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Behavioural Theories of the firm Harmeet Singh, 0390309, ME/January 2005/1 1.) Introduction:- The purpose of this report is to evaluate and analyze the salient points of behavioural theories of the firm and to compare and contrast the behavioural models with the management models of Baumol, Marris and Williamson. The traditional neo classical theory of the firm was seriously challenged by alternatives such as managerial and behavioural theories. 2.) Salient features in the behavioural theories of the firm:- Where the managerial theories go well beyond the simple notion of traditional theories of profit maximization, they however still cling to the idea that management endeavours to maximize something whether it is sales revenue, utility or firm's growth, the behavioural approach adopted by so called behaviouralists rejects the whole notion of maximization and favours a less strong goal of 'satisficing'. Behavioural theories emphasize the importance of attempting to understand the various factors that affect human behaviour in...

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