简介
This text emphasizes the conceptual foundations of microeconomics and provides concrete examples of their application while keeping mathematics to a minimum (chapter appendices cover calculus methods). Chapters have been kept short to facilitate reading at one sitting, and discuss consumer theory followed by producer theory, with more emphasis on consumer theory. This sixth edition contains a new chapter on applications of game theory, and expands coverage of economic models of information networks, and of rights management for information goods. Varian is dean of the School of Information Management and Systems at the University of California-Berkeley. Annotation c. Book News, Inc., Portland, OR (booknews.com)
目录
Table Of Contents:
Preface xix
1 The Market 1(19)
Constructing a Model 1(2)
Optimization and Equilibrium 3(1)
The Demand Curve 3(2)
The Supply Curve 5(2)
Market Equilibrium 7(2)
Comparative Statics 9(2)
Other Ways to Allocate Apartments 11(3)
The Discriminating Monopolist
The Ordinary Monopolist
Rent Control
Which Way Is Best? 14(1)
Pareto Efficiency 15(1)
Comparing Ways to Allocate Apartments 16(1)
Equilibrium in the Long Run 17(1)
Summary 18(1)
Review Questions 19(1)
2 Budget Constraint 20(14)
The Budget Constraint 20(1)
Two Goods Are Often Enough 21(1)
Properties of the Budget Set 22(2)
How the Budget Line Changes 24(2)
The Numeraire 26(1)
Taxes, Subsidies, and Rationing 26(5)
Example: The Food Stamp Program
Budget Line Changes 31(1)
Summary 31(1)
Review Questions 32(2)
3 Preferences 34(23)
Consumer Preferences 34(1)
Assumptions about Preferences 35(1)
Indifference Curves 36(1)
Examples of Preferences 37(7)
Perfect Substitutes
Perfect Complements
Bads
Neutrals
Satiation
Discrete Goods
Well-Behaved Preferences 44(4)
The Marginal Rate of Substitution 48(2)
Other Interpretations of the MRS 50(1)
Behavior of the MRS 51(1)
Summary 52(1)
Review Questions 52(5)
4 Utility 57(16)
Cardinal Utility 57(1)
Constructing a Utility Function 58(1)
Some Examples of Utility Functions 59(6)
Example: Indifference Curves from Utility Perfect Substitutes
Perfect Complements
Quasilinear Preferences
Cobb-Douglas Preferences
Marginal Utility 65(1)
Marginal Utility and MRS 66(1)
Utility for Commuting 67(2)
Summary 69(1)
Review Questions 70(1)
Appendix 70(3)
Example: Cobb-Douglas Preferences
5 Choice 73(23)
Optimal Choice 73(5)
Consumer Demand 78(1)
Some Examples 78(5)
Perfect Substitutes
Perfect Complements
Neutrals and Bads
Discrete Goods
Concave Preferences
Cobb-Douglas Preferences
Estimating Utility Functions 83(2)
Implications of the MRS Condition 85(1)
Choosing Taxes 86(3)
Summary 89(1)
Review Questions 89(1)
Appendix 90(6)
Example: Cobb-Douglas Demand Functions
6 Demand 96(22)
Normal and Inferior Goods 96(1)
Income Offer Curves and Engel Curves 97(2)
Some Examples 99(4)
Perfect Substitutes
Perfect Complements
Cobb-Douglas Preferences
Homothetic Preferences
Quasilinear Preferences
Ordinary Goods and Giffen Goods 103(3)
The Offer Curve and the Demand Curve 106(1)
Some Examples 107(4)
Perfect Substitutes
Perfect Complements
A Discrete Good
Substitutes and Complements 111(1)
The Inverse Demand Function 112(2)
Summary 114(1)
Review Questions 115(1)
Appendix 115(3)
7 Revealed Preference 118(18)
The Idea of Revealed Preference 118(1)
From Revealed Preference to Preference 119(2)
Recovering Preferences 121(2)
The Weak Axiom of Revealed Preference 123(1)
Checking WARP 124(3)
The Strong Axiom of Revealed Preference 127(1)
How to Check SARP 128(1)
Index Numbers 129(2)
Price Indices 131(2)
Example: Indexing Social Security Payments
Summary 133(1)
Review Questions 134(2)
8 Slutsky Equation 136(21)
The Substitution Effect 136(4)
Example: Calculating the Substitution Effect
The Income Effect 140(1)
Example: Calculating the Income Effect
Sign of the Substitution Effect 141(1)
The Total Change in Demand 142(1)
Rates of Change 143(3)
The Law of Demand 146(1)
Examples of Income and Substitution Effects 146(4)
Example: Rebating a Tax
Another Substitution Effect 150(3)
Compensated Demand Curves 153(1)
Summary 153(1)
Review Questions 154(1)
Appendix 154(3)
Example: Rebating a Small Tax
9 Buying and Selling 157(22)
Net and Gross Demands 157(1)
The Budget Constraint 158(2)
Changing the Endowment 160(1)
Price Changes 161(3)
Offer Curves and Demand Curves 164(2)
The Slutsky Equation Revisited 166(2)
Use of the Slutsky Equation 168(2)
Example: Calculating the Endowment Income Effect
Labor Supply 170(1)
The Budget Constraint
