Price Theory and Applications Decisions Markets and Information 7th Edition by JACK HIRSHLEIFER, AMIHAI GLAZER, DAVID HIRSHLEIFER ISBN 0521523424 9780521523424

Price Theory and Applications Decisions Markets and Information 7th Edition by JACK HIRSHLEIFER, AMIHAI GLAZER, DAVID HIRSHLEIFER – Ebook PDF Instant Download/Delivery:  0521523424, 9780521523424
Full download Price Theory and Applications Decisions Markets and Information 7th edition after payment

Product details:

ISBN 10: 0521523424
ISBN 13: 9780521523424
Author: JACK HIRSHLEIFER, AMIHAI GLAZER, DAVID HIRSHLEIFER

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).

Price Theory and Applications Decisions Markets and Information 7th Table of contents:

I Introduction

1 The Nature and Scope of Economics

1.1 Economics as a Social Science

1.2 “Economic Man”

Rationality

Human Goals – The Self-Interest Assumption

Ignorance and Uncertainty

1.3 Market and Nonmarket Interactions

1.4 Allocation by Prices – The Market System

1.5 Behavior Within Organizations

1.6 Positive and Normative Analysis: ”Is” Versus ”Ought”

1.7 Elements of the Economic System

Decision-Making Agents in the Economy

Scarcity, Objects of Choice, and Economic Activities

1.8 Microeconomics and Macroeconomics

SUMMARY

QUESTIONS

2 Working Tools

2.1 Equilibrium: Supply-Demand Analysis

Balancing Supply and Demand

How Changes in Supply and Demand Affect Equilibrium

Algebra of Supply-Demand Analysis

An Application: Introducing a New Supply Source

Taxes on Transactions

An Application: Interdicting Supply

Price Ceilings and Price Floors

2.2 Finding an Optimum

The Logic of Total, Average, and Marginal Concepts

How Total, Average, and Marginal Magnitudes Are Related

An Application: Foraging – When Is It Time to Pack Up and Leave?

SUMMARY

QUESTIONS

II Preference, Consumption, and Demand

3 Utility and Preference

3.1 The Laws of Preference

3.2 Utility and Preference

Cardinal versus Ordinal Utility

Utility of Commodity Baskets

3.3 Characteristics of Indifference Curves

3.4 More on Goods and Bads

An Application: Charity

3.5 The Sources and Content of Preference

SUMMARY

QUESTIONS

4 Consumption and Demand

4.1 The Optimum of the Consumer

The Geometry of Consumer Choice

Optimum of the Consumer (Cardinal Utility)

Optimum of the Consumer (Ordinal Utility)

4.2 Complements and Substitutes

4.3 The Consumer’s Response to Changing Opportunities

The Income Expansion Path

The Engel Curve

Price Expansion Path and Demand Curve

4.4 Income and Substitution Effects of a Price Change

An Application: How Can the Giffen Case Come About? How Likely Is It?

4.5 From Individual Demand to Market Demand

4.6 An Application: Subsidy versus Voucher

SUMMARY

QUESTIONS

5 Applications and Extensions of Demand Theory

5.1 The Engel Curve and the Income Elasticity of Demand

5.2 The Demand Curve and the Price Elasticity of Demand

5.3 The Cross-Elasticity of Demand

5.4 Fitting a Demand Curve

Constant Slope versus Constant Elasticity

General Demand Functions

5.5 Determinants of Responsiveness of Demand to Price

5.6 Multiple Constraints – Rationing

Coupon Rationing

Point Rationing

SUMMARY

QUESTIONS

III The Firm and the Industry

6 The Business Firm

6.1 Why Firms? Entrepeneur, Owner, Manager

Economic Profit versus Accounting Profit

The Separation of Ownership and Control

6.2 The Optimum of the Firm in Pure Competition

The Shutdown Decision

An Application: Division of Output among Plants

6.3 Cost Functions

Short Run versus Long Run

Rising Costs and Diminishing Returns

6.4 An Application: Peak versus Off-Peak Operation

SUMMARY

QUESTIONS

7 Equilibrium in the Product Market – Competitive Industry

7.1 The Supply Function

From Firm Supply to Market Supply: The Short Run

Long-Run and Short-Run Supply

External Economies and Diseconomies

7.2 Firm Survival and the Zero-Profit Theorem

7.3 The Benefits of Exchange: Consumer Surplus and Producer Surplus

An Application: The Water-Diamond Paradox

An Application: Benefits of an Innovation

7.4 Transaction Taxes and Other Hindrances to Trade

Transaction Taxes

Supply Quotas

An Application: Import Quotas

Price Ceilings and “Shortages”

SUMMARY

QUESTIONS

8 Monopolies, Cartels, and Networks

8.1 The Monopolist’s Profit-Maximizing Optimum

Price-Quantity Solution

Monopoly versus Competitive Solutions

An Application: Author versus Publisher

An Application: Monopolist with Competitive Fringe

8.2 Monopoly and Economic Efficiency

8.3 Regulation of Monopoly

8.4 Monopolistic Price Discrimination

Market Segmentation

Block Pricing

Perfect Discrimination

8.5 Cartels

8.6 Network Externalities

Demand for a Network Good

Monopoly or Competition?

