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Microeconomic Foundations I Choice and Competitive Markets

ISBN-10: 0691155836
ISBN-13: 9780691155838
Edition: 2013
Authors: David M. Kreps
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Description: Microeconomic Foundations Idevelops the choice, price, and general equilibrium theory topics typically found in first-year theory sequences, but in deeper and more complete mathematical form than most standard texts provide. The objective is to take  More...

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Book details

List price: $46.95
Copyright year: 2013
Publisher: Princeton University Press
Publication date: 10/28/2012
Binding: Hardcover
Pages: 584
Size: 7.25" wide x 10.25" long x 1.75" tall
Weight: 2.024
Language: English

Microeconomic Foundations Idevelops the choice, price, and general equilibrium theory topics typically found in first-year theory sequences, but in deeper and more complete mathematical form than most standard texts provide. The objective is to take the reader from acquaintance with these foundational topics to something closer to mastery of the models and results connected to them.Provides a rigorous treatment of some of the basic tools of economic modeling and reasoning, along with an assessment of the strengths and weaknesses of these toolsComplements standard textsCovers choice, preference, and utility; structural properties of preferences and utility functions; basics of consumer demand; revealed preference and Afriat's Theorem; choice under uncertainty; dynamic choice; social choice and efficiency; competitive and profit-maximizing firms; expenditure minimization; demand theory (duality methods); producer and consumer surplus; aggregation; general equilibrium; efficiency and the core; GET, time, and uncertainty; and other topicsFeatures a free web-based student's guide, which gives solutions to approximately half the problems, and a limited-access instructor's manual, which provides solutions to the rest of the problemsContains appendixes that review most of the specific mathematics employed in the book, including a from-first-principles treatment of dynamic programming

Preface
Consumer Choice: The Basics
Proving Most of Proposition 1.2, and More
The No-Better-Than Sets and Utility Representations
Strict Preference and Indifference
Infinite Sets and Utility Representations
Choice from Infinite Sets
Equivalent Utility Representations
Commentary
Bibliographic Notes
Problems
Monotonicity
Convexity
Continuity
Indifference Curve Diagrams
Weak and Additive Separability
Quasi-linearity
Homotheticity
Bibliographic Notes
Problems
The Consumer's Problem
Basic Facts about the CP
The Marshallian Demand Correspondence and Indirect Utility Function
Solving the CP with Calculus
Bibliographic Notes
Problems
An Example and Basic Ideas
GARP and Afriat's Theorem
Comparative Statics and the Own-Price Effect
Bibliographic Notes
Problems
Two Models and Three Representations
The Mixture-Space Theorem
States of Nature and Subjective Expected Utility
Subjective and Objective Probability and the Harsanyi Doctrine
Empirical and Theoretical Critiques
Bibliographic Notes
Problems
Properties of Utility Functions for Money
Induced Preferences for Income
Demand for Insurance and Risky Assets
Bibliographic Notes
Problems
The Standard Strategic Approach
Dynamic Programming
Testable Restrictions of the Standard Model
Three Alternatives to the Standard Model
Bibliographic Notes
Problems
Arrow's Theorem
What Do We Give Up?
Efficiency
Identifying the Pareto Frontier: Utility Imputations and Bergsonian Social Utility Functionals
Syndicate Theory and Efficient Risk Sharing: Applying Proposition 8.10
Efficiency?
Bibliographic Notes
Problems
The Production-Possibility Set
Profit Maximization
Basics of the Firm's Profit-Maximization Problem
Afriat's Theorem for Firms
From Profit Functions to Production-Possibility Sets
How Many Production-Possibility Sets Give the Same Profit Function?
What Is Going On Here, Mathematically?
Differentiability of the Profit Function
Cost Minimization and Input-Requirement Sets
Why DoWe Care?
Bibilographic Notes
Problems
Defining the EMP
Basic Analysis of the EMP
Hicksian Demand and the Expenditure Function
Properties of the Expenditure Function
How Many Continuous Utility Functions
Give the Same Expenditure Function?
Recovering Continuous Utility Functions from Expenditure Functions
Is an Alleged Expenditure Function Really an Expenditure Function?
Connecting the CP and the EMP
Bibliographic Notes
Problems
Roy's Identity and the Slutsky Equation
Differentiability of Indirect Utility
Duality of Utility and Indirect Utility
Differentiability of Marshallian Demand
Integrability
Complements and Substitutes
Integrability and Revealed Preference
Bibliographic Notes
Problems
Producer Surplus
Consumer Surplus
Bibliographic Notes
Problems
Aggregating Firms
Aggregating Consumers
Convexification through Aggregation
Bibliographic Notes
Problems
Definitions
Basic Properties ofWalrasian Equilibrium
The Edgeworth Box
Existence ofWalrasian Equilibria
The Set of Equilibria for a Fixed Economy
The Equilibrium Correspondence
Bibliographic Notes
Problems
The First Theorem ofWelfare Economics
The Second Theorem ofWelfare Economics
Walrasian Equilibria Are in the Core
In a Large Enough Economy, Every Core Allocation Is a Walrasian-Equilibrium Allocation
Externalities and Lindahl Equilibrium
Bibliographic Notes
Problems
A Framework for Time and Uncertainty
General Equilibrium with Time and Uncertainty
Equilibria of Plans, Prices, and Price Expectations: I. Pure Exchange with Contingent Claims
EPPPE: II. Complex Financial Securities and Complete Markets
EPPPE: III. Complex Securities with Real Dividends and Complete Markets
Incomplete Markets
Firms
Bibliographic Notes
Problems
About the Appendices
Mathematical Induction
Some Simple Real Analysis
The Setting
Distance, Neighborhoods, and Open and Closed Sets
Sequences and Limits
Boundedness, (Completeness), and Compactness
Continuous Functions
Simply Connected Sets and the Intermediate-Value Theorem
Suprema and Infima; Maxes and Mins
The Maximum of a Continuous Function on a Compact Set
Lims Sup and Inf
Upper and Lower Semi-continuous Functions
Convexity
Convex Sets
The Separating- and Supporting-Hyperplane Theorems
The Support-Function Theorem
Concave and Convex Functions
Quasi-concavity and Quasi-convexity
Supergradients and Subgradients
Concave and Convex Functions and Calculus
Correspondences
Functions and Correspondences
Continuity of Correspondences
Singleton-Valued Correspondences and Continuity
Parametric Constrained Optimization Problems and Berge's Theorem
Why this Terminology?
Constrained Optimization
Dynamic Programming
Several Examples
A General Formulation
Bellman's Equation
Conserving and Unimprovable Strategies
Additive Rewards
States of the System
Solving Finite-Horizon Problems
Infinite-Horizon Problems and Stationarity
Solving Infinite-Horizon (Stationary) Problems with Unimprovability
Policy Iteration (and Transience)
Value Iteration
Examples
Things Not Covered Here: Other Optimality Criteria; Continuous Time and Control Theory
Multi-armed Bandits and Complexity
Four More Problems You Can Solve
The Implicit Function Theorem
Fixed-Point Theory
References
Index

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