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Managerial Economics for Tourism Management.

   

Section 1

The concept of managerial economics


Asst.Prof. Komsan Suriya
Faculty of Economics, Chiang Mai University December 18, 2008



 The concept of managerial economics will be briefed with its objective, focus, task, element, equipments, difference from microeconomics, and tools.

1. Objective of managerial economics
 Apply economic theory to decision making in practical business or transactional problems.

2. Focus of managerial economics
 The focus is at choices. An essential sentence in managerial economics is ?Another option is??.

3. Task of managerial economics
 Evaluate the tradeoffs among choices.

4. Element of managerial economics
 Managerial economics narrows its analysis to each transaction.

5. Equipments of managerial economics
 Managerial economics provides three equipments to a manager; economic concept, economic way of thinking, and tools.
 a) Economic concept: How does an economist look at a problem? What is the setting of the problem?
 b) Economic way of thinking: What should be investigated and evaluated to provide the solution of the problem?
 c) Tools: How does an economist evaluate the tradeoffs? What kind of quantitative and qualitative tools should be used?
 
6. Difference from microeconomics
 Four major differences are listed here.
 
1) Managerial economics is an interdisciplinary study combining microeconomics, operational research, managerial accounting and psychology. Microeconomics is a disciplinary study.
 
2) Managerial economics applies available economic reasoning to get practical solution whereas microeconomics searches for new reasoning to get theoretical solution. Therefore managerial economics is for practitioners while microeconomics is for theorists.
 
3) Assumptions of the study in managerial economics are more realistic. Managerial economics, coping with realistic problem, places more realistic assumptions to get more precise solution. Microeconomics assumes simpler situations to make theoretical points easy and clear.  
 
4) The element of the study of managerial economics is narrower. Managerial economics deals with each transaction while microeconomics deals with a firm as an organization.

7. Tools of managerial economics
 There are three essential tools for managerial economic analysis. Each tool contains challenging techniques whose performances are dynamically improved. Optimization is at the heart of the tools. Mathematical foundation makes these techniques be far more than the basic cost and benefit analysis.

a) Quantitative techniques: Econometrics and statistics are important tools. Linear programming is a classical tool in the field. Modeling with other quantitative techniques such as Social Accounting Matrix (SAM), Computable General Equilibrium (CGE), Bayesian Network, Multi-Agent Simulation might be applied depending on kinds of data and questions. Artificial Neural Networks (ANNs) is useful for its predictive capability. Genetic algorithm, Markov Chain Analysis, Cluster Analysis, and other data mining techniques are also available to tackle the problems.  
 
b) Qualitative techniques: Expert opinions are among the best qualitative techniques. In this case, expert system can be constructed to extract multiple dimensions of expert opinions. It can shape the best direction to which those opinions lead. Information from in-depth interview, focus group, and lessons from case studies may provide some insights and solutions.
 
c) Streamline of information: Managerial accounting is essential for the provision of sufficiently financial data. Recordable transactional information is more than valuable when a business would like to view and analyze its transactions in detail. Compiled information is also useful for the analysis.  
 

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This article should be referred as
Suriya, Komsan. 2008. Managerial Economics for Tourism Management. [online] www.tourismlogistics.com

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