Managerial economics textbooks

Managerial economics textbooks DEFAULT

Managerial Economics & Business Strategy

Michael Baye

Michael R. Baye. University of Indiana

Jeff Prince

Jeffrey T. Prince is Professor of Business Economics & Public Policy and Harold A. Poling Chair in Strategic Management at Indiana University’s Kelley School of Business. He received his B.A. in economics and B.S. in mathematics and statistics from Miami University in 1998 and earned a Ph.D. in economics from Northwestern University in 2004. Prior to joining Indiana University, he taught graduate and undergraduate courses at Cornell University.

Jeff has won top teaching honors as a faculty member at both Indiana University and Cornell, and as a graduate student at Northwestern. He has a broad research agenda within applied economics, having written and published on topics that include demand in technology and telecommunications markets, internet diffusion, regulation in healthcare, risk aversion in insurance markets, and quality competition among airlines. He is one of a small number of economists to have published in both the top journal in economics (American Economic Review) and the top journal in management (Academy of Management Journal). Professor Prince currently is a co-editor at the Journal of Economics and Management Strategy, and serves on the editorial board for Information Economics and Policy. In his free time, Jeff enjoys activities ranging from poker and bridge to running and racquetball.

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Do Managerial Economics Textbooks Cover Ethics and Corporate Social Responsibility? Literature review by Sharon L. Green and Jane S. Lopus The topic of ethics has increased in importance in the business school curriculum in recent years. Addressing topics related to ethics is required for accreditation from the Association to Advance Collegiate Schools of Business (AACSB, 2008: 11). Highly publicised ethical scandals at corporations such as Enron, Arthur Anderson, and Tyco International, along with public alarm in response to accounts of environmental degradation, child labour abuses, and financial inequities, have heightened awareness of ethics and corporate social responsibility (CSR) in all business contexts. Although many colleges and universities have stand-alone graduate and undergraduate level business ethics and CSR courses, business and economics faculty are increasingly encouraged to address topics of ethics and CSR in courses throughout the business curriculum (Baetz and Sharp, 2004; Bracken and Urbancic, 1999; Hoaas and Wilcox, 1995.) For professors faced with this challenge, it is helpful if course textbooks cover these topics.This review addresses whether current managerial economics textbooks include discussion of ethics and CSR. Integrating business ethics and CSR into managerial economics courses is important for several reasons.The relationship between economics and ethics is not straightforward. Although Adam Smith addressed this in The Theory of Moral Sentiments in 1759, Milton Friedman’s (perhaps misinterpreted) 1970 article ‘The Social Responsibility of Business Is to Increase Its Profits’ (New York Times Sunday Magazine) is possibly more often quoted today to imply that the study of economics has little to do with ethics (Kuhn, 1992.) Managerial economics classes, which involve business decision making, are a logical context for discussing these issues. A course in managerial economics is frequently required for both graduate and undergraduate business degrees. In many MBA programmes managerial 88 Do Managerial Economics Textbooks Cover Ethics and Corporate Social Responsibility? economics is the only economics course students are required to take. Arce (2004) outlines several reasons for introducing ethics in managerial economics courses: economists believe that their discipline provides a foundation for most business-related decisions.The managerial economics course is a natural place to identify and discuss ethical trade-offs and dilemmas within the context of business. Students need to learn to make ethical judgements about economic decisions in the workplace. Unethical behavior can involve significant loss of value to a firm through adverse market reactions (p. 261). Prior studies have reviewed a variety of business and economics textbooks with an eye to ethics and CSR concerns. Coverage of these topics is generally found to be limited or superficial (Bracken and Urbancic, 1999; Baetz and Sharp, 2004), but is found to be more extensive in marketing and management textbooks than in economics textbooks (Hoaas and Wilcox, 1995). In a review of 21 textbooks used in managerial economics classes and published between 1992 and 2004, Arce (2004) observed that ‘substantive discussions of ethics are conspicuous by their absence’ (p. 261). Only 29 per cent of the texts surveyed contained ethical content and only 29 per cent mentioned social responsibility (p. 265). Textbook analysis For our current review, we update Arce’s study by investigating 17 English language managerial economics textbooks published in 2004 or later. Although intermediate micro theory texts and business economics texts may also be used in these courses, we limited our analysis to texts that contain the words ‘managerial economics’ (or in one case ‘managers’) in their title.1 These textbooks are listed in Table 1, alphabetised by author in column.2 Following the content analysis conducted by Arce, we searched indexes for keywords relating to ‘ethics’ and ‘corporate social responsibility.’ 