Synopses & Reviews
Microeconomics: Equilibrium and Efficiency
is an innovative textbook that introduces microeconomic theory in an applied way, making use of real-world empirical examples.
· Concise and intuitive: students will not only become familiar with the building blocks of the subject, but also gain a broad understanding of microeconomic theory and models.
· Empirical, real-world examples: all economic concepts are developed in a measurable way. Performance measures are derived and applied to firms, industries, and national economies.
· Systemic approach: the economy is considered as a system, looking at how its different parts interact, how prices are formed and how markets are interconnected.
· Unique innovations: for example, general equilibrium theory is introduced making use of Negishi's method - that is, equilibrium analysis follows the techniques used in empirical models.
· Coverage of modern topics such as environmental economics, information and optimal search, and the theory of inequality measurement.
· End-of-chapter summaries and exercises, with answers in the appendix.
Thijs ten Raa's unique approach bridges the gap between microeconomic theory and applied economics, helping students understand applied models that are used widely in industry, economic planning, trade, and environmental studies. Written in a lucid, clear and direct style, it is an ideal textbook for advanced undergraduate and graduate students.
Microeconomics: Equilibrium and Efficiency teaches how to apply microeconomic theory in an innovative, intuitive and concise way. Using real-world, empirical examples, this book not only covers the building blocks of the subject, but helps gain a broad understanding of microeconomic theory and models.
About the Author
THIJS TEN RAA is Associate Professor of Economics at Tilburg and a member of CentER, which was recently ranked by the European Economic Association (EEA) as first among all economic research institutes outside North America. He is known as a meticulous researcher and precise writer in the fields of econometrics, business productivity, and world trade.
Table of Contents
PART I: ECONOMIC PRINCIPLES
Economic Building Blocks and the Importance of Elasticities
Scarcities and how they are Priced
PART II: THE DEMAND SIDE OF THE ECONOMY
Utility and Expenditures
Demand: Income and Substitution Effects
Measuring Consumer Well-being
PART III: THE SUPPLY SIDE OF THE ECONOMY
Production Analysis: Inputs, Outputs, Coefficients, and Productivity
Supply and Market Power
PART IV: BUILDING THE MODEL OF THE ECONOMY
PART V: PUTTING THE MODEL TO USE
Measuring Economic Performance
Market Forms and Competition Policy
PART VI: MARKET IMPERFECTIONS
Game Theory and the New Industrial Organization
Analyzing Uncertainty and Missing Information
Search, Transaction, and Switching Costs