Economics of strategy
John Wiley & Sons, 2007 - Business & Economics - 606 pages
Discover the art of strategic thinking
Revised and updated to reflect the cutting edge of academic thinking about business strategy, the Fourth Edition of Besanko, Dranove, Shanley, and Schaefer's highly acclaimed text offers a solid economic foundation for strategic analysis. By presenting basic concepts of economic theory with ideas in modern strategy literature, the book provides an economic lens for viewing the broad sweep of the strategic activities of the firm.
The book begins by focusing on the boundaries of the firm and examines competitive strategy from the perspective of industrial organization (IO) economics, particularly Porter's Five Forces. It then explores strategic positioning and dynamics as well as topics associated with internal organization, including personnel economics, organization structure, and strategic fit.
Features of the Fourth Edition
* Chapters on human resources management, entry, positioning, dynamics, technological change, and organizational structure are substantially revised.
* An updated chapter on business history covers the recent dot-com bubble.
* Presents economic principles without overemphasizing the math.
* Rigorous treatment of organizational topics such as structure and culture enables you to experience the full scope of strategic thinking.
* The authors use Porter's Five Forces as a tool for organizing industry analysis, building on the coverage of industrial organization and game theory. The text also considers the Value Net, another tool for organizing industry analysis.
* Includes coverage of make or buy decisions (Chapters 2-4) and benefit and cost advantage and sustaining advantage (Chapters 11-13).
* Fascinating examples, including many new to this edition, bring the economic models to life. Many of the examples involve businesses outside of the United States.
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Strategy and Economics
Economic Concepts for Strategy
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achieve acquisitions activities airline average cost average fixed costs benefit brand buyers capacity Chapter commitment compete competitive advantage competitors consumer surplus contract coordination corporate cost curve cost function Cournot customers decisions demand curve develop discussed diversified firms eBay economic profit economies of scale effect efficiency effort employees Enron entrant entry equilibrium example Exxon Mobil factors Figure firm's fixed costs incentives increase incumbent indifference curve industry infrastructure innovation input internal investment keiretsu large firms lower LucasVarity managers manufacturing marginal cost market share measure merger million Nash equilibrium offer operating organization organizational output percent performance plant position potential problems production purchase quasi-rent reduce relationship result retail revenue risk rivals scale and scope sell sellers shareholders strategy structure success sunk costs suppliers total cost transaction unit vertical chain vertical integration Wal-Mart