Microeconomics Books
Cambridge University Press Productivity Accounting
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£32.29
Cambridge University Press Monopsony in Law and Economics
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£54.15
Cambridge University Press Asymmetric Information in Financial Markets
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£90.24
Cambridge University Press Asymmetric Information in Financial Markets
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£33.24
Cambridge University Press An Introduction to Economic Dynamics
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£94.99
Cambridge University Press An Introduction to Economic Dynamics
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£42.74
Cambridge University Press The Economics of Contracts
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£85.50
Cambridge University Press International Refugee Law and SocioEconomic Rights Refuge from Deprivation Cambridge Studies in International and Comparative Law Series Number 51
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£108.30
Cambridge University Press The Economics of InputOutput Analysis
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£61.75
Cambridge University Press Emissions Trading for Climate Policy
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£95.00
Cambridge University Press Standards and Public Policy
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£104.50
Cambridge University Press Perspectives on Innovation
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£85.50
Cambridge University Press Allocation in the European Emissions Trading Scheme Rights Rents and Fairness
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£103.11
Cambridge University Press Uncertain Demographics and Fiscal Sustainability
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£66.50
Cambridge University Press Productivity Accounting
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£104.50
Cambridge University Press Public Economics and the Household
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£100.70
Cambridge University Press Intermediate Microeconomics with Microsoft Excel
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£62.69
Cambridge University Press Public Finance with Behavioural Agents
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£17.00
Cambridge University Press A Course in Stochastic Game Theory
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£29.99
Cambridge University Press Imperfect Perception and Stochastic Choice in Experiments
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£17.00
Cambridge University Press Mighty Microeconomics
Book SynopsisBased on a best-selling Japanese text that sold more than 65,000 copies, the book is written in a chatty, colloquial style without compromising the rigor of explaining microeconomic theories. Interspersed with illuminating real-life examples, the book encourages readers to think like an economist with insights on social justice and philosophy.Trade Review'Mighty Microeconomics combines precise arguments, compelling applications, and deep reflection on the problems of the modern age. It takes students on an unforgettable intellectual journey to make them better citizens who can understand and participate in the choices we must make to create a better world.' Paul Milgrom, Leonard and Shirley Ely Professor of Economics, Stanford University'This is one of the best introductions to modern microeconomics. By going through page by page with pen and paper at hand, readers will begin to understand how the activities of selfish and near-sighted people will be spontaneously organized into the social division of labor - a wonder of the 'invisible hand.' Nobuhiro Kiyotaki, Harold H Helm '20 Professor of Economics and Banking, Princeton University'This book provides a self-contained journey from the very basics of economic thinking to the standard graduate-course fare, remaining mathematically rigorous but readily accessible throughout. Those who have never studied economics, those whose life's work is economic research, and everyone in between will find this book valuable.' Larry Samuelson, A. Douglas Melamed Professor of Economics, Yale University'This book gives a great overview of the core ideas in microeconomics. It is ideal as supplementary reading for an undergraduate class, or for self-study by anyone who is interested in seeing what formal microeconomics theory is about.' Drew Fudenberg, Paul A Samuelson Professor of Economics, Massachusetts Institute of Technology'Written in a lucid style, Mighty Microeconomics guides complete beginners to an advanced level, advanced enough to be a prudent and well-reserved theorist, through clear, precise, and thoughtful yet plain expositions.' Takashi Hayashi, Professor of Economics, University of GlasgowTable of ContentsPart I. Price Theory: Merits and Limitations of the Market Mechanism: 1. Theory of Consumer Behavior; 2. The Theory of Firm Behavior; 3. Market Equilibrium; 4. Market Failures; 5. Monopolies; Part II. Game Theory and Economics of Information: 6. Simultaneous-Move Games and Nash Equilibrium; 7. Dynamic Games and Credible Strategies; 8. Insurance and Moral Hazard; 9. Adverse Selection and Signaling; 10. Last but not Least – Let's Talk about Social Justice and Philosophy; Appendix A. Essential Mathematical Concepts: All You Need to Know to Read this Book; Appendix B. Constrained Maximization Problems and the Method of Lagrange Multiplier; Appendix C. Compensating Variation and Equivalent Variation; Appendix D. A Step-by-Step Guide to Proving the Second Welfare Theorem.
£85.50
Cambridge University Press Wellbeing
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£76.00
Cambridge University Press Microeconomics for Managers
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£109.25
Cambridge University Press Estimation of Structural Models Using Experimental Data From the Lab and the Field
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£17.00
Cambridge University Press Behavioural Economics and Policy for Pandemics
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£81.00
Cambridge University Press Behavioural Economics and Policy for Pandemics
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£28.49
Cambridge University Press Dog Economics
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£66.50
Cambridge University Press Mixed Oligopoly and Public Enterprises
Book SynopsisThis Element offers a review and synthesis of the theoretical analysis of mixed oligopoly, that is a hybrid market structure in which public (state-owned) and private firms interact, using a variety of strategic variables.
£47.49
Cambridge University Press Stochastic Choice Theory
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£99.00
Cambridge University Press From Decision Theory to Game Theory
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£121.50
Cambridge University Press Economics of Electricity
Book SynopsisA comprehensive and up-to-date discussion of the economic rationale behind the production, delivery and exchange of electricity. A must read for those who want to learn and teach the specificities of electricity markets and understand how these markets can be optimally designed to produce and deliver electricity effectively and efficiently.Trade Review'This book fills an important gap in the market for a graduate level textbook of electricity economics that sets out the physics, mathematics, economics and institutional elements needed to understand modern electricity markets. A mastery of this excellent text should provide a solid grounding to enable the student to understand, and ideally contribute to, the electricity economics literature, which can appear complex and daunting to even a well-trained micro-economist or electrical engineer.' David Newbery, Director of the Energy Policy Research Group (EPRG), University of CambridgeTable of ContentsIntroduction; Part I. Introduction to Energy and Electricity: 1. Basic principles, definitions and unit measures; 2. Introduction to electricity; brief history of the power industry; Part II. The Basic Design of the Electricity Systems and Markets: 3. The electricity systems and the electricity supply chain; 4. The four market designs of the electricity system; 5. Energy products and the time-dimension of electricity markets; 6. Some principles of regulation of the electricity sector; Part III. Simplified Isolated Markets without Network Congestions: 7. Load and power generation; 8. The centralized solution of optimal dispatching; 9. Welfare maximisation with time - varying load; 10. The market solution to optimal dispatching; 11. Balancing markets; Part IV. Competition in Wholesale Electricity Markets: 12. Wholesale market competition; 13. Market power in electricity markets; Part V. Introducing Transmission Networks: Network Congestions and Electricity Import-Export: 14. Electricity transmission: basic principles; 15. Meshed networks and congestion; 16. Transmission pricing in practice; 17. From nodal prices to transmission capacity expansion; 18. Transmission rights and price risk hedging; Part VI. Economics of Electricity Retail Markets: 19. Retail competition: supplying electricity to final consumers; 20. Assessing the benefits of retail competition; Part VII. Investing in Power Generation: 21. Optimal investment in power generation; 22. Energy-only markets vs markets with capacity remuneration mechanisms; 23. Capacity remuneration mechanisms; Part VIII. Environmental Challenges and the Future of Electricity Markets: 24. Global warming and the electricity markets; 25. Renewable energy sources and electricity production; 26. The integration of renewable energy sources in the electricity system; 27. Smart grids.
£104.50
Cambridge University Press Transatlantic Defence Procurement
Book SynopsisThis study offers a comparative insight into the regulation of defence procurement in the US and EU and significantly contributes to the contemporary debate on barriers to transatlantic trade. Primarily aimed at lawyers interested in procurement and international trade, acquisition professionals and researchers.Table of ContentsPreface; 1. The transatlantic defence market in the context of defence trade cooperation; 2. Sources of EU defence procurement law; 3. Excluded contracts under the defence directive and cooperative procurement; 4. Third country modes of participation in the EU market for defence procurement; 5. The defence directive as a potential barrier to trade with the United States; 6. Sources of US federal defence procurement law; 7. Foreign participation in open competition under US law; 8. Non-competitive procurement under US law; 9. US law on foreign acquisition; 10. Government-to-government contracts and offsets; 11. Regulating defence procurement in a transatlantic defence market and beyond: plotting a legal discourse.
