Fully revised and expanded, this fifth edition of Microeconomics: Theory and Applications presents all the standard topics of traditional microeconomic theory while offering a modern approach that reflects the many exciting recent developments in the field. With its student-friendly writing style and clear presentation of graphs, this is an ideal text for undergraduate courses in intermediate microeconomics and business programs.
Features of the Fifth Edition
*Offers a balance of traditional microeconomic topics while addressing contemporary issues and concerns
*Introduces an important international dimension to microeconomics, reflecting the strong trend toward globalization in tastes, production, and distribution in today's world
*Presents an "at the Frontier" section in each chapter that highlights the most exciting recent examples of more advanced theoretical developments in microeconomics
New and Expanded Treatment in the Fifth Edition
*Includes electronic commerce, behavioral economics, auctioning airwaves, effect of outsourcing on employment and wages in the United States, fields of education and lifetime earnings, effect of taxation on business decisions
*Provides more than 130 new and updated real-world examples of how microeconomic theory can be used to analyze and possibly resolve important present-day economic problems
*Offers expanded treatment of important topics such as game theory; financial microeconomics; the new international economies of scale; economics of information; and market structure, efficiency, and regulation
*Features Internet site addresses for the most important topics in each chapter
Website A companion website isnow available at www.oup.com/us/salvatore. This practical learning tool offers updated material, additional examples, and PowerPointR lecture slides for each textbook chapter

How did the American media and entertainment industries decline from their global ascendancy after World War II to their present condition of instability and uncertainty? How will trends in the delivery of information affect their future? These are some of the questions Steinbock asks in this comprehensive, thoroughly researched analysis. Starting with a description of shifts in the U.S. economy and ending with the coming revolution in U.S. media and entertainment--attributable to government policies, strategic alliances, and technological convergence-- Steinbock's book is no less than a Baedeker to all facets of these interlocked industries, and a provocative critique to their stengths and weaknesses in the world economy. Media and entertainment professionals will find Steinbock's views challenging and cautionary. For academics in schools of communication, the book will be a necessary source of history, data, and analysis.

In the mid-1980s, America lost its global economic leadership. The information revolution has added to uncertainty. Despite the coming electronic superhighways, the future remains clouded in the American media and entertainment industries. Steinbock's comprehensive, thoroughly researched analysis is no less than a Baedeker to all facets of these interlocked industries, and a provocative critique of their strengths and weaknesses in the world economy. The book opens with a discussion of the American economy and its macro-affects on media and entertainment, vis-a-vis the twin deficit, a stock market dominated by institutional investors, troubled banking industry, deregulation and antitrust policies, as well as the fourth national mergers and acquisition wave.

In Part I, Steinbock looks at broadcasting (tv, radio) and cable (basic and pay, pay-per-view, home shopping), exploring the former's winding fortunes and the latter's consolidation. Then, he moves to examine the Hollywood studios and talent agencies and their market multiplication: theatrical exhibition, home video and syndication, theme parks, toys, video games, licensed merchandise, record and music industry, newspapers, magazines, and books, as well as interactive multimedia, from CD-ROM to virtual reality. Each industry analysis inludes a full section devoted to all major corporate players, from networks (Capital Cities/ABC, General Electric/NBC, Loews Corp./CBS) and cable operators (TCI, Viacom, Turner) to the studios (Time Warner, Paramount, Disney, News Corp., Sony, and Matsushita). In Part II, Steinbock discusses the coming electronic superhighways and government-initiated policies that have already had a significant impact on strategic alliances (direct broadcast satellites, computers, Baby Bells, and long distance carriers). The book concludes with an assessment of how the technological, economic, and political convergence is dramatically remolding the media, entertainment, computer, and telco industries, not only in the U.S. but throughout the world.

David takes as his point of departure the orthodox rational paradigm of public policy-making--which, he argues, does not adequately reflect real-world process--to present an integrated model for economic policy formulation and execution. By juxtaposing the theoretical foundations of the rationalist model with insights drawn from alternative systems of political economy, he shows how economic decisionmaking is both more complex and less idealistic than the rational paradigm assumes. In constructing his argument, David systematically integrates ideas drawn from moral philosophy, politics, sociology, systems theory, institutional and neo-Marxian economic thought, and international dimensions of poitical economy. He suggests a reorientation of theory and analysis based on an approach emphasizing the role of values, conflicts, power, and divergent interests in the decisionmaking process. Focusing throughout on questions raised by the rationalist model, David builds his analysis around issues such as: the validity of the dominant theories of public economic decision-making; the logical vis-a-vis ideological foundations of economic policy postulates; the extent to which decisions can be made more responsive to values pertaining to human development.

