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See Economics in Action! In a world full of volatility, uncertainty and conflicting approaches, this market leading, concise text in introductory economics looks at the key economic issues of today and helps you make sense of them. This new edition has been updated with the most recent data and coverage of economic issues such as growth, unemployment, the environment, Brexit and behavioural economics. Its classic features and clear, engaging writing style are complemented by strong theoretical basis and a wealth of pedagogical features to support learning. Expect real-life examples, case studies, questions and problems to guide your understanding. Always up-to-date! The Sloman Economics News Site Make use of the leading student-friendly blog that's updated several times a month with news and topical stories, all linked to your textbook chapters, so you can understand current affairs more deeply. New! Access additional resources on the open Companion Website The website is full of supporting material such as threshold concepts, audio animations, case studies, web appendices, glossary, flashcards and answers to selected questions from the book. This book can also be supported by a premium homework and assessment system, MyLab Economics. Learn more inside.
The digital economy led to many new services where supply is matched with demand for various types of goods and services. More and more people and organizations are now in a position to design market rules that are being implemented in software. The design of markets is challenging as it needs to consider strategic behavior of market participants, psychological factors, and computational problems in order to implement the objectives of a designer. Market models in economics have not lost their importance, but the recent years have led to many new insights and principles for the design of markets, which are beyond traditional economic theory. This book introduces the fundamentals of market design, an engineering field concerned with the design of real-world markets.
International Edition Engaging and provocative writing, as well as a knack for revealing the 'invisible hand' of economics at work has made Tyler Cowen and Alex Tabarrok's text a singularly distinctive and effective text for principles modules. Modern Principles of Microeconomics places an emphasis throughout on the power of incentives which underscores how economics helps us understand why we do what we do (in other words, the decisions we make in the face of incentives in the real world). The new edition retains its progressive approach to economic modelling and applications which allows for a more realistic interpretation of today's world events. Mirroring the authors' successful blog, the text eschews boxed features to focus on the writing behind compelling examples, key concepts, and applications. Modern Principles of Microeconomics is available with SaplingPlus, our integrated online learning system which combines powerful multimedia resources with an integrated e-Book, robust homework, and a wealth of interactives, creating an extraordinary new learning resource for students. Resources include: Over 150 videos for pre-class engagement, lecture videos which explore concepts in-depth (useful for distance learning courses, self-study, or in flipped-classroom settings) and 'Office hours' videos which show worked problems and address student misconceptions Find out more about SaplingPlus at www.macmillanihe.com/sapling.
Providing human service through markets is inherently problematic. Quality care is critical and unsatisfactory human service greatly influences people's quality of life. Yet, profit for human service providers is essential for sustainable service provision. This book focuses on striking a balance between human services' need for quality assurance and market providers' need for profit.
Across the Americas and Europe, the family has changed and marriage is in retreat. To answer the question of what's driving these changes and how they impact social and economic inequality, progressives have typically focused on the economic causes of changing family structures, whereas conservatives tend to stress cultural and policy roots. In this illuminating book, an international group of scholars revisit these issues, offering competing and contrasting perspectives from left, center, and right, while also adding a third layer of analysis: namely, the role of gender - changes in women's roles, male employment patterns, and gendered family responsibilities - in driving family change across three continents. Unequal Family Lives: Causes and Consequences in Europe and the Americas adds richness and depth to our understanding of the relationship between family and economics in the United States, Europe, and Latin America. This title is also available as Open Access.
The Exploration of Microeconomics, 6/e, International Edition is not a traditional encyclopedic text filled with technical details. Rather, it is an engaging, modern, back-to-basics book designed to promote economic literacy and help students appreciate how economics affects their everyday lives. This reader-friendly text includes innovative learning tools, a visually appealing design, and captivating content to encourage students to read the chapters eagerly and help them master the material more easily. Packed with examples from current events and pop culture, The Exploration of Microeconomics, 6/e, International Edition succeeds like no other text in making economics less intimidating and achieving the author's primary goal: conveying the real-world relevance of economics and inspiring in students the same excitement he felt when taking his first economics class.
