Discussion of modes of economizing

Article Abstract:

Richard Day and Mark Pringle are correct in claiming that high decision costs stimulate economizing activities in companies. However, the idea of human capital and organizational capital must be included when examining decision making. Managers whose companies invest in human and organizational capital can make economizing decisions without the need to analyze large numbers of alternatives or choices. It is important to realize that not all decision makers have the same skill and that decision making skills are developed.

Decision-making, Decision making

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Economizing by firms through learning and adaptation

Article Abstract:

The economizing attitudes on the boundary, scope and organizational framework of a company are studied using a model of demand uncertainty wherein the company usually looks for and adjusts to information regarding the unknown distribution of consumer preferences. Findings reveal that the economizing boundary and organizational framework of the company are dynamic or adapting over time as the relative significance of information search versus effective internal adaptation changes over the life-cycle of the company.

Evaluation, Information theory, Production (Economics), Information theory in economics

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Discussion of economizing by firms: rational economizing, but in which world?

Article Abstract:

The paper by Richard Cyert and Praveen Kumar on the economizing behavior of companies makes the mistake of not recognizing that business errors and failures can be considered as 'resources' in a dynamic economy. Cyert and Kumar treat business errors as stochastic 'insurable' mistakes. Thus, Cyert and Kumar have removed by assumption the phenomenon of organizational learning and tacit knowledge. This is not acceptable in dealing with the theory of the company.

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