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A good basic understanding of general equilibrium theory is a fundamental and indispensable background for advanced work in virtually any sub-field of economics; and a thorough understanding of the methods of welfare economics, particularly in a general equilibrium context, is indispensable for investigators undertaking applied policy analysis. This book addresses these needs and requirements by emphasizing the basic underpinnings of general equilibrium and welfare economics. In particular, the theory of choice, which is fundamental to both areas, is developed in a very comprehensive and rigorous fashion. Moreover, extensive use is made of examples, both of the simple type intended to bolster the student's understanding of the basic concepts, and those illustrating the application of the material to field areas in economics.
List of contents
An Introduction to Preference Theory.- Algebraic Choice Theory.- Revealed Preference Theory.- Consumer Demand Theory.- Pure Exchange Economies.- Production Theory.- Fundamental Welfare Theorems.- The Existence of Competitive Equilibrium.- Examples of General Equilibrium Analyses.- Comparative Statics and Stability.- The Core of an Economy.- General Equilibrium with Uncertainty.- Further Topics in General Equilibirum Theory.- Social Choice and Voting Rules.- Some Tools of Applied Welfare Analysis.- Public Goods.- Externalities.- Incentives and Implementation Theory.- Appendix. Solutions for Selected Exercises.
About the author
JAMES MOORE is an Emmy Award-winning TV news correspondent with more than a quarter century of print and broadcast experience. He has traveled extensively on every presidential campaign since 1976. His reports have appeared on CNN, NBC, and CBS. His professional honors include an Emmy from the National Academy of Television Arts and Sciences, the Edward R. Murrow Award from the Radio Television News Director's Association, and the Individual Broadcast Achievement Award from the Texas Headliners' Foundation.
Summary
A good basic understanding of general equilibrium theory is a fundamental and indispensable background for advanced work in virtually any sub-field of economics; and a thorough understanding of the methods of welfare economics, particularly in a general equilibrium context, is indispensable for investigators undertaking applied policy analysis. This book addresses these needs and requirements by emphasizing the basic underpinnings of general equilibrium and welfare economics. In particular, the theory of choice, which is fundamental to both areas, is developed in a very comprehensive and rigorous fashion. Moreover, extensive use is made of examples, both of the simple type intended to bolster the student’s understanding of the basic concepts, and those illustrating the application of the material to field areas in economics.
Additional text
From the reviews:
"The excellent textbook covers essential topics in the mathematical theory of markets, and it is addressed for a second semester of microeconomic theory as required by most Ph.D. programs in economics. … The book contains 40 figures and 11 tables, and some exercises to test the reader’s understanding at the end of each chapter. … the book covers the topic in a very lucid and useful way and is an excellent resource for the first year Ph.D. students it aims at." (G. Chichilnisky, Mathematical Reviews, Issue 2007 j)
"Even though the author treats his book only as a graduate-level textbook in general equilibrium and welfare economics, it is in fact a very rich and comprehensive scientific encyclopedia … which can also be seen as highly attractive and very useful by university workers developing different aspects of economics in a general equilibrium context. … The book is written in a very rigorous fashion and has a very clear form at the same time. All the chapters begin with introducing the readers into the topic." (Tadeusz Radzik, Zentralblatt MATH, Vol. 1128 (6), 2008)
Report
From the reviews:
"The excellent textbook covers essential topics in the mathematical theory of markets, and it is addressed for a second semester of microeconomic theory as required by most Ph.D. programs in economics. ... The book contains 40 figures and 11 tables, and some exercises to test the reader's understanding at the end of each chapter. ... the book covers the topic in a very lucid and useful way and is an excellent resource for the first year Ph.D. students it aims at." (G. Chichilnisky, Mathematical Reviews, Issue 2007 j)
"Even though the author treats his book only as a graduate-level textbook in general equilibrium and welfare economics, it is in fact a very rich and comprehensive scientific encyclopedia ... which can also be seen as highly attractive and very useful by university workers developing different aspects of economics in a general equilibrium context. ... The book is written in a very rigorous fashion and has a very clear form at the same time. All the chapters begin with introducing the readers into the topic." (Tadeusz Radzik, Zentralblatt MATH, Vol. 1128 (6), 2008)
