Understand the link between management and economics with this unique text. Economic Approaches to Organizations, 6th edition, by Sytse Douma and Hein Schreuder, walks you through different economic approaches in a non-technical way, making it widely accessible. Emphasising the importance of economic issues and developments in the study of organisations and management, the text explores topics such as behavioural theory of the firm, game theory, agency theory, transaction cost economics, the economics of strategy and evolutionary approaches. The book is unique in the market in its attempt to make the link between management and economics, using practical examples throughout to help you understand how the concepts relate to economic and organisational issues in the world today. The 6th edition is packed with updated examples taken from real life and includes new chapters and sections, like a separate chapter on behavioural economics that covers bounds on rationality and self-interest as well as prospect theory. Benefit from the features this edition has to offer: Use of empirical results and real-world data A step-by-step conceptual framework to explain fundamental economic approaches to organisations. Real-life examples. End-of-chapter questions. Quotations. Diagrams. Further reading and study. A range of cases with a global link. With its unique perspective and range of learning features, this text will provide you with a practical understanding of economic approaches used in organisations today.
Preface xi Acknowledgements xv Part I Foundations 1 Markets and organizations 1.1 The economic problem 1.2 The division of labour 1.3 Specialization 1.4 Coordination 1.5 Markets and organizations 1.6 Information 1.7 The environment and institutions 1.8 Historical perspective 1.9 Summary: the conceptual framework of this book 1.10 Outline of the book Questions Notes Markets 2.1 Introduction 2.2 Market interaction: analysis of demand and supply 2.3 Decision-making by consumers 2.4 Decision-making by producers 2.5 Market coordination 2.6 The paradox of profits 2.7 Competitive markets 2.8 The main assumptions underlying standard microeconomic theory 2.9 Summary: how according to standard microeconomic theory decisions are coordinated by the market Questions Organizations 3.1 The world of organizations 3.2 Organizational coordination 3.3 Types of organizations 3.4 Organizational markets 3.5 Organized markets 3.6 The rise of the Internet and the digitization of organizations 3.7 Digital platforms: a new coordination mechanism 3.8 The Platform Organization 3.9 Summary: how organizations achieve coordination Questions Notes Information 4.1 Coordination and information 4.2 Hidden information 4.3 Hidden action 4.4 The value of information 4.5 Information as an economic good 4.6 Summary: information problems for markets and organizations Questions Notes Game theory 5.1 Introduction 5.2 The prisoner's dilemma 5.3 Coordination games 5.4 The entry game 5.5 The iterated prisoner's dilemma 5.6 Auctions 5.7 Evolutionary game theory 5.8 Summary: insights from game theory Questions Econs and Humans 6.1 Introduction 6.2 The social domain versus the economic domain 6.3 Economic, social and moral man: bounds on self-interest 6.4 Bounds on rationality 6.5 Prospect theory 6.6 Summary: behavioural economics Questions Part II Economic Approaches Behavioural theory of the firm 7.1 Introduction 7.2 The firm as a coalition of participants 7.3 Organizational goals 7.4 Organizational expectations 7.5 Organizational choice 7.6 From bounded rationality to behavioural economics 7.7 Summary: goals and decision-making within the firm in behavioural theory Questions Notes Agency theory 8.1 Introduction 8.2 Separation of ownership and control 8.3 Managerial behaviour and ownership structure 8.4 Entrepreneurial firms and team production 8.5 The firm as a nexus of contracts 8.6 Theory of principal and agent 8.7 Applying agency theory 8.8 Summary: agency relations between owners, managers and employees Questions Notes Transaction cost economics 9.1 Introduction 9.2 Behavioural assumptions: bounded rationality and opportunism 9.3 Dimensions of transactions 9.4 Peer groups 9.5 Simple hierarchies 9.6 Multistage hierarchies: U-form and M-form enterprises 9.7 Organizational markets 9.8 Digitization and transaction costs 9.9 Markets and organizations: are these all there is? 9.10 Governance in a three-level schema 9.11 Summary: effect of transaction costs on choosing between markets and organizations and organizational forms Questions Notes Economic Contributions to business/competitive strategy 10.1 Introduction 229 10.2 Industry analysis 10.3 Competitor analysis 10.4 Competitive strategy 10.5 Resource-based view of the firm 10.6 Dynamic capabilities 10.7 Move and counter move 10.8Summary: how economic analysis can contribute to the formulation of competitive strategies Questions Notes Economic contributions to corporate strategy 11.1 Introduction 11.2 Unrelated diversification 11.3 Related diversification 11.4 Horizontal multi-nationalization 11.5 Vertical integration 11.6 Summary Questions Notes 287 Evolutionary approaches to organizations 12.1 Introduction 12.2 Giraffes 12.3 Organizations and giraffes 12.4 Organizational ecology 12.5 An evolutionary theory of economic change 12.6 Comparison 12.7 The evolution of dynamic capabilities 12.8 Further developments 12.9 Summary: the evolutionary perspective Questions Notes All in the family 13.1 Introduction 13.2 The basic conceptual framework 13.3 Family resemblances 13.4 Family differences 13.5 Summary: all in the family? 13.6 Organizations as complex, adaptive systems Questions Notes Bibliography Index
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