Microeconomics Books
Princeton University Press The Economic Theory of Annuities
Book SynopsisAnnuities are financial products that guarantee the holder a fixed return so long as the holder remains alive, thereby providing insurance against lifetime uncertainty. This book offers readers a theoretical analysis of the functioning of private annuity markets.Trade Review"Eytan Sheshinski has written the definitive book on the economics of annuities. In light of the demographic transitions in many countries and the changing nature of social insurance, this work will be extremely important in the years ahead."—Jerry R. Green, Harvard University"This book develops the economic theory of private annuity markets and fills an important gap in previous research. Its systematic and insightful analysis provides a foundation on which future students of insurance markets, and policy analysts concerned with these markets, are sure to build."—James Poterba, Massachusetts Institute of Technology"With exceptional clarity, Sheshinski presents the analysis of savings and annuitization, incorporating new results and raising interesting research questions."—Peter Diamond, Massachusetts Institute of Technology"This work is a very complete study of a surprisingly neglected field. The technical and conceptual problems raised by uncertainty as to the individual's lifetime, central to this study, are handled with great skill and is well written."—Kenneth J. Arrow, Nobel Prize-winning economistTable of ContentsPreface xiii Chapter 1: Introduction 1 1.1 Brief Outline of the Book 5 1.2 Short History of Annuity Markets 9 1.3 References to Actuarial Finance 11 Chapter 2: Benchmark Calculations: Savings and Retirement 12 Chapter 3: Survival Functions, Stochastic Dominance, and Changes in Longevity 15 3.1 Survival Functions 15 3.2 Changes in Longevity 18 Chapter 4: Life Cycle Model with Longevity Risk: First Best and Competitive Equilibrium 21 4.1 First Best 21 4.2 Competitive Equilibrium: Full Annuitization 23 4.3 Example: Exponential Survival Function 25 4.4 Equivalence of Short-term, Long-term, and Deferred Annuities 26 Appendix 27 Chapter 5: Comparative Statics, Discounting, Partial Annuitization, and No Annuities 29 5.1 Increase in Wages 29 5.2 Increase in Longevity 30 5.3 Positive Time Preference and Rate of Interest 32 5.4 Partial Annuitization: No Short-term Annuity Market 33 5.5 Partial Annuitization: Low Returns on Annuities 35 5.6 Length of Life and Retirement 35 5.7 Optimum Without Annuities 38 5.8 No Annuities: Risk Pooling by Couples 40 5.9 Welfare Value of an Annuity Market 41 5.10 Example: Exponential Survival Function 42 Appendix 44 Chapter 6: Subjective Beliefs and Survival Probabilities 45 6.1 Deviations of Subjective from Observed Frequencies 45 6.2 Behavioral Effects 45 6.3 Exponential Example 47 6.4 Present and Future Selves 48 Chapter 7: Moral Hazard 51 7.1 Introduction 51 7.2 Comparison of First Best and Competitive Equilibrium 51 7.3 Annuity Prices Depending on Medical Care 54 Appendix 55 Chapter 8: Uncertain Future Survival Functions 56 8.1 First Best 56 8.2 Competitive Separating Equilibrium (Risk-class Pricing) 59 8.3 Equilibrium with Short-term Annuities 60 8.4 The Efficiency of Equilibrium with Long-term Annuities 62 8.5 Example: Exponential Survival Functions 65 Chapter 9: Pooling Equilibrium and Adverse Selection 67 9.1 Introduction 67 9.2 General Model 69 9.3 Example 71 Appendix 75 Chapter 10: Income Uncertainty 77 10.1 First Best 77 10.2 Competitive Equilibrium 78 10.3 Moral Hazard 79 Chapter 11: Life Insurance and Differentiated Annuities 81 11.1 Bequests and Annuities 81 11.2 First Best 83 11.3 Separating Equilibrium 84 11.4 Pooling Equilibrium 84 11.5 Period-certain Annuities and Life Insurance 87 11.6 Mixed Pooling Equilibrium 90 11.7 Summary 93 Appendix 94 Chapter 12: Annuities, Longevity, and Aggregate Savings 97 12.1 Changes in Longevity and Aggregate Savings 97 12.2 Longevity and Individual Savings 98 12.3 Longevity and Aggregate Savings 98 12.4 Example: Exponential Survival Function 102 12.5 No Annuities 103 12.6 Unintended Bequests 104 Appendix 106 Chapter 13: Utilitarian Pricing of Annuities 109 13.1 First-best Allocation 109 13.2 Competitive Annuity Market with Full Information 112 13.3 Second-best Optimum Pricing of Annuities 113 Appendix 116 Chapter 14: Optimum Taxation in Pooling Equilibria 118 14.1 Introduction 118 14.2 Equilibrium with Asymmetric Information 119 14.3 Optimum Commodity Taxation 122 14.4 Optimum Taxation of Annuities 125 Appendix 129 Chapter 15: Bundling of Annuities and Other Insurance Products 131 15.1 Introduction 131 15.2 Example 132 Chapter 16: Financial Innovation--Refundable Annuities (Annuity Options) 135 16.1 The Timing of Annuity Purchases 135 16.2 Sequential Annuity Market Equilibrium Under Survival Uncertainty 137 16.3 Uncertain Future Incomes: Existence of a Separating Equilibrium 140 16.4 Refundable Annuities 144 16.5 A Portfolio of Refundable Annuities 146 16.6 Equivalence of Refundable Annuities and Annuity Options 147 Appendix 150 References 153 Index 157
£46.75
Princeton University Press Bayesian Non and Semiparametric Methods and
Book SynopsisReviews and develops Bayesian non-parametric and semi-parametric methods for applications in microeconometrics and quantitative marketing. This book advocates a Bayesian approach in which specific distributional assumptions are replaced with more flexible distributions based on mixtures of normals.Trade Review"As the creator of bayesm (R software for Bayesian inference) and lead author of Bayesian Statistics and Marketing, Rossi has deep knowledge of the book's titular methods."--ChoiceTable of ContentsPreface vii 1 Mixtures of Normals 1 1.1 Finite Mixture of Normals Likelihood Function 6 1.2 Maximum Likelihood Estimation 9 1.3 Bayesian Inference for the Mixture of Normals Model 15 1.4 Priors and the Bayesian Model 16 1.5 Unconstrained Gibbs Sampler 25 1.6 Label-Switching 29 1.7 Examples 34 1.8 Clustering Observations 46 1.9 Marginalized Samplers 49 2 Dirichlet Process Prior and Density Estimation 59 2.1 Dirichlet Processes--A Construction 60 2.2 Finite and Infinite Mixture Models 64 2.3 Stick-Breaking Representation 68 2.4 Polya Urn Representation and Associated Gibbs Sampler 70 2.5 Priors on DP Parameters and Hyper-parameters 72 2.6 Gibbs Sampler for DP Models and Density Estimation 78 2.7 Scaling the Data 80 2.8 Density Estimation Examples 81 3 Non-parametric Regression 90 3.1 Joint vs. Conditional Density Approaches 90 3.2 Implementing the Joint Approach with Mixtures of Normals 93 3.3 Examples of Non-parametric Regression Using Joint Approach 96 3.4 Discrete Dependent Variables 104 3.5 An Example of Expenditure Function Estimation 108 4 Semi-parametric Approaches 115 4.1 Semi-parametric Regression with DP Priors 115 4.2 Semi-parametric IV Models 122 5 Random Coefficient Models 152 5.1 Introduction 152 5.2 Semi-parametric Random Coefficient Logit Models 157 5.3 An Empirical Example of a Semi-parametric Random Coefficient Logit Model 161 6 Conclusions and Directions for Future Research 187 6.1 When Are Non-parametric and Semi-parametric Methods Most Useful? 187 6.2 Semi-parametric or Non-parametric Methods? 189 6.3 Extensions 191 Bibliography 195 Index 201
£40.80
Princeton University Press The Microtheory of Innovative Entrepreneurship
Book SynopsisAn authoritative look at the microeconomics of entrepreneurshipEntrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm.William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similaTrade Review"Even as innovative entrepreneurship has emerged as the goal for policymakers around the globe, economists have struggled to find its proper place in microtheory. No more. In this pathbreaking new book, William Baumol provides the blueprint for understanding the crucial role of entrepreneurship and its contribution to innovation and ultimately economic growth. This lively and thoughtful book highlights the distinct role entrepreneurs play in the economy and reveals why the entrepreneur can no longer remain the invisible man in economic theory."—David B. Audretsch, author of The Entrepreneurial Society"Baumol is one of the giants in the entrepreneurship field. The Microtheory of Innovative Entrepreneurship will be widely read, discussed, and debated, and is likely to have a significant impact on the scholarly conversation."—Peter G. Klein, University of Missouri"This book is a timely and valuable contribution to the economics of entrepreneurship. Baumol's ambitious goal is to give the entrepreneur his rightful place in economic theory. He demonstrates that, contrary to conventional thinking, the elusive figure of the entrepreneur is indeed amenable to logical economic analysis."—Simon C. Parker, University of Western OntarioTable of ContentsList of Figures and Tables ix PREFACE: The Innovative Entrepreneur in Dynamic Microtheory xi INTRODUCTION: Bringing Entrepreneurship and Innovation into the Theory of Value 1 CHAPTER 1: Entrepreneurship in Economic Theory: Reasons for Its Absence and Goals for Its Restoration 9 PART I: Pricing, Remuneration, and Allocation of the Agents of Innovation CHAPTER 2: Toward Characterization of the Innovation Industry: The David-Goliath Symbiosis 25 CHAPTER 3: Entrepreneurship, Invention, and Pricing: Toward Static Microtheory 36 CHAPTER 4: Oligopolistic "Red Queen" Innovation Games, Mandatory Price Discrimination, and Markets in Innovation 57 PART II: Welfare Theory: Technology Transfer, Imitation, and Creative Destruction CHAPTER 5: Optimal Innovation Spillovers: The Growth-Distribution Trade-off 77 CHAPTER 6: Enterprising Technology Dissemination: Toward Optimal Transfer Pricing and the Invaluable Contribution of "Mere Imitation" 101 CHAPTER 7: The Entrepreneur and the Beneficial Externalities of Creative Destruction 128 PART III: Institutions, Payoffs, and the Entrepreneur's Choice of Activity: Historical Origins CHAPTER 8: Economic Warfare as a "Red Queen" Game: The Emergence of Productive Entrepreneurship 139 CHAPTER 9: On the Origins of Widespread Productive Entrepreneurship 152 CHAPTER 10: The Allocation of Entrepreneurship Does Matter 165 CHAPTER 11: Mega-enterprising Redesign of Governing Institutions: Keystone of Dynamic Microtheory 172 CHAPTER 12: Summing Up: Yes, the Theory of Entrepreneurship Is on Its Way 188 Notes 197 References 225 Index 237
£46.75
Princeton University Press General Equilibrium Theory of Value
Book SynopsisThe concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model.Trade Review"The economic concepts and differential topology methods presented in this book are clear, accessible and detailed so the reader can study the book independently without requiring any serious prior knowledge... [T]his comprehensive and pedagogical book is suitable for graduate students and also for researchers in this field."--Ioannis A. Polyrakis, Mathematical Reviews Clippings "General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field."--World Book IndustryTable of ContentsPreface xi CHAPTER 1: Goods and Prices 1 1.1 Introduction 1 1.2 Goods 1 1.3 Prices 2 1.4 Relative Prices 2 1.5 Price Normalization 3 1.6 Notes and Comments 4 CHAPTER 2: Preferences and Utility 5 2.1 Consumption Sets 5 2.2 Binary Relations 6 2.3 Consumers' Preferences 8 2.4 Smooth Utility Functions 14 2.5 Conclusion 18 2.6 Notes and Comments 18 CHAPTER 3: Demand Functions 19 3.1 Introduction 19 3.2 Constrained Utility Maximization 19 3.3 The Individual Demand Function 23 3.4 Properties of Demand Functions in D 24 3.5 Demand-based Consumer Theory 31 3.6 Conclusion 36 3.7 Notes and Comments 36 CHAPTER 4: The Exchange Model 37 4.1 Introduction 37 4.2 The Sets E, Er, and Ec of m-tuples of Demand Functions Defining the Exchange Model 38 4.3 The Exchange Model 39 4.4 Equilibrium Equation 39 4.5 The Equilibrium Manifold and the Natural Projection 41 4.6 The Smooth Equilibrium Manifold 42 4.7 Smoothness of the Natural Projection 44 4.8 Critical and Regular Points and Values 44 4.9 Notes and Comments 46 CHAPTER 5: The Equilibrium Manifold 47 5.1 Introduction 47 5.2 Global Properties and Their Interest 47 5.3 The No-trade Equilibria 49 5.4 The Fibers of the Equilibrium Manifold 50 5.5 The Equilibrium Manifold as a Collection of Linear Fibers Parameterized by the No-trade Equilibria 52 5.6 A Picture of the Equilibrium Manifold 53 5.7 Diffeomorphism with R_m 53 5.8 Conclusion 54 5.9 Notes and Comments 55 CHAPTER 6: Applications of the Global Coordinate System 56 6.1 Introduction 56 6.2 Coordinate System (A) 56 6.3 Coordinate System (B) 57 6.4 Formulas of the Natural Projection 57 6.5 The Jacobian Matrix of Aggregate Excess Demand 58 6.6 Conclusion 61 6.7 Notes and Comments 61 CHAPTER 7: The Broad Picture 62 7.1 Introduction 62 7.2 Properness 62 7.3 Smooth Selection at a Regular Equilibrium 63 7.4 The Equilibrium Manifold over Regular Economies 64 7.5 Genericity of Regular Economies 67 7.6 The Degrees of the Natural Projection 69 7.7 Conclusion 72 7.8 Notes and Comments 73 CHAPTER 8: The Fine Picture 74 8.1 Introduction 74 8.2 Aggregate Demand at a No-trade Equilibrium 74 8.3 Regularity of the No-trade Equilibria 75 8.4 The Set of Equilibrium Allocations 75 8.5 Economies with a Unique Equilibrium 78 8.6 Degree of the Natural Projection 79 8.7 The Set of Regular Equilibria 79 8.8 Conclusion 81 8.9 Notes and Comments 81 CHAPTER 9: Production with Decreasing Returns 82 9.1 Introduction 82 9.2 Production Sets: Definitions 82 9.3 Production Sets: Main Properties 84 9.4 The Firm's Objective Function 89 9.5 The Strict Decreasing Returns to Scale Firm 90 9.6 The Net Supply Function as a Primitive Concept 92 9.7 Conclusion 94 9.8 Notes and Comments 95 CHAPTER 10: Equilibrium with Decreasing Returns 96 10.1 Introduction 96 10.2 The General Equilibrium Model with Private Ownership of Decreasing Returns to Scale Firms 96 10.3 Production Adjusted Demand Functions 98 10.4 The Equivalent Exchange Model 101 10.5 Properness of the Natural Projection 103 10.6 Conclusion 107 10.7 Notes and Comments 107 CHAPTER 11: Production with Constant Returns 108 11.1 Introduction 108 11.2 Production Sets 109 11.3 The Net Supply Correspondence 112 11.4 Three Examples 115 11.5 Net Supply Correspondence of a Smooth Constant Returns to Scale Firm 118 11.6 The Graph of the Net Supply Correspondence 120 11.7 Conclusion 123 11.8 Notes and Comments 123 CHAPTER 12: Equilibrium with Constant Returns 124 12.1 Introduction 124 12.2 Decreasing and Constant Returns: General Case 124 12.3 Constant Returns: Reduced Form 125 12.4 Equilibria of the Model N 126 12.5 The Equilibrium Manifold Approach 126 12.6 The Equilibrium Manifold for the Model N 127 12.7 The Natural Projection 133 12.8 Regular and Critical Equilibria 134 12.9 Degrees of the Natural Projection 137 12.10 Regular and Singular Economies 138 12.11 Uniqueness of Equilibrium over ?(T) 139 12.12 The Natural Projection as a Finite Covering of the Set of Regular Economies 141 12.13 Values of the Natural Projection Degrees 143 12.14 Conclusion 144 12.15 Notes and Comments 144 Postscript 145 APPENDIX A: Notation 149 A.1 Points, Vectors, Inner Product 149 A.2 Gradient 149 A.3 Second-Order Derivatives and the Hessian Matrix of a Smooth Function 150 APPENDIX B: Point-set Topology 151 B.1 Proper Maps 151 APPENDIX C: Smooth Manifolds 152 C.1 The Implicit Function Theorem 152 C.2 Smooth Manifolds and Submanifolds 152 C.3 Smooth Mappings, Immersions, and Submersions 153 APPENDIX D: Singularities of Smooth Maps 155 D.1 Critical and Regular Points 155 D.2 Singular and Regular Values 155 D.3 Sard's Theorem 156 D.4 The Regular Value Theorem 156 D.5 The Case where dimX = dimY 156 D.6 Coverings 157 D.7 Surjectivity of Maps with Non-Zero Modulo 2 Degree 157 APPENDIX E: Convexity 159 E.1 Convex and Strictly Convex Sets 159 E.2 Quasi-concave Functions 159 E.3 Smooth Quasi-concavity and Second-Order Derivatives 162 E.4 Bordered Hessian of a Smoothly Quasi-concave Function 164 E.5 Recession Cone of a Convex Set 165 APPENDIX F: Miscellany 166 F.1 Dimension of Semi-algebraic Sets 166 References 167 Index 171
