Microeconomics : principles and analysis

Başlık:

Yazar:

Cowell, Frank A. (Frank Alan)

ISBN:

9780199267774

Ek Yazar:

Cowell, Frank A. (Frank Alan)

Yayım Bilgisi:

Oxford ; New York : Oxford University Press, 2006.

Fiziksel Tanım:

xxviii, 637 pages : illustrations ; 25 cm

Contents:

Introduction -- Supply and Demand -- Applying the Supply-and-Demand Model -- Consumer Choice -- Applying Consumer Theory -- Firms and Production -- Costs -- Competitive Firms and Markets -- Applying the Competitive Model -- General Equilibrium and Economic Welfare -- Monopoly -- Oligopoly and Monopolistic Competition -- Pricing -- Strategy -- Factor Markets and Vertical Integration -- Interest Rates, Investments, and Capital Markets -- Uncertainty -- Externalities, Commons, and Public Goods -- Asymmetric Information -- Contracts and Moral Hazards.

Konu Terimleri:

Microeconomics.

Mikroekonomi.

Mevcut:*

Library	Materyal Türü	Barkod	Yer Numarası	Durum
Searching... Pamukkale Merkez Kütüphanesi	Kitap	0103950	HB172 C69 2006	Searching... Unknown

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Özet

Microeconomics develops core microeconomic principles to a high level using a clear and carefully constructed learning framework. The book will give readers a solid foundation in microeconomic analysis, using mathematical techniques where appropriate, and will enable them to apply these analytical techniques to a range of economic problems. It compounds the student's understanding of principles and techniques by re-using them throughout the text after each has been covered. The book is designed to assist the student's learning in every way possible and contains comprehensive sets of problems and exercises at all stages. ONLINE RESOURCE CENTRE For lecturers: worked solutions to selected exercises in the book, figures from the book, PowerPoint presentations, solutions manual and figures to accompany the solutions manual