£45.98
Cambridge University Press Famine and Scarcity in Late Medieval and Early Modern England
Book SynopsisSurveying government and crowd responses ranging from the late Middle Ages through to the early modern era, Buchanan Sharp''s illuminating study examines how the English government responded to one of the most intractable problems of the period: famine and scarcity. The book provides a comprehensive account of famine relief in the late Middle Ages and evaluates the extent to which traditional market regulations enforced by thirteenth-century kings helped shape future responses to famine and scarcity in the sixteenth century. Analysing some of the oldest surviving archival evidence of public response to famine, Sharp reveals that food riots in England occurred as early as 1347, almost two centuries earlier than was previously thought. Charting the policies, public reactions and royal regulations to grain shortage, Sharp provides a fascinating contribution to our understanding of the social, economic, cultural and political make-up of medieval and early modern England.Table of ContentsIntroduction; 1. Early market regulation to 1327; 2. The response of Edward II and his government to the Great Famine; 3. The food riots of 1347; 4. Royal paternalism and the response to dearth, 1349–1376; 5. Scarcity and food riots, 1377–1439; 6. Harvest failure and scarcity in the reign of Henry VIII; 7. The official language of the Commonwealth and the popular response to scarcity in the reign of Henry VIII; 8. The moral economy, 1547–1631 and beyond; Bibliography; Index.
£31.90
Cambridge University Press The Psychology of Risk
Book SynopsisSince the first edition of The Psychology of Risk there have been enormous macro-economic and socio-political changes globally - the chaos in the world banking system and the financial crisis and recessions that it presaged; the Arab Spring and the revolutionary shifts in power in the Middle East with rippled consequences around the world; the development of ever-more sophisticated cyber-terrorism that can strike the private individual or the nation state with equal ease. Amidst these changes in the face of hazard, do the psychological models built to explain human reactions to risk still apply? Has the research over the last few years resulted in an improvement in our understanding of how people perceive and act in relation to risk? In this second edition Professor Dame Breakwell uses illustrations and current examples to address these questions and provide a totally up-to-the minute review of what is known about the psychology of risk.Trade Review'This updated second edition of The Psychology of Risk is a captivating book. Once again Professor Glynis Breakwell has produced a most insightful volume, crammed with all the latest theoretical findings running from affect heuristic to nudge, and contemporary risk examples. It is essential reading for policy makers, consultants and academics who have an interest in risk.' Ragnar Lofstedt, King's College London'The second edition of Glynis Breakwell's book The Psychology of Risk provides a comprehensive, accurate and appealing review of the complex research field of risk perception. It can serve as a valuable resource for advanced students as well as risk managers, communicators and regulators.' Ortwin Renn, University of Stuttgart, and President of the International Society for Risk Analysis (SRA)'In this carefully updated, timely text, Breakwell provides rigorous analysis and insights into the social psychological consequences of, and resources for, living in a world of increasing risk and uncertainty.' Caroline Howarth, London School of Economics and Political Science'This thoughtful, comprehensive and engaging book will be immensely valuable to students, researchers, and anyone charged with making important decisions in the face of risk.' Paul Slovic, University of Oregon and Decision Research, and author of The Perception of RiskTable of Contents1. A social psychological framework for analysing risk; 2. Hazard perception; 3. Individual and group differences in risk perception; 4. Decision-making about risks; 5. Risk and emotion; 6. Risk communication; 7. Errors and accidents, emergencies and disasters; 8. Risk management: risk in complex systems; 9. Social amplification, social representations and identity processes; 10. Changing risk reactions: lessons from the psychology of risk.
£42.74
Cambridge University Press A Practitioners Guide to Stochastic Frontier Analysis Using Stata
Book SynopsisA Practitioner's Guide to Stochastic Frontier Analysis Using Stata provides practitioners with a step-by-step guide on how to conduct efficiency analysis using the stochastic frontier approach. Immensely helpful to the applied researcher, it bridges the chasm between theory and practice, expanding the range of applications in which production frontier analysis may be implemented.Trade Review'A competent empirical application of Stochastic Frontier Analysis (SFA) requires a clear understanding of both the production economics and the econometric theory behind the specified model side by side with adequate programming skills to write the necessary software codes. Apart from a clear exposition of the economic theory behind various stochastic frontier models that represent the technology (like the Distance Functions) and/or producer behavior (like the Cost or Profit Functions) and the relevant econometric theory, the authors offer detailed instructions on how to write the commands for various models in Stata and explain how to interpret the results. This book will prove to be invaluable for every serious researcher using SFA to measure production efficiency.' Subhash C. Ray, University of Connecticut'This book is a significant contribution to an applied introduction to stochastic frontier analysis. The authors explain clearly many of the models used in efficiency estimation, which has become a standard tool in the arsenal of applied economics. They explain clearly the models and the assumptions and provide a thorough introduction to estimating performance and efficiency for the practitioner. The many scientific fields in which efficiency and performance measurement are important will benefit immensely from the book not only because of its clarity and concreteness but also because the models are taken directly to practice using Stata, standard software used by many researchers. The combination of theory and practical application is masterfully done in this book, and practitioners in a vast number of fields will find it indispensable for their research.' Mike G. Tsionas, Athens University of Economics and BusinessTable of Contents1. Introduction; 2. Production, distance, cost, and profit functions; 3. Production frontier models; 4. Cost frontier models; 5. Profit frontier models; 6. Cost system models; 7. Profit system models; 8. Primal cost models; 9. Profit primal models; 10. Panel models; 11. Productivity and profitability; 12. Looking ahead.
£42.74
Cambridge University Press A Short Course in Intermediate Microeconomics
Book SynopsisThis second edition retains the positive features of being clearly written, well organized, and incorporating calculus in the text, while adding expanded coverage on game theory, experimental economics, and behavioural economics. It remains more focused and manageable than similar textbooks, and provides a concise yet comprehensive treatment of the core topics of microeconomics, including theories of the consumer and of the firm, market structure, partial and general equilibrium, and market failures caused by public goods, externalities and asymmetric information. The book includes helpful solved problems in all the substantive chapters, as well as over seventy new mathematical exercises and enhanced versions of the ones in the first edition. The authors make use of the book''s full color with sharp and helpful graphs and illustrations. This mathematically rigorous textbook is meant for students at the intermediate level who have already had an introductory course in microeconomics, anTrade Review'There are many textbooks covering intermediate microeconomics, but this one is distinctive for how clearly yet concisely it conveys the material. I highly recommend it.' Eric Maskin, Nobel Laureate in Economics, Harvard University, Massachusetts'This thoughtfully conceived and beautifully written textbook covers all of the material that one would hope to see in a modern course on intermediate microeconomics, from consumer theory and general equilibrium, to game theory and markets with asymmetric information. Rich examples and exercises follow each chapter and, all-combined, make this a masterfully executed book.' Philip J. Reny, Hugo F. Sonnenschein Distinguished Service Professor in Economics, University of ChicagoTable of Contents1. Introduction; Part I. Theory of the Consumer: 2. Preferences and utility; 3. The budget constraint and the consumer's optimal choice; 4. Demand functions; 5. Supply functions for labor and savings; 6. Welfare economics 1: the one-person case; 7. Welfare economics 2: the many-person case; Part II. Theory of the Producer: 8. Theory of the firm 1: the single-input model; 9. Theory of the firm 2: the long run, multiple-input model; 10. Theory of the firm 3: the short run, multiple-input model; Part III. Partial Equilibrium: Market Structure: 11. Perfectly competitive markets; 12. Monopoly and monopolistic competition; 13. Duopoly; 14. Game theory; Part IV. General Equilibrium: 15. An exchange economy; 16. A production economy; Part V. Market Failure: 17. Externalities; 18. Public goods; 19. Uncertainty and expected utility; 20. Uncertainty and asymmetric information.
