Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics. Unlike other texts, this book focuses on the most important ideas and does not attempt to be encyclopedic. Two-thirds of the textbook focuses on price theory. As well as taking a new look at standard equilibrium theory, there is extensive examination of equilibrium under uncertainty, the capital asset pricing model, and arbitrage pricing theory. Choice over time is given extensive coverage and includes a basic introduction to control theory. The final third of the book, on game theory, provides a comprehensive introduction to models with asymmetric information. Topics such as auctions, signaling, and mechanism design are made accessible to students who have a basic rather than a deep understanding of mathematics. There is ample use of examples and diagrams to illustrate issues as well as formal derivations. Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics.
Review
'Unlike an
encyclopedia, this book brilliantly focuses on the essence by developing three
basic concepts (constrained optimization, supporting prices, and comparative
statics) for both general equilibrium and game theory and then applying them to
problems involving time, uncertainty, and asymmetric information that emerge in
various fields, such as macroeconomics, finance, and mechanism design.' Joseph
Tao-yi Wang, National Taiwan University
Book Description
Essential Microeconomics is designed to
help students deepen their understanding of the core theory of microeconomics.
Unlike other texts, this book focuses on the most important ideas and does not
attempt to be encyclopedic. The website essentialmicreconomics.com complements
the text and offers a self-learning course to help students review the
mathematics used in the text.
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