Comparative Statics of Labor Supply 171(4)
Example: Overtime and the Supply of Labor
Summary 175(1)
Review Questions 176(1)
Appendix 176(3)
10 Intertemporal Choice 179(20)
The Budget Constraint 179(3)
Preferences for Consumption 182(1)
Comparative Statics 183(1)
The Slutsky Equation and Intertemporal Choice 184(2)
Inflation 186(2)
Present Value: A Closer Look 188(1)
Analyzing Present Value for Several Periods 189(1)
Use of Present Value 190(4)
Example: Valuing a Stream of Payments Example: The True Cost of a Credit Card
Bonds 194(2)
Example: Installment Loans
Taxes 196(1)
Example: Scholarships and Savings
Choice of the Interest Rate 197(1)
Summary 198(1)
Review Questions 198(1)
11 Asset Markets 199(13)
Rates of Return 199(2)
Arbitrage and Present Value 201(1)
Adjustments for Differences among Assets 201(1)
Assets with Consumption Returns 202(1)
Taxation of Asset Returns 203(1)
Applications 204(4)
Depletable Resources
When to Cut a Forest
Example: Gasoline Prices during the Gulf War
Financial Institutions 208(1)
Summary 209(1)
Review Questions 210(1)
Appendix 210(2)
12 Uncertainty 212(18)
Contingent Consumption 212(4)
Utility Functions and Probabilities 216(1)
Example: Some Examples of Utility Functions
Expected Utility 217(1)
Why Expected Utility Is Reasonable 218(2)
Risk Aversion 220(4)
Example: The Demand for Insurance
Diversification 224(1)
Risk Spreading 224(1)
Role of the Stock Market 225(1)
Summary 226(1)
Review Questions 226(1)
Appendix 227(3)
Example: The Effect of Taxation on Investment in Risky Assets
13 Risky Assets 230(14)
Mean-Variance Utility 230(5)
Measuring Risk 235(2)
Equilibrium in a Market for Risky Assets 237(1)
How Returns Adjust 238(4)
Example: Ranking Mutual Funds
Summary 242(1)
Review Questions 242(2)
14 Consumer's Surplus 244(17)
Demand for a Discrete Good 244(1)
Constructing Utility from Demand 245(1)
Other Interpretations of Consumer's Surplus 246(1)
From Consumer's Surplus to Consumers' Surplus 247(1)
Approximating a Continuous Demand 247(1)
Quasilinear Utility 247(1)
Interpreting the Change in Consumer's Surplus 248(2)
Example: The Change in Consumer's Surplus
Compensating and Equivalent Variation 250(4)
Example: Compensating and Equivalent Variations
Example: Compensating and Equivalent Variation for Quasilinear Preferences
Producer's Surplus 254(2)
Calculating Gains and Losses 256(1)
Summary 257(1)
Review Questions 258(1)
Appendix 258(3)
Example: A Few Demand Functions
Example: CV, EV, and Consumer's Surplus
15 Market Demand 261(23)
From Individual to Market Demand 261(2)
The Inverse Demand Function 263(1)
Example: Adding Up "Linear" Demand Curves
Discrete Goods 264(1)
The Extensive and the Intensive Margin 264(1)
Elasticity 265(2)
Example: The Elasticity of a Linear Demand Curve
Elasticity and Demand 267(1)
Elasticity and Revenue 268(3)
Example: Strikes and Profits
Constant Elasticity Demands 271(1)
Elasticity and Marginal Revenue 272(2)
Example: Setting a Price
Marginal Revenue Curves 274(1)
Income Elasticity 275(1)
Summary 276(1)
Review Questions 277(1)
Appendix 278(6)
Example: The Laffer Curve
Example: Another Expression for Elasticity
16 Equilibrium 284(21)
Supply 284(1)
Market Equilibrium 284(1)
Two Special Cases 285(1)
Inverse Demand and Supply Curves 286(2)
Example: Equilibrium with Linear Curves
Comparative Statics 288(1)
Example: Shifting Both Curves
Taxes 289(4)
Example: Taxation with Linear Demand and Supply
Passing Along a Tax 293(2)
The Deadweight Loss of a Tax 295(6)
Example: The Market for Loans
Example: Food Subsidies
Pareto Efficiency 301(2)
Example: Waiting in Line
Summary 303(1)
Review Questions 304(1)
17 Technology 305(12)
Inputs and Outputs 305(1)
Describing Technological Constraints 306(1)
Examples of Technology 307(2)
Fixed Proportions
Perfect Substitutes
Cobb-Douglas
Properties of Technology 309(1)
The Marginal Product 310(1)
The Technical Rate of Substitution 311(1)
Diminishing Marginal Product 312(1)
Diminishing Technical Rate of Substitution 312(1)
The Long Run and the Short Run 313(1)
Returns to Scale 313(2)
Summary 315(1)
Review Questions 316(1)
18 Profit Maximization 317(18)
Profits 317(2)
The Organization of Firms 319(1)
Profits and Stock Market Value 319(2)
Fixed and Variable Factors 321(1)
Short-Run Profit Maximization 321(2)
Comparative Statics 323(1)
Profit Maximization in the Long Run 324(1)
Inverse Factor Demand Curves 325(1)
Profit Maximization and Returns to Scale 326(1)
Revealed Profitability 327(4)
Example: How Do Farmers React to Price Supports?
