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Microeconomics
This major three volume work contains 54 key papers which reflect the invigoration, innovation and imagination that has characterized the field of microeconomics during the last 50 years. The selections range from literary treatments to the most advanced mathematical presentations. However all readers, regardless of their mathematical sophistication or methodological predilections, will find a large number of the papers interesting and worthwhile in giving an overview of the present state of microeconomics and providing guides to the literature of specialities of particular interest.
More Information
Contributors
Contents
More Information
This major three volume work contains 54 key papers which reflect the invigoration, innovation and imagination that has characterized the field of microeconomics during the last 50 years. The selections range from literary treatments to the most advanced mathematical presentations. However all readers, regardless of their mathematical sophistication or methodological predilections, will find a large number of the papers interesting and worthwhile in giving an overview of the present state of microeconomics and providing guides to the literature of specialities of particular interest.
Each one of these carefully structured volumes contains an introduction which offers the reader a brief discussion of the nature and significance of the contributions of each selection. Where worthwhile, cross references to other relevant selections are included in the summary. It is hoped that the reader''s task will be aided materially by this systematization and concise discussions of the selections.
This landmark book is an essential reference guide for professors, researchers and students concerned with the major innovations and advances in microeconomics.
Each one of these carefully structured volumes contains an introduction which offers the reader a brief discussion of the nature and significance of the contributions of each selection. Where worthwhile, cross references to other relevant selections are included in the summary. It is hoped that the reader''s task will be aided materially by this systematization and concise discussions of the selections.
This landmark book is an essential reference guide for professors, researchers and students concerned with the major innovations and advances in microeconomics.
Contributors
Contributors include: A.A. Alchian, N. Kaldor, J.W. Pratt, S.A. Ross, M. Spence, J.E. Stiglitz, A.A. Walters
Contents
Volume I: CONTENTS
General Introduction
Introduction
Part I: The Methodology of Microeconomic Theory
The Structure of Economic Theory
1. Herber A Simon (1959), ''Theories of Decision-Making in Economics and Behavioral Science''
2. Ernest Nagel (1963), ''Assumptions in Economic Theory''
3. Donald N. McCloskey (1983), ''The Rhetoric of Economics''
The Analytical Use of Microeconomic Models
4. Paul A. Samuelson (1941), ''The Stability of Equilibrium''
5. Eugene Silberg (1974), '' A Revision of Comparative Statics Methodology in Economics''
6. G.C. Archibald (1965), ''The Qualitative Content of Maximizing Models''
Part II: Consumer Decision Making
Newer Developments Within the Neoclassical Framework
7. Gary S. Becker (1965), ''A Theory of the Allocation of Time''
8. Harvey Leibenstein (1950), ''Bandwagon, Snob, and Veblen Effects in the Theory of Consumers'' Demand''
Part III: Production and Cost Functions
Analytical Fittings to Empirical Forms
9. A.A. Walters (1963), ''Production and Cost Functions: An Econometric Survey''
Part IV: The Pricing of Factor Services
Firms and Industry Behavior
10. Gary S. Becker (1962), ''Investment in Human Capital: A Theoretical Analysis''
11. Michael Spence (1973), ''Job Market Signalling''
12. Joseph E. Stiglitz (1974), ''Alternative Theories of Wage Determination and Unemployment in LDC''s: The Labor Turnover Model''
