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Palgrave Macmillan

Microeconomics

Equilibrium and Efficiency

ISBN 9780230201132
Publication Date May 2013
Formats Paperback Hardcover 
Publisher Palgrave Macmillan

Microeconomics: Equilibrium and Efficiency is an innovative textbook that introduces microeconomic theory in an applied way, making use of real-world empirical examples.

Key benefits:

· Concise and intuitive: students will not only become familiar with the building blocks of the subject, but also gain a broad understanding of microeconomic theory and models.

· Empirical, real-world examples: all economic concepts are developed in a measurable way. Performance measures are derived and applied to firms, industries, and national economies.

· Systemic approach: the economy is considered as a system, looking at how its different parts interact, how prices are formed and how markets are interconnected.

· Unique innovations: for example, general equilibrium theory is introduced making use of Negishi's method – that is, equilibrium analysis follows the techniques used in empirical models.

· Coverage of modern topics such as environmental economics, information and optimal search, and the theory of inequality measurement.

· End-of-chapter summaries and exercises, with answers in the appendix.

Thijs ten Raa's unique approach bridges the gap between microeconomic theory and applied economics, helping students understand applied models that are used widely in industry, economic planning, trade, and environmental studies. Written in a lucid, clear and direct style, it is an ideal textbook for advanced undergraduate and graduate students.

Thijs ten Raa has been affiliated with NYU and Erasmus University and is now Associate Professor of Economics at Tilburg University, The Netherlands. He has published eight books, including the acclaimed The Economics of Benchmarking (2009), and numerous articles. In 2006 he was awarded the Wassily Leontief Centennial Medal.

PART I: ECONOMIC PRINCIPLES
Economic Building Blocks and the Importance of Elasticities
Scarcities and how they are Priced
PART II: THE DEMAND SIDE OF THE ECONOMY
Utility and Expenditures
Demand: Income and Substitution Effects
Measuring Consumer Well-being
PART III: THE SUPPLY SIDE OF THE ECONOMY
Production Analysis: Inputs, Outputs, Coefficients, and Productivity
Production Functions
Supply and Market Power
PART IV: BUILDING THE MODEL OF THE ECONOMY
Equilibrium
Efficiency Theory
PART V: PUTTING THE MODEL TO USE
Measuring Economic Performance
Market Forms and Competition Policy
Public Economics
PART VI: MARKET IMPERFECTIONS
Game Theory and the New Industrial Organization
Analyzing Uncertainty and Missing Information
Search, Transaction, and Switching Costs

Reviews

'This is an ideal microeconomics textbook for students who have a solid grounding in micro at the intermediate level. It contains the first and only integrated treatment of general equilibrium and input-output analysis." – Marcus Berliant, Washington University in St. Louis, US
'Microeconomics: Equilibrium and Efficiency is written on the premise that students should be able to take microeconomic theory to the data. Professor ten Raa has succeeded in writing a lucid text that shows the wide applicability of standard theory and its normative implications for a more efficient organization of real world economies.' – Fred Schroyen, Norwegian School of Economics, Bergen, Norway
'This innovative text marries advanced neo-classical theories of general equilibrium with applied approaches to measurement of economic activity. It teaches students a valuable and solid foundation for applying economic insights to understand trade and economic policy in our global economy.' – Robert P. Gilles, Queen's University Management School, Belfast, UK
'Ten Raa's book markedly stands out among the usual micro textbooks. Coherent, well written, rigorous and sharp, with a clear focus, this book will give students an excellent sense for the nature and performance of the market economy.' – Joop Hartog, University of Amsterdam, the Netherlands
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