Our original reason for writing this book was the desire to write down in one place a complete summary of the major results in du ality theory pioneered by Ronald W. Shephard in three of his books, Cost and Production Functions (1953), Theory of Cost and Produc tion Functions (1970), and Indirect Production Functions (1974). In this way, newcomers to the field would have easy access to these important ideas. In adg, ition, we report a few new results of our own. In particular, we show the duality relationship between the profit function and the eight equivalent representations of technol ogy that were elucidated by Shephard. However, in planning the book and discussing it with colleagues it became evident that such a book would be more useful if it also provided a number of applications of Shephard's duality theory to economic problems. Thus, we have also attempted to present exam ples of the use of duality theory in areas such as efficiency measure ment, index number theory, shadow pricing, cost-benefit analysis, and econometric estimation. Much of our thinking about duality theory and its uses has been influenced by our present and former collaborators. They include Charles Blackorby, Shawna Grosskopf, Knox Lovell, Robert Russell, and, not surprisingly, Ronald W. Shephard. We have also benefit ted over the years from many discussions with W. Erwin Diewert."

This book provides a comprehensive overview of the fundamental concepts and principles of microeconomics. It introduces students to the models, assumptions, and empirical applications of modern microeconomics, as well as to the necessary mathematical tools. It covers topics such as economic behavior, consumer theory, theory of the firm, partial and general equilibrium theory, industrial organization, bargaining theory, and Pareto optimality. Students learn not only about economic outcomes at a given point of equilibrium, but also about dynamic economics, which includes both equilibrium and disequilibrium. This book is intended for undergraduate and graduate students in economics and related fields who are interested in the basic theories and applications of microeconomics.

In Who Needs Jobs?, Lemieux explains how jobs are not the goal of economic life and how creating jobs should not be the goal of public policy. He delves into how income and prosperity are created (businesses producing what consumers demand), proposes solutions to the unemployment problem, and provides readers with the knowledge to navigate the jobs discussions of politicians and economists in America. With his approach, Lemieux takes this controversial and complex topic and makes it understandable, using economic analysis and real world examples.

Growth of the electric industry Electric generating stations and the associated transmission and distribu tion systems are high ticket items as are the costs of fuel and of operating the industry. The country presently spends about $150 billion annually on electricity. It is the country's largest industry, with assets of over $400 billion (Edison Electric Institute Statistical Year book, 1985). The country's electric generating capacity and the end use of electricity grew exponentially for about 70 years, starting at the beginning of the century, with a doubling period of roughly seven years (see figurelO-1). Over much of this period electric utility planning could simply consist of laying a ruler on such a logarithmic plot. The utilities could then, know ing plant construction times, write out purchase orders. Improvements in power generating technology allowed electric rates to decline, which permitted the market to expand to accommodate the additional supply. The prospective growth was a heady vision and provided much of the stimulus for the supporters of nuclear power. An example of such extra polation made in 1971 is shown in figure 10-2 (The U. S. Energy Problem, 1971). Another forecast (Electrical Power Supply and Demand Forecasts for the United States Through 2050, 1972) projected an installed capacity of 1. 5 million MV(e) in the year 2000, of which 45 percent was to be nuclear. For the year 2050 the installed capacity would have risen to 5. 2 million MW(e), of which 88 percent was to be nuclear."

The fabric of the airline industry has continued to undergo remarkable changes since the 5th edition of this classic text was published in 1995. The industry has witnessed a series of mergers and a trend toward consolidation into fewer but larger airlines. Route patterns have been reconstructed around hub cities. In contrast to the early 1990s, which saw unprecedented operating deficits, the late 1990s have seen a swing to highly profitable operations, characterized by the forming of alliances among U.S. and foreign airlines. Revised substantially to cover these changes, this book is an excellent introduction to the economics of U.S. airline services, both domestic and international.