Cost Minimization 331(1)
Summary 331(1)
Review Questions 332(1)
Appendix 333(2)
19 Cost Minimization 335(14)
Cost Minimization 335(4)
Example: Minimizing Costs for Specific Technologies
Revealed Cost Minimization 339(1)
Returns to Scale and the Cost Function 340(2)
Long-Run and Short-Run Costs 342(2)
Fixed and Quasi-Fixed Costs 344(1)
Sunk Costs 344(1)
Summary 345(1)
Review Questions 345(1)
Appendix 346(3)
20 Cost Curves 349(16)
Average Costs 349(2)
Marginal Costs 351(2)
Marginal Costs and Variable Costs 353(4)
Example: Specific Cost Curves
Example: Marginal Cost Curves for Two Plants
Long-Run Costs 357(2)
Discrete Levels of Plant Size 359(2)
Long-Run Marginal Costs 361(1)
Summary 362(1)
Review Questions 362(1)
Appendix 363(2)
21 Firm Supply 365(18)
Market Environments 365(1)
Pure Competition 366(2)
The Supply Decision of a Competitive Firm 368(2)
An Exception 370(1)
Another Exception 371(2)
Example: Pricing Operating Systems
The Inverse Supply Function 373(1)
Profits and Producer's Surplus 373(4)
Example: The Supply Curve for a Specific Cost Function
The Long-Run Supply Curve of a Firm 377(1)
Long-Run Constant Average Costs 378(1)
Summary 379(1)
Review Questions 380(1)
Appendix 381(2)
22 Industry Supply 383(23)
Short-Run Industry Supply 383(1)
Industry Equilibrium in the Short Run 384(1)
Industry Equilibrium in the Long Run 385(2)
The Long-Run Supply Curve 387(4)
Example: Taxation in the Long Run and in the Short Run
The Meaning of Zero Profits 391(1)
Fixed Factors and Economic Rent 392(2)
Example: Taxi Licenses in New York City
Economic Rent 394(2)
Rental Rates and Prices 396(1)
Example: Liquor Licenses
The Politics of Rent 397(2)
Example: Farming the Government
Energy Policy 399(3)
Two-Tiered Oil Pricing
Price Controls
The Entitlement Program
Summary 402(1)
Review Questions 403(3)
23 Monopoly 406(19)
Maximizing Profits 406(1)
Linear Demand Curve and Monopoly 407(2)
Markup Pricing 409(2)
Example: The Impact of Taxes on a Monopolist
Inefficiency of Monopoloy 411(2)
Deadweight Loss of Monopoly 413(3)
Example: The Optimal Life of a Patent
Natural Monopoly 416(2)
What Causes Monopolies? 418(3)
Example: Diamonds Are Forever
Example: Pooling in Auction Markets
Summary 421(1)
Review Questions 422(1)
Appendix 423(2)
24 Monopoly Behavior 425(21)
Price Discrimination 425(1)
First-Degree Price Discrimination 425(2)
Second-Degree Price Discrimination 427(4)
Example: Price Discrimination in Airfares
Third-Degree Price Discrimination 431(4)
Example: Linear Demand Curves
Example: Calculating Optimal Price Discrimination
Example: Price Discrimination in Academic Journals
Bundling 435(2)
Example: Software Suites
Two-Part Tariffs 437(1)
Monopolistic Competition 438(6)
Example: A Location Model of Product Differentiation
Product Differentiation 444(1)
Summary 444(1)
Review Questions 445(1)
25 Factor Markets 446(13)
Monopoly in the Output Market 446(3)
Monopsony 449(4)
Example: The Minimum Wage
Upstream and Downstream Monopolies 453(2)
Summary 455(1)
Review Questions 456(1)
Appendix 456(3)
26 Oligopoly 459(21)
Choosing a Strategy 459(1)
Quantity Leadership 459(6)
The Follower's Problem
The Leader's Problem
Price Leadership 465(2)
Comparing Price Leadership and Quantity Leadership 467(1)
Simultaneous Quantity Setting 467(2)
An Example of Cournot Equilibrium 469(2)
Adjustment to Equilibrium 471(1)
Many Firms in Cournot Equilibrium 471(1)
Simultaneous Price Setting 472(1)
Collusion 473(5)
Example: Price Matching and Competition
Example: Voluntary Export Restraints
Comparison of the Solutions 478(1)
Summary 478(1)
Review Questions 479(1)
27 Game Theory 480(16)
The Payoff Matrix of a Game 480(2)
Nash Equilibrium 482(1)
Mixed Strategies 483(1)
The Prisoner's Dilemma 484(2)
Repeated Games 486(1)
Enforcing a Cartel 487(2)
Example: Tit for Tat in Airline Pricing
Sequential Games 489(2)
A Game of Entry Deterrence 491(2)
Summary 493(1)
Review Questions 493(3)
28 Exchange 496(26)
The Edgeworth Box 496(2)
Trade 498(1)