The world's foremost expert on pricing strategy shows how this mysterious process works and how to maximize value through pricing to company and customer. In all walks of life, we constantly make decisions about whether something is worth our money or our time, or try to convince others to part with their money or their time. Price is the place where value and money meet. From the global release of the latest electronic gadget to the bewildering gyrations of oil futures to markdowns at the bargain store, price is the most powerful and pervasive economic force in our day-to-day lives and one of the least understood. The recipe for successful pricing often sounds like an exotic cocktail, with equal parts psychology, economics, strategy, tools and incentives stirred up together, usually with just enough math to sour the taste. That leads managers to water down the drink with hunches and rules of thumb, or leave out the parts with which they don't feel comfortable. While this makes for a sweeter drink, it often lacks the punch to have an impact on the customer or on the business. It doesn't have to be that way, though, as Hermann Simon illustrates through dozens of stories collected over four decades in the trenches and behind the scenes. A world-renowned speaker on pricing and a trusted advisor to Fortune 500 executives, Simon's lifelong journey has taken him from rural farmers' markets, to a distinguished academic career, to a long second career as a n entrepreneur and management consultant to companies large and small throughout the world. Along the way, he has learned from Nobel Prize winners and leading management gurus, and helped countless managers and executives use pricing as a way to create new markets, grow their businesses and gain a sustained competitive advantage. He also learned some tough personal lessons about value, how people perceive it, and how people profit from it. In this engaging and practical narrative, Simon leaves nothing out of the pricing cocktail, but still makes it go down smoothly and leaves you wanting to learn more and do more-as a consumer or as a business person. You will never look at pricing the same way again.
Most readers are familiar with the concept of a monopoly. A monopolist is the only seller of a good or service for which there are not good substitutes. Economists and policy makers are concerned about monopolies because they lead to higher prices and lower output. The topic of this book is monopsony, the economic condition in which there is one buyer of a good or service. It is a common misunderstanding that if monopolists raise prices, then monopsonists must lower them. It is true that a monopsonist may force sellers to sell to them at lower prices, but this does not mean consumers are better off as a result. This book explains why monopsonists can be harmful and the way law has developed to respond to these harms.
This book presents the findings and comparative analysis of seven case studies of non-governmental agencies providing business development services (BDS) to small and microenterprises across the developing world: from Bolivia, El Salvador, Ghana, Zimbabwe, Bangladesh and Sri Lanka. A range of different industries is examined, from food processing to light engineering. The studies focus on three common aspects of BDS: marketing, access to technology, and the development of business and management skills. The results are presented with regard to impact, sustainability and cost-effectiveness. Building Businesses with Small Producers makes an important contribution to the ongoing debate regarding market- and demand-based provision of non-financial services to small and microentrepreneurs and businesses in the developing world, a debate which originated in the success to date in standardizing and commercializing microfinance programmes. The editors and contributors raise questions about the limits of market-based BDS provision and challenge some current beliefs about good practice in BDS provision.
This book uses an intersectional approach to analyze the impact of the experience of race on Afro-Brazilian political behavior in the cities of Salvador, Sao Paulo, and Rio de Janeiro. Using a theoretical framework that takes into account racial group attachment and the experience of racial discrimination, it seeks to explain Afro-Brazilian political behavior with a focus on affirmative action policy and Law 10.639 (requiring that African and Afro-Brazilian history be taught in schools). It fills an important gap in studies of Afro-Brazilian underrepresentation by using an intersectional framework to examine the perspectives of everyday citizens. The book will be an important reference for scholars and students interested in the issue of racial politics in Latin America and beyond.
With the economy currently in turmoil, understanding how businesses and consumers interact is more important than ever for business owners and students of economics, alike. A handy, fluff-free resource tool, our 3-panel (6-page) guide simplifies the world of microeconomics through the use of definitions, formulas and full-color tables and charts."
Unequal Partnerships explores urban development in American cities since World War II. Gregory D. Squires and other contributors examine what has long been a highly inequitable and destructive process of urban development. They look at the political and social assumptions and interests shaping redevelopment, the social and economic costs of development for the vast majority of urban residents, and alternative approaches emerging. The book begins with an overview of the ideological forces that have shaped urban economic development in the United States from the urban renewal days of the 1950s and 1960s through the celebration of public-private partnerships in the 1980s. Subsequent chapters examine specific cities in light of the consequences of development initiatives. These cities include those in declining rustbelt regions that are struggling with the consequences of deindustrialization (Boston, New York, Philadelphia, Pittsburgh, Cleveland, Detroit, Chicago, and Milwaukee), as well as growing cities in the sunbelt (Louisville, New Orleans, Houston, and Sacramento). The book concludes with a discussion of promising policy alternatives. The contributors are David W. Bartelt, Larry Bennett, Scott Cummings, Peter Dreier, Norman I. Fainstein, Susan S. Fainstein, Joe R. Feagin, John I. Gilderbloom, Gregory A. Guagnano, W. Dennis Keating, C. Theodore Koebel, Norman Krumholz, Marc V. Levine, John T. Metzger, Jack Norman, Cath Posehn, Nestor P. Rodriguez, Alberta Sbragia, Derek Shearer, Michael Peter Smith, Gregory D. Squires, June Manning Thomas, Robert K. Whelan, and J. Allen Whitt. Gregory D. Squires is an associate professor of sociology at the University of Wisconsin, Milwaukee. He is coauthor of Chicago: Race, Class, and the Response to Urban Decline.