Author Notes

Frank Cowell is Professor of Economics at the London School of Economics

List of Figures	p. xix
List of Tables	p. xxvii
Abbreviations	p. xxix
1 Introduction	p. 1
1.1 The role of microeconomic principles	p. 1
1.2 Microeconomic models	p. 1
1.2.1 Purpose	p. 1
1.2.2 The economic actors	p. 2
1.2.3 Motivation	p. 2
1.2.4 The economic environment	p. 3
1.2.5 Assumptions and axioms	p. 3
1.2.6 'Testing' a model	p. 4
1.3 Equilibrium analysis	p. 4
1.3.1 Equilibrium and economic context	p. 4
1.3.2 The comparative statics method	p. 5
1.3.3 Dynamics and stability	p. 5
1.4 Background to this book	p. 5
1.4.1 Economics	p. 5
1.4.2 Mathematics	p. 6
1.5 Using the book	p. 6
1.5.1 A route map	p. 6
1.5.2 Some tips	p. 7
2 The Firm	p. 8
2.1 Basic setting	p. 8
2.1.1 The firm: basic ingredients	p. 9
2.1.2 Properties of the production function	p. 10
2.2 The optimisation problem	p. 18
2.2.1 Optimisation stage 1: cost minimisation	p. 20
2.2.2 The cost function	p. 22
2.2.3 Optimisation stage 2: choosing output	p. 26
2.2.4 Assembling the solution	p. 27
2.3 The firm as a 'black box'	p. 28
2.3.1 Demand and supply functions of the firm	p. 30
2.3.2 Comparative statics: the general case	p. 31
2.4 The short run	p. 35
2.5 The multiproduct firm	p. 40
Summary	p. 45
Reading notes	p. 45
Exercises	p. 45
3 The Firm and the Market	p. 50
3.1 Introduction	p. 50
3.2 The market supply curve	p. 51
3.3 Large numbers and the supply curve	p. 53
3.4 Interaction amongst firms	p. 55
3.5 The size of the industry	p. 56
3.6 Price setting	p. 58
3.6.1 Simple monopoly	p. 59
3.6.2 Discriminating monopolist	p. 61
3.6.3 Entry fee	p. 61
3.7 Product variety	p. 63
Summary	p. 65
Reading notes	p. 65
Exercises	p. 65
4 The Consumer	p. 68
4.1 Introduction	p. 68
4.2 The consumer's environment	p. 68
4.3 Revealed preference	p. 71
4.4 Preferences: axiomatic approach	p. 73
4.5 Consumer optimisation: fixed income	p. 79
4.5.1 Cost minimisation	p. 81
4.5.2 Utility maximisation	p. 83
4.6 Welfare	p. 88
4.6.1 An application: price indices	p. 93
Summary	p. 94
Reading notes	p. 95
Exercises	p. 95
5 The Consumer and the Market	p. 99
5.1 Introduction	p. 99
5.2 The market and incomes	p. 100
5.3 Supply by households	p. 100
5.3.1 Labour supply	p. 102
5.3.2 Savings	p. 104
5.4 Household production	p. 107
5.5 Aggregation over goods	p. 113
5.6 Aggregation of consumers	p. 114
Summary	p. 118
Reading notes	p. 118
Exercises	p. 119
6 A Simple Economy	p. 123
6.1 Introduction	p. 123
6.2 Another look at production	p. 123
6.2.1 Processes and net outputs	p. 124
6.2.2 The technology	p. 125
6.2.3 The production function again	p. 129
6.2.4 Externalities and aggregation	p. 130
6.3 The Robinson Crusoe economy	p. 131
6.4 Decentralisation and trade	p. 134
6.4.1 Reorganisation on the island?	p. 134
6.4.2 Opening up the economy	p. 138
Summary	p. 141
Reading notes	p. 141
Exercises	p. 141
7 General Equilibrium	p. 144
7.1 Introduction	p. 144
7.2 A more interesting economy	p. 144
7.2.1 Allocations	p. 146
7.2.2 Incomes	p. 147
7.2.3 An illustration: the exchange economy	p. 149
7.3 The logic of price taking	p. 150
7.3.1 The core of the exchange economy	p. 152
7.3.2 Competitive equilibrium and the core: small economy	p. 153
7.3.3 Competitive equilibrium and the core: large economy	p. 154
7.4 The excess-demand approach	p. 157
7.4.1 Properties of the excess demand function	p. 158
7.4.2 Existence	p. 161
7.4.3 Uniqueness	p. 163
7.4.4 Stability	p. 165
7.5 The role of prices	p. 167
7.5.1 The equilibrium allocation	p. 168
7.5.2 Decentralisation again	p. 169
Summary	p. 172
Reading notes	p. 173
Exercises	p. 174
8 Uncertainty and Risk	p. 178
8.1 Introduction	p. 178
8.2 Consumption and uncertainty	p. 178
8.2.1 The nature of choice	p. 179
8.2.2 State-space diagram	p. 180
8.3 A model of preferences	p. 185
8.3.1 Key axioms	p. 185
8.3.2 Von Neumann-Morgenstern utility	p. 188
8.3.3 The 'felicity' function	p. 190
8.4 Risk aversion	p. 190
8.4.1 Risk premium	p. 191
8.4.2 Indices of risk aversion	p. 191
8.4.3 Special cases	p. 195
8.5 Lotteries and preferences	p. 197
