Differing objectives and policies of firms · 企业目标和政策的不同
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| objective/ɒbˈdʒektɪv/ | 目标 | mù biāo |
| satisficing/ˈsætɪsfɪsɪŋ/ | 满意化 | mǎn yì huà |
| principal-agent problem/ˈprɪnsɪpl ˈeɪdʒənt ˈprɒbləm/ | 委托代理问题 | wěi tuō dài lǐ wèn tí |
| divorce of ownership and control/dɪˈvɔːs ɒv ˈəʊnəʃɪp ænd kənˈtrəʊl/ | 所有权与控制权分离 | suǒ yǒu quán yǔ kòng zhì quán fēn lí |
| sales maximisers/seɪlz ˈmæksɪmaɪzəz/ | 销售最大化者 | xiāo shòu zuì dà huà zhě |
Not every firm just chases profit
- Textbooks assume firms maximise profit. In reality some chase market share, some keep shareholders just happy enough, and managers may pursue their own goals.
- A firm's objective 目标 shapes the price it sets and the output it chooses.
不是每个企业都只追逐利润
- 教科书假设企业最大化利润。在现实中有些追逐市场份额,有些让股东刚好足够满意,而经理可能追求他们自己的目标。
- 一个企业的目标塑造它设定的价格和它选择的产出。
Firm objective lab · 企业目标实验室
Classify real firm decisions by the objective they reveal. · 根据揭示的目标对真实的企业决策进行分类。
Different objectives
The usual assumption is profit maximisation (MC = MR) — but firms may pursue other goals
不同的目标
通常的假设是利润最大化(MC = MR)——但企业可能追求其他目标
A profit-maximising firm produces where: · 利润最大化企业会在何处生产：
Profit max is MR = MC; sales/revenue max is MR = 0. · 利润最大化对应MR = MC；销售/收入最大化对应MR = 0。
Match each objective to its rule or aim. · 将每个目标与其规则或目的匹配。
Different objectives imply different output rules. · 不同的目标意味着不同的产量规则。
The principal-agent problem 委托代理问题
- Owners (principals) want profit; managers (agents) who run the firm may prefer size, salary or an easy life.
- This divorce of ownership and control 所有权与控制权分离 means firms don't always maximise profit.
委托-代理问题
- 所有者(委托人,principals)想要利润;经营企业的经理(代理人,agents)可能偏好规模、薪水或轻松的生活。
- 这种所有权与控制权的分离意味着企业不总是最大化利润。
The principal-agent problem arises because: · 委托-代理问题产生的原因是：
The divorce of ownership and control lets managers pursue their own objectives. · 所有权与经营权的分离使管理者能够追求自身目标。
The principal-agent problem is also called the divorce of ownership and ______. · 委托-代理问题也被称为所有权与______的分离。
Owners own; managers control — their goals can differ. · 所有者拥有资产；管理者控制企业——他们的目标可能不同。
Why it matters
- Revenue maximisers (MR = 0) and sales/volume maximisers (AR = AC) both produce more, at a lower price, than profit maximisers — sales maximisers go furthest, right up to break-even.
- Satisficers settle for "good enough" profit to fund other goals (growth, ethics, staff welfare).
Profit maximising (MR = MC) is just one assumption. Real objectives — sales, market share, survival, social goals — lead to different prices and outputs. State the objective before predicting behaviour.
为什么它重要
- 收入最大化者(MR = 0)和销售/产量最大化者(AR = AC)都比利润最大化者生产更多、定价更低——销售最大化者走得最远,一直到保本点。
- 满意化者满足于"足够好"的利润来为其他目标(增长、伦理、员工福利)提供资金。
利润最大化(MR = MC)只是一个假设。 真实的目标——销售、市场份额、生存、社会目标——导致不同的价格和产出。在预测行为之前先陈述目标。
A sales-maximising firm tends to produce more output than a profit-maximising one. · 销售最大化企业的产量通常高于利润最大化企业。
Sales max (MR = 0) is at a higher output (and lower price) than profit max (MR = MC). · 销售最大化（MR = 0）对应的产量更高（且价格更低），而利润最大化（MR = MC）对应的产量较低。
You've got it
- objectives: profit max (MR = MC), revenue max (MR = 0), sales/volume max (AR = AC, the most output while still breaking even), satisficing, social/ethical goals
- the principal-agent problem: managers (agents) may not pursue owners' (principals') profit
- the objective changes the firm's price and output — so identify it first
你掌握了
- 目标:利润最大化(MR = MC)、收入最大化(MR = 0)、销售/产量最大化(AR = AC,在仍能保本下的最大产量)、满意化、社会/伦理目标
- 委托-代理问题:经理(代理人)可能不追求所有者(委托人)的利润
- 目标改变企业的价格和产出——所以先识别它