Microeconomic Theory for the Social Sciences

ISBN-13: 9789811635403 / Angielski / Miękka / 2021 / 543 str.

Takashi Hayashi

Recenzje

"A large textbook written by the known economic theorist, covering seemingly all possible sections of modern microeconomics, and it is intended for a wide scope of readers learning and specializing in economics and other social sciences." (Vladimir Gorbunov, zbMATH 1483.91002, 2022)

Spis treści

Part I: Individual Choice

1: On the concept of “rationality” in economics

2: Choice objects and choice opportunities

3: Preference

4: So-called utility function

5: Choice and demand

6: Demand analysis

7: Willingness to pay and consumer surplus

8: Intertemporal choice

9: Choice under risk

10: Revealed preference

 

Part II: Perfectly Competitive and Complete Market with Complete Information

11: Perfectly competitive and complete market with complete information

12: Competitive equilibrium in exchange economies

13: Efficiency of competitive allocation

14: Production technology

15: Profit maximization and cost minimization

16: Cost curve and competitive supply

17: Competitive equilibrium in production economies

18: Partial equilibrium analysis

 

Part III: Imperfect competition and game theory

19: Monopoly

20: Basic game theory I: normal-form games

21: Basic game theory II: extensive-form games

22: Oligopoly

 

Part IV: Economic Analysis with Incomplete Information

23: Basic game theory III: games with incomplete information

24: Auction

25: Trade with incomplete information

 

Part V: Market Failure and Normative Economic Analysis

26: Externality

27: Public goods and the free-rider problem

28: Indivisibility and heterogeneity

29: Efficiency, welfare comparison and fairness

30: Aggregation of preferences and social choice

31: Implementability of social choice objectives

 

Postscripts

 

Solutions to the exercises

O autorze

Takashi Hayashi is Professor in economics at the University of Glasgow. His research fields are decision theory, social choice/implementation theory and general equilibrium theory.

He received his Ph.D. (2004) from The University of Rochester. He was Assistant Professor of economics at The University of Texas at Austin (2004-2012).

His works include General Equilibrium Foundation of Partial Equilibrium Analysis (Palgrave Macmillan, 2017) as well as academic papers such as “Smallness of a commodity and partial equilibrium analysis” (Journal of Economic Theory, 2013), “Implementation in partial equilibrium” (Journal of Economic Theory, 2017, co-authored with Michele Lombardi) and “Self-fulfilling regression and statistical discrimination” (International Journal of Economic Theory, 2019).

Blurb

This textbook covers microeconomic theory at the level of intermediate and advanced undergraduates. It is also intended as an introduction for those with other intellectual and academic backgrounds who may not necessarily agree with “mainstream” economists but at least are interested knowing how they think and see things.

The book provides thorough explanations of definitions and assumptions that the theory is based upon. It provides comprehensive accounts of motivations and reservations behind the theory. As well, it precisely presents the logical process of how the assumptions lead to the conclusion, conveying the intuition and the key of the arguments.

An abundance of topics is included here: individual choice, general equilibrium, partial equilibrium, game theory, imperfect competition, transaction under incomplete information, market failures, welfare economics, social choice and mechanism design. The book is a valuable resource for any reader studying or simply interested in microeconomic theory.