8.5.1 The probability space	p. 198
8.5.2 Axiomatic approach	p. 198
8.6 Trade	p. 202
8.6.1 Contingent goods: competitive equilibrium	p. 202
8.6.2 Financial assets	p. 204
8.7 Individual optimisation	p. 205
8.7.1 The attainable set	p. 205
8.7.2 Components of the optimum	p. 209
8.7.3 The portfolio problem	p. 211
8.7.4 Insurance	p. 216
Summary	p. 219
Reading notes	p. 219
Exercises	p. 219
9 Welfare	p. 225
9.1 Introduction	p. 225
9.2 The constitution	p. 226
9.2.1 A model of social choice	p. 226
9.2.2 A response to the Impossibility Theorem?	p. 228
9.2.3 The importance of the constitution approach	p. 232
9.3 Principles for social judgements: efficiency	p. 232
9.3.1 Private goods and the market	p. 236
9.3.2 Departures from efficiency	p. 241
9.3.3 Externalities	p. 244
9.3.4 Public goods	p. 248
9.3.5 Uncertainty	p. 250
9.3.6 Extending the efficiency idea	p. 253
9.4 Principles for social judgements: equity	p. 256
9.4.1 Fairness	p. 256
9.4.2 Concern for inequality	p. 257
9.5 The social-welfare function	p. 257
9.5.1 Welfare, national income, and expenditure	p. 258
9.5.2 Inequality and welfare loss	p. 260
9.5.3 The social-welfare function approach: assessment	p. 263
Summary	p. 263
Reading notes	p. 264
Exercises	p. 264
10 Strategic Behaviour	p. 269
10.1 Introduction	p. 269
10.2 Games: basic concepts	p. 270
10.2.1 Players, rules, and payoffs	p. 270
10.2.2 Information and beliefs	p. 271
10.2.3 Strategy	p. 272
10.2.4 Representing a game	p. 272
10.3 Equilibrium	p. 274
10.3.1 A simplified approach	p. 274
10.3.2 A general approach	p. 276
10.3.3 Multiple equilibria	p. 278
10.3.4 Efficiency	p. 279
10.3.5 Existence	p. 281
10.4 Application: duopoly	p. 287
10.4.1 Competition in quantities	p. 287
10.4.2 Competition in prices	p. 291
10.5 Time	p. 294
10.5.1 Games and subgames	p. 296
10.5.2 Equilibrium: more on concept and method	p. 298
10.5.3 Repeated interactions	p. 301
10.6 Application: market structure	p. 307
10.6.1 Market leadership	p. 307
10.6.2 Market entry	p. 309
10.6.3 Another look at duopoly	p. 311
10.7 Uncertainty	p. 313
10.7.1 A basic model	p. 313
10.7.2 An application: entry again	p. 317
10.7.3 Mixed strategies again	p. 319
10.7.4 A 'dynamic' approach	p. 319
Summary	p. 320
Reading notes	p. 321
Exercises	p. 322
11 Information	p. 328
11.1 Introduction	p. 328
11.2 Hidden characteristics: adverse selection	p. 329
11.2.1 Information and monopoly power	p. 329
11.2.2 One customer type	p. 330
11.2.3 Multiple types: full information	p. 334
11.2.4 Imperfect information	p. 337
11.2.5 Adverse selection: competition	p. 347
11.2.6 Application: insurance	p. 348
11.3 Hidden characteristics: signalling	p. 354
11.3.1 Costly signals	p. 354
11.3.2 Costless signals	p. 361
11.4 Hidden actions	p. 362
11.4.1 The issue	p. 363
11.4.2 Outline of the problem	p. 363
11.4.3 A simplified model	p. 364
11.4.4 Principal-and-Agent: a richer model	p. 368
Summary	p. 375
Reading notes	p. 376
Exercises	p. 376
12 Design	p. 381
12.1 Introduction	p. 381
12.2 Social choice	p. 381
12.3 Markets and manipulation	p. 386
12.3.1 Markets: another look	p. 386
12.3.2 Simple trading	p. 388
12.3.3 Manipulation: power and misrepresentation	p. 388
12.3.4 A design issue?	p. 389
12.4 Mechanisms	p. 389
12.4.1 Implementation	p. 390
12.4.2 Direct mechanisms	p. 391
12.4.3 The revelation principle	p. 392
12.5 The design problem	p. 393
12.6 Design: applications	p. 395
12.6.1 Auctions	p. 396
12.6.2 A public project	p. 404
12.6.3 Contracting again	p. 409
12.6.4 Taxation	p. 416
Summary	p. 423
Reading notes	p. 423
Exercises	p. 424
13 Government and the Individual	p. 430
13.1 Introduction	p. 430
13.2 Market failure?	p. 431
13.3 Non-convexities	p. 433
13.3.1 Large numbers and convexity	p. 433
13.3.2 Interactions and convexity	p. 434
13.3.3 The infrastructure problem	p. 435
13.3.4 Regulation	p. 437
13.4 Externalities	p. 441
13.4.1 Production externalities: the efficiency problem	p. 442
13.4.2 Corrective taxes	p. 442
13.4.3 Production externalities: private solutions	p. 443
13.4.4 Consumption externalities	p. 446
13.4.5 Externalities: assessment	p. 447