2 We also searched tables of content for these keywords and related topics. If we found reference to any of the keywords, we read the pages in the text to ensure that the content was in fact related to ethics or CSR. If we determined that it was, we recorded ‘yes’ in columns 5 or 6. We then recorded the number of pages relating to the topics for the ‘yes’ cases. Our findings in columns 5 and 6 show that of the 17 textbooks reviewed, seven include no mention of either ethics or CSR, five mention one but not both topics, and only five address both topics. Eight of the books (47 per cent) address topics related to ethics and seven (41 per cent) address topics related to CSR. Of the books addressing either ethics or CSR or both, only the one by Brickley, Smith and Zimmerman devotes more than four pages to either topic.This book contains a chapter devoted to these topics entitled ‘Ethics and Organizational Architecture,’ as 89 International Review of Economics Education Table 1: Coverage of Ethics and Corporate Social Responsibility in Managerial Economics Textbooks Title of Textbook Author(s) Date Publisher (Edition) Topics Listed in Index or Table of Contents? Ethics CSR (no. pages) (no. Table 1: Coverage of Ethics and Corporate Social Responsibility in Managerial Economics Textbooks (continued) Title of Textbook Author(s) Date Publisher (Edition) Topics Listed in Index or Table of Contents? Ethics CSR (no. pages) (no. pages) Yes (6) No Managerial Economics: Truett and Analysis, Problems, Truett Cases 2006 (8th) John Wiley & Sons Managerial Economics: Wilkinson A Problem Solving Approach 2005 (1st) Cambridge Yes University Press (2) a b Yesb (4) The textbook by Brickley, Smith and Zimmerman contains a 27-page chapter entitled ‘Ethics and Organizational Architecture’. Four of these pages deal with corporate social responsibility.These four pages were subtracted from the 27 for the ethics page count to avoid double counting.The textbook by Jones contains a six-page section on CSR and two of these pages deal with ethics.These two pages were counted under ethics but not also under CSR. For the Wilkinson text, we do not count pages with references to ethics and social justice as goals of government policy. We do include a four-page case study on corporate governance under CSR. Arce found four years ago. Although our book sample is not directly comparable to Arce’s, we conclude that although more managerial economics textbooks are addressing topics of ethics and CSR than was true four years ago, over half of the texts still do not mention one or both topics.The extent of the coverage within the managerial texts that do address ethics and CSR is very limited in all but one text. We do not attempt to analyse the quality of the ethics or CSR content in this review, but we are struck by the lack of content or brevity of content in all but one of the texts examined. We note, however, that several economics topics that could readily lead to discussions of ethics and CSR are consistently covered in these books.These topics include moral hazard, principle-agent problems and externalities. Conclusions Although there are strong arguments for offering stand-alone ethics courses to business students (Piper et al., 1993), the emerging consensus is that ethics and CSR should be integrated into discipline-specific business courses, including economics. Managers at all levels of organisations must struggle daily with ethical dilemmas integral to a variety of decisions (Piper et al., 1993). Hoaas and Wilcox (1995) concur 91 International Review of Economics Education that all business disciplines are brought into play in responding to complex business challenges, and when managers apply economic principles, ethics and efficiency considerations must be grappled with simultaneously. Economics professors can best serve the interests of future business professionals by providing them the opportunity to think about the coincidental nature of these issues in the context of the principles of applied economics. Better integration of topics related to ethics and corporate social responsibility into managerial economics textbooks would be an important step in this direction. Notes 1 2 Our 17 texts overlap with the 21 used by Arce in the following ways: one of the books, Boyes 2004, is the same. We include four first editions not in Arce’s study and eliminate six of Arce’s texts published prior to 2004 for which we could not locate later editions. We also eliminate three that have microeconomic or business economics titles. We use new editions of 11 texts in Arce’s study. We also include both versions of Hirshey’s text because we find a slightly differing treatment of ethics in them. Following Arce, the keywords we searched for ‘ethics’ were business ethics, code of ethics, corporate ethics, ethics, managerial ethics, morals, and morality.The keywords we searched for CSR were corporate social responsibility, Milton Friedman (for reference to his 1970 New York Times Magazine article), social contract, social responsibility, socially desirable, stakeholders, stewardship, values, and whistle blowing. We added ‘moral principles’ and ‘goals and objectives of firms’ to Arce’s list of keywords. References Arce, M. and Daniel G. (2004) ‘Conspicuous By Its Absence: Ethics and Managerial Economics’, Journal of Business Ethics, 54(3), 261–77. Association to Advance Collegiate Schools of Business (ACCSB) (2008) ‘Eligibility Procedures and Accreditation Standards for Business Accreditation’, www.aacsb.edu/accreditation/process/documents/AACSB_STANDARDS_Revised_Jan08. pdf. Baetz, M.C. and Sharp, D.J. (2004) ‘Integrating Ethics Content into the Core Business Curriculum: Do Core Teaching Materials Do the Job?’, Journal of Business Ethics, 51(1) (April), 53–62. Bracken, R.M. and Urbancic, F.R. (1999) ‘Ethics Content in Introductory Accounting Textbooks: An Analysis and Review’, Journal of Education for Business, 74(5) (May/June), 279–84. Friedman, M. (1970) ‘The Social Responsibility of Business is to Increase its Profits’, New York Times Magazine, 13 September, 32-on. Hoass, D.J. and Wilcox, D.C. (1995) ‘The Academic Coverage of Business Ethics; Does Economics Measure Up?’, American Journal of Economics and Sociology, 54(3) (July), 289–303. Kuhn, J.W. (1992) ‘Ethics in business: What Managers Practice That Economists Ignore’, Business Ethics Quarterly, 2(3) (July), 305–15. 92 Do Managerial Economics Textbooks Cover Ethics and Corporate Social Responsibility? Piper, T.R., Gentile, M.C. and Daloz Parks, S. (1993) Can Ethics Be Taught? Perspectives, Challenges, and Approaches at Harvard Business School, Harvard Business School, Boston, MA. Smith, A. (1790) The Theory of Moral Sentiments, sixth edition. London: A. Millar. Available at www.econlib.org/Library/Smith/smMS.html Reviewed by Sharon L. Green Associate Professor of Management California State University East Bay 25800 Carlos Bee Blvd. Hayward CA 94542 USA Email: [email protected] and Jane S. Lopus (corresponding author) Professor of Economics Director Center for Economic Education California State University East Bay 25800 Carlos Bee Blvd. Hayward CA 94542 USA Email: [email protected] 93
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Chapter 9 References

