Microeconomics Optimization, Experiments, and Behavior

ISBN-10: 0195189620
ISBN-13: 9780195189629
Edition: 2006
Authors: John P. Burkett
List price: $78.00
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Description: Introductory economics textbooks teach the traditional, neoclassical theories of individual behavior, first put forth by figures like Adam Smith. Research in experimental and behavioral economics, however, shows that people choose rationally only  More...

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Book details

List price: $78.00
Copyright year: 2006
Publisher: Oxford University Press, Incorporated
Publication date: 4/20/2006
Binding: Hardcover
Pages: 352
Size: 10.00" wide x 7.20" long x 0.91" tall
Weight: 1.782
Language: English

Introductory economics textbooks teach the traditional, neoclassical theories of individual behavior, first put forth by figures like Adam Smith. Research in experimental and behavioral economics, however, shows that people choose rationally only part of the time. Often they lack the resources to make optimal decisions. The most innovative feature of this textbook is its extensive coverage of this recent research in cognitive psychology and behavioral and experimental economics. It not only documents behavior inconsistent with traditional theory, but also advances positive theories with superior predictive power. At the same time, it will teach the essential traditional theories, and therefore offer complete historical coverage of a rapidly changing field.

The Origins and Scope of Microeconomics
Inputs, Outputs, and Costs
Cost Minimalization Using Linear Programming
Production and Costs
The Production Decisions of Competitive Firms
Marginal Products and Factor Proportions
Comparative Advantage and Gains from Trade
Allocation of Factors in Competitive Markets
Consumer Choice and Demand
Exchange and Product Assortment
Loss Aversion and Reference-dependent Preferences
The Context and Framing of Choice
Labor Supply
Monopology and Monopsony Power
Oligopoly and Oligopsony: Classic Models
Economics and Time
Saving Behavior
Inconsistent Intemporal Choice
Economics of Risk
Behavior in the Face of Risk
Game Theory and Modern Models of Oligopoly
Time, Risk, and Investment
Technological Change
Assets, Investment and Financial Markets
Government's Roles in the Economy

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