£52.24
Cambridge University Press Institutions Property Rights and Economic Growth
Book SynopsisThis volume showcases the impact of the work of Douglass North, winner of the Nobel Prize and father of the field of new institutional economics. It speaks concisely about his legacy across multiple social sciences disciplines, specifically on scholarship pertaining to the understanding of property rights and economic growth.Table of Contents1. Introduction Itai Sened and Sebastian Galiani; 2. The contribution of Douglass North to new institutional economics Claude Ménard and Mary M. Shirley; 3. Persistence and change in institutions: the evolution of Douglass North John Joseph Wallis; 4. The new institutionalism Robert Bates; 5. 'The rules of the game': what rules? Which game? Kenneth A. Shepsle; 6. Institutions and sustainability of ecological systems Elinor Ostrom; 7. Land property rights Sebastian Galiani and Ernesto Schargrodsky; 8. Endogenous institutions: law as a coordinating device Gillian K. Hadfield and Barry R. Weingast; 9. Culture, institutions, and modern growth Joel Mokyr; 10. What really happened during the Glorious Revolution? Steven C. A. Pincus and James A. Robinson; 11. The grand experiment that wasn't? New institutional economics and the postcommunist experience Scott Gehlbach and Edmund J. Malesky; 12. Using economic experiments to measure informal institutions Pamela Jakiela; 13. Experimental evidence on the workings of democratic institutions Pedro Dal Bó.
£29.44
Cambridge University Press Welfare Theory Public Action and Ethical Values
Book SynopsisIt is widely held that economists, as scientists, should not consider ethical values, even in welfare economics and policy evaluation. This volume challenges this view and shows that ethical values have actually been pervasive and important when considering applied issues.Trade Review'Welfare Theory, Public Action, and Ethical Values is a collection of twelve essays at the intersection of the historical analysis of welfare economics and its contemporary challenges. The volume ties multiple and complex themes - fairness, wellbeing, the role of the individual in society - into a balanced whole. Many of the issues raised will be of the most fundamental importance to economic theory and public economics in the coming decades.' Marianne Johnson, University of Wisconsin, Oshkosh'Normative economics is generally tightly associated to welfarism, the view according to which states of affairs should be evaluated only according to individual welfare as measured by utility. The contributions in this book establish that this received view is misconceived. On the basis of carefully argued historical studies, the contributors show that several major economists have departed from welfarist principles when tackling practical and policy issues. This historical assessment of the importance of welfarism in normative economics was much needed, at a time where economists have to deal with pressing problems such as climate change or the rise of economic inequality that involve a wide range of ethical values.' Cyril Hédoin, University of Reims Champagne-Ardenne'This volume is a collection of highly thoughtful essays by various scholars. The essays provide fresh insights into the writings of some of the most prominent thinkers who have influenced the evolution of welfare economics. The volume is an important contribution to the history of welfare economics; it deserves a place in the bookshelves of every economist interested in conceptual issues relating to individual well-being and social welfare.' Prasanta K. Pattanaik , University of California, Riverside'The individual preference satisfaction-based version of welfarism that dominated welfare economics since the middle of the twentieth century has always had critics, but in recent decades these critical voices have become more influential. These changes have many sources, but two that stand out are the capability approach originating with Amartya Sen, and behavioral welfare economics originating in attempts to reconcile welfare and behavioral economics. This volume clearly demonstrates that non-welfarist positions have actually been much more prevalent in the history of economics than generally recognized by either practicing economists or most historians of economic thought.' Wade Hands, University of Puget Sound'This book is a must read for anyone interested in the history of welfare economics, a new and very exciting stream of research. This highly original collective work convincingly showing how economists step outside from the welfarist framework when engaged with practice. The book thus challenges the common idea that economists have adopted a welfarist approach.' Herrade Igersheim-Chauvet, French National Center for Scientific ResearchTable of ContentsIntroduction: revisiting the history of welfare economics Roger E. Backhouse, Antoinette Baujard and Tamotsu Nishizawa; Part I. Plurality of Welfare in the Making of Welfare Economics: 1. Ruskin's romantic triangle: neither wealth nor beauty but life Yuichi Shionoya; 2. Radicalism versus Ruskin: quality and quantity in Hobson's welfare economics Peter Cain; 3. Alfred Marshall on progress and human wellbeing Tamotsu Nishizawa; 4. Pigou's welfare economics revisited: a non-welfarist and non-utilitarian interpretation Satoshi Yamazaki; 5. To which kind of welfare did Léon Walras refer? The theorems and the state Richard Arena; 6. Value judgement within Pareto's economic and sociological approaches to welfare Rogerio Arthmar and Michael McClure; Part II. Developing Modern Welfare Economics: 7. John Hicks's farewell to economic welfarism: how deeply rooted and far reaching is his Non-Welfarist Manifesto? Kotaro Suzumura; 8. Individualism and ethics: Paul Samuelson's welfare economics Roger E. Backhouse; 9. Non welfarism in the early debates over the Coase theorem: the case of environmental economics Steven Medema; 10. Richard Musgrave and the idea of community Maxime Desmarais-Tremblay; 11. Non-welfaristic features of Kenneth Arrow's ideas of justice Nao Saito; 12. Beyond welfarism: the potential and limitations of the capability approach Constanze Binder; 13. The influence of Sen's applied economics on his non-welfarist approach to justice: agency at the core of public action for removing injustices Muriel Gilardone; Conclusion Roger E. Backhouse, Antoinette Baujard, and Tamotsu Nishizawa.
£95.00
Cambridge University Press Twenty Lectures on Algorithmic Game Theory
Book SynopsisThis book gives students a quick and accessible introduction to many of the most important concepts in the field of algorithmic game theory. It demonstrates these concepts through case studies in online advertising, wireless spectrum auctions, kidney exchange, and network management.Trade Review'There are several features of this book that make it very well suited both for the classroom and for self-study … if your interest is in understanding how game theory, economics and computer science are cross-pollinating to address challenges of the design of online strategic interactions, this is the book to start with. It is clear, well-organized and makes a compelling introduction to a vibrant field.' David Burke, MAA ReviewsTable of Contents1. Introduction and examples; 2. Mechanism design basics; 3. Myerson's Lemma; 4. Algorithmic mechanism design 34; 5. Revenue-maximizing auctions; 6. Simple near-optimal auctions; 7. Multi-parameter mechanism design; 8. Spectrum auctions; 9. Mechanism design with payment constraints; 10. Kidney exchange and stable matching; 11. Selfish routing and the price of anarchy; 12. Network over-provisioning and atomic selfish routing; 13. Equilibria: definitions, examples, and existence; 14. Robust price-of-anarchy bounds in smooth games; 15. Best-case and strong Nash equilibria; 16. Best-response dynamics; 17. No-regret dynamics; 18. Swap regret and the Minimax theorem; 19. Pure Nash equilibria and PLS-completeness; 20. Mixed Nash equilibria and PPAD-completeness.
