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Economics Beyond the Millennium$
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Alan P. Kirman and Louis-André Gérard-Varet

Print publication date: 1999

Print ISBN-13: 9780198292111

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292112.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 October 2019

The Future of Managerial Economics

The Future of Managerial Economics

Chapter:
(p.169) 9 The Future of Managerial Economics
Source:
Economics Beyond the Millennium
Author(s):

Jean‐Pierre Ponssard

Hervé Tanguy

Publisher:
Oxford University Press
DOI:10.1093/0198292112.003.0011

The authors adopt a pragmatic view, that of an applied economist within a firm and the problems that he encounters and the tools available to solve them. They assert that significant contextualization is necessary if one is to model problems in a relevant way. They discuss various approaches that have been used. They regard the economist's task in the firm as threefold. Firstly, the economist has to define a framework for assessing decisions and for implementing strategies, Secondly, they regard a realistic approach as one that allows the agents to learn to cooperate, rather than a mechanical maximization exercise. Thirdly, the economist should be able to monitor the performance of decisions taken in the past. They finish optimistically with the thought that microeconomic theory may be closer to answering these needs than is often believed.

Keywords:   ex post monitoring, learning, managerial economics, organization, strategies, theory of the firm

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