Price Theory and Applications: Decisions, Markets, and Information
Cambridge University Press
Edition: 7, 9/12/2005
EAN 9780521523424, ISBN10: 0521523427
Paperback, 630 pages, 24.4 x 17.8 x 3.6 cm
Language: English
This new seventh edition of the book offers extensive discussion of information, uncertainty, and game theory. It contains over a hundred examples illustrating the applicability of economic analysis not only to mainline economic topics but also issues in politics, history, biology, the family, and many other areas. These discussions generally describe recent research published in scholarly books and articles, giving students a good idea of the scientific work done by professional economists. In addition, at appropriate places the text provides 'applications' representing more extended discussions of selected topics including rationing in wartime (Chapter 5), import quotas (Chapter 7), alleged monopolistic suppression of inventions (Chapter 9), minimum wage laws (Chapter 11), the effects of Social Security upon saving (Chapter 15), fair division of disrupted property (Chapter 16) and whether individuals should pay ransom to a kidnapper (Chapter 17).
1. The nature and scope of economics
2. Working tools
3. Utility and preference
4. Consumption and demand
5. Applications and extensions of demand theory
6. The business firm
7. Equilibrium in the product market - competitive industry
8. Monopolies, cartels and networks
9. Product quality and product variety
10. Competition among the few
oligopoly and strategic behavior
11. Dealing with uncertainty - the economics of risk and information
12. The demand for factor services
13. Resource supply and factor-market equilibrium
14. Exchange, transaction costs and money
15. The economics of time
16. Welfare economics
the market and the state
17. Government, politics and conflict.
'This seventh edition of a now classic text in intermediate microeconomics develops the subject in a lively manner that should be attractive to both students and teachers alike ... This is arguably one of the few best intermediate level microeconomics textbooks around.' Abhinay Muthoo, University of Essex