Managerial Economics Economic Models. Stylized Ways of Viewing Interaction Simple means Better –Friedman Best Describe the World –Samuelson –Every theory.

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Presentation transcript:

Managerial Economics Economic Models

Stylized Ways of Viewing Interaction Simple means Better –Friedman Best Describe the World –Samuelson –Every theory is wrong – but what if it gets men to the moon>

Model THE ECONOMICS OF CRIME The Economics of Illegal Parking Higher gas prices “fuel” gas theft!

Theory Self-Interest

Model Demonstrates Economic Actors as Rational Calculators Decision making Under Uncertainty terms as used in this subject

Develop Model Costs –Fine –Probability of being caught and brought to Justice Benefits –The “loot”

Use Model to Predict How does rain impact crime Now Test Model –Econometrics

Other Models Economics of Marriage Economics of Abortion Economics of Charity Economics of Education Economics of Your Product Economics of Your Employees Behavior !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!