Demand Functions and the Slutsky Matrix. (PSME-7), Volume 7
Demand Functions and the Slutsky Matrix. (PSME-7), Volume 7

Author: Sydney N. Afriat

Publisher: Princeton University Press

Published: 2014-07-14

Total Pages: 283

ISBN-13: 1400853060

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The utility idea has had a long history in economics, especially in the explanation of demand and in welfare economics. In a comprehensive survey and critique of the Slutsky theory and the pattern to which it belongs in the economic context, S. N. Afriat offers a resolution of questions central to its main idea, including sufficient conditions as well. Originally published in 1980. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Advanced Microeconomic Theory
Advanced Microeconomic Theory

Author: Felix Munoz-Garcia

Publisher: MIT Press

Published: 2017-08-11

Total Pages: 892

ISBN-13: 026234209X

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An introduction to advanced topics in microeconomics that emphasizes the intuition behind assumptions and results, providing examples that show how to apply theory to practice. This textbook offers an introduction to advanced microeconomic theory that emphasizes the intuition behind mathematical assumptions, providing step-by-step examples that show how to apply theoretical models. It covers standard topics such as preference relations, demand theory and applications, producer theory, choice under uncertainty, partial and general equilibrium, monopoly, game theory and imperfect competition, externalities and public goods, and contract theory; but its intuitive and application-oriented approach provides students with a bridge to more technical topics. The book can be used by advanced undergraduates as well as Masters students in economics, finance, and public policy, and by PhD students in programs with an applied focus. The text connects each topic with recent findings in behavioral and experimental economics, and discusses these results in context, within the appropriate chapter. Step-by-step examples appear immediately after the main theoretical findings, and end-of chapter exercises help students understand how to approach similar exercises on their own. An appendix reviews basic mathematical concepts. A separate workbook, Practice Exercises for Advanced Microeconomic Theory, offers solutions to selected problems with detailed explanations. The textbook and workbook together help students improve both their theoretical and practical preparation in advanced microeconomics.

Microeconomic Theory
Microeconomic Theory

Author: Yoshihiko Otani

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 281

ISBN-13: 3642727913

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Contrary to widely held beliefs, microeconomic theory bears no rela tion to the size of the product under consideration; indeed a micro theorist can just as easily discuss the sale of a whale as he would discuss a whale of a sale in amoebae. In fact, it possibly is true that a theorist, and a microeconomic theorist in particular, does not have any specific products in mind when he bandies his propositions about. Nor does he have to. For these in the final analysis are just that; propositions. They are propositions that are motivated by economic reality as observable, not to mention controllable, as that may be, but they are no more and no less than comments about that economic reality and they emphatically are not descriptive assays of it. They are more or less, caricatures of economic reality or metaphors where bold distortions are pressed to the task of describing preconceived visions of that reality. These visions, given their fundamentally qualitative nature, are hardly fit to be put to the test of statistical verification. Perhaps only the judgement and "intuitive feel" of practicing economists over the years are the only true tests of the viability and robustness of these propositional comments on economic reality which make up the body of economic theory. It is not the abstractions that make the difference, all science is that way; metaphoric.

Handbook of Applied Economic Statistics
Handbook of Applied Economic Statistics

Author: Aman Ullah

Publisher: CRC Press

Published: 1998-02-03

Total Pages: 650

ISBN-13: 9780824701291

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This work examines theoretical issues, as well as practical developments in statistical inference related to econometric models and analysis. This work offers discussions on such areas as the function of statistics in aggregation, income inequality, poverty, health, spatial econometrics, panel and survey data, bootstrapping and time series.

Non-natural Social Science
Non-natural Social Science

Author: Neil De Marchi

Publisher: Duke University Press

Published: 1993

Total Pages: 392

ISBN-13: 9780822314103

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Published in 1989, Philip Mirowski's More Heat Than Light: Economics as Social Physics, Physic's as Nature's Economics offered a challenge to historians of economics that could not be ignored. Neo-classical economics, he said, adopted certain analytical tools of mid-nineteenth-century physics, simply substituting "utility" for "energy," and in so doing, chose a natural-world model which denied that economic knowledge might be essentially social and cultural. The essays in this collection represent the first collective effort to respond to Mirowski's challenge by examining and assessing the Mirowski enterprise. In addition to questioning the veracity of the connection between physics and economics, the contributors consider the far-reaching implications of Mirowski's thesis for the history of economics. Mirowski shows that economic texts must be viewed in their relation to texts outside the field of economics and offers an alternative reading of economic texts as social and cultural inscriptions. As historians of economics respond to Mirowski's challenge, the style and direction of their work will be changed. Utlimately, a careful assessment of More Heat Than Light may introduce historians of economics to recognize that the "discipline" of economics may not be the most appropriate category from which to proceed. Contributors. Jack Birner, Marcel Boumans, A. W. Coats, Avi J. Cohen, I. Bernard Cohen, Neil de Marchi, Steve Fuller, Clifford G. Gaddy, Wade Hands, Albert Jolink, Arjo Klamer, Robert Leonard, Philip Mirowski, Theodore M. Porter, Margaret Schabas, E. Roy Weintraub

