Book , Print in English

Microeconomic theory : basic principles and extensions

Walter Nicholson, Christopher Snyder.
  • Mason, Ohio : South-Western/Cengage Learning, ©2012.
  • 11th ed.
  • xxi, 758 pages : illustrations; 26 cm.
Subjects
Contents
  • pt. ONE Introduction
  • ch. 1 Economic Models
  • Theoretical Models
  • Verification of Economic Models
  • General Features of Economic Models
  • Development of the Economic Theory of Value
  • Modern Developments
  • Summary
  • Suggestions for Further Reading
  • ch. 2 Mathematics for Microeconomics
  • Maximization of a Function of One Variable
  • Functions of Several Variables
  • Maximization of Functions of Several Variables
  • Envelope Theorem
  • Constrained Maximization
  • Envelope Theorem in Constrained Maximization Problems
  • Inequality Constraints
  • Second-Order Conditions and Curvature
  • Homogeneous Functions
  • Integration
  • Dynamic Optimization
  • Mathematical Statistics
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Second-Order Conditions and Matrix Algebra
  • pt. TWO Choice and Demand
  • ch. 3 Preferences and Utility
  • Axioms of Rational Choice
  • Utility
  • Trades and Substitution
  • Mathematics of Indifference Curves
  • Utility Functions for Specific Preferences
  • Many-Good Case
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Special Preferences
  • ch. 4 Utility Maximization and Choice
  • Initial Survey
  • Two-Good Case: A Graphical Analysis
  • n-Good Case
  • Indirect Utility Function
  • Lump Sum Principle
  • Expenditure Minimization
  • Properties of Expenditure Functions
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Budget Shares
  • ch. 5 Income and Substitution Effects
  • Demand Functions
  • Changes in Income
  • Changes in a Good's Price
  • Individual's Demand Curve
  • Compensated (Hicksian) Demand Curves and Functions
  • Mathematical Development of Response to Price Changes
  • Demand Elasticities
  • Consumer Surplus
  • Revealed Preference and the Substitution Effect
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Demand Concepts and the Evaluation of Price Indices
  • ch. 6 Demand Relationships among Goods
  • Two-Good Case
  • Substitutes and Complements
  • Net (Hicksian) Substitutes and Complements
  • Substitutability with Many Goods
  • Composite Commodities
  • Home Production, Attributes of Goods, and Implicit Prices
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Simplifying Demand and Two-Stage Budgeting
  • pt. THREE Uncertainty and Strategy
  • ch. 7 Uncertainty
  • Mathematical Statistics
  • Fair Gambles and the Expected Utility Hypothesis
  • Expected Utility
  • von Neumann---Morgenstern Theorem
  • Risk Aversion
  • Measuring Risk Aversion
  • Methods for Reducing Uncertainty and Risk
  • Insurance
  • Diversification
  • Flexibility
  • Information
  • State-Preference Approach to Choice Under Uncertainty
  • Asymmetry of Information
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: The Portfolio Problem
  • ch. 8 Game Theory
  • Basic Concepts
  • Prisoners' Dilemma
  • Nash Equilibrium
  • Mixed Strategies
  • Existence of Equilibrium
  • Continuum of Actions
  • Sequential Games
  • Repeated Games
  • Incomplete Information
  • Simultaneous Bayesian Games
  • Signaling Games
  • Experimental Games
  • Evolutionary Games and Learning
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Existence of Nash Equilibrium
  • pt. FOUR Production and Supply
  • ch. 9 Production Functions
  • Marginal Productivity
  • Isoquant Maps and the Rate of Technical Substitution
  • Returns to Scale
  • Elasticity of Substitution
  • Four Simple Production Functions
  • Technical Progress
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Many-Input Production Functions
  • ch. 10 Cost Functions
  • Definitions of Costs
  • Cost-Minimizing Input Choices
  • Cost Functions
  • Cost Functions and Shifts in Cost Curves
  • Shephard's Lemma and the Elasticity of Substitution
  • Short-Run, Long-Run Distinction
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: The Translog Cost Function
