Efficient Decisions in Organizations and Social Welfare

Kathleen A. Carroll

Chapter 3 in Property Rights and Managerial Decisions in For-profit, Nonprofit, and Public Organizations, 2004, pp 27-44 from Palgrave Macmillan

Abstract: 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.

Keywords: Social Welfare; Nonprofit Organization; Efficient Market; Bounded Rationality; Efficient Profit (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-4809-0_3

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DOI: 10.1057/9781403948090_3

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