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Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as a whole, which is studied in macroeconomics.
An oligopoly is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are also mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits.
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions.
Vernon Lomax Smith is an American economist and professor of business economics and law at Chapman University. He was formerly a professor of economics at the University of Arizona, professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith shared the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics. He worked to establish 'laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms'.
Monopoly profit is an inflated level of profit due to the monopolistic practices of an enterprise.
Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations.
Michael Eugene Porter is an American academic known for his theories on economics, business strategy, and social causes. He is the Bishop William Lawrence University Professor at Harvard Business School, and was one of the founders of the consulting firm The Monitor Group and FSG, a social impact consultancy. He is credited for creating Porter's five forces analysis, which is instrumental in business strategy development at present. He is generally regarded as the father of the modern strategy field. He is also regarded as one of the world's most influential thinkers on management and competitiveness as well as one of the most influential business strategists. His work has been recognized by governments, non governmental organizations and universities.
In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level of output. The size of the gap, which encapsulates the firm's level of market dominance, is determined by the residual demand curve's form. A steeper reverse demand indicates higher earnings and more dominance in the market. Such propensities contradict perfectly competitive markets, where market participants have no market power, P = MC and firms earn zero economic profit. Market participants in perfectly competitive markets are consequently referred to as 'price takers', whereas market participants that exhibit market power are referred to as 'price makers' or 'price setters'.
Edward Hastings Chamberlin was an American economist. He was born in La Conner, Washington, and died in Cambridge, Massachusetts.
Robert Burton Ekelund Jr. was an American economist.
In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. It is equal to total revenue minus total cost, including both explicit and implicit costs.
Birger Wernerfelt is a Danish economist and management theorist, and JC Penney Professor of Management at the MIT Sloan School of Management. He is best known for “A Resource-based View of the Firm” (1984), which is one of the most cited papers in the social sciences.
Competitive heterogeneity is a concept from strategic management that examines why industries do not converge on one best way of doing things. In the view of strategic management scholars, the microeconomics of production and competition combine to predict that industries will be composed of identical firms offering identical products at identical prices. Deeper analyses of this topic were taken up in industrial organization economics by crossover economics/strategic-management scholars such as Harold Demsetz and Michael Porter. Demsetz argued that better-managed firms would make better products than their competitors. Such firms would translate better products or lower prices into higher levels of demand, which would lead to revenue growth. These firms would then be larger than the more poorly managed competitors.
David Alan Easley is an American economist. Easley is the Henry Scarborough Professor of Social Science and is a professor of information science at Cornell University.
The Journal of Economics & Management Strategy is a quarterly peer-reviewed academic journal published by John Wiley & Sons. The founding editor-in-chief is Daniel F. Spulber and Ramon Casadesus-Masanell. The journal was established in 1992.
James Patrick Quirk was a Caltech professor of economics.
Daniel Diermeier is a German-American political scientist and university administrator. He is serving as the ninth chancellor of Vanderbilt University. Previously, Diermeier was the David Lee Shillinglaw Distinguished Service Professor at the University of Chicago, where he also served as provost. He succeeded Eric Isaacs on July 1, 2016, and was succeeded by Ka Yee Christina Lee on February 1, 2020.
The Nancy L. Schwartz Memorial Lecture is a series of public lectures held every year by the Kellogg Department of Managerial Economics and Decision Sciences of Northwestern University.
Lynne Pepall is a Canadian-American economist, academic and researcher. She is an Economics Professor and currently chairs the Department of Community Health at Tufts University.
Nancy Lou Schwartz (1939–1981) was an American economist and professor who researched decision sciences and methods of dynamic optimization.
References
- ↑ "Daniel Spulber - Faculty". Kellogg School of Management. 2013-08-27. Retrieved 2013-12-04.
- ↑ "About Us, Faculty & Research". Northwestern University Law School. Retrieved 2013-12-04.
- ↑ "Editorial Board". Journal of Economics & Management Strategy. John Wiley & Sons.
- ↑ "Trends in Rankings of Economics Departments in the U.S.: An Update", L. C. Scott and P. M. Mitias, Economic Inquiry, 34, April, 1996, pp. 378–400
- ↑ "The Most Frequent Contributors to the Elite Economics Journals: Half Century of Contributions to the ‘Blue Ribbon Eight’", J. L. Heck and P. A. Zaleski, Journal of Economics and Finance , 9 Spring, 2006, pp. 1–37 doi : 10.1007/BF02834273