Pareto Efficient Allocations 499(2)
Market Trade 501(2)
The Algebra of Equilibrium 503(2)
Walras' Law 505(1)
Relative Prices 506(2)
Example: An Algebraic Example of Equilibrium
The Existence of Equilibrium 508(1)
Equilibrium and Efficiency 509(1)
The Algebra of Efficiency 510(3)
Example: Monopoly in the Edgeworth Box
Efficiency and Equilibrium 513(2)
Implications of the First Welfare Theorem 515(2)
Implications of the Second Welfare Theorem 517(2)
Summary 519(1)
Review Questions 520(1)
Appendix 520(2)
29 Production 522(23)
The Robinson Crusoe Economy 522(2)
Crusoe, Inc. 524(1)
The Firm 525(1)
Robinson's Problem 526(1)
Putting Them Together 527(1)
Different Technologies 528(2)
Production and the First Welfare Theorem 530(1)
Production and the Second Welfare Theorem 531(1)
Production Possibilities 531(2)
Comparative Advantage 533(2)
Pareto Efficiency 535(2)
Castaways, Inc. 537(2)
Robinson and Friday as Consumers 539(1)
Decentralized Resource Allocation 540(1)
Summary 540(1)
Review Questions 541(1)
Appendix 542(3)
30 Welfare 545(13)
Aggregation of Preferences 545(2)
Social Welfare Functions 547(2)
Welfare Maximization 549(2)
Individualistic Social Welfare Functions 551(1)
Fair Allocations 552(1)
Envy and Equity 553(2)
Summary 555(1)
Review Questions 555(1)
Appendix 556(2)
31 Externalities 558(20)
Smokers and Nonsmokers 558(3)
Quasilinear Preferences and the Coase Theorem 561(2)
Production Externalities 563(5)
Example: Pollution Vouchers
Interpretation of the Conditions 568(3)
Market Signals 571(1)
The Tragedy of the Commons 571(4)
Example: Overfishing
Automobile Pollution 575(1)
Summary 576(1)
Review Questions 577(1)
32 Law and Economics 578(13)
Crime and Punishment 578(3)
Qualifications 581(1)
Liability Law 582(2)
Bilateral Accidents 584(2)
Treble Damages in Antitrust Law 586(3)
Seeking to Be Damaged
Which Model Is Right? 589(1)
Summary 589(1)
Review Questions 589(2)
33 Information Technology 591(15)
Network Externalities 591(1)
Markets with Network Externalities 592(2)
Market Dynamics 594(3)
Example: Network Externalities in Computer Software
Implications of Network Externalities 597(1)
Copying Intellectual Property 598(1)
The Optimal Fine 598(3)
The Developer's Dilemma
Sharing Intellectual Property 601(2)
Summary 603(1)
Review Questions 604(1)
Appendix 604(2)
34 Public Goods 606(24)
When to Provide a Public Good? 606(4)
Private Provision of the Public Good 610(1)
Free Riding 611(1)
Different Levels of the Public Good 612(2)
Quasilinear Preferences and Public Goods 614(2)
Example: Pollution Revisited
The Free Rider Problem 616(2)
Comparison to Private Goods 618(1)
Voting 619(3)
Example: Agenda Manipulation
Demand Revelation 622(4)
Example: An Example of the Clarke Tax
Problems with the Clarke Tax 626(1)
Summary 627(1)
Review Questions 627(1)
Appendix 628(2)
35 Asymmetric Information 630
The Market for Lemons 630(1)
Quality Choice 631(2)
Choosing the Quality
Adverse Selection 633(2)
Moral Hazard 635(1)
Moral Hazard and Adverse Selection 636(1)
Signaling 637(4)
Example: The Sheepskin Effect
Incentives 641(5)
Example: Voting Rights in the Corporation
Example: Chinese Economic Reforms
Asymmetric Information 646(3)
Example: Monitoring Costs
Example: The Grameen Bank
Summary 649(1)
Review Questions 650
Mathematical Appendix
Functions A1(1)
Graphs A2(1)
Properties of Functions A2(1)
Inverse Functions A3(1)
Equations and Identities A3(1)
Linear Functions A4(1)
Changes and Rates of Change A4(1)
Slopes and Intercepts A5(1)
Absolute Values and Logarithms A6(1)
Derivatives A6(1)
Second Derivatives A7(1)
The Product Rule and the Chain Rule A8(1)
Partial Derivatives A8(1)
Optimization A9(1)
Constrained Optimization A10(1)
Answers A11(20)
Index A31
Preface xix
1 The Market 1(19)
Constructing a Model 1(2)
Optimization and Equilibrium 3(1)
The Demand Curve 3(2)
The Supply Curve 5(2)
Market Equilibrium 7(2)
Comparative Statics 9(2)
Other Ways to Allocate Apartments 11(3)
The Discriminating Monopolist
The Ordinary Monopolist
Rent Control