Theory of Technical Change and Economic Invariance
Theory of Technical Change and Economic Invariance

Author: Ryuzo Sato

Publisher: Academic Press

Published: 2014-05-10

Total Pages: 458

ISBN-13: 148327649X

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Theory of Technical Change and Economic Invariance: Application of Lie Groups presents the economic invariance problems observable behavior under general transformations such as taste change or technical change. This book covers a variety of topics in economic theory, ranging from the analysis of production functions to the general recoverability problem of optimal dynamic behavior. Organized into nine chapters, this book begins with an overview of the theory of observable behavior by analyzing the invariant relationships among economic variables. This text then examines the Lie group theory which provides one of the most efficient methods of studying invariance properties. Other chapters consider the analysis of exogenous technical change, a process partly due to dynamic market forces of supply and demand. This book discusses as well the topics closely related to parametric changes under Lie groups and related transformations. The final chapter deals with mathematical foundations of the theory of observable market behavior. This book is a valuable resource for economists.

General Equilibrium Theory of Value
General Equilibrium Theory of Value

Author: Yves Balasko

Publisher: Princeton University Press

Published: 2011-07-25

Total Pages: 188

ISBN-13: 1400838916

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The 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. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production. Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. 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.

Microeconomics for the Critical Mind
Microeconomics for the Critical Mind

Author: Fabio Petri

Publisher: Springer Nature

Published: 2021

Total Pages: 1395

ISBN-13: 3030620700

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This textbook explains comprehensively and in rigorous detail not only mainstream microeconomics, but also why many economists are dissatisfied with major aspects of it, and the alternative that they are exploring in response: the Classical-Keynesian-Kaleckian approach. This advanced yet user-friendly book allows readers to grasp the standard theory of consumers, firms, imperfect competition, general equilibrium, uncertainty, games and asymmetric information. Furthermore, it examines the classical approaches to value and income distribution advocated by Adam Smith, David Ricardo and Karl Marx, as well as Post-Keynesian pricing theory, and the microeconomics of variable capacity utilization. Using simple models, it highlights the analytical roots of the important differences between the marginal/neoclassical approach and the classical-Keynesian, critically examining the plausibility and reciprocal consistency of their assumptions. The book also addresses various microeconomic issues not generally included in advanced microeconomics textbooks, including differential land rent, joint-production long-period pricing, capital theory from Walras to the Cambridge debates, the foundations of aggregate production functions, the microeconomics of labor markets, and the long-period theory of wages. Lastly, it presents a unique re-evaluation of welfare economics. Intended for advanced undergraduate and graduate microeconomics courses, this textbook offers a comprehensive introduction to the various approaches and different schools of thought currently competing in the context of economic theory. It can also be used in courses on value and distribution, heterodox economics, and the history of economic analysis. In the present situation, characterized by scientific uncertainty and the co-existence of competing approaches, it will stimulate students to form their own opinion as to which approach appears more promising from a scientific standpoint.

A Structuralist Theory of Economics
A Structuralist Theory of Economics

Author: Adolfo García de la Sienra

Publisher: Routledge

Published: 2019-01-15

Total Pages: 222

ISBN-13: 1351586602

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Economists have long grappled with the problem of how economic theories relate to empirical evidence: how can abstract mathematized theories be used to produce empirical claims? How are such theories applied to economic phenomena? What does it mean to “test” economic theories? This book introduces, explains, and develops a structural philosophy of economics which addresses these questions and provides a unifying philosophical/logical basis for a general methodology of economics. The book begins by introducing a rigorous view of the logical foundations and structure of scientific theories based upon the work of Alfred Tarski, Patrick Suppes, Karl Marx, and others. Using and combining their methods, the book then goes on to reconstruct important economic theories – including utility theory, game theory, Marxian economics, Sraffian economic theory, and econometrics – proving all the main theorems and discussing the key claims and the empirical applicability of each theory. Through these discussions, this book presents, in a systematic fashion, a general philosophy of economics grounded in the structural view. Offering rigorous formulations of important economic theories, A Structuralist Theory of Economics will be invaluable to all readers interested in the logic, philosophy, and methodology of economics. It will also appeal particularly to those interested in economic theory.