£40.50
Princeton University Press Lectures on Public Economics
Book Synopsis"Originally published in 1980 by McGraw-Hill"--Title page verso.Trade Review"This classic volume by two of the pioneers of modern public economics remains an essential reference for students of the field. The key theoretical results discussed in this volume—a number of which were discovered by the authors themselves—have stood the test of time and continue to be taught in public economics courses around the world, including my own course at Harvard."—Raj Chetty, Harvard University"Lectures on Public Economics remains the most comprehensive and deepest textbook on the subject. The discussions presented here offer very insightful views on the limits of tax theory analysis that cannot be found in pure research articles, and help guide students who want to carry out research of their own."—Emmanuel Saez, University of California, Berkeley"There is no other general textbook on public economics that comes close to the achievement of Atkinson and Stiglitz. The organization of the book, its level of analysis, and the clarity of the exposition are just right for graduate and advanced undergraduate students."—Frank Cowell, London School of Economics
£49.50
Princeton University Press Happiness for All Unequal Hopes and Lives in
Book SynopsisTrade Review"A persuasive and well-supported study. Highly recommended."--Karen Shook, Times Higher Education "Graham is one of the few scholars who have traced the effects of a dramatic increase in inequality between the rich and poor in America."--Ana Swanson, WashingtonPost.com's Wonkblog "Graham pushes the wellbeing date into a more fruitful area, to assess how the experience of inequality shapes the views Americans hold about the future and the value of hard work... She pierces the myth that inequality is accepted in the US because it is accompanied by so many success stories."--Geoff Dyer, Financial TimesTable of ContentsList of Illustrations ix List of Tables xi Preface xiii 1 Introduction: Happiness for All: Living the Dream? 1 2 What Happened to Horatio Alger? U.S. Trends in Inequality and Opportunity in Comparative Perspective 22 3 Who Believes in the American Dream? Public Attitudes about Mobility in the United States and Beyond 42 4 The High Costs of Being Poor in the Land of the Dream: Stress, Insecurity, and Lack of Hope 76 5 Well-Being, Aspirations, and Outcomes: What Do We Know? 120 6 Can We Save the Dream? 136 Appendix 151 References 173 Index 187
£29.75
Princeton University Press Chicago Price Theory
Book SynopsisPrice theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace. This incisive textbook provides an essential introduction to the subject, offering a diverse array of practical methods that empower students to learn by doing.Trade Review"A tremendous resource. This comprehensive and innovative book brings together in one great package the Chicago way of thinking about price theory."—Douglas A. Irwin, author of Free Trade under Fire
£54.00
Princeton University Press Happiness for All
Book SynopsisTrade Review"One of Project Syndicate’s Best Reads in 2017 (chosen by Kermal Dervi )"
£18.00
Princeton University Press Restarting the Future
Book SynopsisTrade Review"Thought-provoking"---Martin Wolf, Financial Times"A compelling new book."---Daniel Finkelstein, Times"Thought-provoking"---Barry Eichengreen, Foreign Affairs"A fascinating new book. . . . Haskel and Westlake provide a combination of commonsense and ingenious solutions. . . . An important book that deserves to be widely debated."---Adrian Wooldridge, Bloomberg Opinion"The insights of Haskel and Westlake on how institutions currently inhibit an economy dominated by intangibles are valuable."---Nick Peterson, Financial Times"An excellent book."---Diane Coyle, Enlightened Economist
£15.29
Stanford University Press Microeconomic Theory Old and New
Book SynopsisThis book presents the core model of contemporary economic theory and policy, Walrasian economics, and presents a systematic behavioral and theoretical critique of that system.Trade Review"This is an excellent and timely guide for students on the evolution of microeconomic theory. John Gowdy has done an outstanding job of identifying how Walrasian theory has long since outlived its usefulness and previews where economics is, and should be, going. This is essential reading for economists of all stripes." -- Barry Solomon * Michigan Technological University *
£98.60
Stanford University Press Criminals and Victims
Book SynopsisCriminals and Victims analyzes economic decisions made by offenders and victims before, during, and after a crime or victimization.Trade Review"Allen has provided a resource that will be useful both to economists interested in the study of crime and to the best of the new breed of criminologists who are interested in the tools developed in other social sciences. His analytical skills are complemented by a careful and intuitive explanation of the theoretical results and a clear discussion of the empirical consequences of the underlying theory." -- Stephen T. Easton, Professor of Economics * Simon Fraser University *"Allen demonstrates how economic theory can provide valuable insight into relatively understudied aspects of criminal and victim decision making, offering clear examples of how that theory can be empirically tested. In each chapter, Allen lays the foundation of a new research agenda for social scientists interested in crime." -- Emily Owens, Cornell University * Department of Policy Analysis and Management *
£55.80
Stanford University Press Collective Action and Exchange
Book SynopsisIn Collective Action and Exchange: A Game-Theoretic Approach to Contemporary Political Economy , author William D. Ferguson unifies a broad range of new developments in economic theory and closely related areas of study to present a comprehensive political economy text, aimed at advanced undergraduates in economics and graduate students in the social sciences.Trade Review"Ferguson's book is a forceful introduction to the analytical techniques involved in this intellectual revolution, together with a presentation of the evidence supporting various models. It exhibits a deep appreciation for the long road ahead in improving our understanding of the political aspects of social life . . . Your students will love you for it because the material is so exciting and real world. Quite an antidote to traditional micro texts!"—Herbert Gintis, Central European University"The main accomplishment of the book is to establish collective action problems as a way to look at quandaries in political economy. It goes way beyond the standard models of self-interested rationality in economics and deals in detail with behavioral models of preference."—Sourav Bhattacharya, University of Pittsburgh"Political economy has evolved in the past two decades from verbal gymnastics to a scientific study of how people form groups to solve collective action problems. Ferguson's book is a forceful introduction to the analytical techniques involved in this intellectual revolution, together with a presentation of the evidence supporting various models. It exhibits a deep appreciation for the long road ahead in improving our understanding of the political aspects of social life."—Herbert Gintis, Santa Fe Institute, Central European University, and author of Game Theory Evolving"Collective Action and Exchange is a remarkably effective pedagogical tool. Ferguson's presentation highlights common themes that are too often hidden in specialized treatments of political economy. Particularly compelling is the way that he integrates the insights of Elinor Ostrom's Nobel prize-winning research on governing the commons into simple models based on core principles. This book demonstrates the value of modeling as an approach to policy analysis, and offers a power suite of economic tools to help us understand a wide range of individual and collective decisions."—Michael D. McGinnis, Former Director, The Vincent and Elinor Ostrom Workshop in Political Theory and Policy Analysis, Indiana University"Why can economics courses be so dull when the economy itself is positively riveting and, recently, economic theory has bristled with novel insights? Ferguson's Collective Action and Exchange brings the excitement into the classroom, introducing students to some of the best research on networks, cooperation, institutions, and information."—Samuel Bowles, author, Microeconomics: Behavior, Institutions, and Evolution
£140.25
Stanford University Press Collective Action and Exchange
Book SynopsisIn Collective Action and Exchange: A Game-Theoretic Approach to Contemporary Political Economy , author William D. Ferguson unifies a broad range of new developments in economic theory and closely related areas of study to present a comprehensive political economy text, aimed at advanced undergraduates in economics and graduate students in the social sciences.Trade Review"Ferguson's book is a forceful introduction to the analytical techniques involved in this intellectual revolution, together with a presentation of the evidence supporting various models. It exhibits a deep appreciation for the long road ahead in improving our understanding of the political aspects of social life . . . Your students will love you for it because the material is so exciting and real world. Quite an antidote to traditional micro texts!"—Herbert Gintis, Central European University"The main accomplishment of the book is to establish collective action problems as a way to look at quandaries in political economy. It goes way beyond the standard models of self-interested rationality in economics and deals in detail with behavioral models of preference."—Sourav Bhattacharya, University of Pittsburgh"Political economy has evolved in the past two decades from verbal gymnastics to a scientific study of how people form groups to solve collective action problems. Ferguson's book is a forceful introduction to the analytical techniques involved in this intellectual revolution, together with a presentation of the evidence supporting various models. It exhibits a deep appreciation for the long road ahead in improving our understanding of the political aspects of social life."—Herbert Gintis, Santa Fe Institute, Central European University, and author of Game Theory Evolving"Collective Action and Exchange is a remarkably effective pedagogical tool. Ferguson's presentation highlights common themes that are too often hidden in specialized treatments of political economy. Particularly compelling is the way that he integrates the insights of Elinor Ostrom's Nobel prize-winning research on governing the commons into simple models based on core principles. This book demonstrates the value of modeling as an approach to policy analysis, and offers a power suite of economic tools to help us understand a wide range of individual and collective decisions."—Michael D. McGinnis, Former Director, The Vincent and Elinor Ostrom Workshop in Political Theory and Policy Analysis, Indiana University"Why can economics courses be so dull when the economy itself is positively riveting and, recently, economic theory has bristled with novel insights? Ferguson's Collective Action and Exchange brings the excitement into the classroom, introducing students to some of the best research on networks, cooperation, institutions, and information."—Samuel Bowles, author, Microeconomics: Behavior, Institutions, and Evolution
£49.30
Stanford University Press Irrationality in Health Care
Book SynopsisThis book draws on behavioral economics to explain anomalies that are intrinsic in the U.S. health care system. Rather than focusing on promoting or analyzing policy, author Douglas E. Hough hones in on our sometimes irrational actions, their roots, and what we can do to influence our behavior, nudging the health care system towards better practices.Trade Review"Hough does an extraordinary job of distilling the literature and providing key insights to help us understand how health care consumers and providers really behave, and how government can formulate better policy. A must-read for anyone interested in the burgeoning field of behavioral economics and age-old questions in health care." -- Thomas Rice, Distinguished Professor * UCLA Fielding School of Public Health *"Hough explains and applies the emerging field of behavioral economics to patient and physician decision making, providing a rationale for seemingly irrational behavior, and its particular usefulness for designing health policies." -- Paul J. Feldstein * University of California, Irvine *"Balancing rigor and policy relevance, Hough shows the application of behavioral economics to health policy in a most compelling way. I liked this book so much, I wish I had written it!" -- Richard Scheffler, University of California * Berkeley *
£98.60
Stanford University Press Homer Economicus