A broad overview of market mechanisms, with an emphasis on the interplay between theory and real-life applications; examples range from eBay auctions to school choice. This book offers an introduction to market design, providing students with a broad overview of issues related to the design and analysis of market mechanisms. It defines a market as a demand and a supply, without specifying a price system or mechanism. This allows the text to analyze a broad set of situations-including such unconventional markets as college admissions and organ donation-and forces readers to pay attention to details that might otherwise be overlooked. Students often complain that microeconomics is too abstract and disconnected from reality; the study of market design shows how theory can help solve existing, real-life problems. The book focuses on the interplay between theory and applications. To keep the text as accessible as possible, special effort has been made to minimize formal description of the models while emphasizing the intuitive, with detailed explanations and resolution of examples. Appendixes offer general reviews of elements of game theory and mechanism design that are related to the themes explored in the book, presenting the basic concepts with as many explanations and illustrations as possible. The book covers topics including the basics of simple auctions; eBay auctions; Vickrey-Clarke-Groves auctions; keyword auctions, with examples from Google and Facebook; spectrum auctions; financial markets, with discussions of treasury auctions and IPOs; trading on the stock market; the basic matching model; medical match; assignment problems; probabilistic assignments; school choice; course allocation, with examples from Harvard and Wharton; and kidney exchange.
We live in a culture of credit. As wages have stagnated, we've seen a dramatic surge in private borrowing across the western world; increasing numbers of households are sucked into a hopeless vortex of spiralling debt, fuelled by exploitative lending. In this book Johnna Montgomerie argues that the situation is chronically dysfunctional, both individually and collectively. She shows that abolishing household debts can put an end to austerity and to the unsustainable forward march of debt-dependent growth. She combines astute economic analysis with the elements of an accessible guide to practical policy solutions such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us to make our economy fairer and to tackle both the housing crisis and accelerating inequality.
The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions between microeconomics and political economy. The power industry is essential in our fight against climate change. This book is the first to examine in detail the microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generation capacity exceeds demand but can rise a hundred times higher when demand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy. Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Leautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets: electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.
"Sam Bowles reminds the student from the first page to the last that microeconomic theory is an attempt to understand economic institutions in order to inspire us to improve the world. This book may be a turning point in bringing economics back to its real political economic roots."--Ariel Rubinstein, Tel Aviv University and Princeton University
"The standard neoclassical competitive model of economic behavior has been significantly extended in the last fifty years by emphasis on interaction among small groups (game theory), on extended models of human motivation based in part on human evolution, and on divergent information bases of participants. A rich but scattered literature has now received a brilliant synthesis and development in Samuel Bowles's new book. "Microeconomics" will be an indispensable part of future teaching in microeconomics at the graduate or advanced undergraduate levels, as well as an excellent source of information for the practicing economist."--Kenneth J. Arrow
"Homo economicus is dead, but whose Homo behavioralis will replace him? For those who care, this sustained and honest attempt to explore the implications for economic theory of one of the leading candidates is essential reading."--Ken Binmore, University College London
"An important and highly original book that shows how an evolutionary version of microeconomics can be brought to bear on central questions of economic growth and organization."--Peyton Young, Johns Hopkins University
"This is one of the most engaging books of its kind that has been written, intellectually challenging and a pleasure to read. It presents an innovative and unconventional perspective on microeconomics and, as such, is a book that many will want to teach from--I will."--Kaushik Basu, Cornell University
"Bowles does a masterful job of expanding the boundaries of received microeconomic theory by drawing upon cutting edge ideas from behavioral and experimental economics, evolutionary game theory, and the new institutional economics. I don't know of anyone who has woven such a wide range of literature into an equally coherent vision of post-Walrasian microeconomic theory."--Gregory Dow, Simon Fraser University
The "oligopoly problem"--the question of how prices are formed when the market contains only a few competitors--is one of the more persistent problems in the history of economic thought. In this book Xavier Vives applies a modern game-theoretic approach to develop a theory of oligopoly pricing.Vives begins by relating classic contributions to the field--including those of Cournot, Bertrand, Edgeworth, Chamberlin, and Robinson--to modern game theory. In his discussion of basic game-theoretic tools and equilibrium, he pays particular attention to recent developments in the theory of supermodular games. The middle section of the book, an in-depth treatment of classic static models, provides specialized existence results, characterizations of equilibria, extensions to large markets, and an analysis of comparative statics with a view toward applied work. The final chapters examine commitment issues, entry, information transmission, and collusion using a variety of tools: two-stage games, the modeling of competition under asymmetric information and mechanism design theory, and the theory of repeated and dynamic games, including Markov perfect equilibrium and differential games.