£33.24
McGraw-Hill Education - Europe Microeconomics
Book Synopsis
£172.00
Pearson Education (US) Microeconomics
Book SynopsisRobert S. Pindyck is the Bank of Tokyo-Mitsubishi Ltd. Professor of Economics and Finance in the Sloan School of Management at M.I.T. Daniel L. Rubinfeld is the Robert L. Bridges Professor of Law and Professor of Economics Emeritus at the University of California, Berkeley, and Professor of Law at NYU. Both received their PhDs from M.I.T., Pindyck in 1971 and Rubinfeld in 1972. Professor Pindyck's research and writing have covered a variety of topics in microeconomics, including the effects of uncertainty on firm behavior and market structure; the behavior of natural resource, commodity, and financial markets; environmental economics; and criteria for investment decisions. Professor Rubinfeld, who served as chief economist at the Department of Justice in 1997 and 1998, is the author of a variety of articles relating to antitrust, competition policy, law and economics, law and statistics, and public economics. Table of ContentsBrief Table of Contents Part 1: Introduction: Markets and Prices Preliminaries The Basics of Supply and Demand Part 2: Producers, Consumers, and Competitive Markets Consumer Behavior Individual and Market Demand Uncertainty and Consumer Behavior Production The Cost of Production Profit Maximization and Competitive Supply The Analysis of Competitive Markets Part 3: Market Structure and Competitive Strategy Market Power: Monopoly and Monopsony Pricing with Market Power Monopolistic Competition and Oligopoly Game Theory and Competitive Strategy Markets for Factor Inputs Investment, Time, and Capital Markets Part 4: Information, Market Failure, and the Role of Government General Equilibrium and Economic Efficiency Markets with Asymmetric Information Externalities and Public Goods Behavioral Economics Appendix: The Basics of Regression Answers to Selected Exercises
£273.11
Oxford University Press Managerial Economics in a Global Economy
Book Synopsis.Trade Review"Interesting, well-written, and global--a good text!" --Evelina Mengova, Governors State University "This is the flagship textbook for managerial economics." --Daniel Farhat, Radford University "The breadth of material and range of topics allow instructors to assemble a course that is appropriate for undergraduate economics students, business students, and students pursuing an MBA." --David McClough, Ohio Northern UniversityTable of ContentsPART ONE: INTRODUCTION CHAPTER 1. The Nature and Scope of Managerial Economics 1-1 The Scope of Managerial Economics Definition of Managerial Economics Relationship to Economic Theory Relationship to the Decision Sciences Relationship to the Functional Areas of Business Administration Studies 1-2 The Basic Process of Decision Making CASE STUDY 1-1 Peter Drucker-The Man Who Invented Management CASE STUDY 1-2 The Management Revolution 1-3 The Theory of the Firm Reasons for the Existence of Firms and Their Functions The Objective and Value of the Firm Constraints on the Operation of the Firm Limitations of the Theory of the Firm BOX 1 Managerial Economics at Work: The Objective and Strategy of Firms in the Cigarette Industry 1-4 The Nature and Function of Profits Business versus Economic Profit Theories of Profit Function of Profit CASE STUDY 1-3 Profits in the Personal Computer Industry 1-5 Business Ethics CASE STUDY 1-4 Business Ethics at Boeing CASE STUDY 1-5 Enron-Andersen and Other Financial Disasters CASE STUDY 1-6 The Global Financial Crisis 1-6 The International Framework of Managerial Economics CASE STUDY 1-7 The Rise of the Global Corporation CASE STUDY 1-8 The Global Business Leader CASE STUDY 1-9 Global Most Admired Companies 1-7 Managerial Economics in a More Risky, Crisis-Prone, and Sluggish Global Economy CASE STUDY 1-10 Terrorism, Cyber Espionage, Financial Crises, and Globalization 1-8 Managerial Economics and the Internet CASE STUDY 1-11 The Most Important Internet Site Addresses for Managerial Economics Summary Discussion Questions Problems Appendix to Chapter 1: Solving Managerial Decision Problems Using Spreadsheets Microsoft Excel Example Solution Spreadsheet Problem Supplementary Readings CHAPTER 2. Demand, Supply, and Equilibrium Analysis 2-1 Market Analysis 2-2 Market Demand Demand Schedule and Demand Curve Changes in Demand 2-3 Market Supply Supply Schedule and Supply Curve Changes in Supply 2-4 When Is a Market in Equilibrium? 2-5 Adjustment to Changes in Demand and Supply: Comparative Static Analysis CASE STUDY 2-1 Equilibrium Price by Auction Adjustment to Changes in Demand Adjustment to Changes in Supply CASE STUDY 2-2 Changes in Demand and Supply and Coffee Prices 2-6 Domestic Demand and Supply, Imports, and Prices CASE STUDY 2-3 Lower Consumer Prices with Imports 2-7 Interfering with versus Working through the Market CASE STUDY 2-4 Rent Control Harms the Housing Market CASE STUDY 2-5 The Economics of U.S. Farm Support Programs CASE STUDY 2-6 Working through the Market with an Excise Tax BOX 2 Managerial Economics at Work: Nonclearing Financial and Other Markets Summary Discussion Questions Problems Spreadsheet Problems Appendix to Chapter 2 The Algebra of Demand, Supply, and Equilibrium Market Equilibrium Algebraically Shifts in Demand and Supply, and Equilibrium The Effect of an Excise Tax Appendix Problems Supplementary Readings CHAPTER 3. Optimization Techniques and New Management Tools 3-1 Methods of Expressing Economic Relationships 3-2 Total, Average, and Marginal Relationships Total, Average, and Marginal Cost Geometric Derivation of the Average- and Marginal-Cost Curves CASE STUDY 3-1 Total, Average, and Marginal Cost in the U.S. Steel Industry 3-3 Optimization Analysis Profit Maximization by the Total-Revenue and Total-Cost Approach Optimization by Marginal Analysis CASE STUDY 3-2 Optimal Pollution Control 3-4 Constrained Optimization CASE STUDY 3-3 Pursuing Multiple Objectives under Constraints by Global Corporations 3-5 New Management Tools for Optimization Benchmarking Total Quality Management CASE STUDY 3-4 Benchmarking at Xerox, Ford, and Mobil Reengineering CASE STUDY 3-5 Total Quality Management at Johnson & Johnson, Motorola, General Electric and Ford CASE STUDY 3-6 Reengineering at GE The Learning Organization CASE STUDY 3-7 Applying Learning-Organization Principles at Ford and Southwest Airlines Big Data and Big Data Analytics CASE STUDY 3-8 Big Data Analytics at Amazon, MIT, and Johns Hopkins School of Medicine 3-6 Other Management Tools for Optimization 3-7 New Management Tools and Functional Specialization CASE STUDY 3-9 The American Business Model CASE STU DY 3-10 When Governance Rules Fail, Public Trust Is Eroded BOX 3 Managerial Economics at Work: Management Practices across the World Summary Discussion Questions Problems Spreadsheet Problems Appendix 1 to Chapter 3 Optimization Using Spreadsheets Appendix Problems Appendix 2 to Chapter 3 Differential Calculus and Optimization Techniques The Derivative and Rules of Differentiation The Concept of the Derivative Rules of Differentiation Optimization with Calculus Determining a Maximum or a Minimum by Calculus Distinguishing between a Maximum and a Minimum: The Second Derivative Multivariate Optimization Partial Derivatives Maximizing a Multivariable Function Constrained Optimization Constrained Optimization by Substitution Constrained Optimization by the Lagrangian Multiplier Method Appendix Problems Supplementary Readings INTEGRATING CASE STUDY 1 Steve Jobs: A Genius Departs: The Astonishing Career of the World's Most Revered Chief Executive Three-Way Marriage Oh, and One More Thing PART TWO: DEMAND ANALYSIS CHAPTER 4. Demand Theory 4-1 The Demand for a Commodity An Individual's Demand for a Commodity From Individual to Market Demand CASE STUDY 4-1 The Demand for Big Macs The Demand Faced by a Firm 4-2 Price Elasticity of Demand CASE STUDY 4-2 The Demand for Sweet Potatoes in the United States Point Price Elasticity of Demand Arc Price Elasticity of Demand Price Elasticity, Total Revenue, and Marginal Revenue Factors Affecting the Price Elasticity of Demand 4-3 Income Elasticity of Demand CASE STUDY 4-3 Price Elasticities of Demand in the Real World CASE STUDY 4-4 Income Elasticities of Demand in the Real World 4-4 Cross-Price Elasticity of Demand CASE STUDY 4-5 Cross-Price Elasticities of Demand in the Real World CASE STUDY 4-6 Substitution between Domestic and Foreign Goods 4-5 Using Elasticities in Managerial Decision Making BOX 4 Managerial Economics at Work: Decision Time at the Aromatic Coffee Company CASE