Book SynopsisHomer Economicus brings together sixteen essays that use The Simpsons as the basis for a vibrant and accessible discussion of important concepts in economic theory, showing how these are at work in life in Springfield and beyond.Trade Review"This work may be the exception to the general rule that economics books that carry a movie, cartoon, or literary theme are tedious. In a book that will capture the imaginations of avid readers of pop economics, Hall manages to pull together a collection that references all the characters in the popular television show . . . Recommended."—B. P. Keating, CHOICE"This 16-chapter volume will prove valuable, not only to instructors seeking to make their economics principles classes livelier, but to general readers. Those who have long avoided the 'Queen of the Social Sciences' will find Homer Economicus a stimulating and pleasurable introduction to the field. They may well lose any natural inhibitions about thinking like an economist—which is not, as popular prejudice would have it, thinking cold-bloodedly or relying excessively on mathematical or graphical tools to model and understand human behavior. In Springfield, these authors show us, profound economic insights can emerge from the most mundane human activities, and we can develop a powerful intuition about economic decision-making by studying even silly or hilarious scenarios . . . So if you want a sneakily entertaining way to start thinking like an economist, grab a donut or a Duff, get comfortable on the living room sofa, and started reading about those two-dimensional but remarkably interesting creations of cartoonist Matt Groening."—Stephen J.K. Walters, Library of Law and Liberty"Homer Economicus quenches your thirst for learning like a Duff beer. The reader, through the lens of The Simpsons, will learn more about economics is a few hours than any textbook can possibly teach. My advice is that you kick back, put your feet up at your desk and enjoy a donut or two while you read this fascinating collection. Mmm."—G. Dirk Mateer, Senior Lecturer, University of Kentucky"Homer Economicus in action! The Simpsons is an excellent window onto the world of economics, and this book shows you how and why."—Tyler Cowen, George Mason University, blogger at The Marginal Revolution, and author of Discover Your Inner EconomistTable of ContentsContents and Abstracts1Scarcity, Specialization, and Squishees: The Simpsons as Homo Economicus chapter abstractUsing the characters of The Simpsons and their lives in the town of Springfield, this chapter outlines the fundamental concepts of the economic way of thinking. Economics is built on a core set of principles that must be mastered before meaningful economic analysis can be performed. Ten principles are outlined that provide the starting point for basic economic reasoning. These principles are then illustrated with numerous examples drawn from the actions and interactions of Homer, Marge, Bart, Lisa, Maggie and the rest of the residents of Springfield. 2Where the Invisible Hand Has Only Four Fingers: Supply, Demand, and the Market Process in Springfield chapter abstractThis chapter uses examples from The Simpsons to further illustrate the supply and demand sides of the market, with special emphasis on the market as a process. The most basic lessons of economics are that incentives matter, information about the value of scarce resources is necessary, and accurate feedback is required for individuals to make prudent decisions. Property rights are important because they produce incentives, prices provide information, and profit and loss accounting gives feedback to decision makers. The competitive price system steers economic activity via the structure of incentives and the flow of information so that dispersed individuals within a society will coordinate their plans, and they will do so in such a way that in the limit all the gains from exchange will be exhausted and all least-cost methods of production will be utilized. 3A Pile of Krusty Burgers Embiggens the Fattest Man: Obesity, Incentives, and Unintended Consequences in "King-Size Homer" chapter abstractPublic policies have unintended consequences and can sometimes actually be counterproductive. In some cases, public policies hurt exactly the people a policy is intended to help. The Simpsons episode "King-Size Homer" illustrates how policies have unintended consequences—and how people respond to incentives—by telling us the story of how Homer Simpson ballooned up to three hundred pounds in order to take advantage of disability regulations. Furthermore, this episode shows how changing incentives might cause people to make more self-destructive decisions in the short run. The episode illustrates a number of important economic principles, including trade-offs, marginal analysis, the role of incentives, and the law of unintended consequences. 4Twenty Dollars Can Buy Many Peanuts! Money and The Simpsons chapter abstractThis chapter presents a discussion of the functions of money and its evolution in the United States using examples from The Simpsons. Money is something that is generally accepted as a means of payment for goods and services. It functions as a medium of exchange, a unit of account, and a store of value. Milhouse fears that he will be used like "currency" in juvenile hall in the episode "Trilogy of Error." Actually, Milhouse does not possess the properties that would make a good candidate for money. Money arises from commodities that are widely valued, portable, divisible, and durable. In "Half-Decent Proposal" Homer laments that he cannot print his own money. Homer is 100 percent correct, but it's not only the government that can print money. In fact, private banks create the majority of new money in the United States economy. 5Thank You, Come Again: The Pursuit of Profits in Springfield chapter abstractThis chapter employs numerous examples from The Simpsons to explain the calculation of economic profits and highlight the role of said profits in society. The importance of the opportunity cost concept, often ignored by Homer Simpson, is emphasized throughout the chapter. The differences between accounting costs and economic costs are discussed through examples in which Homer fails to recognize opportunity costs and refuses to recognize other costs associated with operating a business. The critical function of profits and losses in a market economy are explained, with special emphasis on the signals that economic profits and losses provide for market participants. The chapter ends with a brief discussion of the impact of barriers to entry on economic profit and profit opportunities. 6They Have the Internet on Computers Now? Entrepreneurship in The Simpsons chapter abstractThis chapter introduces and discusses the theoretical and empirical body of research on entrepreneurship. The occupational, structural, and functional approaches to the study of entrepreneurship are discussed and illustrated using many thoughtful entrepreneurial experiences from The Simpsons. In addition, the meaning of entrepreneurship as judgment, alertness, innovation, adaptation, and coordination or leadership is demonstrated. Finally, the difference between productive, unproductive, and destructive entrepreneurship is distinguished. The chapter is intended as an introduction to the vast entrepreneurship literature and its many approaches, theories, and interpretations. 7I've Got a Monopoly to Maintain! Market Failure in The Simpsons chapter abstractModern economists have identified four main types of market failure: monopoly, public goods, asymmetric information, and externalities. This chapter takes a closer look at the first three types of market failure and, using examples from The Simpsons, illustrates how market mechanisms can overcome those market failure problems. Coolsville Comics, a competing comic book store, destroys the Android's Dungeon's monopoly for comic books in Springfield. Elinor Ostrom, the recent Nobel Prize winner in economics, has illustrated that local self-governance institutions can overcome public goods and commons problems. Efficiency wages easily overcome moral hazard problems that result from asymmetric information problems, such as Bart shirking on the job. Finally, gossip and brand names, such as Duff Beer, overcome adverse selection problems in Springfield and the real world. 8Will You Stop That Infernal Racket!?! Externalities and The Simpsons chapter abstractThis chapter will deal primarily with illustrating the concept of externalities in economics by drawing upon examples and lessons in The Simpsons. The objectives will be to (1) distinguish the types of spillover effects that separate social and private benefits and costs from those that do not; (2) explicitly demonstrate the property rights problem generating the externality; (3) demonstrate the different ways in which policies and individuals try to resolve these problems; and (4) introduce the public choice critique of government solutions, especially regulation. 9Mayors, Monorails, and Morons: Government Failure in The Simpsons chapter abstractThis chapter presents the government failure (or public choice) perspective as demonstrated in The Simpsons. The public choice perspective is the application of the principles of market economics to the analysis of government. Any differences that arise between individual choices in a market versus a government setting occur because of differences in the institutions that constrain individuals in the market versus in the public sphere. Choice in a public setting is channeled through political institutions such as elections and the voting system. The elections of Sideshow Bob as mayor and of Homer as sanitation commissioner illustrate the problems with choice in a public setting. It is the institutions rather than the motivations that differ in both settings. Like any market agent, public officials in The Simpsons are presented as self-interested. Crucially, they are also presented as being as good as any alternative. There are no superhumans in The Simpsons. 10Coming to Homerica: The Economics of Immigration chapter abstractLike many people throughout history, Apu Nahasapeemapetilon's decision to migrate from a poorer place (India) to a richer one (Springfield) was in part an economic one. This chapter uses Apu's situation in the episode "Much Apu About Nothing" as a case study to demonstrate how economists study migration. As the standard models suggest, Apu receives benefits and incurs costs as a result of migrating. The impact of a large migration on an economy is analyzed using the great wave of Ogdenvillians who came to Springfield in The Simpsons episode "Coming to Homerica." The chapter further examines the effect of immigration on wages, taxes, and government spending. 11Donut and Dimed: Labor Markets in Springfield chapter abstractThis chapter presents an overview of labor markets through the lens of The Simpsons. Differences in salary across professions and locations are explained using examples drawn from the popular show. Utilizing the perspectives and techniques of labor economics, the following questions are discussed: (1) How can a Joe Sixpack guy like Homer Simpson afford a four-bedroom house with a two-car garage in a world with horrible greedy bosses? and (2) What can people do to earn more money in a market system? In the course of the discussion, the chapter outlines the many things that Homer does to afford his lifestyle, such as earning a compensating differential, searching for a better job, signaling his abilities, and engaging in entrepreneurial activity. 12Paging Dr. Hibbert: What The Simpsons Can Teach Us About Health Economics chapter abstractThe rise in health care costs over the past few decades and the recent passage of major health care legislation has brought health economics to the forefront of current policy discourse. By satirizing issues in health care faced by many Americans, The Simpsons provides a mechanism by which to relate health economics to our daily lives. This chapter provides an overview of several of the main concepts in health economics, connecting each concept to its illustration in a particular episode of The Simpsons. In doing so, the chapter focuses on the economic issues considered especially unique to health care markets, including the demand for and production of health, asymmetric information and physician agency, incentives surrounding third-party payers, and the interactions between government and the health care sector. The chapter shows that all students of economics, including consumers and health care practitioners, have something to learn from The Simpsons. 13At First I Thought Prohibition Was a Good Thing: The Economics of Alcohol Control chapter abstractIn The Simpsons episode "Homer vs. the Eighteenth Amendment," Springfield enforces a prohibition on alcohol and a wide variety of economic consequences follow, including organized crime, violence, bootlegging, moonshining, and speakeasies. Homer becomes a successful smuggler and moonshiner and is dubbed the Beer Baron. In this chapter, Springfield's experience with prohibition is discussed in light of the literature on the economic effects of prohibition. In addition to finding that the economic results of prohibition are predictable on the basis of economic theory, prohibition is found to be counterproductive to the goals of prohibition and detrimental to freedom. This chapter also explores similarities to the War on Drugs. 14Mr. Burns' Casino: The Economics of Casino Gambling chapter abstractThe Simpsons episode on casino gambling titled "$pringfield (Or, How I Learned to Stop Worrying and Love Legalized Gambling)" aired in the early 1990s. Yet it highlighted some of the controversial issues related to casino economics that are still being debated today. The chapter examines some of the key controversies over the economic and social impacts of legal casinos. On the benefits side, the chapter addresses tax revenues, employment effects, and the consumer benefits from the expansion of legalized gambling. On the cost side, the discussion addresses pathological gambling and related behaviors, social costs, negative externalities, and moral objections to gambling. 15Homer Econonomicus or Homer Sapiens? Behavioral Economics in The Simpsons chapter abstractBehavioral economists study the ways in which people act irrationally (that is, at odds with their objective long-term best interests), and behavioral economics research has identified and characterized a number of consistent biases in decision making. An interesting feature of the characters in The Simpsons is that they illustrate many of the specific biases that behavioral economists study, including time-inconsistency, loss aversion, bounded rationality, and susceptibility to framing effects. Despite these "human" characteristics, however, none of the characters can be viewed as purely rational or irrational, and this feature contributes to the relevancy and longevity of the show. 16From Rabbit Ears to Flat Screen: It's Getting Better All the Time chapter abstractThe belief that American middle class economic well-being has stagnated, if not declined, is commonplace in the media and among many pundits. However, the economic data on what sorts of goods are actually in the households of American families suggest that life has never been better, both for the average and poorest American families. The chapter presents some of those data, focusing on basic household appliances and technology. Twenty years of The Simpsons illustrate these changes through the improvements in their standard of living. From TVs to cell phones to computers, even as the Simpson family remained solidly "upper-lower-middle class," the rising buying power of Homer's wages and the falling cost of production combined to bring them consumption possibilities their earlier selves did not have.
