Shone / Shell Microeconomics

A Modern Treatment
1. Auflage 2014
ISBN: 978-1-4832-5809-6
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 346 Seiten, Web PDF

Microeconomics: A Modern Treatment focuses on modern approaches to microeconomics. Alternative systems are discussed including input-output analysis as against neoclassical production theory. The theory of choice and the preference and utility approaches to consumer theory are also considered, along with linear and nonlinear theories of production, the theory of market demand and supply, and welfare economics. Comprised of 11 chapters, this book begins with an introduction to economic science and its propositions, as well as the importance of establishing a clearly defined set of postulates on which the whole edifice of economic knowledge rests. The discussion then turns to the theory of choice and the preference and utility approaches to consumer theory; neoclassical as opposed to modern consumer choice; production theory and the production set of the economy; and the theory of market demand and supply. Subsequent chapters deal with the theory of exchange and general equilibrium; welfare economics; and stability and introductory dynamics. This monograph will be of value to economists and those interested in microeconomics.

Autoren/Hrsg.

Shone, R.

Shell, Karl

Inhaltsverzeichnis

1;Front Cover;1
2;Microeconomics: A Modern Treatment;4
3;Copyright Page;5
4;Table of Contents;6
5;PREFACE;10
6;ACKNOWLEDGEMENTS;13
7;NOTATION;14
8;Part I: METHODOLOGY;18
8.1;CHAPTER 1. ECONOMIC SCIENCE;20
8.1.1;1.1 Introduction;20
8.1.2;1.2 Classifying Economic Propositions;21
8.1.3;1.3 Introduction of a .-class;26
8.1.4;1.4 Refutation and Verification;28
8.1.5;1.5 Axiomatics and Model Building;30
8.1.6;1.6 A Summing Up;31
9;Part II: CONSUMER THEORY;32
9.1;CHAPTER 2. THE THEORY OF CHOICE;34
9.1.1;2.1 The Problem Stated;34
9.1.2;2.2 The Choice Set and Attainable Set;35
9.1.3;2.3 Relations and Orderings;36
9.1.4;2.4 The Relations P, R and I;39
9.1.5;2.5 The Axioms of Choice Theory;41
9.1.6;2.6 Continuity of Preferences;45
9.1.7;2.7 'The' General Economic Problem;46
9.1.8;2.8 Some Unsettled Questions;49
9.1.9;Appendix 2A: CHOICE UNDER UNCERTAINTY;51
9.1.10;Appendix 2B: SOCIAL CHOICE;55
9.2;CHAPTER 3. PREFERENCE AND UTILITY APPROACHES TO CONSUMER THEORY;62
9.2.1;3.1 Introduction;62
9.2.2;3.2 The Consumption Choice Set;62
9.2.3;3.3 Important Properties of Rn and En;64
9.2.4;3.4 A New Look at Elementary Indifference Curves;71
9.2.5;3.5 Convex Sets, Convex/Concave and Quasiconvex/Quasiconcave Functions;73
9.2.6;3.6 The Axiom of Convexity;78
9.2.7;3.7 The Utility Function;81
9.2.8;3.8 Some Deductions from Neoclassical Utility Theory;84
9.2.9;3.9 Separability of the Utility Function and Some Extensions;86
9.2.10;3.10 Revealed Preference Theory;90
9.3;CHAPTER 4. NEOCLASSICAL AND MODERN CONSUMER CHOICE COMPARED;95
9.3.1;4.1 Neoclassical Optimisation;95
9.3.2;4.2 Restrictions on the Demand Equations;99
9.3.3;4.3 Compensated Demand Curves;108
9.3.4;4.4| Groups of Commodities;109
9.3.5;4.5 Prices in the Utility Function;111
9.3.6;4.6 The Kuhn–Tucker Conditions for an Optimal Solution;112
9.3.7;4.7 Neoclassical Optimisation Reconsidered;118
9.3.8;4.8 A New Look at Consumer Optimality;120
9.3.9;4.9 The Generalised Substitution Theorem;124
9.3.10;4.10 Revealed Preference Theory Revisited;126
9.3.11;Appendix 4A: THE KUHN-TUCKER THEOREMS;128
10;Part III: PRODUCTION THEORY;138
10.1;CHAPTER 5. THE THEORY OF PRODUCTION;140
10.1.1;5.1 Introduction;140
10.1.2;5.2 Axioms of Production;140
10.1.3;5.3 Convex Cones;149
10.1.4;5.4 The Production Set of the Economy;154
10.1.5;5.5 Profit Maximisation;157
10.1.6;5.6 Continuity and Semi-continuity of Functions and Correspondences;160
10.1.7;EXERCISES;168
10.2;CHAPTER 6. LINEAR THEORIES OF PRODUCTION;170
10.2.1;6.1 Introduction;170
10.2.2;6.2 Ricardian Model;170
10.2.3;6.3 Input–Output Model;177
10.2.4;6.4 Decomposability and the Perron–Frobenius Theorem;187
10.2.5;6.5 Activity Analysis;191
10.2.6;6.6 Conclusion;197
10.2.7;EXERCISES;198
10.3;CHAPTER 7. NON-LINEAR PRODUCTION THEORY;200
10.3.1;7.1 Introduction;200
10.3.2;7.2 The Production Function;200
10.3.3;7.3 Homogeneous and Homothetic Plroduction Functions;206
10.3.4;7.4 Equilibrium of the Firm;210
10.3.5;7.5 Comparative Statics of the Firm;213
10.3.6;7.6 A Critique of Traditional Production Theory;214
10.3.7;EXERCISES;217
11;Part IV: GENERAL EQUILIBRIUM THEORY;218
11.1;CHAPTER 8. THEORY OF MARKET DEMAND AND SUPPLY;220
11.1.1;8.1 Introduction;220
11.1.2;8.2 Derivation of Individual Demand Curves;220
11.1.3;8.3 Derivation of Individual Supply Curves;223
11.1.4;8.4 Market Demand;224
11.1.5;8.5 A First Introduction to Equilibrium;231
11.1.6;8.6 Normalised Price Set;235
11.1.7;8.7 The Mathematics of Equilibrium Points;238
11.1.8;EXERCISES;242
11.2;CHAPTER 9. THEORY OF EXCHANGE AND GENERAL EQUILIBRIUM;244
11.2.1;9.1 Introduction;244
11.2.2;9.2 Axioms of Exchange;244
11.2.3;9.3 Pure Exchange Model – Neoclassical Version;250
11.2.4;9.4 Existence of Equilibrium in a General Exchange Model;253
11.2.5;9.5 Existence of Equilibrium in an Open Leontief Model;261
11.3;CHAPTER 10. WELFARE ECONOMICS;266
11.3.1;10.1 Introduction;266
11.3.2;10.2 Pareto Optimality;268
11.3.3;10.3 The Social Welfare Function;280
11.3.4;10.4 Interdependent Utilities;284
11.3.5;10.5 Public Goods;286
11.3.6;10.6 Theory of Second Best;288
11.3.7;10.7 The Core of an Economy;291
11.3.8;EXERCISES;296
12;Part V: INTRODUCTION TO DYNAMICS;298
12.1;CHAPTER 11. STABILITY AND INTRODUCTORY DYNAMICS;300
12.1.1;11.1 Introduction;300
12.1.2;11.2 Static Stability;301
12.1.3;11.3 Dynamics;308
12.1.4;11.4 Stability in an Open Leontief Model;316
12.1.5;11.5 Conclusion;320
12.1.6;EXERCISES;322
13;NOTES;326
14;BIBLIOGRAPHY;334
15;AUTHOR INDEX;342
16;SUBJECT INDEX;344