  • ch. 11 Profit Maximization
  • Nature and Behavior of Firms
  • Profit Maximization
  • Marginal Revenue
  • Short-Run Supply by a Price-Taking Firm
  • Profit Functions
  • Profit Maximization and Input Demand
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Boundaries of the Firm
  • pt. FIVE Competitive Markets
  • ch. 12 Partial Equilibrium Competitive Model
  • Market Demand
  • Timing of the Supply Response
  • Pricing in the Very Short Run
  • Short-Run Price Determination
  • Shifts in Supply and Demand Curves: A Graphical Analysis
  • Mathematical Model of Market Equilibrium
  • Long-Run Analysis
  • Long-Run Equilibrium: Constant Cost Case
  • Shape of the Long-Run Supply Curve
  • Long-Run Elasticity of Supply
  • Comparative Statics Analysis of Long-Run Equilibrium
  • Producer Surplus in the Long Run
  • Economic Efficiency and Welfare Analysis
  • Price Controls and Shortages
  • Tax Incidence Analysis
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Demand Aggregation and Estimation
  • ch. 13 General Equilibrium and Welfare
  • Perfectly Competitive Price System
  • Graphical Model of General Equilibrium with Two Goods
  • Comparative Statics Analysis
  • General Equilibrium Modeling and Factor Prices
  • Mathematical Model of Exchange
  • Mathematical Model of Production and Exchange
  • Computable General Equilibrium Models
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Computable General Equilibrium Models
  • pt. SIX Market Power
  • ch. 14 Monopoly
  • Barriers to Entry
  • Profit Maximization and Output Choice
  • Monopoly and Resource Allocation
  • Monopoly, Product Quality, and Durability
  • Price Discrimination
  • Second-Degree Price Discrimination through Price Schedules
  • Regulation of Monopoly
  • Dynamic Views of Monopoly
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Optimal Linear Two-Part Tariffs
  • ch. 15 Imperfect Competition
  • Short-Run Decisions: Pricing and Output
  • Bertrand Model
  • Cournot Model
  • Capacity Constraints
  • Product Differentiation
  • Tacit Collusion
  • Longer-Run Decisions: Investment, Entry, and Exit
  • Strategic Entry Deterrence
  • Signaling
  • How Many Firms Enter?
  • Innovation
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Strategic Substitutes and Complements
  • pt. SEVEN Pricing in Input Markets
  • ch. 16 Labor Markets
  • Allocation of Time
  • Mathematical Analysis of Labor Supply
  • Market Supply Curve for Labor
  • Labor Market Equilibrium
  • Wage Variation
  • Monopsony in the Labor Market
  • Labor Unions
  • Summary
  • Problems
  • Suggestions for Further Reading
  • ch. 17 Capital and Time
  • Capital and the Rate of Return
  • Determining the Rate of Return
  • Firm's Demand for Capital
  • Present Discounted Value Approach to Investment Decisions
  • Natural Resource Pricing
  • Summary
  • Problems
  • Suggestions for Further Reading
  • APPENDIX: The Mathematics of Compound Interest
  • Present Discounted Value
  • Continuous Time
  • pt. EIGHT Market Failure
  • ch. 18 Asymmetric Information
  • Complex Contracts as a Response to Asymmetric Information
  • Principal-Agent Model
  • Hidden Actions
  • Owner-Manager Relationship
  • Moral Hazard in Insurance
  • Hidden Types
  • Nonlinear Pricing
  • Adverse Selection in Insurance
  • Market Signaling
  • Auctions
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Nonlinear Pricing with a Continuum of Types
  • ch. 19 Externalities and Public Goods
  • Defining Externalities
  • Externalities and Allocative Inefficiency
  • Solutions to the Externality Problem
  • Attributes of Public Goods
  • Public Goods and Resource Allocation
  • Lindahl Pricing of Public Goods
  • Voting and Resource Allocation
  • Simple Political Model
  • Voting Mechanisms
  • Summary
  • Problems
  • Suggestions for Further Reading
  • Extensions: Pollution Abatement.
Other information
  • Includes bibliographical references and index.
ISBN
  • 9781111525538 (hbk.)
  • 1111525536 (hbk.)
Identifying numbers
  • LCCN: 2011928483
  • OCLC: 741724329
  • OCLC: 741724329