Which Way Is Best? 14(1)
Pareto Efficiency 15(1)
Comparing Ways to Allocate Apartments 16(1)
Equilibrium in the Long Run 17(1)
Summary 18(1)
Review Questions 19(1)
2 Budget Constraint 20(14)
The Budget Constraint 20(1)
Two Goods Are Often Enough 21(1)
Properties of the Budget Set 22(2)
How the Budget Line Changes 24(2)
The Numeraire 26(1)
Taxes, Subsidies, and Rationing 26(5)
Example: The Food Stamp Program
Budget Line Changes 31(1)
Summary 31(1)
Review Questions 32(2)
3 Preferences 34(23)
Consumer Preferences 34(1)
Assumptions about Preferences 35(1)
Indifference Curves 36(1)
Examples of Preferences 37(7)
Perfect Substitutes
Perfect Complements
Bads
Neutrals
Satiation
Discrete Goods
Well-Behaved Preferences 44(4)
The Marginal Rate of Substitution 48(2)
Other Interpretations of the MRS 50(1)
Behavior of the MRS 51(1)
Summary 52(1)
Review Questions 52(5)
4 Utility 57(16)
Cardinal Utility 57(1)
Constructing a Utility Function 58(1)
Some Examples of Utility Functions 59(6)
Example: Indifference Curves from Utility Perfect Substitutes
Perfect Complements
Quasilinear Preferences
Cobb-Douglas Preferences
Marginal Utility 65(1)
Marginal Utility and MRS 66(1)
Utility for Commuting 67(2)
Summary 69(1)
Review Questions 70(1)
Appendix 70(3)
Example: Cobb-Douglas Preferences
5 Choice 73(23)
Optimal Choice 73(5)
Consumer Demand 78(1)
Some Examples 78(5)
Perfect Substitutes
Perfect Complements
Neutrals and Bads
Discrete Goods
Concave Preferences
Cobb-Douglas Preferences
Estimating Utility Functions 83(2)
Implications of the MRS Condition 85(1)
Choosing Taxes 86(3)
Summary 89(1)
Review Questions 89(1)
Appendix 90(6)
Example: Cobb-Douglas Demand Functions
6 Demand 96(22)
Normal and Inferior Goods 96(1)
Income Offer Curves and Engel Curves 97(2)
Some Examples 99(4)
Perfect Substitutes
Perfect Complements
Cobb-Douglas Preferences
Homothetic Preferences
Quasilinear Preferences
Ordinary Goods and Giffen Goods 103(3)
The Offer Curve and the Demand Curve 106(1)
Some Examples 107(4)
Perfect Substitutes
Perfect Complements
A Discrete Good
Substitutes and Complements 111(1)
The Inverse Demand Function 112(2)
Summary 114(1)
Review Questions 115(1)
Appendix 115(3)
7 Revealed Preference 118(18)
The Idea of Revealed Preference 118(1)
From Revealed Preference to Preference 119(2)
Recovering Preferences 121(2)
The Weak Axiom of Revealed Preference 123(1)
Checking WARP 124(3)
The Strong Axiom of Revealed Preference 127(1)
How to Check SARP 128(1)
Index Numbers 129(2)
Price Indices 131(2)
Example: Indexing Social Security Payments
Summary 133(1)
Review Questions 134(2)
8 Slutsky Equation 136(21)
The Substitution Effect 136(4)
Example: Calculating the Substitution Effect
The Income Effect 140(1)
Example: Calculating the Income Effect
Sign of the Substitution Effect 141(1)
The Total Change in Demand 142(1)
Rates of Change 143(3)
The Law of Demand 146(1)
Examples of Income and Substitution Effects 146(4)
Example: Rebating a Tax
Another Substitution Effect 150(3)
Compensated Demand Curves 153(1)
Summary 153(1)
Review Questions 154(1)
Appendix 154(3)
Example: Rebating a Small Tax
9 Buying and Selling 157(22)
Net and Gross Demands 157(1)
The Budget Constraint 158(2)
Changing the Endowment 160(1)
Price Changes 161(3)
Offer Curves and Demand Curves 164(2)
The Slutsky Equation Revisited 166(2)
Use of the Slutsky Equation 168(2)
Example: Calculating the Endowment Income Effect
Labor Supply 170(1)
The Budget Constraint
Comparative Statics of Labor Supply 171(4)
Example: Overtime and the Supply of Labor
Summary 175(1)
Review Questions 176(1)
Appendix 176(3)
10 Intertemporal Choice 179(20)
The Budget Constraint 179(3)
Preferences for Consumption 182(1)
Comparative Statics 183(1)
The Slutsky Equation and Intertemporal Choice 184(2)
Inflation 186(2)
Present Value: A Closer Look 188(1)
Analyzing Present Value for Several Periods 189(1)
Use of Present Value 190(4)
Example: Valuing a Stream of Payments Example: The True Cost of a Credit Card