13.5 Public consumption	p. 448
13.5.1 Non-rivalness and efficiency conditions	p. 448
13.5.2 Club goods	p. 449
13.6 Public goods	p. 451
13.6.1 The issue	p. 451
13.6.2 Voluntary provision	p. 451
13.6.3 Personalised prices?	p. 455
13.6.4 Public goods: market failure and the design problem	p. 457
13.6.5 Public goods: alternative mechanisms	p. 458
13.7 Optimal allocations?	p. 462
13.7.1 Optimum with lump-sum transfers	p. 463
13.7.2 Second-best approaches	p. 465
13.8 Conclusion: economic prescriptions	p. 468
Reading notes	p. 469
Exercises	p. 470
References	p. 474
A Mathematics Background	p. 483
A.1 Introduction	p. 483
A.2 Sets	p. 483
A.2.1 Sets in R[superscript n]	p. 484
A.3 Functions	p. 485
A.3.1 Linear and affine functions	p. 485
A.3.2 Continuity	p. 486
A.3.3 Homogeneous functions	p. 488
A.3.4 Homothetic functions	p. 489
A.4 Differentiation	p. 490
A.4.1 Function of one variable	p. 490
A.4.2 Function of several variables	p. 491
A.4.3 Function-of-a-function rule	p. 491
A.4.4 The Jacobian derivative	p. 492
A.4.5 The Taylor expansion	p. 492
A.4.6 Elasticities	p. 492
A.5 Mappings and systems of equations	p. 494
A.5.1 Fixed-point results	p. 494
A.5.2 Implicit functions	p. 495
A.6 Convexity and concavity	p. 497
A.6.1 Convex sets	p. 497
A.6.2 Hyperplanes	p. 498
A.6.3 Separation results	p. 498
A.6.4 Convex and concave functions	p. 501
A.6.5 Quasiconcave functions	p. 503
A.6.6 The Hessian property	p. 505
A.7 Maximisation	p. 505
A.7.1 The basic technique	p. 505
A.7.2 Constrained maximisation	p. 507
A.7.3 More on constrained maximisation	p. 508
A.7.4 Envelope theorem	p. 511
A.7.5 A point on notation	p. 512
A.8 Probability	p. 512
A.8.1 Statistics	p. 513
A.8.2 Bayes's rule	p. 514
A.8.3 Probability distributions: examples	p. 515
A.9 Reading notes	p. 516
B Answers to Mini Problems	p. 517
B.1 Introduction	p. 517
B.2 The firm	p. 517
B.3 The firm and the market	p. 527
B.4 The consumer	p. 528
B.5 The consumer and the market	p. 536
B.6 A simple economy	p. 539
B.7 General equilibrium	p. 543
B.8 Uncertainty and risk	p. 548
B.9 Welfare	p. 555
B.10 Strategic behaviour	p. 560
B.11 Information	p. 569
B.12 Design	p. 582
B.13 Government and the individual	p. 594
C Selected Proofs	p. 603
C.1 The firm	p. 603
C.1.1 Marginal cost and the Lagrange multiplier	p. 605
C.1.2 Properties of the cost function (Theorem 2.2)	p. 605
C.1.3 Firm's demand and supply functions (Theorem 2.4)	p. 607
C.1.4 Firm's demand and supply functions (continued)	p. 608
C.1.5 Properties of profit function (Theorem 2.7)	p. 610
C.2 The consumer	p. 610
C.2.1 The representation theorem (Theorem 4.1)	p. 610
C.2.2 Existence of ordinary demand functions (Theorem 4.5)	p. 611
C.2.3 Quasiconvexity of the indirect utility function	p. 611
C.3 The consumer and the market	p. 611
C.3.1 Composite commodity (Theorem 5.1)	p. 611
C.3.2 The representative consumer (Theorem 5.2)	p. 612
C.4 A simple economy	p. 612
C.4.1 Decentralisation (Theorem 6.2)	p. 612
C.5 General equilibrium	p. 613
C.5.1 Competitive equilibrium and the core (Theorem 7.1)	p. 613
C.5.2 Existence of competitive equilibrium (Theorem 7.4)	p. 613
C.5.3 Uniqueness of competitive equilibrium (Theorem 7.5)	p. 614
C.5.4 Valuation in general equilibrium (Theorem 7.6)	p. 615
C.6 Uncertainty and risk	p. 615
C.6.1 Expected utility (Theorem 8.1)	p. 615
C.6.2 Lottery preference representation (Theorem 8.4)	p. 616
C.6.3 Risk taking and wealth (Theorem 8.7)	p. 619
C.7 Welfare	p. 619
C.7.1 Arrow's theorem (Theorem 9.1)	p. 619
C.7.2 Black's theorem (Theorem 9.2)	p. 621
C.7.3 The support theorem (Theorem 9.5)	p. 622
C.7.4 Potential superiority (Theorem 9.10)	p. 623
C.8 Strategic behaviour	p. 624
C.8.1 Nash equilibrium in pure strategies with infinite strategy sets (Theorem 10.2)	p. 624
C.8.2 Existence of Nash equilibrium (Theorem 10.1)	p. 625
C.8.3 The Folk Theorem	p. 625
C.9 Design	p. 626
C.9.1 Revenue equivalence (Theorem 12.6)	p. 626
C.9.2 The Clark-Groves mechanism (Theorem 12.7)	p. 628
Index	p. 629

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