TAILIEUCHUNG - Lecture Managerial economics (8e): Chapter 12 - Samuelson, Marks

Chapter 12 - Decision making under uncertainty. In this chapter, we focus on decisions involving risks situations in which the consequences of any action the decision maker might take are uncertain because unforeseeable events may occur that will affect his or her final situation. | Chapter Twelve Decision Making under Uncertainty If Hell is paved with good intentions, it is largely because of the impossibility of foreseeing consequences. ~Aldous Huxley For Discussion Gearing Down for a Recession Selling yachts is a very cyclical industry. Uncertainty, Probability, and Expected Value Uncertainty (or risk) is present when there is more than one possible outcome for a decision. The probability of an outcome is the odds or chance that the outcome will occur. Expected Value 4 Decision Trees An Oil Drilling Decision Good and Bad Decisions and Outcomes 5 Figure The Wildcatter’s Drilling Problem Decision Trees Features of the Expected-Value Criterion The Perils of International Business 7 Figure A complEX drilling decision Sequential Decisions An R&D Decision Revisited Business Behavior—Risky Decisions Seeing too few possibilities Relying on verbal expressions of probability Holding optimistic beliefs The BP Oil Spill Disaster Revisited Figure .

• Kinh tế học
• Managerial economics
• Lecture Managerial economics
• Decision making applications
• Economic decision making
• Market interactions
• Fundamentals of managerial economics
• Marginal analysis
• Marginal benefit
• Economic principles
• Kinh tế học quản lý
• Price discrimination
• Monopolistic competition
• Oligopoly games
• Traditional oligopoly models
• Capital market
• Labour market
• Economic equations
• Economic applications
• Economic applications of derivatives
• Economic application
• Multi variable functions
• Constrained optimization
• Scatter diagram
• Forms of money
• Monetary policy
• Perfect competition
• Demand function
• Supply function
• Quantitative demand analysis
• Theory of individual behavior
• Demand estimation
• Production function
• Costs of production
• Organizing production