markets and competitive imbalance in sporting contests. The second part concentrates on soft budget constraints and their consequences for club governance and management. This pioneering book is the first to tackle non-mainstream economics in sport and offers a first approach to disequilibrium sports economics. Providing a new metric of competitive balance and opening up new avenues of future research, this is essential reading for economists and those researching sport across many disciplines. Contributors: W. Andreff, E. Franck, J.-P. Gayant, N. Le Pape, R.D. Macdonald, K. Nielsen, R.K. Storm, G.N. Tuck, D. van Reeth, A.R. Whitten

First Published in 2004. Routledge is an imprint of Taylor & Francis, an informa company.

A critical issue in research and development (R&D) management is the structure and use of evaluative efforts for R&D programs. The book introduces the different methods that may be used in R&D evaluation and then illustrates these methods by describing actual evaluation in practice using those methods. The book is divided into two sections. The first section provides an introduction and details on several popular methodologies used in the evaluation of research and development activities. The second half of the book focuses on evaluation in practice and is comprised of several chapters offering the perspectives of individuals in different types of organizations. The book concludes with an annotated bibliography of selected R&D evaluation literature, focusing on post-1985 literature, on research evaluation.

The book presents the basic models of the most important economic agents (households, firms, the banking system etc.). The influence of ethics on the decisions of persons is discussed within the context of mutual influences of one person on another. It is shown that this leads to a Markov chain which converges to a final situation which in many cases is independent of the initial conditions. Different types of decisions are considered: those in personal life, those on the general political and economics constitution and on the current economic policy, and those of normal economic routine (consumption, investment etc.). The reverse influence is treated as well: that of the economic influence on ethics. In the first volume, the conceptual basis of the whole system is laid. The book helps the reader to understand the interdependence of humanities and economics and how to model this interdependence in economics.

From the reviews: "The huge literature in risk theory has been carefully selected and supplemented by personal contributions of the author, many of which appear here for the first time. The result is a systematic and very readable book, which takes into account the most recent developments of the field. It will be of great interest to the actuary as well as to the statistician who wants to become familiar with the subject." "Math. Reviews Vol. 43"
"It is a book of fundamental importance for all interested in the application or teaching of the subject and a significant addition to the literature."
"Journal of the Royal Statistical Society (England) 1971"
"This latest addition to the literature of risk theory is a masterful work.." "Transactions, Soc of Actuaries meetings 65"

This textbook presents a systematic study of terrorism from the standpoint of economic analysis. Choosing the kind and level of measures to counter terror is, to a large extent, an economic decision, as counterterrorism (CT) measures and their side effects are costly. This text, contains theoretical models that illustrate the economic mechanisms of different types of CT measures. A vast array of empirical studies and regularities are also presented. Some chapters discuss in depth the empirical results in the literature as well as the underlying statistical/econometric methodologies that go beyond ordinary regression. General Appendix A provides an exposition of the concept of compensating surplus and elements of the basic game theory, to help the reader with an economics background recapitulate micro theory concepts used in the book. General Appendix B lays out the notions of hypothesis testing, regression and more advanced statistical/econometric methods, so that the reader understands or at least can have an intuitive idea of how the results are derived and what they mean with some degree of inner comfort. Aimed at students at the intermediate undergraduate and graduate levels, the text requires knowledge of basic micro, first-order conditions of profit or utility maximization and cost minimization, and statistical concepts of hypothesis testing and regression. This textbook is intended for use in courses in economics, political science, criminal justice, and emergency management. Additionally, professionals working with national security in government and non-governmental organizations may find it useful.

This book contains a concise, simple, yet precise discussion of externalities, public goods and insurance. Rooted in the first fundamental theorem of welfare economics and in noncooperative equilibrium, it employs elementary calculus. The book presents established theory in novel ways, and offers the tools for the application of the social welfare criteria of efficiency and equity to environmental economics, networks, bargaining, political economy, and the pricing of public goods and public utilities.This innovative, user-friendly textbook will be of use over a broad range of disciplines. The applications found here include international global-warming issues (North vs. South model), and bargaining over externalities (Coase's theorem). This text also introduces the Wicksell-Lindahl model in its original form, which depicts the parliamentary negotiation between representative parties and provides an effective introduction to political economy. Later, these ideas are applied to the pricing of an excludable public good, revealing the theoretical connection between public utility pricing and the pricing of excludable public goods. The text integrates three forms of discourse: verbal, graphical, and formal. Elementary calculus is frequently used, allowing for clarity and precision; qualities that are often missing in conventional textbooks. The main text considers a finite number of consumers and appendices cover the continuum mathematical model, which is implicit in the references to the 'marginal consumer' found in traditional texts. The analysis found in Public Microeconomics is simple and operational, conducive to computationally easy examples and exercises. This textbook is ideally suited to graduate and upper-level undergraduate courses in economics, political science, policy and philosophy. Contents: Preface Foreword to Students 1. Introduction 2. Private Goods Without Externalities 3. Externalities 4. Public Goods 5. Public Utilities 6. Uncertainty and Asymmetrical Information Index