£22.49
Stanford University Press Irrationality in Health Care
Book SynopsisThis book draws on behavioral economics to explain anomalies that are intrinsic in the U.S. health care system. Rather than focusing on promoting or analyzing policy, author Douglas E. Hough hones in on our sometimes irrational actions, their roots, and what we can do to influence our behavior, nudging the health care system towards better practices.Trade Review"Hough does an extraordinary job of distilling the literature and providing key insights to help us understand how health care consumers and providers really behave, and how government can formulate better policy. A must-read for anyone interested in the burgeoning field of behavioral economics and age-old questions in health care." -- Thomas Rice, Distinguished Professor * UCLA Fielding School of Public Health *"Hough explains and applies the emerging field of behavioral economics to patient and physician decision making, providing a rationale for seemingly irrational behavior, and its particular usefulness for designing health policies." -- Paul J. Feldstein * University of California, Irvine *"Balancing rigor and policy relevance, Hough shows the application of behavioral economics to health policy in a most compelling way. I liked this book so much, I wish I had written it!" -- Richard Scheffler, University of California * Berkeley *
£25.19
John Wiley & Sons African Agricultural Reforms The Role of
Book Synopsis
£26.96
MD - Duke University Press How Would You Like to Pay
Book SynopsisIn this primer on the history of money, Bill Maurer explores the implications of how technology is changing how we use money and argues that understanding and considering how we would like to pay gives us insight into determining how we would like to live.Trade Review"In the end, How Would You Like to Pay? is of interest less for what it says about the future (the author makes no predictions -- which, given the Isis debacle, seems prudent) than for how it encourages the reader to pay attention to nuances of the present. It’s a primer of the anthropological imagination -- and a reminder that money is too important a matter to leave to the economists." -- Scott McLemee * Inside Higher Ed *"This little book is the exact size it needed to be to explore the array of new payment methods, currencies and other money technology innovations that have erupted over the past decade, alongside with more accessible and cheaper smartphone, tablet and other communications and computing technologies.... Entering electronic money contracts without understanding the problems and solutions they represent is risky both for the isolated farmer in Kenya and for a Silicon Valley executive, so both would benefit from this book." -- Anna Faktorovich * Pennsylvania Literary Journal *"As an anthropologist, Bill Maurer has spent the past two decades researching the cultural and social dynamics of money. In his latest book, he manages to condense his life’s research into one gripping, bite-sized read that is accessible to a diverse range of readers from the artist and software programmer to the financial regulator or economist." -- Scott Burns * The Independent Review *"Maurer’s latest book is a . . . highly accessible introduction to the complex topic of payment systems. Written in an engagingly informal style accompanied by eye-catching photographs, it is an excellent teaching resource that will surely become a standard feature of reading lists in undergraduate courses in economic anthropology and the anthropology of finance and money." -- John Cox * Anthropological Forum *"Maurer’s volume is beautifully produced and pocket-sized, with lots of sharp illustrations in full colour and generous spacing.... Maurer’s book is for anyone interested in the future of money. That is a lot of people. It aims to surprise readers by approaching money in ways that are at once counter-intuitive and familiar." -- Keith Hart * Journal of the Royal Anthropological Institute *"Bill Maurer’s short, pocket-sized, succinct, lively, and sharply clear book on a vast and varied topic—the history and practice of monetary payments, worldwide—works like a skillfully cut gemstone. Keep turning, keep noticing new facets of the complexly brilliant entity that is money, as perceived and crafted for accessible view by an expert in reaching a wide and varied audience." -- Jane I. Guyer * Journal of Anthropological Research *Table of ContentsAcknowledgments vii Introduction. Who This Book Is For 1 1. Disruptions in Money 17 2. What Is Money? 37 3. Two Scenarios: A Day in the Money Life 51 4. The Evolution of Money 63 5. Use Cases for Money 79 6. What's in Your Wallet? 95 7. What Can You Do with a Mobile Phone? 107 8. Airtime 119 9. Monetary Repertoires 129 For Further Reading 145 Index 153
£71.10
Duke University Press How Would You Like to Pay
Book SynopsisIn this primer on the history of money, Bill Maurer explores the implications of how technology is changing how we use money and argues that understanding and considering how we would like to pay gives us insight into determining how we would like to live.Trade Review"In the end, How Would You Like to Pay? is of interest less for what it says about the future (the author makes no predictions -- which, given the Isis debacle, seems prudent) than for how it encourages the reader to pay attention to nuances of the present. It’s a primer of the anthropological imagination -- and a reminder that money is too important a matter to leave to the economists." -- Scott McLemee * Inside Higher Ed *"This little book is the exact size it needed to be to explore the array of new payment methods, currencies and other money technology innovations that have erupted over the past decade, alongside with more accessible and cheaper smartphone, tablet and other communications and computing technologies.... Entering electronic money contracts without understanding the problems and solutions they represent is risky both for the isolated farmer in Kenya and for a Silicon Valley executive, so both would benefit from this book." -- Anna Faktorovich * Pennsylvania Literary Journal *"As an anthropologist, Bill Maurer has spent the past two decades researching the cultural and social dynamics of money. In his latest book, he manages to condense his life’s research into one gripping, bite-sized read that is accessible to a diverse range of readers from the artist and software programmer to the financial regulator or economist." -- Scott Burns * The Independent Review *"Maurer’s latest book is a . . . highly accessible introduction to the complex topic of payment systems. Written in an engagingly informal style accompanied by eye-catching photographs, it is an excellent teaching resource that will surely become a standard feature of reading lists in undergraduate courses in economic anthropology and the anthropology of finance and money." -- John Cox * Anthropological Forum *"Maurer’s volume is beautifully produced and pocket-sized, with lots of sharp illustrations in full colour and generous spacing.... Maurer’s book is for anyone interested in the future of money. That is a lot of people. It aims to surprise readers by approaching money in ways that are at once counter-intuitive and familiar." -- Keith Hart * Journal of the Royal Anthropological Institute *"Bill Maurer’s short, pocket-sized, succinct, lively, and sharply clear book on a vast and varied topic—the history and practice of monetary payments, worldwide—works like a skillfully cut gemstone. Keep turning, keep noticing new facets of the complexly brilliant entity that is money, as perceived and crafted for accessible view by an expert in reaching a wide and varied audience." -- Jane I. Guyer * Journal of Anthropological Research *Table of ContentsAcknowledgments vii Introduction. Who This Book Is For 1 1. Disruptions in Money 17 2. What Is Money? 37 3. Two Scenarios: A Day in the Money Life 51 4. The Evolution of Money 63 5. Use Cases for Money 79 6. What's in Your Wallet? 95 7. What Can You Do with a Mobile Phone? 107 8. Airtime 119 9. Monetary Repertoires 129 For Further Reading 145 Index 153
£24.29
Edward Elgar Publishing Ltd Public Microeconomics Efficiency and Equity in
Book SynopsisThe analysis found in Public Microeconomics is simple and operational, conducive to computationally easy examples and exercises. This textbook is ideally suited to graduate and upper-level undergraduate courses ineconomics, political science, policy and philosophy.Table of ContentsContents: Preface Foreword to Students 1. Introduction 2. Private Goods Without Externalities 3. Externalities 4. Public Goods 5. Public Utilities 6. Uncertainty and Asymmetrical Information Index
£106.00
Edward Elgar Publishing Ltd Handbook on the Economics of Leisure
Book SynopsisThis interdisciplinary Handbook combines both mainstream and heterodox economics to assess the nature, scope and importance of leisure activities.Table of ContentsContents: Introduction 1. Overview of the Economics of Leisure Samuel Cameron PART I: ECONOMIC DIMENSIONS OF LEISURE 2. On Economics, Leisure and Much More Alessandro Balestrino 3. Towards a Bourdieusian Economics of Leisure Andrew B. Trigg 4. Leisure and Subjective Well-being Victoria Ateca-Amestoy PART II: WORK/LEISURE BALANCE 5. The Economics of Sleep and Boredom Samuel Cameron 6. Half Full or Half Empty: The Economics of Work–Life Balance Samuel Cameron and Mark Fox 7. Working from Home: Leisure Gain or Leisure Loss? Samuel Cameron and Mark Fox 8. Contradictions of Capitalism in Health and Fitness Leisure Simeon Scott PART III: PEOPLE AND PLACES AS LEISURE 9. Dating as Leisure Véronique Flambard, Nicolas Vaillant and François-Charles Wolff 10. Home Improvements Peter E. Earl and Ti-Ching Peng 11. Reconsidering the Silk Road: Tourism in the Context of Regionalism and Trade Patterns Karen Jackson PART IV: SPECTATING AND EVENTS 12. Leisure Tribe-onomics Darragh O’Reilly 13. The Significance of Commercial Music Festivals Gretchen Larsen and Stephanie Hussels 14. The Rise and Decline of Drive-in Cinemas in the United States Mark Fox and Grant Black 15. Entertainment and Economic Contributions of the Indian Hindi Movie Industry Rajesh K. Pillania and Subhojit Banerjee 16. Leisure Time, Cinema and the Structure of Household Entertainment Expenditure, 1890–1940 Gerben Bakker 17. Long-run Trends and Factors in Attendance Patterns in Sport: Australian Football League, 1945–2009 Liam J.A. Lenten 18. The Changing Demands of Leisure Time: The Emergence of Twenty20 Cricket David Paton and Andrew Cooke PART V: DIVERSIONS AND PERVERSIONS 19. The Economics of the Video-gaming Leisure Market Joe Cox 20. Competitive Forces in the US Recreational Vehicle Industry Mark Fox, Lane David and Grant Black 21. Magazines Gillian Doyle 22. The Impact of New Technology on Leisure Networks Vincent G. Fitzsimons 23. Girls Just Want to Have Fun? Internet Leisure and Women’s Empowerment in Jordan Deborah L. Wheeler and Lauren Mintz 24. Sexual Leisure Markets Alan Collins Index
£51.25
The Peterson Institute for International Economics Behind the Open Door Foreign Enterprises in the
Book Synopsis
£22.50
Harvard University Press Trade and Markets in Byzantium
£60.31
Edward Elgar Publishing Ltd Decisions Preferences and Heuristics
Book SynopsisThis enlightening book comprehensively maps the current state of economic psychology and behavioural economics. Exploring key concepts, topics and models in the field, it is also a launching pad for future research and provides useful insights on how good personal and professional decisions can be made, advancing microeconomic discourse.Trade Review‘Decisions, Preferences, and Heuristics provides a timely update of the relation between psychology and economics: It introduces a fresh vision that takes the evolved mind seriously rather than as a source of violations of utility models, and presents heuristics as smart tools for decision-making in the real world, where optimization is mostly a fiction. In this fascinating book, Pere Mir-Artigues shifts the discourse of microeconomic theory closer to the reality of actual decision-making.’ -- Gerd Gigerenzer, Max Planck Institute for Human Development, Berlin, GermanyTable of ContentsContents: Preface and acknowledgements 1. Introduction 2. Brief history of the relationship between economics and psychology 3. The decision-making process 4. Elements for the analysis of economic decisions 5. Patterns, methods and algorithms for decision-making 6. Decision-making in the consumption of goods and services 7. Summing up References Index
£100.00
Edward Elgar Publishing Ltd Handbook of Research Methods and Applications in
Book SynopsisWritten in a comprehensive yet accessible style, this Handbook introduces readers to a range of modern empirical methods with applications in microeconomics, illustrating how to use two of the most popular software packages, Stata and R, in microeconometric applications.Table of ContentsContents: Introduction to the Handbook of Research Methods and Applications in Empirical Microeconomics ix Nigar Hashimzade and Michael A. Thornton PART I ECONOMETRIC METHODS IN MICROECONOMICS 1 Linear dynamic panel data models 2 Ryo Okui 2 Spatial autoregressive nonlinear models in R with an empirical application in labour economics 23 Anna Gloria Billé 3 Econometric analyses of auctions: a selective review 42 Tong Li and Xiaoyong Zheng 4 An introduction to flexible methods for policy evaluation 82 Martin Huber PART II HOUSEHOLDS, BUSINESSES AND SOCIETIES 5 Econometric models of fertility 113 Alfonso Miranda and Pravin K. Trivedi 6 Measuring discrimination in the labour market 155 Emmanuel Duguet 7 Microeconomic models for designing and evaluating tax-transfer systems 195 Ugo Colombino 8 Bounds on counterfactuals in semiparametric discrete-choice models 223 Khai X. Chiong, Yu-Wei Hsieh and Matthew Shum 9 Bank performance analysis 238 Natalya Zelenyuk and Valentin Zelenyuk 10 Empirical methods in social epidemiology 280 Christopher F. Baum PART III POLICY EVALUATION AND CAUSALITY 11 Policy evaluation using causal inference methods 294 Denis Fougère and Nicolas Jacquemet 12 Regression discontinuity designs in policy evaluation 325 Otávio Bartalotti, Marinho Bertanha and Sebastian Calonico 13 Measuring the effect of health events in the labour market 359 Emmanuel Duguet PART IV NETWORKS AND BIG DATA IN MICROECONOMICS 14 Exploring social media: Twitteronomics and beyond 388 Tho Pham, Piotr Śpiewanowski and Oleksandr Talavera 15 Econometrics of networks with limited access to network data: a literature survey 416 Pedro C.L. Souza 16 Machine learning for causal inference: estimating heterogeneous treatment effects 438 Vishalie Shah, Noemi Kreif and Andrew M. Jones PART V STATA AND R IN MICROECONOMETRIC APPLICATIONS 17 Stochastic frontier analysis in Stata: using existing and coding new commands 489 Oleg Badunenko 18 Modern R workflow and tools for microeconometric data analysis 518 Giovanni Baiocchi 19 Robust inference in panel data microeconometrics, using R 564 Giovanni Millo 20 Econometric estimation of the “Constant Elasticity of Substitution” function in R: the micEconCES package 596 Arne Henningsen, Géraldine Henningsen and Gergő Literáti Index 641