The Lock-in Issue

SUMMARY

QUESTIONS

9 Product Quality and Product Variety

9.1 Quality

Quality under Competition and Monopoly

An Application: Suppression of Inventions

Cartels and Quality

9.2 Variety

Product Variety under Monopoly

Blending Monopoly and Competition – Monopolistic Competition

SUMMARY

QUESTIONS

10 Competition Among the Few: Oligopoly and Strategic Behavior

10.1 Strategic Behavior: The Theory of Games

Patterns of Payoffs

An Application: Public Goods – Two-Person versus Multiperson Prisoners’ Dilemma

Pure Strategies

Mixed Strategies

10.2 Duopoly – Identical Products

Quantity Competition

Price Competition

An Application: “Most-Favored-Customer” Clause

10.3 Duopoly – Differentated Products

Quantity Competition

Price Competition

10.4 Oligopoly, Collusion, and Numbers

An Application: The “Kinked” Demand Curve

Oligopoly and Numbers

SUMMARY

QUESTIONS

11 Dealing with Uncertainty – The Economics of Risk and Information

11.1 Decisions Under Uncertainty

Expected Gain versus Expected Utility

Risk Aversion

Risk-Bearing and Insurance

11.2 The Value of Information

11.3 Asymmetric Information

Adverse Selection – The Lemons Problem

Conveying Quality through Reputation

Do Prices Signal Quality? Information as a Public Good

Conveying Information – Advertising

11.4 Herd Behavior and Informational Cascades

11.5 Copyright, Patents, and Intellectual Property Rights

IV Factor Markets and Income Distribution

12 The Demand for Factor Services

12.1 Production and Factor Employment with a Single Variable Input

The Production Function

Diminishing Returns

From Production Function to Cost Function

The Firm’s Demand for a Single Variable Input

12.2 Production and Factor Employment with Several Variable Inputs

The Production Function

Factor Balance and Factor Employment

The Firm’s Demand for Inputs

12.3 The Industry’s Demand for Inputs

12.4 Monopsony in the Factor Market

12.5 An Application: Minimum-Wage Laws

SUMMARY

QUESTIONS

13 Resource Supply and Factor-Market Equilibrium

13.1 The Optimum of the Resource-Owner

An Application: The Incentive Effects of “Welfare” and Social Security

13.2 Personnel Economics: Managerial Applications of Employment Theory

The Principal-Agent Problem

Paying by the piece

Signalling

13.3 Factor-Market Equilibrium

From Individual Supply to Market Supply

Demand and Supply Together

An Application: Sources of Growing Wage Inequality

13.4 Monopolies and Cartels in Factor Supply

13.5 The “Functional” Distribution of Income

The Traditional Classification: Land, Labor, and Capital

Capital, Rate of Return, and Interest

13.6 Economic Rent

SUMMARY

QUESTIONS

V Exchange

14 Exchange, Transaction Costs, and Money

14.1 Pure Exchange: The Edgeworth Box

14.2 Supply and Demand in Pure Exchange

An Application: Market Experiments in Economics

14.3 Exchange and Production

14.4 Imperfect Markets: Costs of Exchange

How Perfect Are Markets?

Proportional Transaction Costs

Lump-Sum Transaction Costs

14.5 The Role of Money

Money as Medium of Exchange

Money as Temporary Store of Value

14.6 An Application: Auctions

The English Auction

Sealed-Bid Second-Price Auction

Sealed-Bid First-Price Auction

The Dutch Auction

SUMMARY

QUESTIONS

VI Economics and Time

15 The Economics of Time

15.1 Present versus Future

15.2 Consumption Choices Over Time: Pure Exchange

Borrowing-Lending Equilibrium with Zero Net Investment

An Application: Double Taxation of Saving?

15.3 Production and Consumption Over Time: Saving and Investment

15.4 Investment Decisions and Project Analysis

The Separation Theorem

The Present-Value Rule

The Rate of Return (ROR) Rule

15.5 Real Interest and Monetary Interest: Allowing for Inflation

15.6 The Multiplicity of Interest Rates

An Application: The Discount Rate for Project Analysis

15.7 The Fundamentals of Investment, Saving, and Interest

SUMMARY

QUESTIONS

VII Political Economy

16 Welfare Economics: The Market and the State

16.1 Goals of Economic Policy

Efficiency versus Equity

Utilitarianism

Efficiency as the Sum of Consumer Surplus and Producer Surplus

Efficient Allocations in the Edgeworth Box

“Equity” Reconsidered

An Application: How to Divide a Cake

16.2 The Theorem of the Invisible Hand: The Role of Prices

Efficient Consumption

Efficient Production

Efficient Balance between Production and Consumption

16.3 “Market Failures”

Monopoly

Externalities

The Coase Theorem

16.4 The Commons: The Consequences of Unrestricted Access

16.5 Public goods

Efficient Production and Consumption of Public Goods

Voluntary Provision of Nonexcludable Public Goods – Free-Riding

An Extension: Weakest-Link Versus Best-Shot Models of Public Goods

16.6 Appropriative and Rent-Seeking

SUMMARY

QUESTIONS

17 Government, Politics, and Conflict

17.1 The Other Side of the Coin: Government Failures

Corruption as Government Failure

Political Competition and Its Limits

Politics and Special Interests

17.2 Voting as an Instrument of Control

Majority and Minority – “Log-Rolling”

The Cycling Paradox

The Median-Voter Theorem

17.3 Conflict and Cooperation

Sources of Cooperation and Conflict

Conflict and Game Theory

An Application: Should You Pay Ransom?

SUMMARY

QUESTIONS

People also search for Price Theory and Applications Decisions Markets and Information 7th :

price theory and applications hirshleifer

price theory and applications

price theory and applications decisions markets and information

applied theory of price

implications of theory x

Tags: JACK HIRSHLEIFER, AMIHAI GLAZER, DAVID HIRSHLEIFER, Price Theory, Applications Decisions