Principles of Microeconomics
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I Introduction 1 First Principles 1.1 What Is Economics About? 1.2 Some Methodological Remarks 1.2.1 True and Reasonable Theories 1.2.2 Theories and Models 1.2.3 The Virtue of Thriftiness 1.2.4 Do Assumptions Matter? 1.2.5 An Example 1.2.6 Critical Rationalism 1.2.7 Positive and Normative Theories 1.2.8 Schools of Economic Thought 2 Gains from Trade 2.1 Introduction 2.2 An Example 2.3 How General is the Theory of Comparative Advantage? 2.4 Comparative Advantage and the Organization of Economic Activity II A Primer in Markets and Institutions 3 Introduction 3.1 General Remarks 3.2 Taxonomy of Markets 4 Supply and Demand Under Perfect Competition 4.1 Introduction 4.2 Determinants of Supply and Demand 4.3 Equilibrium 4.4 Equilibrium Analysis 5 Normative Economics 5.1 Introduction 5.2 Normative Properties of Competitive Markets 5.3 Is One’s Willingness to Pay One’s Willingness to Pay? 6 Externalities and the Limits of Markets 6.1 Introduction 6.2 Transaction Costs 6.2.1 An Example 6.2.2 Analysis of Externalities on Markets 6.2.3 The Bigger Picture 6.3 Four Boundary Cases III Foundations of Demand and Supply 7 Decisions and Consumer Behavior 7.1 Basic Concepts 7.1.1 Choice Sets and Preferences 7.1.2 Indifference Curves 7.1.3 Utility Functions 7.2 Demand on Competitive Markets 7.2.1 Graphical Solution 7.2.2 Analytical Solution 7.2.3 Three Examples 7.2.4 Comparative Statics and the Structure of Market Demand 7.2.5 Changes in Income 7.2.6 Changes in Price 8 Costs 8.1 What Are Costs, and why Are They Important? 8.2 A Systematic Treatment of Costs IV Firm Behavior and Industrial Organization 9 A Second Look at Firm Behavior Under Perfect Competition 9.1 Introduction 9.2 The Relationship Between Production Technology and Market Structure 9.3 The Short Versus the Long Run 9.4 Firm and Market Supply 10 Firm Behavior in Monopolistic Markets 10.1 Introduction 10.2 Conditions for the Existence of a Monopoly 10.3 Profit Maximization in Monopolistic Markets 10.4 The Optimal Production and Pricing Decision of a Monopoly Without Price Discrimination 10.5 Price Discrimination 10.5.1 First-Degree Price Discrimination 10.5.2 Second-Degree Price Discrimination 10.5.3 Third-Degree Price Discrimination 10.6 Monopolistic Competition 11 Principles of Game Theory 11.1 Introduction 11.2 What Is a Game? 11.3 Elements of Game Theory 11.4 Normal-Form Games 11.4.1 Multiple Equilibria 11.4.2 Collectively and Individually Rational Behavior 11.4.3 Simple Games as Structural Metaphors 11.5 Extensive-Form Games 11.6 Summary 12 Firm Behavior in Oligopolistic Markets 12.1 Introduction 12.2 Cournot Duopoly Model 12.3 The Linear Cournot Model with n Firms 12.4 The Bertrand Duopoly Model 12.5 Conclusion and Extensions V Appendix 13 A Case Study 13.1 The Grounding of Swissair as a Case Study for the Use of Economic Theory 13.2 Some Facts About the Aviation Industry in Europe 13.3 Applying Economic Theory to Understand the Aviation Industry 13.3.1 Costs 13.3.2 The Linear Cournot Model with n Firms 13.3.3 Extension: Network Choice, Acquisitions, and Strategic Alliances 13.4 How About Swissair? 13.5 Concluding Remarks 14 Mathematical Appendix 14.1 Functions with Several Explanatory Variables 14.2 Solution to Systems of Equations 14.3 Elasticities Index
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