管理经济学ch01.ppt

Chapter 1 Introduction Structure of Decision Models Profit’s Role Agency Problems Solutions Not-for-Profit Organizations Why Corporations Have Succeeded Over Other Organizational Forms Managerial Economics Integrates and applies microeconomic theory and methods to decision making problems faced by private, public, and not-for-profit organizations. Managerial economics deals with microeconomic reasoning on real world problems such as pricing decisions selecting the best strategy in different competitive environments. MAJOR TOPICS Demand and Supply Analysis and how to estimate price elasticities with regressions Production and Cost Analysis and how managers can estimate these relationships Monopoly, Competition, and Oligopolies and how to make good pricing decisions in the real world Organization Architecture and the economic problem of motivating agents Risk in Economic Decisions and ways to modify or compare risks The Decision-Making Process (Figure 1.1) 1. Establish and Identify Objectives 2. Define the Problem 3. Identify Alternative Solutions 4. Evaluate the Alternatives and Select the Best! 5. Implement and Monitor the Decision Theories of Why Profit Varies Across Industries RISK-BEARING THEORY DYNAMIC EQUILIBRIUM (or FRICTIONAL) THEORY OF PROFIT MONOPOLY THEORY OF PROFIT INNOVATION THEORY OF PROFIT MANAGERIAL EFFICIENCY THEORY OF PROFIT Objectives of the Firm Profit maximization Shareholder wealth = value of each share (V0) times the number of shares outstanding, or V0 · (shares outstanding). This is the present value of expected future profits ????or cash flows, discounted at the shareholders required rate of return, ke, ignoring taxes. ? V0 (shares outstanding) = ? ??t /(1+ke) t t=1 Firm Value (Figure 1.2) ??t = REVENUE – COST = TRt – TCt = PtQt – VtQt - Ft Value of the Firm = the present value of discounted cash flows N ???(??t ) / (1+ke)t = t=1 N ???