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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 on theme: "Managerial Economics Economic Models. Stylized Ways of Viewing Interaction Simple means Better –Friedman Best Describe the World –Samuelson –Every theory."— Presentation transcript:

1 Managerial Economics Economic Models

2 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>

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

4 Theory Self-Interest

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

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

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

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

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