STUDY 4-7 Demand Elasticities for Alcoholic Beverages in the United States 4-6 International Convergence of Tastes CASE STUDY 4-8 Gillette Introduces Space-Technology Global Razors CASE STUDY 4-9 Ford's World Car(s) 4-7 Electronic Commerce CASE STUDY 4-10 E-Commerce at Amazon.com CASE STUDY 4-11 Amazon Puts an End to eBay Star Performance Summary Discussion Questions Problems Spreadsheet Problems Appendix to Chapter 4 Behind the Market Demand Curve-The Theory of Consumer Choice The Consumer's Tastes: Indifference Curves The Consumer's Constraints: The Budget Line The Consumer's Equilibrium Derivation of the Consumer's Demand Curve Income and Substitution Effects of a Price Change The Theory of Consumer Choice Mathematically Appendix Problems Supplementary Readings CHAPTER 5. Demand Estimation 5-1 The Identification Problem 5-2 Marketing Research Approaches to Demand Estimation Consumer Surveys and Observational Research CASE STUDY 5-1 Micromarketing: Marketers Zero in on Their Customers Consumer Clinics Market Experiments Behavioral Economics and Marketing CASE STUDY 5-2 Estimation of the Demand for Oranges by Market Experiment Virtual Shopping and Virtual Management CASE STUDY 5-3 Reaching Consumers in the Vanishing Mass Market 5-3 Introduction to Regression Analysis 5-4 Simple Regression Analysis The Ordinary Least-Squares Method Tests of Significance of Parameter Estimates Other Aspects of Significance Tests and Confidence Intervals Test of Goodness of Fit and Correlation 5-5 Multiple Regression Analysis The Multiple Regression Model The Coefficient of Determination and Adjusted R2 Analysis of Variance Point and Interval Estimates 5-6 Problems in Regression Analysis Multicollinearity Heteroscedasticity Autocorrelation 5-7 Demand Estimation by Regression Analysis Model Specification Collecting Data on the Variables Specifying the Form of the Demand Equation Testing the Econometric Results 5-8 Estimating the Demand for U.S. Imports and Exports CASE STUDY 5-4 Estimation of the Demand for Air Travel over the North Atlantic CASE STUDY 5-5 Price and Income Elasticities of Imports and Exports in the Real World CASE STUDY 5-6 The Major Commodity Exports and Imports of the United States CASE STUDY 5-7 The Major Trade Partners of the United States CASE STUDY 5-8 The Top U.S. International Exporters BOX 5 Managerial Economics at Work: BlackBerry Crumbles Summary Discussion Questions Problems Appendix to Chapter 5 Regression Analysis with Excel Simple Regression Multiple Regression Analysis Appendix Problems Supplementary Readings CHAPTER 6. Demand Forecasting 6-1 Qualitative Forecasts Survey Techniques Opinion Polls Soliciting a Foreign Perspective 6-2 Time-Series Analysis CASE STUDY 6-1 Forecasting the Number of McDonald's Restaurants Worldwide Reasons for Fluctuations in Time-Series Data Trend Projection Seasonal Variations CASE STUDY 6-2 Forecasting New-Housing Starts with Time-Series Analysis 6-3 Smoothing Techniques Moving Averages Exponential Smoothing CASE STUDY 6-3 Forecasting Lumber Sales with Smoothing Techniques 6-4 Barometric Methods CASE STUDY 6-4 Forecasting the Level of Economic Activity with Composite and Diffusion Indexes CASE STUDY 6-5 The Index of Leading Indicators Goes Global 6-5 Econometric Models Single-Equation Models CASE STUDY 6-6 Forecasting the Demand for Air Travel over the North Atlantic Multiple-Equation Models CASE STUDY 6-7 Economic Forecasts with Large Econometric Models BOX 6 Managerial Economics at Work: Risks in Demand Forecasting 6-6 Input-Output Forecasting Summary Discussion Questions Problems Appendix to Chapter 6 Forecasting Fluctuations in Time-Series Analysis Using Excel Forecasting New-Housing Starts with Regression Analysis Adjusting the Trend Forecasts of New-Housing Starts for Seasonal Variations by the Ratio-to-Trend Method Adjusting the Trend Forecasts of New-Housing Starts for Seasonal Variations by Using Seasonal Dummies Appendix Problems Supplementary Readings INTEGRATING CASE STUDY 2 Ford's Bet: It's a Small World After All Ford in the U.S. Automobile Industry Staking Ford's Future Epilogue INTEGRATING CASE STUDY 3 Estimating and Forecasting the U.S. Demand for Electricity PART THREE: PRODUCTION AND COST ANALYSIS CHAPTER 7. Production Theory and Estimation 7-1 The Organization of Production and the Production Function The Organization of Production The Production Function 7-2 The Production Function with One Variable Input Total, Average, and Marginal Product The Law of Diminishing Returns and Stages of Production 7-3 Optimal Use of the Variable Input CASE STUDY 7-1 Labor Productivity and Total Compensation in the United States and Abroad 7-4 The Production Function with Two Variable Inputs Production Isoquants Economic Region of Production Marginal Rate of Technical Substitution Perfect Substitutes and Complementary Inputs 7-5 Optimal Combination of Inputs Isocost Lines Optimal Input Combination for Minimizing Costs or Maximizing Output Profit Maximization Effect of Change in Input Prices CASE STUDY 7-2 Substitutability between Gasoline Consumption and Driving Time 7-6 Returns to Scale CASE STUDY 7-3 Returns to Scale in U.S. Manufacturing Industries CASE STUDY 7-4 General Motors Decides Smaller Is Better 7-7 Empirical Production Functions CASE STUDY 7-5 Output Elasticities in U.S. Manufacturing Industries 7-8 The Innovation Process Meaning and Importance of Innovations CASE STUDY 7-6 How Do Firms Get New Technology? How Innovative Is Your Company's Culture? The Open Innovation Model CASE STUDY 7-7 Open Innovations at Procter & Gamble The Next Step in Open Innovation 7-9 Innovation and Global Competitiveness Innovations and the International Competitiveness of U.S. Firms BOX 7 Managerial Economics at Work: How Xerox Lost and Regained International Competitiveness and Became a Leader in Information Technology The New Computer-Aided Production Revolution, 3-D Printing, and the International Competitiveness of U.S. Firms CASE STUDY 7-8 The New U.S. Digital Factory CASE STUDY 7-9 The Euro and the International Competitiveness of European Firms Summary Discussion Questions Problems Spreadheet Problems Appendix to Chapter 7 Production Analysis with Calculus Constrained Output Maximization Constrained Cost Minimization Profit Maximization Appendix Problems Supplementary Readings CHAPTER 8. Cost Theory and Estimation 8-1 The Nature of Costs 8-2 Short-Run Cost Functions Short-Run Total and Per-Unit Cost Functions Short-Run Total and Per-Unit Cost Curves CASE STUDY 8-1 Per-Unit Cost Curves in the Cultivation of Corn and in Traveling 8-3 Long-Run Cost Curves Long-Run Total Cost Curves Long-Run Average and Marginal Cost Curves CASE STUDY 8-2 The Long-Run Average Cost Curve in Electricity Generation 8-4 Plant Size and Economies of Scale CASE STUDY 8-3 The Shape of the Long-Run Average Cost Curves in Various Industries 8-5 Learning Curves CASE STUDY 8-4 To Reduce Costs, Firms Often Look Far Afield 8-6 Minimizing Costs Internationally-The New Economies of Scale International Trade in Inputs BOX 8 Managerial Economics at Work: Dell PCs and Apple iPhones and iPads Sold in the United States Are Anything but American! The New International Economies of Scale Immigration of Skilled Labor 8-7 Logistics or Supply-Chain Management CASE STUDY 8-5 Logistics at National Semiconductors, Saturn, and Compaq 8-8 Cost-Volume-Profit Analysis and Operating Leverage Cost-Volume-Profit Analysis Operating Leverage CASE STUDY 8-6 Breakeven Analysis for Lockheed's Tri-Star and Europe's Airbus Industrie 8-9 Empirical Estimation of Cost Functions Data and Measurement Problems in Estimating Short-Run Cost Functions The Functional Form of Short-Run Cost Functions CASE STUDY 8-7 Estimates of Short-Run and Long-Run Cost Functions Estimating Long-Run Cost Functions with Cross-Sectional Regression Analysis Estimating Long-Run Cost Functions with Engineering and Survival Techniques Summary Discussion Questions Problems Spreadsheet Problems Appendix to Chapter 8 Cost Analysis with Calculus Appendix Problems Supplementary Readings INTEGRATING CASE STUDY 4 Competition in High-Tech Industries in the Age of Disruptive Innovations INTEGRATING CASE STUDY 5 The Third Industrial Revolution Toward a Third Dimension The Shock of the New PART FOUR: MARKET STRUCTURE AND PRICING PRACTICES CHAPTER 9. Market Structure: Perfect Competition, Monopoly, and Monopolistic Competition 9-1 Market Structure and Degree of Competition 9-2 Perfect Competition Meaning and Importance of Perfect Competition Price Determination under Perfect Competition CASE STUDY 9-1 Competition in