Advanced Microeconomic Theory

The classic text in advanced microeconomic theory, revised and expanded.  

Advanced Microeconomic Theory remains a rigorous, up-to-date standard in microeconomics, giving all the core mathematics and modern theory the advanced student must master.  

Long known for careful development of complex theory, together with clear, patient explanation, this student-friendly text, with its efficient theorem-proof organization, and many examples and exercises, is uniquely effective in advanced courses.

 New in this edition       

• General equilibrium with contingent commodities
• Expanded treatment of social choice, with a simplified proof of Arrows theorem and complete, step-by-step development of the Gibbard-Satterthwaite theorem
• Extensive development of Bayesian games
• New section on efficient mechanism design in the quasi-linear utility, private values environment. The most complete and easy to follow presentation of any text.
• Over fifty new exercises.

Essential reading for students at Masters level, those beginning a Ph.D and advanced undergraduates.  A book every professional economist wants in their collection.

(Pearson)

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PREFACE

 

PART 1: ECONOMIC AGENTS

 

CHAPTER 1: CONSUMER THEORY

1.1 Primitive Notions

1.2 Preferences and Utility

1.2.1 Preference Relations

1.2.2 The Utility Function

1.3 The Consumer's Problem

1.4 Indirect Utility and Expenditure

1.4.1 The Indirect Utility Function

1.4.2 The Expenditure Function

1.4.3 Relations Between the Two

1.5 Properties of Consumer Demand

1.5.1 Relative Prices and Real Income

1.5.2 Income and Substitution Effects

1.5.3 Some Elasticity Relations

1.6 Exercises

 

CHAPTER 2: TOPICS IN CONSUMER THEORY

2.1 Duality: A Closer Look

2.1.1 Expenditure and Consumer Preferences

2.1.2 Convexity and Monotonicity

2.1.3 Indirect Utility and Consumer Preferences

2.2 Integrability

2.3 Revealed Preference

2.4 Uncertainty

2.4.1 Preferences

2.4.2 Von Neumann-Morgenstern Utility

2.4.3 Risk Aversion

2.5 Exercises

 

CHAPTER 3: THEORY OF THE FIRM

3.1 Primitive Notions

3.2 Production

3.2.1 Returns to Scale and Varying Proportions

3.3 Cost

3.4 Duality in Production

3.5 The Competitive Firm

3.5.1 Profit Maximisation

3.5.2 The Profit Function

3.6 Exercises

 

PART 2: MARKETS AND WELFARE

 

CHAPTER 4: PARTIAL EQUALIBRIUM

4.1 Perfect Competition

4.2 Imperfect Competition

4.2.1 Cournot Oligopoly

4.2.2 Bertrand Oligopoly

4.2.3 Monopolistic Competition

4.3 Equilibrium and Welfare

4.3.1 Price and Individual Welfare

4.3.2 Efficiency of the Competitive Outcome

4.3.3 Efficiency and Total Surplus Maximisation

4.4 Exercises

 

CHAPTER 5: GENERAL EQUALIBRIUM

5.1 Equilibrium in Exchange

5.2 Equilibrium in Competitive Market Systems

5.2.1 Existence of Equilibrium

5.2.2 Efficiency

5.3 Equilibrium in Production

5.3.1 Producers

5.3.2 Consumers

5.3.3 Equilibrium

5.3.4 Welfare

5.4 Contingent Plans

5.4.1 Time

5.4.2 Uncertainty

5.4.3 Walrasian Equilibrium with Contingent Commodities

5.5 Core and Equilibria

5.5.1 Replica Economies

5.6 Exercises

 

CHAPTER 6: SOCIAL CHOICE AND WELFARE

6.1 The Nature of the Problem

6.2 Social Cho...

(Pearson)