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Arrow, K. J. (1962). The economic implications of learning by doing. Review of Economic Studies 29(3), 155–173.

Baumol, W. J., Panzar, J. C., & Willig, R. J. (1982). Contestable markets and the theory of industry structure. San Diego, CA: Harcourt Brace Jovanovich.

Baye, M. R. (2010). Microeconomics and business strategy. New York, NY: McGraw-Hill Irwin.

Boston Consulting Group. (1970). The product portfolio. Retrieved December 13, 2010, from http://www.bcg.com/documents/file13255.pdf.

Brandenburger, A. M., & Nalebuff, B. J. (1996). Co-opetition. New York, NY: Currency Doubleday.

Brickley, J. A., Smith, C. W., Jr., & Zimmerman, J. L. (2001). Managerial economics and organizational architecture. New York, NY: McGraw-Hill Irwin.

Brigham, E. F., & Ehrhardt, M. C. (2010). Financial management: Theory and practice (13th ed.). Mason, OH: South-Western Cengage Learning.

Brock, J. W. (2009). The structure of American industry (12th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

Coase, R. H. (1937). The nature of the firm. Economica 4(16), 386–405.

Coase, R. H. (1960). The problem of social cost. The Journal of Law and Economics 3, 1–44.

Hanke, J. E., & Wichern, D. W. (2009). Business forecasting (9th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

Hirschey, M., & Pappas, J. L. (1996). Managerial economics (8th ed.). Fort Worth, TX: The Dryden Press.

Horngren, C. T. (1972). Cost accounting: A managerial emphasis (3rd ed.). Englewood Cliffs, NJ: Prentice Hall.

Kotler, P., & Armstrong, G. (2010). Principles of marketing (13th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

Kreps, D. M. (2004). Microeconomics for managers. New York, NY: W. W. Norton & Company.

Milgrom, P. R., & Roberts, J. (1992). Economics, organization & management. Englewood Cliffs, NJ: Prentice Hall.

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Samuelson, W. F., & Marks, S. G. (2010). Managerial economics (6th ed.). Hoboken, NJ: John Wiley & Sons.

Shapiro, C., & Varian, H. R. (1999). Information rules. Boston, MA: Harvard Business School Press.

Shugart, W. F., II, Chappell, W. F., & Cottle, R. L. (1994). Modern managerial economics: Economic theory for business decisions. Cincinnati, OH: South-Western Publishing Company.

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Smith, A. (1776). The wealth of nations. New York, NY: Modern Library.

Spence, A. M. (1974). Market signaling. Cambridge, MA: Harvard University Press.

Stevenson, W. J. (1986). Production/operations management (2nd ed.). Homewood, IL: Irwin.

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Womack, J. P., Jones, D. T., & Roos, D. (1990). The machine that changed the world. New York, NY: Rawson Associates Scribner.

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Textbooks managerial economics

Managerial Economics Textbooks: Which Is The Best?

Managerial economics is an important course to take to better understand how to plan and control cashflow in an organization. Not only does the subject help students evaluate managerial policies, but it’s also an important course for those looking to pursue—or develop—a career in business.