the New York Stock Market Short-Run Analysis of a Perfectly Competitive Firm Short-Run Supply Curve of the Competitive Firm and Market Long-Run Analysis of a Perfectly Competitive Firm CASE STUDY 9-2 Long-Run Adjustment in the U.S. Cotton Textile Industry 9-3 Competition in the Global Economy Domestic Demand and Supply, Imports, and Prices The Dollar Exchange Rate and the International Competitiveness of U.S. Firms CASE STUDY 9-3 Foreign Exchange Quotations of the Dollar CASE STUDY 9-4 The Exchange Rate of the U.S. Dollar and the Profitability of U.S. Firms 9-4 Monopoly Sources of Monopoly CASE STUDY 9-5 Barriers to Entry and Monopoly by Alcoa Short-Run Price and Output Determination under Monopoly Long-Run Price and Output Determination under Monopoly CASE STUDY 9-6 The Market Value of Monopoly Profits in the New York City Taxi Industry Comparison of Monopoly and Perfect Competition BOX 9 Managerial Economics at Work: De Beers Abandons Its Diamond Monopoly 9-5 Monopolistic Competition Meaning and Importance of Monopolistic Competition CASE STUDY 9-7 The Monopolistically Competitive Restaurant Market Short-Run Price and Output Determination under Monopolistic Competition Long-Run Price and Output Determination under Monopolistic Competition Product Variation and Selling Expenses under Monopolistic Competition CASE STUDY 9-8 Advertisers Are Taking on Competitors by Name . . . and Being Sued Summary Discussion Questions Problems Spreadsheet Problems Appendix to Chapter 9 Profit Maximization with Calculus Appendix Problems Supplementary Readings CHAPTER 10. Oligopoly and Firm Architecture 10-1 Oligopoly and Market Concentration Oligopoly: Meaning and Sources CASE STUDY 10-1 Brands: Thrive or Die Concentration Ratios, the Herfindahl Index, and Contestable Markets CASE STUDY 10-2 Industrial Concentration in the United States 10-2 Oligopoly Models The Cournot Model The Kinked Demand Curve Model Cartel Arrangements CASE STUDY 10-3 The Organization of Petroleum Exporting Countries (OPEC) Cartel Price Leadership 10-3 Profitability and Efficiency Implications of Oligopoly Porter's Strategic Framework Efficiency Implications of Oligopoly CASE STUDY 10-4 Firm Size and Profitability CASE STUDY 10-5 Measuring the Pure Efficiency of Operating Units 10-4 The Sales Maximization Model 10-5 The March of Global Oligopolists CASE STUDY 10-6 The Globalization of the Automobile Industry CASE STUDY 10-7 Rising Competition in Global Banking CASE STUDY 10-8 The Globalization of the Pharmaceutical Industry BOX 10 Managerial Economics at Work: Multinational Corporations Follow Better Management Practices Than National Corporations 10-6 The Architecture of the Ideal Firm and the Creative Company The Architecture of the Ideal Firm The Evolution of the Creative Company CASE STUDY 10-9 Firm Architecture and Organizational Competitiveness of High-Performance Organizations CASE STUDY 10-10 The Most Innovative Companies in the World 10-7 The Virtual Corporation and Relationship Enterprises The Virtual Corporation Relationship Enterprises CASE STUDY 10-11 Relationship Enterprises in Aerospace, Airlines, Telecommunications, and Automobiles Summary Discussion Questions Problems Spreadsheet Problems Appendix to Chapter 10 Oligopoly Theory Mathematically The Cournot Model The Kinked Demand Curve Model The Centralized Cartel Model The Market-Sharing Cartel The Sales Maximization Model Appendix Problems Supplementary Readings CHAPTER 11. Game Theory and Strategic Behavior 11-1 Strategic Behavior and Game Theory CASE STUDY 11-1 Military Strategy and Strategic Business Decisions 11-2 Dominant Strategy and Nash Equilibrium Dominant Strategy Nash Equilibrium CASE STUDY 11-2 Dell Computers and Nash Equilibrium 11-3 The Prisoners' Dilemma 11-4 P rice and Nonprice Competition, Cartel Cheating, and Prisoners' Dilemma Price Competition and the Prisoners' Dilemma CASE STUDY 11-3 The Airlines' Fare War and the Prisoners' Dilemma Nonprice Competition, Cartel Cheating, and the Prisoners' Dilemma 11-5 Repeated Games and Tit-for-Tat Strategy 11-6 Strategic Moves Threat, Commitments, and Credibility Entry Deterrence CASE STUDY 11-4 Wal-Mart's Preemptive Expansion Marketing Strategy 11-7 Strategic Behavior and International Competitiveness BOX 11 Managerial Economics at Work: Companies' Strategic Mistakes and Failures 11-8 Sequential Games and Decision Trees CASE STUDY 11-5 Airbus's Decision to Build the A380 and Boeing's Sonic Cruiser Response and the 747-8 Summary Discussion Questions Problems Spreadsheet Problems Supplementary Readings CHAPTER 12. Pricing Practices 12-1 Pricing of Multiple Products Pricing of Products with Interrelated Demands Plant Capacity Utilization and Optimal Product Pricing Optimal Pricing of Joint Products Produced in Fixed Proportions Optimal Pricing and Output of Joint Products Produced in Variable Proportions CASE STUDY 12-1 Optimal Pricing and Output by Gillette 12-2 Price Discrimination Meaning of and Conditions for Price Discrimination First- and Second-Degree Price Discrimination Third-Degree Price Discrimination Graphically CASE STUDY 12-2 Price Discrimination by Con Edison Third-Degree Price Discrimination Algebraically 12-3 International Price Discrimination and Dumping BOX 12 Managerial Economics at Work: Kodak Antidumping Disputes with Fuji and Loss of Market 12-4 Transfer Pricing Meaning and Nature of Transfer Pricing Transfer Pricing with No External Market for the Intermediate Product Transfer Pricing with a Perfectly Competitive Market for the Intermediate Product Transfer Pricing with an Imperfectly Competitive Market for the Intermediate Product CASE STUDY 12-3 Transfer Pricing by Multinationals Operating in Emerging Markets CASE STUDY 12-4 Transfer Pricing in Advanced Countries 12-5 Pricing in Practice Cost-Plus Pricing Evaluation of Cost-Plus Pricing Incremental Analysis in Pricing CASE STUDY 12-5 Incremental Pricing at Continental Airlines Peak-Load Pricing, Two-Part Tariff, Tying, and Bundling CASE STUDY 12-6 Peak-Load Pricing by Con Edison CASE STUDY 12-7 Bundling in the Leasing of Movies Other Pricing Practices CASE STUDY 12-8 No-Haggling Value Pricing in Car Buying CASE STUDY 12-9 Name Your Price at Priceline Discussion Questions Problems Spreadsheet Problems Appendix to Chapter 12 Third-Degree Price Discrimination with Calculus Appendix Problems Supplementary Readings INTEGRATING CASE STUDY 6 E-Books Rewrite Bookselling INTEGRATING CASE STUDY 7 Has Apple Peaked and Are Its Best Days Behind It? INTEGRATING CASE STUDY 8 Pricing on the Internet PART FIVE: REGULATION, RISK ANALYSIS, AND CAPITAL BUDGETING CHAPTER 13. Regulation and Antitrust: The Role of Government in the Economy 13-1 Government Regulation to Support Business and to Protect Consumers, Workers, and the Environment Government Regulations That Restrict Competition CASE STUDY 13-1 Restrictions on Competition in the Pricing of Milk in New York City and the Nation Government Regulations to Protect Consumers, Workers, and the Environment CASE STUDY 13-2 The FDA Steps Up Regulation of the Food and Drug Industry CASE STUDY 13-3 Regulation Greatly Reduced Air Pollution 13-2 Externalities and Regulation The Meaning and Importance of Externalities Policies to Deal with Externalities 13-3 Public Utility Regulation Public Utilities as Natural Monopolies CASE STUDY 13-4 The Market for Dumping Rights Difficulties in Public Utility Regulation CASE STUDY 13-5 Regulated Electricity Rates for Con Edison 13-4 Antitrust: Government Regulation of Market Structure and Conduct Sherman Act (1890) Clayton Act (1914) Federal Trade Commission Act (1914) Robinson-Patman Act (1936) Wheeler-Lea Act (1938) Celler-Kefauver Antimerger Act (1950) 13-5 Enforcement of Antitrust Laws and the Deregulation Movement Enforcement of Antitrust Laws: Some General Observations Enforcement of Antitrust Laws: Structure CASE STUDY 13-6 The IBM and AT&T Cases CASE STUDY 13-7 Antitrust and the New Merger Boom Enforcement of Antitrust Laws: Conduct CASE STUDY 13-8 The Microsoft Antitrust Case The Deregulation Movement 13-6 Regulation of International Competition CASE STUDY 13-9 Deregulation of the Airline Industry: An Assessment CASE STUDY 13-10 Voluntary Export Restraints on Japanese Automobiles to the United States 13-7 The Effect of Taxation on Business Decisions BOX 13 Managerial Economics at Work: Corporate Tax Rates around the World and Multinationals' Behavior CASE STUDY 13-11 U.S. Border Taxes and Export Subsidies Summary Discussion Questions Problems Spreadsheet Problems Supplementary Readings CHAPTER 14. Risk Analysis 14-1 Risk and