Bonds 194(2)
Example: Installment Loans
Taxes 196(1)
Example: Scholarships and Savings
Choice of the Interest Rate 197(1)
Summary 198(1)
Review Questions 198(1)
11 Asset Markets 199(13)
Rates of Return 199(2)
Arbitrage and Present Value 201(1)
Adjustments for Differences among Assets 201(1)
Assets with Consumption Returns 202(1)
Taxation of Asset Returns 203(1)
Applications 204(4)
Depletable Resources
When to Cut a Forest
Example: Gasoline Prices during the Gulf War
Financial Institutions 208(1)
Summary 209(1)
Review Questions 210(1)
Appendix 210(2)
12 Uncertainty 212(18)
Contingent Consumption 212(4)
Utility Functions and Probabilities 216(1)
Example: Some Examples of Utility Functions
Expected Utility 217(1)
Why Expected Utility Is Reasonable 218(2)
Risk Aversion 220(4)
Example: The Demand for Insurance
Diversification 224(1)
Risk Spreading 224(1)
Role of the Stock Market 225(1)
Summary 226(1)
Review Questions 226(1)
Appendix 227(3)
Example: The Effect of Taxation on Investment in Risky Assets
13 Risky Assets 230(14)
Mean-Variance Utility 230(5)
Measuring Risk 235(2)
Equilibrium in a Market for Risky Assets 237(1)
How Returns Adjust 238(4)
Example: Ranking Mutual Funds
Summary 242(1)
Review Questions 242(2)
14 Consumer's Surplus 244(17)
Demand for a Discrete Good 244(1)
Constructing Utility from Demand 245(1)
Other Interpretations of Consumer's Surplus 246(1)
From Consumer's Surplus to Consumers' Surplus 247(1)
Approximating a Continuous Demand 247(1)
Quasilinear Utility 247(1)
Interpreting the Change in Consumer's Surplus 248(2)
Example: The Change in Consumer's Surplus
Compensating and Equivalent Variation 250(4)
Example: Compensating and Equivalent Variations
Example: Compensating and Equivalent Variation for Quasilinear Preferences
Producer's Surplus 254(2)
Calculating Gains and Losses 256(1)
Summary 257(1)
Review Questions 258(1)
Appendix 258(3)
Example: A Few Demand Functions
Example: CV, EV, and Consumer's Surplus
15 Market Demand 261(23)
From Individual to Market Demand 261(2)
The Inverse Demand Function 263(1)
Example: Adding Up "Linear" Demand Curves
Discrete Goods 264(1)
The Extensive and the Intensive Margin 264(1)
Elasticity 265(2)
Example: The Elasticity of a Linear Demand Curve
Elasticity and Demand 267(1)
Elasticity and Revenue 268(3)
Example: Strikes and Profits
Constant Elasticity Demands 271(1)
Elasticity and Marginal Revenue 272(2)
Example: Setting a Price
Marginal Revenue Curves 274(1)
Income Elasticity 275(1)
Summary 276(1)
Review Questions 277(1)
Appendix 278(6)
Example: The Laffer Curve
Example: Another Expression for Elasticity
16 Equilibrium 284(21)
Supply 284(1)
Market Equilibrium 284(1)
Two Special Cases 285(1)
Inverse Demand and Supply Curves 286(2)
Example: Equilibrium with Linear Curves
Comparative Statics 288(1)
Example: Shifting Both Curves
Taxes 289(4)
Example: Taxation with Linear Demand and Supply
Passing Along a Tax 293(2)
The Deadweight Loss of a Tax 295(6)
Example: The Market for Loans
Example: Food Subsidies
Pareto Efficiency 301(2)
Example: Waiting in Line
Summary 303(1)
Review Questions 304(1)
17 Technology 305(12)
Inputs and Outputs 305(1)
Describing Technological Constraints 306(1)
Examples of Technology 307(2)
Fixed Proportions
Perfect Substitutes
Cobb-Douglas
Properties of Technology 309(1)
The Marginal Product 310(1)
The Technical Rate of Substitution 311(1)
Diminishing Marginal Product 312(1)
Diminishing Technical Rate of Substitution 312(1)
The Long Run and the Short Run 313(1)
Returns to Scale 313(2)
Summary 315(1)
Review Questions 316(1)
18 Profit Maximization 317(18)
Profits 317(2)
The Organization of Firms 319(1)
Profits and Stock Market Value 319(2)
Fixed and Variable Factors 321(1)
Short-Run Profit Maximization 321(2)
Comparative Statics 323(1)
Profit Maximization in the Long Run 324(1)
Inverse Factor Demand Curves 325(1)
Profit Maximization and Returns to Scale 326(1)
Revealed Profitability 327(4)
Example: How Do Farmers React to Price Supports?
