Managerial Discretion in Imperfect Markets

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Focusing on the behavioral responses of management, this book explores decision-making across various firm activities, including production and finance, while considering market conditions that range from stable to uncertain. It highlights the potential gap between achieved objectives and maximum possible outcomes due to managerial discretion. The author presents a conceptual framework and measurement methods, suggesting the development of machine learning algorithms to enhance strategic decision-making. This resource is valuable for both researchers and corporate decision-makers.