Economics of Strategy / Edition 5

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Sound strategic management is dependent on a set of business principles that apply to all sectors of the economy. Besanko, Dranove, Shanley, and Schaefer's highly acclaimed Economics of Strategy, now in its Fifth Edition, gives you grounding in those fundamental strategic concepts that will serve you throughout your career, in any economic circumstances.

This book focuses on the economic principles that form the building blocks of strategy and details the tools you'll need to perform comprehensive analysis of a firm's economic strategy. This Fifth Edition features new and expanded discussion of topics, such as:

Demand, costs, pricing, and game theory

Economics of scale, a concept fundamental to competition, entry, positioning and sustainability

The interface between the theory of the firm, organization design, and business strategy

Incentives-vital for understanding integration and organization structure

The boundaries of the firm

Positioning and sustaining advantage


New examples, drawn from real-world cases from the eighteenth century to present day, use the lens of business history to illustrate how these principles play out in the actual corporate arena.

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Editorial Reviews

Details both the external market environment of firms and their internal organization, for MBA students, advanced undergraduates, students in executive programs, and practicing managers. After a primer on economic concepts for strategy, four sections address the boundaries of the firm; competitive strategy from the perspective of industrial organization economies; strategic positioning and dynamics; and topics associated with internal organization. Boxes illustrate economic models with cases from real companies. Annotation c. Book News, Inc., Portland, OR
From the Publisher
“…the book seeks to supply an economic lens for viewing the broad sweep of the strategic activities of the firm.” (Times Higher Education Supplement, Thursday 28th February 2008)
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Product Details

  • ISBN-13: 9780470373606
  • Publisher: Wiley
  • Publication date: 8/24/2009
  • Edition description: Older Edition
  • Edition number: 5
  • Pages: 624
  • Product dimensions: 8.20 (w) x 10.10 (h) x 1.10 (d)

Meet the Author

David Besanko, PhD, is the Alvin J. Huss Distinguished Professor of Management and Strategy at the Kellogg School of Management at Northwestern University. He received his PhD in Managerial Economics and Decision Sciences and his AB in Political Science from Ohio University. He has received grants from the National Science Foundation and from the Citicorp Behavioral Science Research Council to support this research.

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Table of Contents



1 Basic Microeconomic Principles.

2 Economies of Scale and Scope.

3 Agency and Coordination.

4 The Power of Principles: A Historical Perspective.


5 The Vertical Boundaries of the Firm.

6 Organizing Vertical Boundaries: Vertical Integration and Its Alternatives.

7 Diversification.


8 Competitors and Competition.

9 Strategic Commitment.

10 The Dynamics of Pricing Rivalry.

11 Entry and Exit.

12 Industry Analysis.


13 Strategic Positioning for Competitive Advantage.

14 Sustaining Competitive Advantage.

15 The Origins of Competitive Advantage: Innovation, Evolution, and the Environment.


16 Performance Measurement and Incentives in Firms.

17 Strategy and Structure.

18 Environment, Power, and Culture.



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