This book covers several areas of economic theory and political philosophy from the perspective of Austrian Economics and libertarianism. As such, it deals with Epistemology and Methodology, Microeconomics, Macroeconomics, Labor Economics, International Economics, Political Philosophy, Law and Public Policy, all from the Austro-libertarian perspective. Hence, this book offers an integrated view of libertarianism and Austrian economics in the light of recent debates in the areas of economic science and political philosophy. Moreover, it builds from the foundations of the Austrian approach (epistemology and methodology), while the latter material deals with its application to the individual from the microeconomic perspective, which in turn allows an exploration of subjects in macroeconomics. Additionally, this work applies Austro-libertarianism to law, politics, and public policy. Thus, it offers a unified view of the entire approach, in a logical progression, allowing the readers to judge this perspective in full. Futerman and Block say that their book is not a manual, which I suppose it is not. But it is a collection of highly pertinent essays, from which you can understand what is mistaken in the orthodoxy of economics, law, and politics. The central term of art in Austrian economics is that phrase "human action." It is the exercise of human will, not the blind bumping of one molecule against another or one organism against another, as in the physical sciences... Futerman and Block distinguish Austrian economics as a scientific enterprise based on liberty of the will from "libertarianism" as an advocacy based on policies implied by such liberty. "Although Austrian economics is positive and libertarianism is normative," they write, "this book shows how both are related; how each can support the other." Indeed they do. Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics and of History Emerita, Professor of English Emerita, Professor of Communication Emerita, University of Illinois at Chicago

Capitalism and Socialism in Cuba documents the history of the attempts by a small island nation to survive and gain respectability within an everchanging international political economy. Professor Ruffin presents a detailed account of the social, political, and economic forces affecting Cuba's prospects for development under both capitalism and socialism. Part one of the study focuses on Cuba's historical association with capitalism and the relationship that Cuba established with the United States. Part two of the study delineates the nature of Cuba-Soviet relations and deals exclusively with the question of socialist dependency. Professor Ruffin's study is a systematic analysis of the internal (race and class formations) and external (capitalism and socialism) factors that have thus far shaped Cuban history.

This book examines financial vulnerability: a state in which a person or household cannot absorb any substantial spending or negative income shock without substantial financial and ultimately broader harm such as job loss, emotional harm, or mental illness. The focus of the book is on the experiences of low- income and modest income Canadian families - families which, by virtue of being in the lower income brackets, are particularly at risk of experiencing financial hardship. Looking at vulnerability from a conceptual and empirical lens, this book offers a framework to better understand the complex and interdependent ways in which financial vulnerability emerge and can be addressed. By locating its analysis of individual and household financial management in wider community, cultural, and economic contexts, this book seeks to offer holistic policy recommendations to reduce financial vulnerability, with implications that go beyond Canada and to other developed countries.

This book examines the current main sustainable development issues in Asia from a socio-economic, macroeconomic, and financial perspective, beyond a plain environmental context. The book further analyzes both financial or health crises, which jeopardize the economic sustainability of countries, particularly in Asia where a sustained economic growth path is an occurrence of the recent past. By doing so, the volume presents case studies on countries such as China, Japan, South Korea, and ASEAN countries, like Thailand. In some instances, the book provides a comparative analysis of the experience of European Union countries. The book is divided into two parts. The first part presents contributions with socio-economic perspectives under the broad heading of sustainable development. Each contribution examines a specific Asian country. Additionally, it looks into China's rise in adjacent regions like the Middle East, discussing China's positioning in the world in the current post Covid19 context. The second part presents the experiences of a number of Asian countries in terms of financial and economic perspectives, including an analysis of the issue of sovereign debt. The book further examines broader topics, like the sustainability of the top financial centers, and micro-finance. The volume is a must-read for scholars, students, and practitioners, interested in a better understanding of sustainable development issues in Asia in particular, and economics in general.

Public experience with risk communication differs greatly from country to country in Europe and there has been little opportunity for the transfer of experience and learning between countries. This is especially true for the many new European States, including the countries in transition from centralised to market economies. This book presents case studies on risk communication. One of its unifying concepts is the role of risk communication in the risk management process. Technical and philosophical introductions to risk communication and risk management and research in risk communication are given. The case studies themselves occupy the central portion of the book, each one covering a particular hazard, risk or situation seen from a particular point of view. The issue of the special circumstances for environmental and health risk communication in central and eastern Europe is also addressed through a separate presentation and discussion of an appropriate case study. A different approach to risk communication is taken by examining how it forms part of the risk management process at the local level. Research into risk perception, a field that forms an important foundation for many aspects of risk communication, is summarised and practical guidelines for risk communication are reviewed. These include discussions on how to carry out public information programmes and methods for increasing public involvement in risk management decisions.