ISBN 9781107682382,Price Theory and Applications: Decisions, Markets, and Information

Price Theory and Applications: Decisions, Markets, and Information



Cambridge University Press

Publication Year 2012

ISBN 9781107682382

ISBN-10 110768238X

Paper Back

Edition 7th
Number of Pages 632 Pages
Language (English)


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).

Table of Contents
1. The nature and scope of economics
2. Working tools
3. Utility and preference
4. Consumption and demand
5. Applications and extensions of demand theory
6. The business firm
7. Equilibrium in the product market - competitive industry
8. Monopolies, cartels and networks
9. Product quality and product variety
10. Competition among the few: oligopoly and strategic behavior
11. Dealing with uncertainty - the economics of risk and information
12. The demand for factor services
13. Resource supply and factor-market equilibrium
14. Exchange, transaction costs and money
15. The economics of time
16. Welfare economics: the market and the state
17. Government, politics and conflict.