A college level text suitable for students without a background in economics, this book is intended for such one-semester courses as Aviation Administration, Air Transportation, and Economics of Air Transportation. Enhancing the book's value, the volume includes self-testing questions for each chapter and an appendix covering the portions of the basic transportation statute--the former Federal Aviation Act--that are pertinent to the text. Focusing exclusively on airlines--and excluding private, military, and other types of flying--this book is the only college text dealing exclusively with the economics of U.S. airlines.

This book provides a comprehensive overview of the latest theory and practice on Patient and Public Involvement (PPI) in research. Its seven chapters cover the historical and conceptual background; the various ways implementation can be approached and how they are put into practice; ethical considerations and critical perspectives, including on the potentially negative impacts of PPI; approaches to meaningful evaluation; a step by-step guide to planning PPI and conclusions with considerations for future research. Drawing on current literature, this book provides an essential reference work for research students and all who want to better understand PPI in practice. It offers exercises to address key questions, case examples and a checklist for planning PPI and includes a valuable glossary of terms.

Country risk has been a key notion for economists, financiers, and investors. Norbert Gaillard defines this notion as "any macroeconomic, microeconomic, financial, social, political, institutional, judiciary, climatic, technological, or sanitary risk that affects (or could affect) an investor in a foreign country. Damages may materialize in several ways: financial losses; threat to the safety of the investing company's employees, clients, or consumers; reputational damage; or loss of a market or supply source." Chapter 1 introduces the key concepts. Chapter 2 investigates how country risk has evolved and manifested since the advent of the Pax Britannica in 1816. It describes the international political and economic environment and identifies the main obstacles to foreign investment. Chapter 3 documents the numerous forms that country risk may take and provides illustrations of them. Seven broad components of country risk are scrutinized in turn: international political risks; domestic political and institutional risks; jurisdiction risks; macroeconomic risks; microeconomic risks; sanitary, health, industrial, and environmental risks; and natural and climate risks. Chapter 4 focuses on sovereign risk. It presents the rating methodologies used by four raters; next, it measures and compares their performance (i.e., their ability to forecast sovereign defaults). Chapter 5 studies the risks likely to affect exporters, importers, foreign creditors of corporate entities, foreign shareholders, and foreign direct investors. It presents the rating methodologies used by seven raters and measures their track records in terms of anticipating eight types of shocks that reflect the main components of country risk analyzed in Chapter 3. This book will be most relevant to graduate students in economics as well as professional economists and international investors.

Applying experimental methods has become one of the most powerful and versatile ways to obtain economic insights, and experimental economics has especially supported the development of behavioral economics. The Art of Experimental Economics identifies and reviews 20 of the most important papers to have been published in experimental economics in order to highlight the power and methods of this area, and provides many examples of findings in behavioral economics that have extended knowledge in the economics discipline as a whole. Chosen through a combination of citations, recommendations by scholars in the field, and voting by members of leading societies, the 20 papers under review - some by Nobel prize-winning economists - run the full gamut of experimental economics from theoretical expositions to applications demonstrating experimental economics in action. Also written by a leading experimental economist, each chapter provides a brief summary of the paper, makes the case for why that paper is one of the top 20 in the field, discusses the use made of the experimental method, and considers related work to provide context for each paper. These reviews quickly expose readers to the breadth of application possibilities and the methodological issues, leaving them with a firm understanding of the legacy of the papers' contributions. This text provides a survey of some of the very best research in experimental and behavioral economics and is a valuable resource for scholars and economics instructors, students seeking to develop capability in applying experimental methods, and economics researchers who wish to further explore the experimental approach.

Applying experimental methods has become one of the most powerful and versatile ways to obtain economic insights, and experimental economics has especially supported the development of behavioral economics. The Art of Experimental Economics identifies and reviews 20 of the most important papers to have been published in experimental economics in order to highlight the power and methods of this area, and provides many examples of findings in behavioral economics that have extended knowledge in the economics discipline as a whole. Chosen through a combination of citations, recommendations by scholars in the field, and voting by members of leading societies, the 20 papers under review - some by Nobel prize-winning economists - run the full gamut of experimental economics from theoretical expositions to applications demonstrating experimental economics in action. Also written by a leading experimental economist, each chapter provides a brief summary of the paper, makes the case for why that paper is one of the top 20 in the field, discusses the use made of the experimental method, and considers related work to provide context for each paper. These reviews quickly expose readers to the breadth of application possibilities and the methodological issues, leaving them with a firm understanding of the legacy of the papers' contributions. This text provides a survey of some of the very best research in experimental and behavioral economics and is a valuable resource for scholars and economics instructors, students seeking to develop capability in applying experimental methods, and economics researchers who wish to further explore the experimental approach.

