Price Theory and Applications: Decisions, Markets, and Information

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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).
 

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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
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

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
17 Government Politics and Conflict
537
Answers to Selected Questions
567
Name Index
597
Subject Index
601
Copyright

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About the author (2005)

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.

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