13. Harold Hotelling (1931), ''The Economics of Exhaustible Resources''
14. Anthony Scott (1955), ''The Fishery: The Objectives of Sole Ownership''
15. William D. Nordhaus (1973), ''World Dynamics: Measurement without Data''
Volume II: Contents
General Introduction
Introduction
Part I: The Firms''s Price Strategies in Alternative Market Structures
Perfect Competition
1. Paul R. Milgrom and Robert J. Weber (1982), ''A Theory of Auctions and Competitive Bidding''
2. George J. Stigler (1957), ''Perfect Competition, Historically Contemplated''
Monopolistic Competition
3. Dennis R. Capozza and Robert Van Order (1978), ''A Generalized Model of Spatial Competition''
Oligopoly
4. Andrew Schotter and Gerhard Schwödiauer (1980), ''Economics and the Theory of Games: A Survey''
5. Timothy F. Bresnahan (1981), ''Duopoly Models With Consistent Conjectures''
6. Robert E. Kuenne (1980), ''Duopoly Reaction Functions Under Crippled Optimization Regimes''
Part II: The Firm''s Non-Price Competitive Strategies
Advertising, Marketing and Promotion
7. William S. Comanor and Thomas A. Wilson (1979), ''The Effect of Advertising on Competition: A Survey''
Product Differentiation
8. Avinash K. Dixit and Joseph E. Stiglitz (1977), ''Monopolistic Competition and Optimum Product Diversity''
9. Michael Spence (1976), ''Product Selection, Fixed Costs, and Monopolistic Competition''
Product Quality and Innovation
10. Martin I Kamien and Nancy L. Schwartz (1975), ''Market Structure and Innovation: A Survey''
Spatial Location
11. B. Curtis Eaton and Richard G. Lipsey (1975), ''The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition.
Part III: Information Flows
Implications for the Behaviour of Firms and Markets
12. Jack Hirschleifer and John G. Riley (1979), ''The Analytics of Uncertainty and Information—An Expository Survey''
13. Michael Rothschild (1973), ''Models of Market Organization With Imperfect Information: A Survey''
Part IV: Uncertainty
Implications for the Behaviour of Agents and Markets
14. John W. Pratt (1964), ''Risk Aversion in the Small and in the Large''
15. Stephen A. Ross (1973), ''The Economic Theory of Agency: The Principal''s Problem''
16. Kenneth J. Arrow (1963), ''Uncertainty and the Welfare Economics of Medical Care''
Part V: Market Adjustment Mechanisms
Cobweb Adjustments
17. Kenneth J. Arrow and William M. Capron (1959), ''Dynamic Shortages and Price Rises: The Engineer-Scientist Case''
Volume III
General Introduction
Introduction
Part I: Market Interaction: General Microeconomic Equilibrium Theory
Measuring the Efficiency of the Perfectly Competitive Market Economy
1. Armen A. Alchian (1953), ''The Meaning of Utility Measurements''
2. Robert D. Willig (1976), ''Consumer Surplus Without Apology''
3. Arnold C. Harberger (1954), ''Monopoly and Resource Allocation''
4. Keith Cowling and Dennis C. Mueller (1978), ''The Social Costs of Monopoly Power''
Social Welfare and Distributive Equity
5. Nicholas Kaldor (1939), ''Welfare Propositions of Economics and Interpersonal Comparisons of Utility''
6. Tibor de Scitovsky (1942), ''A Note on Welfare Propositions in Economics''
7. Kenneth J. Arrow (1950), ''A Difficulty in the Concept of Social Welfare''
8. Carl Christian von Weizäcker (1973), ''Modern Capital Theory and the Concept of Exploitation''
Existence and Uniqueness of Static General Equilibrium
9. Abraham Wald (1951), ''On Some Systems of Equations of Mathematical Economics''
10. Kenneth J. Arrow and Gerard Debreu (1954), ''Existence of an Equilibrium for a Competitive Economy''
Stability of General Equilibria and Systems
11. Kenneth J. Arrow and Leonoid Hrwicz (1958), ''On the Stability of the Competitive Equilibrium''
Intertemporal General Equilibrium
12. John von Neumann (1945-46), ''A Model of General Economic Equilibrium''
Part II: Market Differences and the Role of Government
Externalities and Property Rights