Farmers' Markets: Success, Failure and Management Ecology is the only book presently available that investigates the current phenomenal growth of farmers' markets in the U.S. The research is a reflection of a period marked by growing consumer interest in locally produced foods, a resistance toward a globalizing food system, and seemingly boundless interest in and support for farmers' markets. Using an ecological approach, the book explores historic trends related to growth and decline in market numbers, examines the management organization associated with markets of specific sizes, analyzes the characteristics and issues associated with markets that fail, and offers a model that illustrates how farmers' market organizers successfully adapt to barriers and challenges in their environment. The book engages a node in the food system that has implications for the economic health of small farms and the social and economic life of communities. The book incorporates both the academic and the practical. It will be an important reference to students and researchers across disciplines with interests in food system research, as well as practitioners managing or working with farmers' markets. As an applied study, the book provides information and recommendations to assist markets with decision making and strategic planning. Although the focus of this research is on one area in the United States, the findings have broad application. The foreword to this study is by distinguished scholar and food system analyst, Gail Feenstra of the Sustainable Agriculture Research and Education Program (SAREP) at the University of California, Davis.

A systematic treatment of dynamic decision making and performance measurement Modern business environments are dynamic. Yet, the models used to make decisions and quantify success within them are stuck in the past. In a world where demands, resources, and technology are interconnected and evolving, measures of efficiency need to reflect that environment. In Dynamic Efficiency and Productivity Measurement, Elvira Silva, Spiro E. Stefanou, and Alfons Oude Lansink look at the business process from a dynamic perspective. Their systematic study covers dynamic production environments where current production decisions impact future production possibilities. By considering practical factors like adjustments over time, this book offers an important lens for contemporary microeconomic analysis. Silva, Stefanou, and Lansink develop the analytical foundations of dynamic production technology in both primal and dual representations, with an emphasis on directional distance functions. They cover concepts measuring the production structure (economies of scale, economies of scope, capacity utilization) and performance (allocative, scale and technical inefficiency, productivity) in a methodological and comprehensive way. Through a unified approach, Dynamic Efficiency and Productivity Measurement offers a guide to how firms maximize potential in changing environments and an invaluable contribution to applied microeconomics.

Der Domainname ist SchlA1/4ssel und AushAngeschild jeder Website. Je durchdachter die Wahl der Domain, um so besser die Kommunikation. Dieses Buch bietet einen Rundum-Service: ausgehend von der Bedeutung eines guten Domain-Namens bis hin zu Suche, Registrierung, Handel, Rechtsfragen und Zukunftsprognosen soll das BewuAtsein fA1/4r den Domain-Namen als Grundlage von Marketingstrategien im Internet geschArft werden. Das Buch bietet auAerdem eine Basis fA1/4r das Management von Domain-Portfolios und richtet sich an Internetverantwortliche in Unternehmen ebenso wie an AnwAlte mit Schwerpunkt Online-Recht.

Given the magnitude of currency speculation and sports gambling, it is surprising that the literature contains mostly negative forecasting results. Majority opinion still holds that short term fluctuations in financial markets follow random walk. In this non-random walk through financial and sports gambling markets, parallels are drawn between modeling short term currency movements and modeling outcomes of athletic encounters. The forecasting concepts and methodologies are identical; only the variables change names. If, in fact, these markets are driven by mechanisms of non-random walk, there must be some explanation for the negative forecasting results. The Analysis of Sports Forecasting: Modeling Parallels Between Sports Gambling and Financial Markets examines this issue.

