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The beauty of a book on managerial economics is that it can be used as a way of introducing business and management students to economic concepts as well as providing economics students with a clear grasp of how to use the skills they will need in the world of business. What sets Fisher and Waschik's Managerial Economics apart is its use of game theory as its theoretical underpinning. Previous texts have taught concepts without taking into account notions of strategy or the motivations of all the agents involved in a particular economic situation. The book redresses that balance. Topics considered include: international trade (essential in this era of globalisation) product differentiation and advertising price discrimination human capital. A host of key features are employed to add colour to the text including case studies, examples and discussion questions. Scenarios presented centre upon a diverse range of subjects and firms including Eurostar, NHL hockey equipment, Chevrolet, Philips and pension plans.
Tim Fisher is Associate Professor of Economics at Wilfred Laurier University, Ontario, Canada. His research interests are in bankruptcy, microeconomics, trade unions and free trade agreements. Robert Waschik is Lecturer in Economics and Finance at La Trobe University, Melbourne, Australia.