Uncertainty in Managerial Decision Making CASE STUDY 14-1 The Risk Faced by Coca-Cola in Changing Its Secret Formula CASE STUDY 14-2 The 10 Biggest Failures in the United States 14-2 Measuring Risk with Probability Distributions Probability Distributions An Absolute Measure of Risk: The Standard Deviation Measuring Probabilities with the Normal Distribution A Relative Measure of Risk: The Coefficient of Variation CASE STUDY 14-3 RiskMetrics: A Method of Measuring Value at Risk 14-3 Utility Theory and Risk Aversion CASE STUDY 14-4 The Purchase of Insurance and Gambling by the Same Individual-A Seeming Contradiction 14-4 Adjusting the Valuation Model for Risk Risk-Adjusted Discount Rates Certainty-Equivalent Approach CASE STUDY 14-5 Adjusting the Valuation Model for Risk in the Real World 14-5 Other Techniques for Incorporating Risk into Decision Making Decision Trees Simulation 14-6 Decision Making under Uncertainty The Maximin Criterion The Minimax Regret Criterion Other Methods of Dealing with Uncertainty CASE STUDY 14-6 Spreading Risks in the Choice of a Portfolio 14-7 Foreign-Exchange Risks and Hedging BOX 14 Managerial Economics at Work: How Foreign Stocks Have Benefited a Domestic Portfolio CASE STUDY 14-7 Information, Risk, and the Collapse of Long-Term Capital Management 14-8 Information and Risk Asymmetric Information and the Market for Lemons The Insurance Market and Adverse Selection The Problem of Moral Hazard The Principal-Agent Problem CASE STUDY 14-8 Do Golden Parachutes Reward Failure? Auctions CASE STUDY 14-9 Auctioning of the Airwaves Summary Discussion Questions Problems Spreadsheet Problems Supplementary Readings CHAPTER 15. Long-Run Investment Decisions: Capital Budgeting 15-1 Capital Budgeting: An Overview Meaning and Importance of Capital Budgeting Overview of the Capital Budgeting Process CASE STUDY 15-1 Cost-Benefit Analysis and the SST 15-2 The Capital Budgeting Process Projecting Cash Flows CASE STUDY 15-2 The Eurotunnel: Another Bad French-British Investment? Net Present Value (NPV) Internal Rate of Return (IRR) Comparison of NPV and IRR CASE STUDY 15-3 Pennzoil's $3 Billion Capital Budgeting Challenge CASE STUDY 15-4 Capital Budgeting for Investments in Human Capital BOX 15 Managerial Economics at Work: Is a College Education Still Worth It? 15-3 Capital Rationing and the Profitability Index 15-4 The Cost of Capital The Cost of Debt The Cost of Equity Capital: The Risk-Free Rate Plus Premium The Cost of Equity Capital: The Dividend Valuation Model The Cost of Equity Capital: The Capital Asset Pricing Model (CAPM) The Weighted Cost of Capital CASE STUDY 15-5 The Choice between Equity and Debt CASE STUDY 15-6 Capital Budgeting Techniques of Major U.S. Firms 15-5 Reviewing Investment Projects After Implementation 15-6 The Cost of Capital and International Competitiveness Summary Discussion Questions Problems Spreadsheet Problems Supplementary Readings INTEGRATING CASE STUDY 9 How the U.S. Airline Industry Found Its Edge INTEGRATING CASE STUDY 10 How Silicon Valley Conquered the Carriers INTEGRATING CASE STUDY 11 Turning Networks into Software Will Trigger a Storm in the Telecom World Introductory Comment Concluding Comments APPENDIXES APPENDIX A COMPOUND ING, DISCOUNTING, AND PRESENT VALUE A-1 Future Value and Compounding A-2 Present Value and Discounting A-3 Future Value of an Annuity A-4 Present Value of an Annuity A-5 Compounding and Discounting Periods A-6 Determining the Interest Rate A-7 Perpetuities APPENDIX B INTEREST FACTOR TABLES Table B-1 Compound Value of $1 Table B-2 Present Value of $1 Table B-3 Future Value of an Annuity of $1 for n Periods Table B-4 Present Value of an Annuity of $1 for n Periods APPENDIX C STATISTICAL TABLES Table C-1 Areas under the Standard Normal Distribution Table C-2 Areas in the Tails of the t Distribution Table C-3 F Distribution for 5 Percent Significance Table C-4 Durbin-Watson Statistic for 5 Percent Significance Points of dL dU APPENDIX D ANSWERS TO SELECTED (ASTERISKED) PROBLEMS Glossary Index
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Oxford University Press Microeconomic Theory
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Oxford University Press Inc Crying the News
Book SynopsisFrom Benjamin Franklin to Ragged Dick to Jack Kelly, hero of the Disney musical Newsies, newsboys have long intrigued Americans as symbols of struggle and achievement. But what do we really know about the children who hawked and delivered newspapers in American cities and towns? Who were they? What was their life like? And how important was their work to the development of a free press, the survival of poor families, and the shaping of their own attitudes, values and beliefs?Crying the News: A History of America''s Newsboys offers an epic retelling of the American experience from the perspective of its most unshushable creation. It is the first book to place newsboys at the center of American history, analyzing their inseparable role as economic actors and cultural symbols in the creation of print capitalism, popular democracy, and national character. DiGirolamo''s sweeping narrative traces the shifting fortunes of these little merchants over a century of war and peace, prosperity and depression, exploitation and reform, chronicling their exploits in every region of the country, as well as on the railroads that linked them. While the book focuses mainly on boys in the trade, it also examines the experience of girls and grown-ups, the elderly and disabled, blacks and whites, immigrants and natives.Based on a wealth of primary sources, Crying the News uncovers the existence of scores of newsboy strikes and protests. The book reveals the central role of newsboys in the development of corporate welfare schemes, scientific management practices, and employee liability laws. It argues that the newspaper industry exerted a formative yet overlooked influence on working-class youth that is essential to our understanding of American childhood, labor, journalism, and capitalism.Trade ReviewCrying the News is a remarkable work of scholarship and should be accepted and celebrated as such. * David Nasaw, Graduate Center of the City University of New York (retired), Journal of the History of Childhood and Youth *In Crying the News: A History of America's Newsboys, Vincent DiGirolamo gives newsboys the historical weight they are due. ... Future scholars of child labor and print journalism will benefit from DiGirolamo's historical unearthing of their lived experiences, deftly contextualized within the broad arc of American history. * Cristina Groeger, The Metropole *To say the book is a comprehensive, definitive account of the subject would be a grotesque understatement. DiGirolamo has spent more than two decades researching this subject, and the results are breathtaking. The author resurrects countless historical characters, telling their stories with ingenuity and grace. At the same time, he provides a comprehensive history of American newspaper publishing and supplies one of the best contributions to the history of youth yet to appear.... At first glance, a history of news hawkers might seem like a limited subject, but Crying the News is social history at its best. For anyone looking for a comprehensive social history of the (really) long nineteenth century, this book would be an excellent place to start. * James Schmidt, New England Quarterly *Monumental....The book situates newsboys in the march of history from the country's economic takeoff, to the rupture between labor and capital, to government interventions into laboring children's welfare.... DiGirolamo's...attention to both the positive and negative sides of newsboys' lived experiences...and their varying complicity with and resistance to capitalism, makes for a well-balanced book that refuses to romanticize its subjects. * Ronald J. Zboray and Mary Saracino Zboray, Journalism History *Rescuing 'newsies' from the condescension of history with inventive curiosity and stunningly wide research, Vincent DiGirolamo has restored these crucial child laborers-boys and girls, white and black-to their central place in American cities. His revelations about hawking the news offer an ingenious guide to understanding the changing relations between labor and capital and between print media and society in the United States. * Nancy F. Cott, Harvard University *Richly researched, incisively analytic, and compellingly written, Crying the News cuts through the nostalgic myths that envelop the newsboy and lets us enter into their lives, with their distinctive