Cost Minimization 331(1)
Summary 331(1)
Review Questions 332(1)
Appendix 333(2)
19 Cost Minimization 335(14)
Cost Minimization 335(4)
Example: Minimizing Costs for Specific Technologies
Revealed Cost Minimization 339(1)
Returns to Scale and the Cost Function 340(2)
Long-Run and Short-Run Costs 342(2)
Fixed and Quasi-Fixed Costs 344(1)
Sunk Costs 344(1)
Summary 345(1)
Review Questions 345(1)
Appendix 346(3)
20 Cost Curves 349(16)
Average Costs 349(2)
Marginal Costs 351(2)
Marginal Costs and Variable Costs 353(4)
Example: Specific Cost Curves
Example: Marginal Cost Curves for Two Plants
Long-Run Costs 357(2)
Discrete Levels of Plant Size 359(2)
Long-Run Marginal Costs 361(1)
Summary 362(1)
Review Questions 362(1)
Appendix 363(2)
21 Firm Supply 365(18)
Market Environments 365(1)
Pure Competition 366(2)
The Supply Decision of a Competitive Firm 368(2)
An Exception 370(1)
Another Exception 371(2)
Example: Pricing Operating Systems
The Inverse Supply Function 373(1)
Profits and Producer's Surplus 373(4)
Example: The Supply Curve for a Specific Cost Function
The Long-Run Supply Curve of a Firm 377(1)
Long-Run Constant Average Costs 378(1)
Summary 379(1)
Review Questions 380(1)
Appendix 381(2)
22 Industry Supply 383(23)
Short-Run Industry Supply 383(1)
Industry Equilibrium in the Short Run 384(1)
Industry Equilibrium in the Long Run 385(2)
The Long-Run Supply Curve 387(4)
Example: Taxation in the Long Run and in the Short Run
The Meaning of Zero Profits 391(1)
Fixed Factors and Economic Rent 392(2)
Example: Taxi Licenses in New York City
Economic Rent 394(2)
Rental Rates and Prices 396(1)
Example: Liquor Licenses
The Politics of Rent 397(2)
Example: Farming the Government
Energy Policy 399(3)
Two-Tiered Oil Pricing
Price Controls
The Entitlement Program
Summary 402(1)
Review Questions 403(3)
23 Monopoly 406(19)
Maximizing Profits 406(1)
Linear Demand Curve and Monopoly 407(2)
Markup Pricing 409(2)
Example: The Impact of Taxes on a Monopolist
Inefficiency of Monopoloy 411(2)
Deadweight Loss of Monopoly 413(3)
Example: The Optimal Life of a Patent
Natural Monopoly 416(2)
What Causes Monopolies? 418(3)
Example: Diamonds Are Forever
Example: Pooling in Auction Markets
Summary 421(1)
Review Questions 422(1)
Appendix 423(2)
24 Monopoly Behavior 425(21)
Price Discrimination 425(1)
First-Degree Price Discrimination 425(2)
Second-Degree Price Discrimination 427(4)
Example: Price Discrimination in Airfares
Third-Degree Price Discrimination 431(4)
Example: Linear Demand Curves
Example: Calculating Optimal Price Discrimination
Example: Price Discrimination in Academic Journals
Bundling 435(2)
Example: Software Suites
Two-Part Tariffs 437(1)
Monopolistic Competition 438(6)
Example: A Location Model of Product Differentiation
Product Differentiation 444(1)
Summary 444(1)
Review Questions 445(1)
25 Factor Markets 446(13)
Monopoly in the Output Market 446(3)
Monopsony 449(4)
Example: The Minimum Wage
Upstream and Downstream Monopolies 453(2)
Summary 455(1)
Review Questions 456(1)
Appendix 456(3)
26 Oligopoly 459(21)
Choosing a Strategy 459(1)
Quantity Leadership 459(6)
The Follower's Problem
The Leader's Problem
Price Leadership 465(2)
Comparing Price Leadership and Quantity Leadership 467(1)
Simultaneous Quantity Setting 467(2)
An Example of Cournot Equilibrium 469(2)
Adjustment to Equilibrium 471(1)
Many Firms in Cournot Equilibrium 471(1)
Simultaneous Price Setting 472(1)
Collusion 473(5)
Example: Price Matching and Competition
Example: Voluntary Export Restraints
Comparison of the Solutions 478(1)
Summary 478(1)
Review Questions 479(1)
27 Game Theory 480(16)
The Payoff Matrix of a Game 480(2)
Nash Equilibrium 482(1)
Mixed Strategies 483(1)
The Prisoner's Dilemma 484(2)
Repeated Games 486(1)
Enforcing a Cartel 487(2)
Example: Tit for Tat in Airline Pricing
Sequential Games 489(2)
A Game of Entry Deterrence 491(2)