The new global climate of free enterprise has brought with it a proliferation of offshore financial centers that presumably have important roles to play in the emergent global economy. The air of secrecy that appears to pervade the activities of offshore financial centers may well slant or obscure any real understanding of the functions of such centers. The authors investigate the role of major international accounting firms and their services in the processes of business facilitation in the locations that host these centers. By focusing the investigation upon the role of the accounting firms in offshore financial centers, the authors gain a better grasp of the real or potential impacts of the firms in the global economy and in the jurisdictions that host them. Not only do the authors provide a detailed assessment of what the major accounting firms are actually doing in the centers, but they point out what attributes are needed by jurisdictions hoping to succeed as offshore financial centers. The centers included are Antigua, Barbuda, the Bahamas, Barbados, Bermuda, the Cayman Islands, the Channel Islands, the Isle of Man, Gibraltar, Malta, Cyprus, Bahrain, the United Arab Emirates, Mauritius, the Seychelles, Singapore, and Vanuatu.

The authors describe the legal and institutional environments facing business operations in general and the accounting firms in particular in offshore financial centers. By studying these operations, it should show what they are doing in terms of facilitating the international activities that flow through such centers. It should also add to the understanding of the potential that offshore activities have as vehicles for development in small emerging economies. This study should be of interest to a wide range of business disciplines, as well as governmental agencies in advanced and emerging nations, international agencies such as regional development banks, and accountants and the international financial community.

This book examines government/regulatory responses to the Asian financial crisis which brought unprecedented financial turmoil for most East Asian countries. It provides thought-provoking insights on fundamental differences in the institutional and regulatory framework of ten East Asian countries, including an assessment of the various corporate governance reforms after the crisis.

This book offers a concise introduction to the field of financial economics and presents, for the first time, recent behavioral finance research findings that help us to understand many puzzles in traditional finance. Tailor-made for master's and PhD students, it includes tests and exercises that enable students to keep track of their progress. Parts of the book can also be used at the bachelor level.

Leading international food retailers have in recent years expanded beyond national boundaries and started to operate on a global scale. This book describes the current state of play, looking in detail at the main competitors worldwide and analyzing the factors underlying their successes and failures. The authors are leading commentators on this industry and identify the essential characteristics of a global strategy in food retailing and include many compelling examples.

This book focuses on the problem of responsibility voids: these are cases where responsibility for a morally undesirable outcome cannot be attributed to any of the involved agents. Responsibility voids are thought to occur in collective decision-making and in the context of artificial intelligent systems. In these cases, philosophers worry that there is a shortfall of moral responsibility. In particular, such voids are often assumed to justify a notion of collective responsibility that cannot be reduced to individual responsibility. One of the aims of the book is to study how collective responsibility and joint action relate to individual responsibility and individual actions. The book offers a unifying framework for modelling moral responsibility by drawing from modal logic and game theory. The book investigates the possibility and scope of the problem of responsibility voids. One of its characteristics is its pluralistic perspective on moral responsibility: in contrast to giving a unique and all-encompassing definition of it, the book makes progress by spelling out and modelling several conceptions of moral responsibility. One of the appealing features of the book is that a relatively small range of models is used to investigate a variety of conceptions of moral responsibility. The unifying framework can thus be used to characterize the conditions under which responsibility voids are ruled out.

This book presents the state of the art in the relatively new field of dynamic economic modelling with regime switches. The contributions, written by prominent scholars in the field, focus on dynamic decision problems with regime changes in underlying dynamics or objectives. Such changes can be externally driven or internally induced by decisions. Utilising the most advanced mathematical methods in optimal control and dynamic game theory, the authors address a broad range of topics, including capital accumulation, innovations, financial decisions, population economics, environmental and resource economics, institutional change and the dynamics of addiction. Given its scope, the book will appeal to all scholars interested in mathematical and quantitative economics.

This volume presents interviews that have been conducted from the 1980s to the present with important scholars of social choice and welfare theory. Starting with a brief history of social choice and welfare theory written by the book editors, it features 15 conversations with four Nobel Laureates and other key scholars in the discipline. The volume is divided into two parts. The first part presents four conversations with the founding fathers of modern social choice and welfare theory: Kenneth Arrow, John Harsanyi, Paul Samuelson, and Amartya Sen. The second part includes conversations with scholars who made important contributions to the discipline from the early 1970s onwards. This book will appeal to anyone interested in the history of economics, and the history of social choice and welfare theory in particular.