£48.40
Edward Elgar Publishing Ltd Teaching Principles of Microeconomics
Book SynopsisTrade Review‘Maier and Ruder compile a valuable collection that will have broad appeal to educators interested in rethinking their approach to the Principles of Microeconomics courses. It distinguishes itself from existing volumes in that it includes multiple paradigms, explores updating content, and brings issues of diversity and inclusion to the forefront. Chapters reviewing more traditional pedagogies (such as cooperative learning and experiments) are presented with a fresh perspective and complemented with chapters describing newer approaches (using social media).’ -- KimMarie McGoldrick, University of Richmond, US‘Maier and Ruder provide an essential guide to those who are interested in revising the syllabus for Introductory Microeconomics. It provides concrete suggestions for course focus, course content, and pedagogy. The component essays are well researched, well written, and challenge the reader to consider a variety of alternatives to “chalk and talk.”’ -- Michael K. Salemi, University of North Carolina at Chapel Hill, US‘Want to become a better teacher of economics? Mark Maier and Phil Ruder, along with an all-star set of contributors, reimagine introductory economics. Dive in, soak up all of the wisdom, and cleanse yourself from 20th century misconceptions of how and what to teach.’ -- Dirk Mateer, University of Texas at Austin, USTable of ContentsContents: 1 Improving the Principles of Microeconomics course 1 Phil Ruder and Mark Maier PART I TRADITIONAL AND ALTERNATIVE APPROACHES 2 The deep work of teaching essential Microeconomic Principles 8 Gail M. Hoyt 3 Considerations for the textbook selection process in Principles of Microeconomics 25 Erin A. Yetter 4 Asynchronicity, access, and content: teaching economics in a shifting landscape 44 Belinda Archibong, Olivia Bobrownicki, Rajiv Sethi, and Homa Zarghamee 5 The issues approach to teaching Principles of Microeconomics 59 Wendy A. Stock 6 Revising the traditional Microeconomics course: engaging students via problem-based, positive, paradigmatic pluralism 74 Geoffrey E. Schneider PART II UPDATING COURSE CONTENT 7 Where is the “behavioral” in Introductory Microeconomics? 88 Simon D. Halliday and Emily C. Marshall 8 Suggestions for incorporating sustainability into Principles of Microeconomics 108 Jack Reardon PART III INCLUSIVE TEACHING 9 Promoting inclusivity in Principles of Microeconomics 124 Jennifer Imazeki 10 Creating an anti-racist pedagogy in Principles of Microeconomics 136 Mary J. Lopez and Fernando Lozano 11 Feminist approaches in the Introductory Microeconomics course 152 Pratistha Joshi Rajkarnikar 12 Promoting gender diversity in Introductory Microeconomics 166 Martha Olney PART IV PEDAGOGY 13 Writing in the Introductory Microeconomics course 180 Nathan D. Grawe and George Cusack 14 Taking advantage of structured peer interaction: cooperative learning in the Principles of Microeconomics course 202 Scott P. Simkins, Mark Maier, and Phil Ruder 15 Teaching with experiments in the Introductory Microeconomics course 217 Tisha L.N. Emerson 16 Teaching the Introductory Microeconomics course with social media 230 Abdullah Al-Bahrani, Darshak Patel, and Brandon Sheridan 17 Teaching Introductory Microeconomics online 243 Steven Greenlaw 18 Using Excel to teach Principles of Microeconomics 257 Humberto Barreto Index
£30.35
John Wiley & Sons Inc The Power to Compete
Book SynopsisIf you''re as interested in Japan as I am, I think you''ll find that The Power to Compete is a smart and thought-provoking look atthe future of a fascinating country. - Bill Gates, 5 Books to Read This Summer Father and son entrepreneur and economist search for Japan''s economic cure The Power to Compete tackles the issues central to the prosperity of Japan and the world in search of a cure for the Japan Disease. As founder and CEO of Rakuten, one of the world''s largest Internet companies, author Hiroshi Mikitani brings an entrepreneur''s perspective to bear on the country''s economic stagnation. Through a freewheeling and candid conversation with his economist father, Ryoichi Mikitani, the two examine the issues facing Japan, and explore possible roadmaps to revitalization. How can Japan overhaul its economy, education system, immigration, public infrastructure, and hold its own with China? Their ideas include applyingTable of ContentsIntroduction Japan Again ix Chapter 1 The Power to Innovate 1 Japan Again 1 The Keys to Revitalizing Japan 4 Keidanren’s Raison Dêtre 7 The Nature of Innovation 11 Schumpeter’s Contribution 15 Building Infrastructure 19 Business Innovation 23 Summary 27 Chapter 2 The Power to Operate 29 Workforce Fluidity 29 Privatization 33 Lifetime Employment 37 Escaping Lifetime Employment 40 Immigration Problems 43 Why English Needs to Be a Common Language in Japan 45 Growing the Population 50 Summary 53 Chapter 3 The Power in Questioning Abenomics 55 History of Abenomics 55 Independence in Finance 59 The Optimal Inflation Rate 62 Halting the Rise of Interest Rates 65 What to Do About Our 1-Quadrillion-Yen Debt 67 The Pros and Cons of Abenomics 70 Summary 75 Chapter 4 The Power of the Low-Cost State 77 The High Cost of Governance 77 How to Reform the High-Cost Structure 83 Addressing the Japanese Disease 87 The United States and Individualism 92 The Impotent Bureaucracy 95 Internationalizing the Bureaucracy 99 Creating Think Tanks 103 Political Appointees 106 What It Will Take to Improve the Bureaucracy 109 Summary 111 Chapter 5 The Power to Succeed Overseas 113 The Decline in the Number of Students Studying Abroad 113 Escaping from the Galapagos Effect 118 The Future of Journalism 121 Media in the Internet Era 125 The Importance of Liberal Arts 131 Ryoichi Mikitani’s Experiences Abroad 134 Summary 137 Chapter 6 The Power to Educate 139 Uniform Japanese Education 139 The Education of the Mikitani Family 141 What the Education System Needs 146 Higher Education 151 What People Study in University 154 The Founding of Rakuten 157 The Evaluation System for Teachers 160 The Need for Strategy in the Japanese Education System 162 Summary 168 Chapter 7 The Power to Build Brand Japan 169 Brand Power 169 The Demonstration Effect 174 Brand Value at the National Level 178 Foreign Nationals Working in Japan 183 Making Japan Attractive to Foreign Nationals 186 Japan and the Trans-Pacific Partnership 189 Summary 195 Conclusion What is the Power to Compete? 197 Japan Uniquely Incorporates and Interprets Cultures 197 Competitiveness as a Platform 200 The Global Logistics Revolution 202 Summary 205 Epilogue 207 Acknowledgments 211 Index 213
£17.09
John Wiley & Sons Inc Microeconomics For Dummies UK
Book SynopsisYour one-stop guide to understanding Microeconomics Microeconomics For Dummies (with content specific to the UK reader) is designed to help you understand the economics of individuals. Using concise explanations and accessible content that tracks directly to an undergraduate course, this book provides a student-focused course supplement with an in-depth examination of each topic. This invaluable companion provides clear information and real-world examples that bring microeconomics to life and introduces you to all the key concepts. From supply and demand to market competition, you''ll understand how the economy works on an individual level, and how it affects you every day. Before long, you''ll be conversant in consumers, costs, and competition. Microeconomics is all about the behaviour of individual people and individual firms. It sounds pretty straightforward, but it gets complicated early on. You may not be an economist, but if you''re a business student at Table of ContentsIntroduction 1 Part I: Getting Started with Microeconomics 5 Chapter 1: Discovering Why Microeconomics Is a Big Deal 7 Chapter 2: Considering Consumer Choice: Why Economists Find You Fascinating! 17 Chapter 3: Looking at Firm Behaviour: What They Are and What They Do 31 Part II: Doing the Best You Can: Consumer Theory 43 Chapter 4: Living a Life without Limits 45 Chapter 5: Considering the Art of the Possible: The Budget Constraint 55 Chapter 6: Achieving the Optimum in Spite of Constraints 67 Part III: Uncovering the Alchemy of Firms’ Inputs and Outputs 85 Chapter 7: Working with Different Costs and Cost Curves 87 Chapter 8: Squeezing Out Every Last Drop of Profit 105 Chapter 9: Supplying the Demanded Information on Supply and Demand 117 Chapter 10: Dreaming of the Consumer’s Delight: Perfect Competition 137 Part IV: Delving into Markets, Market Failure and Welfare Economics 149 Chapter 11: Stepping into the Real World: Oligopoly and Imperfect Competition 151 Chapter 12: Appreciating the Fundamental Theorems of Welfare Economics 167 Chapter 13: Controlling Markets with a Monopoly 179 Chapter 14: Examining Market Failure: Pollution and Parks 197 Chapter 15: Understanding the Dangers of Asymmetric Information 209 Part V: Thinking Strategically: Life Is Just a Game! 219 Chapter 16: Playing Games with Economic Theory 221 Chapter 17: Keeping Things Stable: The Nash Equilibrium 239 Chapter 18: Knowing How to Win at Auctions 249 Chapter 19: Deciphering the Signals: Threats and Benefits 261 Part VI: The Part of Tens 271 Chapter 20: Meeting Ten Great Microeconomists 273 Chapter 21: Ten Top Tips to Take Away 281 Glossary 289 Index 295
£16.99
John Wiley & Sons Inc Footballs Secret Trade
Book SynopsisA no-holds-barred exposé on the financialtransactionsof the world''s favourite sport The transfer fees clubs pay to sign top players now top 4 billion a year but much of the money has been flowing out of the game. A small group of wealthy investors including Russian oligarchs, English racehorse owners and a former billionaire gold miner have seized the opportunity to enter this booming market. Some have moved in on the territory of banks and lent money to clubs in exchange for a share in fees generated by Cristiano Ronaldo, Neymar and dozens more of today''s stars. Others have acquired obscure teams to get a piece of the pie. Even as the global financial crisis sent fortunes tumbling this select group found a profitable place to park their money. The size of the transfer market has continued to rise - it increased seven-fold in value the last two decades, more than the FTSE share index. Between them, these wealthy investors haveamasseTable of ContentsPrologue 1 1 The Son of Jesús 9 2 The Chess Champion 23 3 The British Tax Exile 41 4 An East End Scandal 53 5 The Prime Minister’s Men 67 6 The 100-to-1 Shot 79 7 The Switzerland of South America 93 8 “Todo Pasa” 107 9 Buenos Aires to Manchester 121 10 “I Want 40% for the Boy” 137 11 The Pharmacist’s Medicine 151 12 Working on a Dream 161 13 The Baur au Lac 175 14 The End Game? 187 Epilogue 199 Bibliography 207 Acknowledgments 209 About the Authors 211 Index 213
£19.55
John Wiley & Sons Inc Value for Money
Book SynopsisWritten by two of the world''s most well-known ROI (Return on Investment) gurus, this guide is indispensable for anyone involved in showing the value of money for projects and programs in governments, non-governmental organizations, nonprofits, and businesses. These range from human capital programs to marketing initiatives, technology implementations, systems integrations, quality and lean processes, public health initiatives, procurement procedures, public relations events, risk management policies, economic development programs, corporate social responsibility projects, public policy programs, branding activities, innovation programs, customer satisfaction projects, and everything in between. In a step-by-step process, the book shows how to measure the success of projects and programs, including measuring impact and ROI (Return on Investment). This book also shows how to forecast the value of the project in advance and how to collect data during and after project implementTable of ContentsPraise for Value for Money v Foreword xxv Preface xxvii Value is Changing… xxvii Need for a New Approach xxviii The ROI Methodology: The Enhanced Logic Model xxix We Can’t Measure Our Way to Success xxx Flow of the Book xxxi Acknowledgements xxxv Authors xxxviii 1 The Value Evolution 1 The Value Shift 4 Why Now? 8 Challenges Along the Way 16 Final Thoughts 19 2 Six Ways to Show Value for Money 21 Six Ways to Show Value for Money 25 Barriers to Showing Value for Money 32 Final Thoughts 38 3 Needed: An Enhanced Logic Model 39 A Review of Models 42 Concerns about Current Models 47 How Does Your Current Model Stack Up? 60 Requirements for the Value for Money: A Measurement Process 64 ROI Methodology 65 Terminology: Projects, Solutions, Participants 66 Final Thoughts 67 4 Introducing the ROI Methodology 69 Types of Data 70 The Initial Analysis 75 Using Design Thinking to Deliver and Measure Results 77 The ROI Process Model 78 Operating Standards and Philosophy 87 Implementing and Sustaining the Process 87 Benefits of this Approach 88 Final Thoughts 91 5 Start with Why: Align Programs with the Business 93 Impact Measures are Critical 96 The Challenge 97 The Alignment Model 98 Payoff Needs 99 Business Needs 109 Final Thoughts 118 6 Make it Feasible: Select the Right Solution 119 Performance Needs 122 The Performance Dialogue 122 Use Analysis Techniques 125 Learning Needs 131 Preference Needs 134 Matching Solutions to Needs 135 The Matrix Diagram 136 Selecting Solutions for Maximum Payoff 138 Final Thoughts 140 7 Expect Success: Design for Results 141 The Power of Expectations 144 Defining the Success of Programs 147 Designing for Results at Each Level 149 Developing Objectives at Multiple Levels 152 The Power of Objectives 160 Defining Roles and Responsibilities 162 Planning the Evaluation 166 Final Thoughts 172 8 Make it Matter: Design for Input, Reaction, and Learning 173 Communicating with Results in Mind 174 Changing the Role of Participants 177 Creating Expectations 178 Think ROI 181 Design Input for Results 183 Design Reaction for Results 187 Design Learning for Results 193 Data Collection for Input, Reaction, and Learning 194 Timing of Data Collection 197 Final Thoughts 199 9 Make it Stick: Design for Application and Impact 201 Data Collection for Application and Impact 204 Monitoring Business Performance Data 219 Selecting the Appropriate Method for Each Level 222 Timing of Data Collection 224 Built-In Application Tools 226 Involving the Participants’ Manager or Significant Other 230 Final Thoughts 235 10 Make it Credible: Isolate the Effects of the Program 237 The Importance of Pinpointing the Contribution 240 Preliminary Issues 242 Quantitative and Research Isolation Methods 244 Qualitative Isolation Methods 254 Select the Method 263 Final Thoughts 264 11 Make it Credible: Convert Data to Monetary Value 265 The Importance of Monetary Value 267 Key Steps in Converting Data to Money 270 Standard Monetary Values 272 When Standard Values are Not Available 281 Selecting the Technique 290 Final Thoughts 295 12 Make it Credible: Identify the Intangibles 297 Why Intangibles are Important 299 Measuring and Analyzing Intangibles 304 Final Thoughts 313 13 Make it Credible: Capture Costs of the Program and Calculate ROI 315 The Importance of Costs and ROI 319 Fundamental Cost Issues 320 Specific Costs to Include 325 Cost Tabulation in Action 328 The ROI Calculation 333 Other ROI Measures 342 Final Thoughts 343 14 Tell the Story: Communicate Results to Key Stakeholders 345 The Importance of Communicating Results 352 Principles of Communicating Results 355 The Process for Communicating Results 357 Step 1: Analyze Reason for Communication 359 Step 2: Plan for Communication 359 Step 3: Select Audience 360 Step 4: Develop Reports 363 Step 5: Select Media 363 Step 6: Present Information 370 Step 7: Analyze Reaction 378 Final Thoughts 379 15 Optimize Results: Use Black Box Thinking to Increase Funding 381 Process Improvement is the Key: Black Box Thinking 383 Making Adjustments in Programs 387 The Timing of Changes 390 Increasing ROI 393 Influencing Allocation 396 Final Thoughts 400 16 Forecast the ROI 401 The Importance of Forecasting ROI 407 The Trade-Offs of Forecasting 411 Pre-Program ROI Forecasting 413 Forecasting with a Pilot Program 422 ROI Forecasting with Reaction Data 423 Forecasting Guidelines 427 Final Thoughts 429 17 Make it Work: Sustaining the Change to a Results-Based Process 431 Overcoming Resistance 433 Assess the Climate 434 Develop Roles and Responsibilities 434 Establish Goals and Plans 436 Revise Guidelines and Procedures 438 Prepare the Team 440 Initiate ROI Studies 441 Prepare the Management Team 442 Remove Obstacles 443 Monitor Progress 445 Final Thoughts 446 References 447 Appendix A 459 Appendix B 467 Appendix C 471 Index 473