13. Garret Hardin (1968), ''The Tragedy of the Commons''
14. Harold Demsetz (1967), ''Toward a Theory of Property Rights''
15. Steven N.S. Cheung (1973), ''The Fable of the Bees: An Economic Investigation''
16. Bruce M. Johnson (1964), ''On the Economics of Road Congestion''
Declining Average Costs
17. Aubrey Silbertson (1972), ''Economies of Scale in Theory and Practice''
Public Goods and Public Choice
18. Paul A. Samuelson (1954), ''The Pure Theory of Public Expenditure''
19. James M. Buchanan (1965), ''An Economic Theory of Clubs''
Government Regulation
20. Richard A. Posner (1974), ''Theories of Economic Regulation''
21. Harvery Averch and Leland L. Johnson (1962), ''Behavior of the Firm Under Regulatory Constraint''
The Social Discount Rate
22. Kenneth J. Arrow and Robert C. Lind (1970), ''Uncertainty and the Evaluation of Public Investment Decisions''
Name Index
General Introduction
Introduction
Part I: The Methodology of Microeconomic Theory
The Structure of Economic Theory
1. Herber A Simon (1959), ''Theories of Decision-Making in Economics and Behavioral Science''
2. Ernest Nagel (1963), ''Assumptions in Economic Theory''
3. Donald N. McCloskey (1983), ''The Rhetoric of Economics''
The Analytical Use of Microeconomic Models
4. Paul A. Samuelson (1941), ''The Stability of Equilibrium''
5. Eugene Silberg (1974), '' A Revision of Comparative Statics Methodology in Economics''
6. G.C. Archibald (1965), ''The Qualitative Content of Maximizing Models''
Part II: Consumer Decision Making
Newer Developments Within the Neoclassical Framework
7. Gary S. Becker (1965), ''A Theory of the Allocation of Time''
8. Harvey Leibenstein (1950), ''Bandwagon, Snob, and Veblen Effects in the Theory of Consumers'' Demand''
Part III: Production and Cost Functions
Analytical Fittings to Empirical Forms
9. A.A. Walters (1963), ''Production and Cost Functions: An Econometric Survey''
Part IV: The Pricing of Factor Services
Firms and Industry Behavior
10. Gary S. Becker (1962), ''Investment in Human Capital: A Theoretical Analysis''
11. Michael Spence (1973), ''Job Market Signalling''
12. Joseph E. Stiglitz (1974), ''Alternative Theories of Wage Determination and Unemployment in LDC''s: The Labor Turnover Model''
13. Harold Hotelling (1931), ''The Economics of Exhaustible Resources''
14. Anthony Scott (1955), ''The Fishery: The Objectives of Sole Ownership''
15. William D. Nordhaus (1973), ''World Dynamics: Measurement without Data''
Volume II: Contents
General Introduction
Introduction
Part I: The Firms''s Price Strategies in Alternative Market Structures
Perfect Competition
1. Paul R. Milgrom and Robert J. Weber (1982), ''A Theory of Auctions and Competitive Bidding''
2. George J. Stigler (1957), ''Perfect Competition, Historically Contemplated''
Monopolistic Competition
3. Dennis R. Capozza and Robert Van Order (1978), ''A Generalized Model of Spatial Competition''
Oligopoly
4. Andrew Schotter and Gerhard Schwödiauer (1980), ''Economics and the Theory of Games: A Survey''
5. Timothy F. Bresnahan (1981), ''Duopoly Models With Consistent Conjectures''
6. Robert E. Kuenne (1980), ''Duopoly Reaction Functions Under Crippled Optimization Regimes''
Part II: The Firm''s Non-Price Competitive Strategies
Advertising, Marketing and Promotion
7. William S. Comanor and Thomas A. Wilson (1979), ''The Effect of Advertising on Competition: A Survey''
Product Differentiation
8. Avinash K. Dixit and Joseph E. Stiglitz (1977), ''Monopolistic Competition and Optimum Product Diversity''
9. Michael Spence (1976), ''Product Selection, Fixed Costs, and Monopolistic Competition''
Product Quality and Innovation
10. Martin I Kamien and Nancy L. Schwartz (1975), ''Market Structure and Innovation: A Survey''
Spatial Location
11. B. Curtis Eaton and Richard G. Lipsey (1975), ''The Principle of Minimum Differentiation Reconsidered: Some New Developments in the Theory of Spatial Competition.
