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Efficient Decisions in Organizations and Social Welfare

In: Property Rights and Managerial Decisions in For-profit, Nonprofit, and Public Organizations

Author

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  • Kathleen A. Carroll

Abstract

The objective of economic analysis is to promote efficient use of scarce resources. In this chapter I examine the concept of efficiency invoked in economics in general and the ways in which this concept is applied to analysis of managerial decisions in organizations in particular. I begin with an illustration of a simple neoclassical model of efficient decision making in a competitive economy Following this are applications of this model to decision making in alternative organizational forms. I then discuss the limitations of the model with respect to applications to organizations. Included here is a discussion of bounded rationality.

Suggested Citation

  • Kathleen A. Carroll, 2004. "Efficient Decisions in Organizations and Social Welfare," Palgrave Macmillan Books, in: Property Rights and Managerial Decisions in For-profit, Nonprofit, and Public Organizations, chapter 3, pages 27-44, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4809-0_3
    DOI: 10.1057/9781403948090_3
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