£91.76
John Wiley and Sons Ltd Construction Microeconomics
Book SynopsisCONSTRUCTION MICROECONOMICS Unique and comprehensive reference describing microeconomic approaches, theories, and models adapted to and developed for the construction industry Construction Microeconomics provides comprehensive coverage of microeconomics applied to the construction industry, focusing on construction clients, who initiate construction projects, and on contractors who transform the ideas and plans of clients into infrastructure and buildings. With the help of microeconomic theory, it tries to answer questions about decision-making by clients, contractors, and governments with respect to projects in the built environment. It includes discussions of alternative theories to mainstream microeconomics, such as new institutional economics, behavioral economics, and the capability approach. Applications from the construction sector including land supply, sustainability, industrialization, and lean construction are provided to ground the theory in practical construction. In ConstTable of ContentsForeword by Gerard de Valence xix Preface xxi References xxvi 1 Introduction 1 1.1 Navigating the Maze of Economic Literature 2 1.1.1 Economics 2 1.1.2 Microeconomics 3 1.1.3 Macroeconomics 4 1.1.4 Construction Economics 4 1.2 Tools and Presentations 5 1.2.1 Definitions 5 1.2.2 Economic Scholars 6 1.2.3 Assumptions 6 1.2.4 Case Studies 6 1.2.5 Observations 7 1.2.6 Summaries 7 1.3 Methodological Approach 8 1.3.1 Laws and Regularities 8 1.3.2 Focus and Goals 11 1.3.3 Descriptive and Normative Economics 12 1.4 Theoretical Background 13 1.4.1 Industrial Economics 13 1.4.2 New Institutional Economics 14 1.4.3 Game Theory 15 1.4.4 Auction Theory 16 1.4.5 Behavioral Economics 16 1.4.6 Economics of Information 17 1.4.7 Law and Economics 17 1.5 What You Can and Cannot Expect 17 1.6 Audience 19 1.6.1 Students 19 1.6.2 Lecturers 19 1.6.3 Academics 19 1.6.4 Contractors 19 1.6.5 Owners 20 1.6.6 Policymakers 20 1.7 Structure of the Text 20 1.7.1 Basic Economic Principles 20 1.7.2 Consumers in Perfectly Competitive Markets 21 1.7.3 Producers in Perfectly Competitive Markets 21 1.7.4 Interaction in Perfectly Competitive Markets 21 1.7.5 Imperfect Markets 22 1.7.6 Factor Markets 22 1.7.7 Information, Risk, and Uncertainty 22 1.7.8 Game Theory and Auctions 23 1.7.9 Construction Sector 23 1.7.10 Theory of the Owner 23 1.7.11 Theory of the Contractor 24 1.7.12 Construction Goods 24 1.7.13 Construction Markets 24 1.7.14 Contracting 25 1.7.15 Market Imperfections 25 1.7.16 Government 25 1.7.17 Public Construction Goods 26 1.7.18 Conclusion 26 1.7.19 Synopsis 26 References 27 Part I Microeconomics 31 2 Basic Economic Principles 33 2.1 Consensual Ideas 35 2.2 Scarcity and Choice 36 2.3 Decision-Making 39 2.3.1 Opportunity Costs 39 2.3.2 Incentives 40 2.3.3 Marginal Decisions 41 2.4 Markets 41 2.5 Trade and Comparative Advantage 44 2.6 Government 47 References 48 3 Consumers in Perfectly Competitive Markets 51 3.1 Perfectly Competitive Markets 53 3.2 Consumer Behavior 55 3.2.1 Budget Constraint 55 3.2.2 Preferences and Utility Functions 56 3.2.3 Utility Maximization 60 3.3 Demand Curve 62 3.4 Further Reading 64 References 65 4 Producers in Perfectly Competitive Markets 67 4.1 Producer Behavior 68 4.2 Production Theory 70 4.2.1 Technology 71 4.2.2 Production Functions 75 4.2.2.1 Classical Production Function 77 4.2.2.2 Neoclassical Production Function 79 4.2.2.3 Limitational Production Function 82 4.2.2.4 Technological Change (Innovation) and Learning 83 4.3 Cost Theory 85 4.3.1 Cost Curves for Classical Production Functions 86 4.3.2 Cost Curves for Neoclassical Production Functions 88 4.3.3 Cost Curves for Limitational Production Functions 89 4.3.4 Simplified Cost Function with Constantly Increasing Variable Costs 89 4.3.5 Long-Run Cost Curves 91 4.4 Supply Curve 92 4.4.1 Short-Run Supply Curve of a Firm 92 4.4.2 Long-Run Supply Curve of a Firm 94 4.4.3 Market Supply Curve 94 References 95 5 Interaction in Perfectly Competitive Markets 97 5.1 Equilibrium Price and Quantity 99 5.2 Comparative Statics 101 5.3 Elasticities of Demand and Supply 102 5.4 Consumer and Producer Surplus 106 5.5 Time-Dependent Supply Curves and Market Outcomes 107 5.5.1 Very-Short-Run Supply Curve 108 5.5.2 Short-Run Supply Curve 108 5.5.3 Long-Run Supply Curve 109 5.6 Welfare 110 5.7 Efficiency and Equity 112 References 113 6 Imperfect Markets 115 6.1 Monopoly 117 6.1.1 Normal Monopolies 118 6.1.2 Natural Monopolies 120 6.2 Monopolistic Competition 121 6.3 Monopsony 124 6.4 Oligopoly 125 References 126 7 Factor Markets 129 7.1 Factor Supply of Households 131 7.1.1 Labor Supply 131 7.1.2 Capital Supply 133 7.2 Factor Demand of Firms 135 7.3 Demand and Supply on Factor Markets 137 References 137 8 Uncertainty, Risk, and Information 139 8.1 Uncertainty and Risk 140 8.1.1 Risk Attitudes 141 8.1.2 Risk Strategies 142 8.1.3 Transaction Cost Theory 144 8.2 Information 146 8.2.1 Satisficing Model of Decision-Making 146 8.2.2 Asymmetric Information 149 8.2.2.1 Principal–Agent Theory 149 8.2.2.2 Market Breakdown Due to Asymmetric Information 149 8.2.2.3 Hidden Characteristics and Adverse Selection 150 8.2.2.4 Hidden Intentions and Holdup 151 8.2.2.5 Hidden Action and Moral Hazard 152 8.2.3 Property Rights Theory 153 References 153 9 Game Theory and Auctions 155 9.1 Game Theory 156 9.1.1 Basics of Game Theory 157 9.1.2 Static Games with Complete Information 159 9.1.3 Dynamic Games with Complete Information 160 9.2 Auctions 161 9.2.1 Basics of Auctions 161 9.2.2 English and Vickrey Auctions 163 9.2.3 Dutch Auctions and Sealed-Bid Auctions 164 9.2.4 Competitive Bidding 164 References 167 Part II Applied Construction Microeconomics 169 10 Construction Sector 171 10.1 Definition 172 10.2 Economic Contribution 174 10.2.1 Value-Added Concept 174 10.2.2 Investment Concept 176 10.2.3 Multiplier Concept 177 10.3 Actors in the Construction Sector 179 10.3.1 Market Demand 181 10.3.2 Market Supply 183 10.4 Summary of the Construction Sector 185 References 186 11 Theory of the Owner 189 11.1 The Owner as an Entity 190 11.1.1 Terminology 190 11.1.2 Images and Prejudices 191 11.1.3 Organization 192 11.2 Tasks of the Owner 194 11.3 Behavior of the Owner 195 11.3.1 Consumers Buying Construction Goods 195 11.3.2 Producers Buying Construction Goods 196 11.4 Information of the Owner 197 11.5 Developing a Contract 198 11.6 Procurement of a Contractor 199 11.7 Supervision of the Construction Process 202 11.8 Summary 203 References 203 12 Theory of the Contractor 205 12.1 The Contractor as an Entity 205 12.1.1 Cooperation 206 12.1.2 Organization 207 12.2 Tasks of the Contractor 208 12.3 Behavior of the Contractor 209 12.3.1 Strategy 211 12.3.2 Legal Organization 212 12.3.3 Growth of the Firm 214 12.4 Information of the Contractor 215 12.5 Bidding 216 12.6 Contractor Pricing 217 12.7 Production 220 12.7.1 General Characteristics 220 12.7.2 Production Determinants 222 12.7.2.1 Production Line, Work Shop, Site Construction, Parallel, or Variable Production 222 12.7.2.2 Automatization 224 12.7.2.3 Mass or Single-Item Production 225 12.7.2.4 Continuous and Discontinuous Production 225 12.7.2.5 Summary of Production Types 226 12.7.3 Production Functions and Cost Curves 228 12.7.4 Production Decisions 233 12.8 Summary 234 References 234 13 Construction Goods 237 13.1 Goods and Services 237 13.1.1 Heterogeneity 238 13.1.2 Construction Goods as Transitional Performance Bundles 240 13.1.3 Construction Goods as Contract Goods 242 13.1.4 Construction Goods as Investment 244 13.1.5 Construction Goods as Services 244 13.1.6 Summary of the Characteristics of Construction Goods 246 13.2 Typology of Construction Goods 247 13.2.1 Approach to Developing a Typology 248 13.2.2 Conceptualization 248 13.2.2.1 Choice of Dimensions 249 13.2.2.2 Typical Cases 250 13.2.2.3 Typology 250 13.2.3 Applications 253 13.2.3.1 Market Entry 253 13.2.3.2 Optimum Firm Size 253 13.2.3.3 Strategic Planning 255 13.3 Summary 256 References 256 14 Construction Markets 259 14.1 Characteristics of Markets 259 14.2 Particularities of Construction Markets 261 14.2.1 Goods 261 14.2.2 Owners 262 14.2.3 Markets 262 14.2.4 Summary 263 14.3 Analysis of Construction Markets 263 14.3.1 Heterogeneity 265 14.3.1.1 Observation 266 14.3.1.2 Theory 266 14.3.1.3 Organization 266 14.3.1.4 Structure 266 14.3.1.5 Specialization 267 14.3.1.6 Law 267 14.4 Owners 268 14.5 Contractors 268 14.5.1 Supply 268 14.5.2 Information 269 14.6 Geography of Construction Markets 270 14.6.1 Regional Markets 271 14.6.2 National Markets 274 14.6.3 International Markets 279 14.6.4 Multinational Markets 280 14.6.5 Global Players and Global Markets 283 14.7 Entry and Exit Barriers 285 14.7.1 Effects of the Business Cycle 286 14.7.2 Number of Exits and Entries 290 14.8 Summary 292 References 293 15 Contracting 297 15.1 Construction Goods 298 15.2 Construction Markets 300 15.3 Owner’s Demand 301 15.4 Contractor’s Supply 302 15.5 Construction Contracts 303 15.6 Contracting Market Design 305 15.7 Pricing of Construction Contracts 307 15.7.1 Marginal Cost Decisions Versus Markup Pricing 308 15.7.2 Auctioning 310 15.7.2.1 Construction Goods and Auctions 310 15.7.2.2 Auction Designs 312 15.7.3 Sealed-Bid Auctions 315 15.7.3.1 Pricing in Sealed-Bid Auctions 316 15.7.3.2 Pricing bias 316 15.7.3.3 Information Bias 317 15.7.3.4 Uncertainty Bias 318 15.7.3.5 Technology Advance 319 15.8 Supply and Demand in Construction 319 15.9 The Owner as Monopsonist 320 15.10 Bargaining for the Contract Price 322 15.11 Change Orders and Claims 325 15.12 Summary 326 References 327 16 Market Imperfections 329 16.1 Imperfect Information 329 16.2 Externalities 331 16.3 Collusion and Corruption 334 16.3.1 Collusion 334 16.3.1.1 Naturally Caused Collusion 336 16.3.1.2 Artificially Caused Collusion 337 16.3.2 Corruption 338 16.4 Mechanics or Ethics of Collusion 340 16.5 Conclusion 341 References 342 17 Government 343 17.1 Government as Actor on Markets 344 17.2 Taxes and Subsidies 346 17.3 Regulations 348 17.4 Interest Rates 350 17.5 Inflation 353 References 354 18 Public Goods 355 18.1 Characteristics of Private Goods 356 18.1.1 Rivalry 357 18.1.2 Excludability 358 18.2 Theory of Public Goods 359 18.2.1 Demand of a Public Good Based on Utility 360 18.2.2 Demand for a Public Good Based on Willingness to Pay 361 18.3 Free Riding 362 18.4 Cost–Benefit Analysis 363 18.5 Construction Goods as Public Goods 363 18.6 Strategic Misrepresentation and Optimism Bias 364 References 365 19 Conclusion 367 19.1 Methodical Context 367 19.2 Owners 369 19.3 Contractors 370 19.4 Construction Goods 371 19.5 Construction Markets 371 19.6 Contracting 373 References 374 Index 375
£67.50
John Wiley and Sons Ltd Microeconomics for Public Managers
Book SynopsisNonprofit firms and public institutions are both like and unlike private for-profit firms; this book concentrates on using economic analysis to understand the ways in which NFP enterprises make decisions about which goods and services to provide, how they allocate resources to provide them, and how they decide to whom they should be made available.Trade Review“I think this book begins to fill a serious gap in the market. Many students are turned off by economics because they don't see its applicability for their jobs. This book makes economics relevant to the NFP manager." Robert T. Greenbaum, Ohio State University “This book does a fine job meeting the needs of Public Administration students.” John Graham, Rutgers University “The Keatings’ approach of using cost-benefit analysis as a capstone is for the best, since it gets students to use what they have learned about markets and the information contained in market prices, and what they have learned about market failure, in a unified application.” Michael Rushton, Indiana University “The exercises are a lot more useful for public management students than the ones in standard economics textbooks. They are the kind I end up writing for myself.” John McPeak, Syracuse UniversityTable of ContentsOrganizational Alternatives Part I: Institutional Setting Chapter 1. Managerial Economics in Public and Nonprofit Administration: An Overview Chapter 2. Characteristics of the Government and Private Nonprofit Sectors Part II: Consumer Theory and Public Goods Chapter 3. Demand and Supply Chapter 4. Estimating Client Choice Chapter 5. Market Failure and Public Choice Part III: Production Theory and Public Administration Chapter 6. Production and Costs Chapter 7. Market Structure in Government and Nonprofit Industries Chapter 8. Selecting the Right Niche and Setting Client Fees Chapter 9. Strategic Goals: If Not Profit, What? Part IV: Input Markets and Cost-Benefit Analysis Chapter 10. Employing Labor and Capital Chapter 11. Cost-Benefit Analysis Index
£28.45
MP-WBK World Bank Group Publ Hidden Debt
Book SynopsisThis flagship report for South Asia maps the financial risks from contingent liabilities in South Asian countries and provide policy recommendation to improve management of financial risks at the level of the sovereign, state-owned enterprises.
£37.76
John Wiley & Sons Unlocking the Lower Skies The Costs and Benefits
Book SynopsisExplores the economic and broader societal rationale for introducing drone technologies as a complement to the current transport and logistics systems in the East Africa context. Use cases include medical goods and food aid deliveries; land mapping and risk assessment; agriculture; and transport and energy infrastructure inspection.
