Rating:

( 64 )

231 pages

Language:

en

Modern microeconomics book explains the advanced version of traditional microeconomic theories.

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Description

Content

Reviews

This book provides the explanation of modern theories with simple examples. The consumer equilibrium, production function, game theory, information economics and social welfare are the major topics of this book. You will also find the systematic analysis of the consumer utility and behavior. It is most relevant topic to the decision making of consumer. The revealed preferences, rational choice, utility maximization, indirect utility function, Roy’s identity, Expenditure minimization function are the important topics of this book. Furthermore the book provides an explanation of modern theory of production function. There are different types of production functions and technology is used in each production function. Input output analysis, cost minimization, short run and long run costs, homogenous and heterogeneous production function, duality of costs and different types of technology in production function is strength of this book. The theory of Kalecki and kaldor of factor share in production function is also part of this book.

- Preface
- Acknowledgement

- Consumer preference and utility
- Introduction
- Preference relations
- Utility function
- Lexicographic ordering
- Demand function
- Revealed Preference Theory
- The Weak Axiom of Revealed Preference (WARP)
- Indirect utility function
- Expenditure function
- The expenditure minimization problem
- The Hicksian demand function
- The Von Neumann-Morganstern utility function
- Measures of Risk Aversion
- Questions

- The Production Function
- Inputs to output function
- Technology specification
- Input requirement set
- The transformation function
- Monotonic technologies
- Convex technology
- Regular technology
- Cobb-Douglas technology
- Leontief technology
- The technical rate of substitution
- Elasticity of substitution
- Variation in scale
- Revised technical rate of substitution
- Homogenous and heterogeneous production function
- The Envelope theorem for constrained optimization
- Duality of cost and the production function
- Michael Kalechi’s theory
- Neo-Keynesian model of distribution (Kaldor Model)
- Questions

- Game Theory
- Introduction
- The rules of the Game
- The prisoner’s dilemma: A dominant strategy
- Equilibrium strategies
- The Cournot model
- Solution to the Cournot model by the Stackelberg equilibrium
- The Bertrand paradox
- Intertemporal dimensions
- The folk theorem
- Conclusion
- Questions

- Information Economics
- Introduction
- The asymmetric information model
- The principal-agent model: The production game
- Optimal contracts: The Broadway game
- Moral hazard: Hidden information
- Pooling and separating equilibrium: the salesman game
- Efficiency wage hypothesis
- Adverse selection
- Lemon models
- Adverse selection under uncertainty: Insurance game III
- Signalling
- Screening
- Questions

- General equilibrium and welfare economics
- Introduction
- The Walrasian equilibrium of a competitive economy
- Stability proposition
- Edgeworth’s exchange theory
- Welfare economics
- Pareto efficiency conditions
- The Edgeworth box diagram
- Welfare functions and the Pareto criterion
- First theorem of welfare economics
- The second theorem of welfare economics: (STWE)
- Market failure and second best
- Instances of market failure
- The Coase theorem
- Questions

- Bibliography

Bonito libro, sin embargo debe cuidarse mucho el tratamiento algebraíco.