Managerial economics is a continually evolving field, and the results of ongoing scholarship provide valuable classroom learnings to the millions of students who will become actuaries, market research analysts and more.

Here, we look at how Top Hat’s always up-to-date managerial economics textbook stacks up against the most recent versions available from legacy publishers.

Managerial Economics

1. Managerial Economics | Top Hat

Author: Matt Metzgar (University of North Carolina)

In Top Hat’s textbook, managerial economics extends beyond the page with questions that encourage immediate testing after reading. Embedded assessments through chapters help students track their understanding of the material covered.

Average Price: Up to 40–60 percent more affordable
Edition: Constantly updated
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Managerial Economics & Business Strategy

2. Managerial Economics & Business Strategy | McGraw-Hill

Authors: Michael R. Baye (Indiana University) and Jeffrey T. Prince (Indiana University)

The 9th edition of McGraw Hill’s Managerial Economics & Business Strategy helps students understand economic features including supply and demand and offers real-world, modern examples to engage readers. Access to online platform Connect sold separately.

Average Price: $90 (e-book only)
Edition: 9th edition
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Managerial Economics

3. Managerial Economics | Wiley

Authors: William F. Samuelson (Boston University) and Stephen G. Marks (Boston University)

The latest edition of this textbook offers a breakdown of the content in 3 sections covering pricing decisions, market competition and decision-making applications.

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Edition: 8th edition
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Managerial Economics & Strategy

4. Managerial Economics & Strategy | Pearson

Authors: Jeffrey M. Perloff (University of California-Berkeley) and James A. Brander (University of British Columbia)

With plenty of business examples and mini-cases and exercises, Pearson’s tome also features problem sets that will be useful to future managers. Access to online learning platform MyLab Economics sold separately.

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How The Economic Machine Works by Ray Dalio

Managerial Economics : Theory and Practice by Thomas J. Webster (2003, Hardcover)

Product Information

  • Managerial economics is the application of economic theory and quantitative methods (mathematics and statistics) to the managerial decision-making process. This book will appeal to students with limited prior training in economics and quantitative methods. It assumes that students will have had mathematics training at least through pre-calculus and that they have had a course in elementary statistics. It also expects students to have had an undergraduate course in intermediate microeconomics. The book includes these features: an Online Instructor's Manual; an Online Study Guide; a problem-solving approach to the study of managerial economics that combines the features of a standard managerial economics textbook with those of a separate study guide; a method for helping business students develop the analytical skills necessary for success in the study of managerial economics, finance, and management; and, a more extensive review of mathematical techniques than most comparable textbooks. It contains a separate chapter on game theory, including: noncooperative, simultaneous-move, one- shot games; cooperative, simultaneous-move, infinitely- repeated games (including collusions, cheating rules, and determinants of collusive agreements); cooperative, simultaneous-move, finitely- repeated games; focal-point equilibria; multistage games; bargaining with and without symmetric and asymmetric impatience. It contains a chapter on the time value of money and capital budgeting. There is the accentuation of risk, uncertainty, and the economics of information throughout Book. It is practice oriented, avoiding complex theoretical explanations with cumbersome notation. The problems are included in each section and are made integral to learning and understanding subjects. Math review uses economic relationships instead of general notation. There is excellent balance among motivation, theory, and examples, and clear exposition. It emphasizes utility and applicability, not innovation. Chapters conclude with: chapter review, key terms and concepts, chapter questions, chapter exercises, and selected readings.

Product Identifiers

  • Publisher

    Emerald Publishing The Limited

  • ISBN-10

    0127408525

  • ISBN-13

    9780127408521

  • eBay Product ID (ePID)

    2481611

Product Key Features

  • Author

    Thomas J. Webster

  • Format

    Hardcover

  • Language

    English

  • Publication Year

    2003

  • Number of Pages

    739 Pages

Dimensions

  • Item Length

    9in.

  • Item Width

    6in.

  • Item Weight

    35.3 Oz

Additional Product Features

  • Lc Classification Number

    Hd30.22

  • Table of Content

    Introduction. Introduction to Mathematical Economics. The Essentials of Demand and Supply. Additional Topics in Demand Theory. Production. Cost. Profit and Revenue Maximization. Market Structure: Perfect Competition and Monopoly. Market Structure: Monopolistic Competition. Market Structure: Duopoly and Oligopoly. Pricing Practices. Capital Budgeting. Introduction to Game Theory. Risk and Uncertainty. Market Failure and Government Intervention.

  • Copyright Date

    2003

  • Target Audience

    Scholarly & Professional

  • Topic

    Industrial Management, Economics / Microeconomics

  • Lccn

    2003-102999

  • Dewey Decimal

    338.5

  • Dewey Edition

    21

  • Illustrated

    Yes

  • Genre

    Business & Economics

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