Part III: Information Flows
Implications for the Behaviour of Firms and Markets
12. Jack Hirschleifer and John G. Riley (1979), ''The Analytics of Uncertainty and Information—An Expository Survey''
13. Michael Rothschild (1973), ''Models of Market Organization With Imperfect Information: A Survey''
Part IV: Uncertainty
Implications for the Behaviour of Agents and Markets
14. John W. Pratt (1964), ''Risk Aversion in the Small and in the Large''
15. Stephen A. Ross (1973), ''The Economic Theory of Agency: The Principal''s Problem''
16. Kenneth J. Arrow (1963), ''Uncertainty and the Welfare Economics of Medical Care''
Part V: Market Adjustment Mechanisms
Cobweb Adjustments
17. Kenneth J. Arrow and William M. Capron (1959), ''Dynamic Shortages and Price Rises: The Engineer-Scientist Case''
Volume III
General Introduction
Introduction
Part I: Market Interaction: General Microeconomic Equilibrium Theory
Measuring the Efficiency of the Perfectly Competitive Market Economy
1. Armen A. Alchian (1953), ''The Meaning of Utility Measurements''
2. Robert D. Willig (1976), ''Consumer Surplus Without Apology''
3. Arnold C. Harberger (1954), ''Monopoly and Resource Allocation''
4. Keith Cowling and Dennis C. Mueller (1978), ''The Social Costs of Monopoly Power''
Social Welfare and Distributive Equity
5. Nicholas Kaldor (1939), ''Welfare Propositions of Economics and Interpersonal Comparisons of Utility''
6. Tibor de Scitovsky (1942), ''A Note on Welfare Propositions in Economics''
7. Kenneth J. Arrow (1950), ''A Difficulty in the Concept of Social Welfare''
8. Carl Christian von Weizäcker (1973), ''Modern Capital Theory and the Concept of Exploitation''
Existence and Uniqueness of Static General Equilibrium
9. Abraham Wald (1951), ''On Some Systems of Equations of Mathematical Economics''
10. Kenneth J. Arrow and Gerard Debreu (1954), ''Existence of an Equilibrium for a Competitive Economy''
Stability of General Equilibria and Systems
11. Kenneth J. Arrow and Leonoid Hrwicz (1958), ''On the Stability of the Competitive Equilibrium''
Intertemporal General Equilibrium
12. John von Neumann (1945-46), ''A Model of General Economic Equilibrium''
Part II: Market Differences and the Role of Government
Externalities and Property Rights
13. Garret Hardin (1968), ''The Tragedy of the Commons''
14. Harold Demsetz (1967), ''Toward a Theory of Property Rights''
15. Steven N.S. Cheung (1973), ''The Fable of the Bees: An Economic Investigation''
16. Bruce M. Johnson (1964), ''On the Economics of Road Congestion''
Declining Average Costs
17. Aubrey Silbertson (1972), ''Economies of Scale in Theory and Practice''
Public Goods and Public Choice
18. Paul A. Samuelson (1954), ''The Pure Theory of Public Expenditure''
19. James M. Buchanan (1965), ''An Economic Theory of Clubs''
Government Regulation
20. Richard A. Posner (1974), ''Theories of Economic Regulation''
21. Harvery Averch and Leland L. Johnson (1962), ''Behavior of the Firm Under Regulatory Constraint''
The Social Discount Rate
22. Kenneth J. Arrow and Robert C. Lind (1970), ''Uncertainty and the Evaluation of Public Investment Decisions''
Name Index
