The right tools to guide real decisions When you're climbing a mountain, you have to carefully consider every step if you want to reach your goal. You need to know how your tools will actually perform on the mountain. It also helps to have a trusted guide who knows the way. The same holds true in today's highly competitive, global business environments. The decisions managers make are more complex and critical than ever before. You need to understand how to use economic analysis techniques to make real business decisions. When it comes to making real-life decisions based on sound economic analysis, there is no better guide than Samuelson and & Marks's Managerial Economics, 5th Edition. Featuring many detailed, real-world examples, as well as strong coverage of decision making under uncertainty, game theory, and international topics, this practical text equips you with the right tools you need to make smart decisions. New in the Fifth Edition 'ˆ— Updated and revised chapters on making decisions under uncertainty (Chapters 8 and 9). 'ˆ— New discussions of behavioral economics, including such issues as bounded rationality, sunk-cost fallacies, decision-making heuristics and biases, and the winner's curse. 'ˆ— Updated and expanded coverage of corporate incentives and governance. 'ˆ— Incorporates new developments in the areas of technological change, network economies, and internet economics. 'ˆ— Updated applications and revised end-of-chapter problems.

William F. Samuelson is professor of economics and finance at Boston University School of Management. He received his B.A. and Ph.D. from Harvard University. His research interests include game theory, decision theory, bidding, bargaining, and experimental economics. He has published a variety of articles in leading economics and management science journals including The American Economic Review, the Quarterly Journal of Economics, Econometrica, the Journal of Finance, Management Science, and Operations Research. His teaching and research have been sponsored by the National Science Foundation and the National Institute for Dispute resolution, among others. He is currently on the editorial boards of the Journal of Economic Behavior and Organization and Group Decision and Negotiation.

Stephen G. Marks is associate professor of law at Boston University. He received his J.D., M.A., and Ph.D. from the University of California-Berkeley. He has taught in the areas of managerial economics, finance, corporate law, and securities regulation. his research interests include corporate governance, law and economics, finance, and information theory. He has published his research in various law reviews and in such journals as the American Economic Review, The Journal of Legal Studies, and The Journal of Financial and Quantitative Analysis.