Price Theory and Applications: Decisions, Markets, and Information

Jack Hirshleifer, Amihai Glazer, David Hirshleifer

Cambridge University Press, Sep 12, 2005 - Business & Economics - 630 pages

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).

Contents

• 1 The Nature and Scope of Economics: 3
• 2 Working Tools: 27
• II Preference Consumption and Demand: 67
• 3 Utility and Preference: 69
• 4 Consumption and Demand: 93
• 5 Applications and Extensions of Demand Theory: 127
• III The Firm and the Industry: 155
• 6 The Business Firm: 157
• 7 Equilibrium in the Product Market Competitive Industry: 191
• 8 Monopolies Cartels and Networks: 221
• 9 Product Quality and Product Variety: 257
• Oligopoly and Strategic Behavior: 279
• 11 Dealing with Uncertainty The Economics of Risk and Information: 307
• IV Factor Markets and Income Distribution: 337
• 12 The Demand for Factor Services: 339
• 13 Resource Supply and FactorMarket Equilibrium: 375
• V Exchange: 407
• 14 Exchange Transaction Costs and Money: 409
• VI Economics and Time: 453
• 15 The Economics of Time: 455
• VII Political Economy: 495
• The Market and the State: 497
• 17 Government Politics and Conflict: 537
• Answers to Selected Questions: 567
• Name Index: 597
• Subject Index: 601

Popular passages

Page 13 - How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.

Page 19 - In civilized society, he stands at all times in need of the co-operation and assistance of great multitudes, while his whole life is scarce sufficient to gain the friendship of a few persons.

Page 6 - The battle to feed all of humanity is over. In the 1970s the world will undergo famines — hundreds of millions of people are going to starve to death in spite of any crash programs embarked upon now.

Page 4 - I should say, like some we have heard of; no, a dreary, desolate, and indeed quite abject and distressing one; what we might call, by way of eminence, the dismal science.

About the author

Jack Hirshleifer was a Fellow of the American Academy of Arts and Sciences and a Fellow of the Econometric Society. He served as Vice-President of the American Economic Association and as President of the Western Economic Association, and as a member of the Editorial Boards of the American Economic Review, the Journal of Economic Behavior and Organization, and of the new Journal of Bioeconomics. In 2000 he was elected a Distinguished Fellow of the American Economic Association.

Amihai Glazer is Professor of Economics at the University of California, Irvine. He formerly taught at the Hebrew University, Carnegie Mellon University, and the University of Tampere, Finland. The author of more than 80 articles in professional journals, Professor Glazer is coauthor with Jack Hirshleifer of the Fifth Edition of Price Theory and Applications, coauthor with Laurence Rothenberg of Why Government Succeeds and Why It Fails (2001), and coeditor with Kai Konrad of Conflict and Governance (2003). He is a coeditor of the journal Economics of Governance.

David Hirshleifer holds the Ralph M. Kurtz Chair of Finance at The Ohio State University. He previously taught at the Anderson School of UCLA and the University of Michigan Business School. The coauthor with Jack Hirshleifer of the Sixth Edition of Price Theory and Applications, David Hirshleifer has served as a director of the American Finance Association, editor of the Review of Financial Studies, and as associate editor or coeditor of several other journals in finance, economics, and corporate strategy. His papers have received a number of research awards, including the 1999 Smith-Breeden Award for the outstanding paper in the Journal of Finance.

Bibliographic information

• Title: Price Theory and Applications: Decisions, Markets, and Information
• Authors: Jack Hirshleifer, Amihai Glazer, David Hirshleifer
• Edition: 7, revised
• Publisher: Cambridge University Press, 2005
• ISBN: 1139445456, 9781139445450
• Length: 630 pages
• Subjects: Business & Economics / Economics / General; Business & Economics / Economics / Microeconomics; Business & Economics / General