£999.99
Cornell University Press Traders in Motion
Book SynopsisWith essays covering diverse topics, from seafood trade across the Vietnam-China border, to street traders in Hanoi, to gold shops in Ho Chi Minh City, Traders in Motion spans the fields of economic and political anthropology, geography, and sociology to illuminate how Vietnam''s rapidly expanding market economy is formed and transformed by everyday interactions among traders, suppliers, customers, family members, neighbors, and officials.The contributions shed light on the micropolitics of local-level economic agency in the paradoxical context of Vietnam''s socialist orientation and its contemporary neoliberal economic and social transformation. The essays examine how Vietnamese traders and officials engage in on-the-ground contestations to define space, promote or limit mobility, and establish borders, both physical and conceptual. The contributors show how trading experiences shape individuals'' notions of self and personhood, not just as economic actors, but also in termsTrade ReviewThis edited volumen successfully presents its arguments and analyses with clear contextualization aand well-organized theoretical frameworks... I highly reccomend this book * Sojourn *Inarguably an exceptional collection on Vietnam's contemporary political economy, the book provides a comprehensive and critical update of how post socialism and neo- liberalism interplay (and clash) in Vietnam, and how powerful macrostructures and ideologies shape, and in return, become shaped by grassroots actors through their everyday practices. * Singapore Journal of Tropical Geography *
£97.20
Stanford University Press Black Culture, Inc.: How Ethnic Community Support
Book SynopsisA surprising and fascinating look at how Black culture has been leveraged by corporate America. Open the brochure for the Alvin Ailey American Dance Theater, and you'll see logos for corporations like American Express. Visit the website for the Apollo Theater, and you'll notice acknowledgments to corporations like Coca Cola and Citibank. The Martin Luther King, Jr. Memorial and the National Museum of African American History and Culture, owe their very existence to large corporate donations from companies like General Motors. And while we can easily make sense of the need for such funding to keep cultural spaces afloat, less obvious are the reasons that corporations give to them. In Black Culture, Inc., Patricia A. Banks interrogates the notion that such giving is completely altruistic, and argues for a deeper understanding of the hidden transactions being conducted that render corporate America dependent on Black culture. Drawing on a range of sources, such as public relations and advertising texts on corporate cultural patronage and observations at sponsored cultural events, Banks argues that Black cultural patronage profits firms by signaling that they value diversity, equity, and inclusion. By functioning in this manner, support of Black cultural initiatives affords these companies something called "diversity capital," an increasingly valuable commodity in today's business landscape. While this does not necessarily detract from the social good that cultural patronage does, it reveals its secret cost: ethnic community support may serve to obscure an otherwise poor track record with social justice. Banks deftly weaves innovative theory with detailed observations and a discerning critical gaze at the various agendas infiltrating memorials, museums, and music festivals meant to celebrate Black culture. At a time when accusations of discriminatory practices are met with immediate legal and social condemnation, the insights offered here are urgent and necessary. Trade Review"Patricia Banks has turned her critical eye on corporate support for Black cultural institutions as a PR move to trumpet their commitment to social justice. Banks is an astute observer of the world of philanthropy and a superb writer. A compelling read, this book will be an instant classic."—Frank Dobbin, author of Inventing Equal Opportunity"This groundbreaking volume by the premier scholar examining race, art, and cultural economy could not be timelier for understanding the workings of contemporary capitalism and diversity branding. With its scholarly rigor, grounded fieldwork and analysis, this book is a necessary and beautiful must-read for anyone who cares about justice."—Arlene Dávila, author of Latinos, Inc."Black Culture, Inc. is a brilliant contribution to the burgeoning literature on how race shapes organizations. Surveying a wide range of corporate giving to Black cultural institutions—from the National Museum of African American History and Culture to Afropunk—Banks provides a balanced account of its benefits and the potential costs that giving extracts from Black communities."—Victor Ray, The University of Iowa"Many of us rarely think about the connections between race, organizations, and culture, but Patricia Banks's innovative concept of 'diversity capital' shows why we should. Her illuminating book reveals that while today's companies demonstrate their commitment to racial equity with donations to black cultural initiatives, this corporate largesse is more complicated than we might realize."—Adia Harvey Wingfield, author of Flatlining"In this strongly argued and beautifully written book, Banks provides a conceptual framework for understanding the racial politics of organizational behavior. Her concept of 'diversity capital' is rooted in classical sociological theory but pushes that scholarship forward to make it more relevant today. This analysis will be foundational for future work on race and organizations."—Shyon Baumann, co-author of Foodies"Essential reading for anyone curious about why major American corporations seem so intent on 'giving back' to Black cultural institutions. This significant book turns corporate sponsorships into objects of scrutiny, showing how they project an often disingenuous corporate image of caring not only about Black culture but also about Black people."—Ellen Berrey, author of The Enigma of Diversity "Patricia A. Banks makes a vital contribution to sociological theory, illuminating how Black cultural patronage is harnessed by corporations as a tool of financial and cultural power, often with pernicious implications for the same communities who are exploited for their diversity appeal. An important, penetrating analysis."—Linsey McGoey, author of No Such Thing as a Free Gift"As businesses and organizations strive to prove their commitments to equity and inclusion, Black Culture, Inc. provides a nuanced corrective to corporate narratives. Alongside the rich and detailed empirical analysis, the conceptualization of 'diversity capital' is a crucial intervention with relevance across the social sciences."—Dave O'Brien, author of Culture is Bad For You"Black Culture, Inc. is an important book. In connecting corporate sponsorship of Black cultural institutions with urgent issues of racial justice, Banks demonstrates the wide, and often disturbing, ramifications of corporate efforts to increase their 'diversity capital.' Packed with scholarly insights, relevant case studies, and vivid anecdotes, this engaging book should be read by scholars, practitioners, students, and anyone interested in Black cultural institutions and how American corporations use cultural philanthropy."—Victoria D. Alexander, author of Sociology of the Arts"Theoretically rich and empirically jaw-dropping, Black Culture, Inc. is a timely look at the connection between corporate America and ethnoracial identity. Patricia Banks, one of the nation's keenest observers of race and culture, offers a rich, sophisticated, and accessible analysis of how corporations attempt to cultivate unauthentic Black identity. Banks gives readers an insider's look at the arenas – museums, concerts, and cultural festivals – where corporations tie themselves to Black culture and Black people. Black Culture, Inc. is essential reading for anyone who wants to understand the contours, complexity, and ironies of race in the United States today."—Tomás R. Jiménez, Stanford University"In Black Culture Inc.: How Ethnic Community Support Pays for Corporate America, Patricia A. Banks provides a dynamic analysis of tensions, power struggles, and pairings between the pursuit of profit and the promise of socio-political change. This book is written in an inviting and informative way that blends insightful scholarly analysis with critical commentary on a variety of contemporary examples of advertising, media, marketing, and branding activity."—Francesca Sobande, Ethnic and Racial StudiesTable of Contents1. Diversity Capital 2. The Racial Return 3. Racism Rehab 4. Cultivating Consumers 5. The Party of the Year 6. Gospel and the Golden Arches 7. #AfropunkWeSeeYou 8. Branding Diversity
£19.79
John Wiley and Sons Ltd Should We Abolish Household Debts?
Book SynopsisWe live in a culture of credit. As wages have stagnated, we’ve seen a dramatic surge in private borrowing across the western world; increasing numbers of households are sucked into a hopeless vortex of spiralling debt, fuelled by exploitative lending. In this book Johnna Montgomerie argues that the situation is chronically dysfunctional, both individually and collectively. She shows that abolishing household debts can put an end to austerity and to the unsustainable forward march of debt-dependent growth. She combines astute economic analysis with the elements of an accessible guide to practical policy solutions such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us to make our economy fairer and to tackle both the housing crisis and accelerating inequality.Trade Review"Abolishing household debt is heresy to the politicians who brought us bank bailouts and austerity. Johnna Montgomerie explains why so many families in Britain are dependent on borrowing and offers concrete proposals for ending the debt-fuelled growth."—Paul Mason, journalist and author "In this book, Johnna Montgomerie demonstrates that an apparently radical idea, abolishing household debt, is just common sense. Buy it, read it, tell others to do the same."—John Weeks, Coordinator of the Progressive Economy Forum "It is not often that I read a non-fiction book that is an easy read, explains complex economic concepts with metaphors that are simple enough to understand, and make perfect sense. Should we abolish household debts? by Johnna Montgomerie is such a book."—Financial Times "Concise, informative."—Morning Star
£33.25
Bristol University Press What Do Corporations Want
Book Synopsis
£71.99
Emerald Publishing Limited Auctions
Book SynopsisThis is the sixth volume in the series discussing advances in applied microeconomics. It covers issues such as efficiency in auctions when bidders have private information about competitors, lift-lining, the general double auction mechanism, and lottery qualification auctions.
£78.99
Boydell & Brewer Ltd Globalization and Catching-Up in Transition
Book SynopsisGlobalization and post-communist transition are currently two of the most important economic issues. Kolodko considers the links between them, and the way forward for post-socialist economies. Kolodko, former finance minister of Poland, considers the links between issues of globalization and post-communist transition, the two most important economic features of the turn of the century. He discusses the pattern of economic growth and contraction of the past fifty years, and reviews the options for the next half century. He accounts for the severity of the transitional recession in Eastern Europe and the former Soviet Union as a result of both the legacies of the past and current policy mistakes, but demonstrates how structural reforms and gradual institutional building have enabled some post-socialist economies to recover. He proposes that, within the wider context of globalization, several of these emerging market economies will be able to catch up with the more advanced industrial countries, but emphasizes the need for quality growth policies and continuing coordination between development strategies and efforts toward structural reform. Grzegorz W. Kolodko is John C. Evans Professor in European Studies at the University of Rochester, and Director of TIGER -- Transformation, Integration and Globalization Economic Research -- at the Leon Kozminski Academy of Entrepreneurship and Management [WSPiZ].Table of ContentsIntroduction Globalization and Postsocialist Transformation Transitional Recession and the Great Depression of the 1990s Different Paths of Contractions, Recovery and Growth Policy Response and the Role of Institution-building Market Imperfections and the New Role of the Government Small versus Big Government and the Quest for Equitable Growth External Shocks and the Catching-up Process Passive Scenarios and Active Policies for the 21st Century Policy Conclusions
£76.00
Information Age Publishing The Socio-Economic Approach to Management
Book SynopsisThis volume is part of the ongoing collaboration between the RMC series and the Socio-Economic Institute for Firms and Organizations (ISEOR), a French intervention-research think tank co-directed by Henri Savall and Véronique Zardet. Building on an earlier collaboration on the ISEOR approach – Socio-Economic Intervention in Organizations: The Intervener-Researcher and the SEAM Approach to Organizational Analysis (IAP, 2007) – Buono and Savall bring together over 30 talented intervener-researchers to explore and examine the ongoing evolution of the Socio-Economic Approach to Management (SEAM).This volume revisits the application of SEAM in the context of intervention challenges in the wake of the recent economic crisis and the disruptivechange that has taken hold across the world. The basic foundation of SEAM – built on the idea of strategic patience, the need to undertake holistic intervention in organizations, and the challenge to get organizational members to listen to themselves (through what they refer to as the mirror effect) – has remained the same. In response to economic and organizational pressures in the current environment, however, there has been a concomitant emphasis on helping client organizations achieve short-term results while still maintaining focus on the long term. Many ideas that have become part of the current discourse within ISEOR today were not as explicitly addressed in the initial volume – from the destructive effect of the Taylorism-Fayolism-Weberism (TFW) virus, to the need to focus on ways to ensure the sustainability of a SEAM intervention, the growing importance of collaborative interactions between external and internal consultants, and the growing importance of cocreating knowledge with client firms and organizations.
£49.95
Information Age Publishing The Socio-Economic Approach to Management
Book SynopsisThis volume is part of the ongoing collaboration between the RMC series and the Socio-Economic Institute for Firms and Organizations (ISEOR), a French intervention-research think tank co-directed by Henri Savall and Véronique Zardet. Building on an earlier collaboration on the ISEOR approach – Socio-Economic Intervention in Organizations: The Intervener-Researcher and the SEAM Approach to Organizational Analysis (IAP, 2007) – Buono and Savall bring together over 30 talented intervener-researchers to explore and examine the ongoing evolution of the Socio-Economic Approach to Management (SEAM).This volume revisits the application of SEAM in the context of intervention challenges in the wake of the recent economic crisis and the disruptivechange that has taken hold across the world. The basic foundation of SEAM – built on the idea of strategic patience, the need to undertake holistic intervention in organizations, and the challenge to get organizational members to listen to themselves (through what they refer to as the mirror effect) – has remained the same. In response to economic and organizational pressures in the current environment, however, there has been a concomitant emphasis on helping client organizations achieve short-term results while still maintaining focus on the long term. Many ideas that have become part of the current discourse within ISEOR today were not as explicitly addressed in the initial volume – from the destructive effect of the Taylorism-Fayolism-Weberism (TFW) virus, to the need to focus on ways to ensure the sustainability of a SEAM intervention, the growing importance of collaborative interactions between external and internal consultants, and the growing importance of cocreating knowledge with client firms and organizations.