Summary 493(1)
Review Questions 493(3)
28 Exchange 496(26)
The Edgeworth Box 496(2)
Trade 498(1)
Pareto Efficient Allocations 499(2)
Market Trade 501(2)
The Algebra of Equilibrium 503(2)
Walras' Law 505(1)
Relative Prices 506(2)
Example: An Algebraic Example of Equilibrium
The Existence of Equilibrium 508(1)
Equilibrium and Efficiency 509(1)
The Algebra of Efficiency 510(3)
Example: Monopoly in the Edgeworth Box
Efficiency and Equilibrium 513(2)
Implications of the First Welfare Theorem 515(2)
Implications of the Second Welfare Theorem 517(2)
Summary 519(1)
Review Questions 520(1)
Appendix 520(2)
29 Production 522(23)
The Robinson Crusoe Economy 522(2)
Crusoe, Inc. 524(1)
The Firm 525(1)
Robinson's Problem 526(1)
Putting Them Together 527(1)
Different Technologies 528(2)
Production and the First Welfare Theorem 530(1)
Production and the Second Welfare Theorem 531(1)
Production Possibilities 531(2)
Comparative Advantage 533(2)
Pareto Efficiency 535(2)
Castaways, Inc. 537(2)
Robinson and Friday as Consumers 539(1)
Decentralized Resource Allocation 540(1)
Summary 540(1)
Review Questions 541(1)
Appendix 542(3)
30 Welfare 545(13)
Aggregation of Preferences 545(2)
Social Welfare Functions 547(2)
Welfare Maximization 549(2)
Individualistic Social Welfare Functions 551(1)
Fair Allocations 552(1)
Envy and Equity 553(2)
Summary 555(1)
Review Questions 555(1)
Appendix 556(2)
31 Externalities 558(20)
Smokers and Nonsmokers 558(3)
Quasilinear Preferences and the Coase Theorem 561(2)
Production Externalities 563(5)
Example: Pollution Vouchers
Interpretation of the Conditions 568(3)
Market Signals 571(1)
The Tragedy of the Commons 571(4)
Example: Overfishing
Automobile Pollution 575(1)
Summary 576(1)
Review Questions 577(1)
32 Law and Economics 578(13)
Crime and Punishment 578(3)
Qualifications 581(1)
Liability Law 582(2)
Bilateral Accidents 584(2)
Treble Damages in Antitrust Law 586(3)
Seeking to Be Damaged
Which Model Is Right? 589(1)
Summary 589(1)
Review Questions 589(2)
33 Information Technology 591(15)
Network Externalities 591(1)
Markets with Network Externalities 592(2)
Market Dynamics 594(3)
Example: Network Externalities in Computer Software
Implications of Network Externalities 597(1)
Copying Intellectual Property 598(1)
The Optimal Fine 598(3)
The Developer's Dilemma
Sharing Intellectual Property 601(2)
Summary 603(1)
Review Questions 604(1)
Appendix 604(2)
34 Public Goods 606(24)
When to Provide a Public Good? 606(4)
Private Provision of the Public Good 610(1)
Free Riding 611(1)
Different Levels of the Public Good 612(2)
Quasilinear Preferences and Public Goods 614(2)
Example: Pollution Revisited
The Free Rider Problem 616(2)
Comparison to Private Goods 618(1)
Voting 619(3)
Example: Agenda Manipulation
Demand Revelation 622(4)
Example: An Example of the Clarke Tax
Problems with the Clarke Tax 626(1)
Summary 627(1)
Review Questions 627(1)
Appendix 628(2)
35 Asymmetric Information 630
The Market for Lemons 630(1)
Quality Choice 631(2)
Choosing the Quality
Adverse Selection 633(2)
Moral Hazard 635(1)
Moral Hazard and Adverse Selection 636(1)
Signaling 637(4)
Example: The Sheepskin Effect
Incentives 641(5)
Example: Voting Rights in the Corporation
Example: Chinese Economic Reforms
Asymmetric Information 646(3)
Example: Monitoring Costs
Example: The Grameen Bank
Summary 649(1)
Review Questions 650
Mathematical Appendix
Functions A1(1)
Graphs A2(1)
Properties of Functions A2(1)
Inverse Functions A3(1)
Equations and Identities A3(1)
Linear Functions A4(1)
Changes and Rates of Change A4(1)
Slopes and Intercepts A5(1)
Absolute Values and Logarithms A6(1)
Derivatives A6(1)
Second Derivatives A7(1)
The Product Rule and the Chain Rule A8(1)
Partial Derivatives A8(1)
Optimization A9(1)
Constrained Optimization A10(1)
Answers A11(20)
Index A31
- 名称
- 类型
- 大小
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