banter, camaraderie, argot, dress, rituals, and ethics. A vivid window into the nation's first urban youth culture and the evolution of news media, this book offers a stunning example of a history that treats the young as active agents who were far more capable and competent than contemporary society assumes. * Steven Mintz, University of Texas at Austin *Crying the News offers a century of American history through the lens of one of our most iconic characters- the newsboy. DiGirolamo focuses on the intimate relationship between news criers and capitalism. Newsboys' voices animate the narrative and deepen our understanding not only of their lives, but also of their communities and their nation. * James Marten, Marquette University *Traditionally a stock figure in American history and culture, the newsboy finally sheds his (and her) picaresque, picturesque, and marginal status in Vincent DiGirolamo's comprehensive and revelatory study. At once a social, cultural, labor, reform, journalism, and capitalist history, Crying the News is an amazing feat of research and writing that, with extraordinary scope and meticulous detail, captures the diverse experience of the 'newsies'as it reveals how we cannot fully understand a hundred years of US life without reckoning with these children and young adults. * Joshua Brown, City University of New York Graduate Center *[This book] reveals the ubiquity of newsboys whose names were rarely recorded, finding their traces in literature, as well as posters, art, and photographs, many of which are reproduced in thirty-three beautiful color plates. DiGirolamo's historically contextualized close readings of these visual artifacts bring newsboys to zestful life for the reader. His book emphasizes that the newsboy's role was not limited to selling and distributing newspapers but expansive enough to reshape the newspaper business, social reform movements, children-related government policies, and even literary representations of children. * Jewon Woo, American Periodicals *Table of ContentsIntroduction: Echoes Down the Alleys of History PART ONE: CHILDREN OF THE PENNY, 1833-1865 1. Rising with the Sun 2. Voice of Young America 3. Johnny Morrow and the Dangerous Classes 4. Battle Cries PART TWO: CHILDREN OF THE BREACH, 1866-1899 5. Disorder in the Air 6. Riding the Wanderlust Express 7. Rumblings in the West 8. Press Philanthropy and the Politics of Want 9. Yelling the Yellows PART THREE: CHILDREN OF THE STATE, 1900-1940 10. Bitter Cry of Progress 11. Sidewalks of Struggle 12. Call to Service 13. Roar of the Tabloids 14. Son of the Forgotten Man Conclusion: The Thump on Lost Porches Index
£82.47
Taylor & Francis Modern Labor Economics
Book SynopsisModern Labor Economics: Theory and Public Policy is a leading text in labor economics. This fourteenth edition presents updated data throughout and a wealth of new examples, such as the impact of COVID-19 lockdowns, gig work, nudges, monopsony power, and the effect of machine learning on inequality.Trade ReviewPraise for the thirteenth edition: "Modern Labor Economics incorporates current policy issues while maintaining a strong focus on economic theory. The summaries of seminal academic works are indisputably important for bolstering student knowledge, and the inclusion of real-world applications makes the research far more comprehensible to a broader audience."Tongzhe Li, University of Delaware, USA"A classic in the field of labor economics. Indeed, as the title implies, Ehrenberg and Smith literally put the modern in labor economics as taught to undergraduates. Since first published in 1982, many competing textbooks in labor have come and gone. Ehrenberg and Smith, with impeccable writing, comprehensive coverage of the relevant topics, and intuitive application of economic analysis to the critical public policy problems of the day, has stood both the market test and the test of time." Kevin J. Murphy, Oakland University, Rochester Michigan, USATable of Contents1. Introduction; 2. Overview of the Labor Market; 3. The Demand for Labor; 4. Labor Demand Elasticities; 5. Frictions in the Labor Market; 6. Supply of Labor to the Economy: The Decision to Work; 7. Labor Supply: Household Production, the Family, and the Life Cycle; 8. Compensating Wage Differentials and Labor Markets; 9. Investments in Human Capital: Education and Training; 10. Worker Mobility: Migration, Immigration, and Turnover; 11. Pay and Productivity: Wage Determination Within the Firm; 12. Gender, Race, and Ethnicity in the Labor Market; 13. Unions and the Labor Market; 14. Unemployment; 15. Inequality in Earnings; 16. The Labor Market Effects of International Trade and Production Sharing
£156.75
WW Norton & Co Microeconomic Analysis
Book SynopsisMicroeconomic Analysis has been a fixture of graduate programs in economics for fifteen years, providing unique authority, clarity, and breadth of coverage.
£54.50
Whitman Publishing Safeguarding History
Book Synopsis
£22.46
Johns Hopkins University Press Silver Trade and War Spain and America in the
Book SynopsisSilver, Trade, and War is about men and markets, national rivalries, diplomacy and conflict, and the advancement or stagnation of states.Trade ReviewAll serious students of Spain's national tragedies should find room for the book on their shelves. -- Eric Rust History: Reviews of New Books Sets a new standard for the writing of Spanish imperial history. -- Michael J. Schreffler Sixteenth Century Journal [The authors'] ability to synthesize a broad and disparate historiography on economic, political, and diplomatic developments in early modern Europe as they related to the new opportunities created by the opening of American territories represents a significant achievement and contributes to our understanding of the relationship between economic trends and political formation. -- Ida Altman American Historical Review This book is highly recommended to a broad array of scholars... The authors make a compelling case for the centrality of the Spanish Empire in the emergence of Europe's economic and political hegemony. -- Jeremy Baskes Historian This is a brilliant and pioneering study packed with research and is original in both its presentation and its conclusions... While communicating concrete historical information, the study stimulates the reader to speculate more widely on the fundamental problem of economic growth and the specific case of Spain. The authors inevitably take account of the evolution of the whole Atlantic world; in choosing so vast a canvas on which to execute their magisterial composition, they encourage scholars to take a more global vision of the problems of empire. -- Henry Kamen Economic Society This is a magisterial work from two scholars who have spent a lifetime investigating the economic history of Spain's overseas empire. It will be impossible for the next generation of scholars not to cite the Steins' latest book when writing about the early imperial economies of Europe. Choice What could one say of the beginnings of a Chaunu-like magnum opus other than to highlight its demonstration of a great depth of reading and research and the profound learning behind it? This is perhaps the most comprehensive, detailed examination in English of Spain and empire since Haring took up the subject during World War I. -- David Weiland Hispanic American Historical Review This book presents a compelling vision of the role of American silver in the making of Spain, the Americas, and Europe, and it merits a wide readership. -- Kenneth J. Andrien The Americas The authors survey and comment on the complex historiography of Spain's rise and fall in the Atlantic world and Western Europe. This work is also deeply grounded in archival research... that allows ample insight into the functioning of the Spanish court and colonial bureaucracy. -- Christopher Schmidt-Nowara Latin American Research Review 2004Table of ContentsPrefaceAcknowledgmentsPart I: The LegacyChapter 1. Spain, Europe, and The Atlantic System, 1500–1700Chapter 2. Financing Empire: The European Diaspora of Silver by War Chapter 3. Westphalia: The Legacy of Unequal TreatiesChapter 4. Conjunctural Crisis: War and the Utrecht Settlement Part II: Toward a Spanish-Bourbon ParadigmChapter 5. Conditions of Growth, 1700–1759Chapter 6. Changing Patterns in the Transatlantic System: Flotas and Registros, 1720–1759Chapter 7. Critical Voices, 1720–1759Chapter 8. Toward the Mid-Century Crisis: Ensenada, 1743–1754Chapter 9. By Way of ConclusionNotesBibliographyIndex
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