£87.40
CABI Publishing Agricultural Markets in a Transitioning Economy:
Book SynopsisThis book presents major challenges and opportunities facing agriculture sectors in the wake of the transition from a planned to market economy. Using Albania as a case study, it examines the shift from communism to free markets and the lasting effects of such change on agricultural production and education. Using primary research sources to give readers an accurate portrayal of the path that lies ahead for many developing countries, the book also looks at the future of agriculture in transitioning economies.Table of Contents1: Agriculture in Changing Economies 2: Agriculture & Land Reform 3: Agricultural Institutions in Transition 4: Albania’s Agricultural Industry 5: Production 6: Processing 7: Distribution 8: Quality Assurance and Food Safety 9: Consumer Preferences 10: Trade 11: The Agricultural Sector: Trends and Projections 12: The Effects of EU Integration 13: The Importance of Research and Extension Going Forward
£98.68
Edward Elgar Publishing Ltd Microfoundations Reconsidered: The Relationship
Book SynopsisMost macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics. Contributors: M. De Vroey, P. Garcia Duarte, D.W. Hands, K.D. Hoover, R. Leonard, G.T. Lima, P.E. MirowskiTrade Review‘. . . this book is very well done. The coverage is in-depth and serious, coming from several different angles methodologically and historically. All the essays are thoughtful and well informed, the net result, indeed, to make clear the foundations of the microfoundations-to-macro approach and its various forms and complications. Deeply informative and mot worthy of serious attention and consideration in this well-edited and -written book.' -- J. Barkley Rosser, Jr., Journal of the History of Economic ThoughtTable of ContentsContents: Foreword John B. Davis Introduction: Privileging Micro Over Macro? A History of Conflicting Positions Pedro Garcia Duarte and Gilberto Tadeu Lima 1. Microfoundational Programs Kevin D. Hoover 2. From Foundational Critique to Fictitious Players: The Curious Odyssey of Oskar Morgenstern Robert Leonard 3. The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect D. Wade Hands 4. The Cowles Commission as an Anti-Keynesian Stronghold 1943–54 Philip E. Mirowski 5. Microfoundations: A Decisive Dividing Line between Keynesian and New Classical Macroeconomics? Michel De Vroey 6. Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics Pedro Garcia Duarte Index
£100.00
Edward Elgar Publishing Ltd Market Platforms, Industrial Clusters and Small
Book SynopsisThe emergence of specialized markets has profoundly improved the means of market access, enriched the driving forces of value chains, and changed the business environment for small firms in the developing world. This ground-breaking book summarizes the experience of specialized markets in a systematic manner. Specialized markets are a unique product of China's economic transition. They are marketplaces located in industrial clusters, specializing in the wholesale of local commodities and related goods. Ding Ke reveals that, despite their seemingly primitive form, specialized markets appeared in many of the modern industrial sectors and were paradoxically upgraded and expanded as these clusters developed. He argues that specialized markets have also formed solid linkages with marketplaces in various cities in China and in other developing economies. A powerful, emerging market-oriented distribution system has thus appeared. Based on thorough fieldwork covering ten years, and using the novel theory of the platform, this book clarifies the unique development logic of specialized markets. Specialized markets have thoroughly changed the business environment for SMEs in developing countries and greatly enriched the general understanding concerning SME development. This book will prove invaluable for SME, Chinese economy and platform researchers. Management scientists and managers in multinational firms focusing on bottom-of-the-pyramid markets will also find plenty of interesting information in this enlightening compendium.Published in association with the Institute of Developing Economies, JETRO Trade ReviewDing Ke's rich accounts of specialized markets will make for stimulating reading, not only for readers in Chinese economy but also for a broad range of readers in regional planning. --The Developing EconomiesTable of ContentsContents: Introduction 1. Specialized Markets and Small Business Dynamics in China 2. Analytical Framework 3. The General Situation in the “Province of Markets” 4. Local Government and Platform Governance in Yiwu 5. The Specialized Market System in the Daily Necessities Industry: An Observation from Yiwu Market 6. Overseas Linkages of Specialized Markets 7. Producer–Distributor Relationships in Yiwu Market 8. Local Government and Inter-Platform Competition 9. The Logic of Quantitative Expansion and Qualitative Upgrading in the Market Platform Mode Cluster 10. The Typology of Apparel Clusters in China 11. Conclusion Bibliography Index
£99.00
Edward Elgar Publishing Ltd Economic Analyses of Social Networks
Book SynopsisThis comprehensive two-volume set brings together important contributions providing fundamental economic analyses of social networks and the central roles they play in many facets of our lives. The first volume consists of classic articles that model network formation and games on networks, as well as those on the identification of peer effects from an econometric viewpoint. The second volume provides empirical analyses of network effects on labor, education, development, crime and industrial organization, as well as some laboratory and field experiments.This set of indispensable papers, with an original introduction by the editors, will prove an essential tool to researchers, scholars and practitioners involved in this field.Trade Review'The economic importance of social interactions not mediated by the market has long been recognized. However, it is only the emergence of network analysis that has supplied a useful method of study. The editors have performed a signal service by their anthology of important articles. They have covered all the major studies and represented well the rapid emergence of a new and important field, to which they have been among the most significant contributors.' -- Kenneth Arrow, Stanford University, USTable of ContentsContents: Volume I: Theory ACKNOWLEDGMENTS INTRODUCTION Matthew O. Jackson and Yves Zenou PART I MODELS OF NETWORK FORMATION 1. Robert J. Aumann and Roger B. Myerson (1988), ‘Endogenous Formation of Links Between Players and of Coalitions: An Application of the Shapley Value’ 2. Matthew O. Jackson and Asher Wolinsky (1996), ‘A Strategic Model of Social and Economic Networks’ 3. Bhaskar Dutta and Suresh Mutuswami (1997), ‘Stable Networks’ 4. Venkatesh Bala and Sanjeev Goyal (2000), ‘A Noncooperative Model of Network Formation’ 5. William A. Brock and Steven N. Durlauf (2001), ‘Discrete Choice with Social Interactions’ 6. Matthew O. Jackson and Alison Watts (2002) ‘The Evolution of Social and Economic Networks’ 7. Matthew O. Jackson and Alison Watts (2002), ‘On the Formation of Interaction Networks in Social Coordination Games’ 8. Bhaskar Dutta, Sayantan Ghosal and Debraj Ray (2005), ‘Farsighted Network Formation’ 9. Frank H. Page Jr., Myrna H. Wooders and Samir Kamat (2005), ‘Networks and Farsighted Stability’ 10. Matthew O. Jackson and Brian W. Rogers (2007), ‘Meeting Strangers and Friends of Friends: How Random are Social Networks?’ 11. Sergio Currarini, Matthew O. Jackson and Paolo Pin (2009), ‘An Economic Model of Friendship: Homophily, Minorities and Segregation’ PART II MODELS OF GAMES AND BEHAVIOR ON NETWORKS 12. Robert B. Myerson (1977), ‘Graphs and Cooperation in Games’ 13. Rohit Parikh and Paul Krasucki (1990), ‘Communication, Consensus and Knowledge’ 14. Venkatesh Bala and Sanjeev Goyal (1998), ‘Learning from Neighbours’ 15. Stephen Morris (2000), ‘Contagion’ 16. Michael Suk-Young Chwe (2000), ‘Communication and Coordination in Social Networks’ 17. Peter M. Demarzo, Dimitri Vayanos and Jeffrey Zwiebel (2003), ‘Persuasion Bias, Social Influence, and Unidimensional Opinions’ 18. Margarida Corominas-Bosch (2004), ‘Bargaining in a Network of Buyers and Sellers’ 19. Coralio Ballester, Antonio Calvó-Armengol and Yves Zenou (2006), ‘Who’s Who in Networks: Wanted: The Key Player’ 20. Yann Bramoullé and Rachel Kranton (2007), ‘Public Goods in Networks’ 21. Matthew O. Jackson and Leeat Yariv (2007), ‘Diffusion of Behavior and Equilibrium Properties in Network Games’ 22. Dunia López-Pintado (2008), ‘Diffusion in Complex Social Situations’ 23. Andrea Galeotti, Sanjeev Goyal, Matthew O. Jackson, Fernando Vega-Redondo and Leeat Yariv (2010), ‘Network Games’ 24. Benjamin Golub and Matthew O. Jackson (2010), ‘Naïve Learning in Social Networks and the Wisdom of Crowds’ 25. Andrea Galeotti and Sanjeev Goyal (2010), ‘The Law of the Few’ 26. Antonio Cabrales, Antoni Calvó-Armengol and Yves Zenou (2011), ‘Social Interactions and Spillovers’ 27. Daron Acemoglu, Munther A. Dahleh, Ilan Lobel and Asuman Ozdaglar (2011), ‘Bayesian Learning in Social Networks’ 28. Syngjoo Choi, Douglas Gale, Shachar Kariv and Thomas Palfrey (2011), ‘Network Architecture, Salience and Coordination’ 29. Jeanne Hagenbach and Frédéric Koessler (2010), ‘Strategic Communication Networks’ PART III ECONOMETRICS 30. Charles F. Manski (1993), ‘Identification of Endogenous Social Effects: The Reflection Problem’ 31. Lung Fei Lee (2007), ‘Identification and Estimation of Econometric Models with Group Interactions, Contextual Factors and Fixed Effects’ 32. Yann Bramoullé, Habiba Djebbari and Bernard Fortin (2009), ‘Identification of Peer Effects Through Social Networks’ Volume II: Applications ACKNOWLEDGEMENTS AN INTRODUCTION BY THE EDITORS APPEARS IN VOLUME I PART I LABOUR AND EDUCATION 1. Mark S. Granovetter (1973), ‘The Strength of Weak Ties’ 2. Scott A. Boorman (1975), ‘A Combinatorial Optimization Model for Transmission of Job Information Through Contact Networks’ 3. James D. Montgomery (1991), ‘Social Networks and Labor-Market Outcomes: Toward an Economic Analysis’ 4. Giorgio Topa (2001), ‘Social Interactions, Local Spillovers and Unemployment’ 5. Antoni Calvó-Armengol (2004), ‘Job Contact Networks’ 6. Antoni Calvó-Armengol and Matthew O. Jackson (2004), ‘The Effects of Social Networks on Employment and Inequality’ 7. Yannis M. Ioannides and Linda Datcher Loury (2004), ‘Job Information Networks, Neighbourhood Effects, and Inequality’ 8. Patrick Bayer, Stephen L. Ross and Giorgio Topa (2008), ‘Place of Work and Place of Residence: Informal Hiring Networks and Labor Market Outcomes’ 9. Antoni Calvó-Armengol, Eleonora Patacchini and Yves Zenou (2009), ‘Peer Effects and Social Networks in Education’ PART II DEVELOPMENT ECONOMICS 10. Kaivan Munshi (2003), ‘Networks in the Modern Economy: Mexican Migrants in the U.S. Labor Market’ 11. Jackline Wahba and Yves Zenou (2005), ‘Density, Social Networks and Job Search Methods: Theory and Application to Egypt’ 12. Oriana Bandiera and Imran Rasul (2006), ‘Social Networks and Technology Adoption in Northern Mozambique’ 13. Marcel Fafchamps and Susan Lund (2003), ‘Risk-sharing Networks in Rural Philippines’ PART III CRIME 14. Edward L. Glaeser, Bruce Sacerdote and José A. Scheinkman (1996), ‘Crime and Social Interactions’ 15. Antoni Calvó-Armengol and Yves Zenou (2004), ‘Social Networks and Crime Decisions: The Role of Social Structure in Facilitating Delinquent Behavior’ 16. Coralio Ballester, Antoni Calvó-Armengol and Yves Zenou (2010), ‘Delinquent Networks’ 17. Eleonora Patacchini and Yves Zenou (2012), ‘Juvenile Delinquency and Conformism’ PART IV INDUSTRIAL ORGANIZATION 18. Rachel E. Kranton and Deborah F. Minehart (2001), ‘A Theory of Buyer-Seller Networks’ 19. Sanjeev Goyal and Sumit Joshi (2003), ‘Networks of Collaboration in Oligopoly’ 20. Sanjeev Goyal and José Luis Moraga-González (2001), ‘R&D Networks’ 21. Brian Uzzi (1996), ‘The Sources and Consequences of Embeddedness for the Economic Performance of Organizations: The Network Effect’ PART V EXPERIMENTS 22. Gary Charness, Margarida Corominas-Bosch and Guillaume R. Fréchette (2007), ‘Bargaining and Network Structure: An Experiment’ 23. Dean Karlan, Markus Mobius, Tanya Rosenblat and Adam Szeidl (2009), ‘Trust and Social Collateral’ 24. Jacob K. Goeree, Arno Riedl and Aljaž Ule (2009), ‘In Search of Stars: Network Formation Among Heterogeneous Agents’ 25. Jacob K. Goeree, Margeret A. McConnell, Tiffany Mitchell, Tracey Tromp and Leeat Yariv (2010), ‘The 1/D Law of Giving’ PART VI OTHER APPLICATIONS 26. James E. Rauch (1999), ‘Networks Versus Markets in International Trade’ 27. Franklin Allen and Douglas Gale (2000), ‘Financial Contagion’ 28. Federico Echenique and Roland G. Fryer, Jr. (2007), ‘A Measure of Segregation Based on Social Interactions’
£739.00
Edward Elgar Publishing Ltd Microeconomics of Interactive Economies:
Book SynopsisThis thorough reconstruction of microeconomics 'post-2008' provides economic students with a new way of real-world understanding and strategic qualification that will be better appreciated by their future employers and any professional practice. It will prove essential for economic students and other social science programs at a graduate level. This accessible and engaging textbook includes: A survey of the most famous core models of modern microeconomics including the neoclassical approach and its heterodox critiques - Sraffian, Institutionalist, Post-Keynesian and Mirowskian An introduction to complexity thinking in economics An introduction to game theory An introduction to the methods of complex computer simulation An introduction to strategic behavior An newly integrated approach to real-world and complexity economics, rather than focusing on neoclassical ('perfect') market equilibrium 'plus a thousand recent extra things on top'. See the companion website - www (dot) microeconomics (dot) us - for teaching material, readings, exams and as a general guide to explore issues raised in the book.Trade Review’This microeconomics textbook by Wolfram Elsner provides a timely alternative for understanding the micro roots of uncertainty, complexity and crisis. The evolutionary and institutional perspective sheds new light on contemporary issues such as clusters, networks, innovation and coordination. By reading this textbook, teachers, students and practitioners will open their minds to new economic thinking.’ -- Ping Chen, Peking University, Beijing, Fudan University, Shanghai, China and author of Economic Complexity and Equilibrium Illusion’Here, at last, we have the ideal textbook for microeconomics from an evolutionary and institutional perspective. Wolfram Elsner does nothing less than reconstruct the principles of microeconomics for a world of interactive business networks, change and innovation, crisis and uncertainty, as well as coordination problems and cooperative joint ventures. The publication of this book is a landmark event in microeconomics.’ -- Phillip A. O'Hara, Curtin University of Technology, Perth, Australia and President-Elect of AFEE, 2012Table of ContentsContents: Preface – Microeconomics in Times of Crisis: A ‘Post-2008’ Textbook, its Aims and Scope Didactics – How to Work with this Textbook 1. Introduction to the Microeconomics of Interactive Economies 2. Methods for Analyzing Interactive Economies: An Introduction to Game Theory 3. Problem Structures and Processes of Interactive Economies 4. Real-World Markets: Hierarchy, Size, Power, and Direct Interdependence 5. Ideal Neoclassical Market and General Equilibrium 6. Critique of the Neoclassical ‘Perfect Market’ Economy and Alternative Price Theories 7. Methods for Analyzing Complex Processes: An Introduction to Computer Simulation 8. Recent Core Models of Complexity Microeconomics 9. A Universe of Economies: Interdependence and Complexity, System Trajectories, Chaos, and Self-Organization References Index
£38.90
Edward Elgar Publishing Ltd Public Microeconomics: Efficiency and Equity in
Book SynopsisThis book contains a concise, simple, yet precise discussion of externalities, public goods and insurance. Rooted in the first fundamental theorem of welfare economics and in noncooperative equilibrium, it employs elementary calculus. The book presents established theory in novel ways, and offers the tools for the application of the social welfare criteria of efficiency and equity to environmental economics, networks, bargaining, political economy, and the pricing of public goods and public utilities.This innovative, user-friendly textbook will be of use over a broad range of disciplines. The applications found here include international global-warming issues (North vs. South model), and bargaining over externalities (Coase's theorem). This text also introduces the Wicksell-Lindahl model in its original form, which depicts the parliamentary negotiation between representative parties and provides an effective introduction to political economy. Later, these ideas are applied to the pricing of an excludable public good, revealing the theoretical connection between public utility pricing and the pricing of excludable public goods.The text integrates three forms of discourse: verbal, graphical, and formal. Elementary calculus is frequently used, allowing for clarity and precision; qualities that are often missing in conventional textbooks. The main text considers a finite number of consumers and appendices cover the continuum mathematical model, which is implicit in the references to the 'marginal consumer' found in traditional texts.The analysis found in Public Microeconomics is simple and operational, conducive to computationally easy examples and exercises. This textbook is ideally suited to graduate and upper-level undergraduate courses ineconomics, political science, policy and philosophy.Contents: Preface Foreword to Students 1. Introduction 2. Private Goods Without Externalities 3. Externalities 4. Public Goods 5. Public Utilities 6. Uncertainty and Asymmetrical Information IndexTable of ContentsContents: Preface Foreword to Students 1. Introduction 2. Private Goods Without Externalities 3. Externalities 4. Public Goods 5. Public Utilities 6. Uncertainty and Asymmetrical Information Index
£31.30