The global wine industry is a continually modifying market impacted by financing, culture, and politics. Economics, Governance, and Politics in the Wine Market analyzes recent developments in European Agriculture policies on wine legislation and market trend orientation between political power and market structure.
Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Other-Regarding Preferences is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence from experimental games on human sociality, and gives models and applications of inequity aversion, intention based reciprocity, conditional cooperation, human virtues, and social identity. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics.
Written by two of the world's most well-known ROI (Return on Investment) gurus, this guide is indispensable for anyone involved in showing the value of money for projects and programs in governments, non-governmental organizations, nonprofits, and businesses. These range from human capital programs to marketing initiatives, technology implementations, systems integrations, quality and lean processes, public health initiatives, procurement procedures, public relations events, risk management policies, economic development programs, corporate social responsibility projects, public policy programs, branding activities, innovation programs, customer satisfaction projects, and everything in between. In a step-by-step process, the book shows how to measure the success of projects and programs, including measuring impact and ROI (Return on Investment). This book also shows how to forecast the value of the project in advance and how to collect data during and after project implementation. It addresses improvements throughout the process so that the project delivers optimum value. In addition to businesses, this book is appropriate for governments, NGOs, nonprofits, universities and healthcare organizations. As a reference for those who are seeking ways to assign value to what they have measured, the book will clarify and resolve much of the mystery surrounding the conversion of data to monetary values. Building on a tremendous amount of experience, application, practice, and research, the book will be based on the work of many individuals and organizations, particularly those who have been reaching the ultimate levels of accountability using the ROI Methodology. Developed in an easy-to-read format and fortified with examples, tips, and checklists, this will be an indispensable guide for those who seek to understand accountability issues.
This book presents Ariel Rubinstein's lecture notes for the first part of his well-known graduate course in microeconomics. Developed during the fifteen years that Rubinstein taught the course at Tel Aviv University, Princeton University, and New York University, these notes provide a critical assessment of models of rational economic agents, and are an invaluable supplement to any primary textbook in microeconomic theory.
In this fully revised and expanded second edition, Rubinstein retains the striking originality and deep simplicity that characterize his famously engaging style of teaching. He presents these lecture notes with a precision that gets to the core of the material, and he places special emphasis on the interpretation of key concepts. Rubinstein brings this concise book thoroughly up to date, covering topics like modern choice theory and including dozens of original new problems.
Written by one of the world's most respected and provocative economic theorists, this second edition of "Lecture Notes in Microeconomic Theory" is essential reading for students, teachers, and research economists.Fully revised, expanded, and updated Retains the engaging style and method of Rubinstein's well-known lectures Covers topics like modern choice theory Features numerous original new problems--including 21 new review problems Solutions manual (available only to teachers) can be found at: http: //gametheory.tau.ac.il/microTheory/.
Personal consumption accounts for two thirds of GDP, yet recent economic events have emphasised our limited ability to translate consumption patterns into policy. Steven Silver analyses this understudied area, exploring the network memberships that emerge from our everyday lives, and the consumption patterns these create.
Law and Markets examines the interaction between legal rules, market forces and prices. It emphasises the economic effects of legal rules on individual incentives in both market and non-market settings, and draws on cases and materials from a wide variety of legal jurisdictions to illustrate economic principles.
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