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Lectures In The Microeconomics Of Choice: Foundations, Consumers, And Producers (Hardcover)
Loot Price: R4,712
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Lectures In The Microeconomics Of Choice: Foundations, Consumers, And Producers (Hardcover)
Series: World Scientific Lecture Notes In Economics And Policy, 14
Expected to ship within 10 - 15 working days
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People pursue their own interests, whatever those interests might
be. Some people have interests that are narrow and selfish, others
have interests that are broad and altruistic, still others have
interests that are somewhere in between. The idea that people are
self-interested underpins all of economic analysis and raises two
fundamental questions: 1. How do people choose the actions they
think will further their own interests? 2. Can the potentially
conflicting interests of different people be made to 'mesh' in some
sort of socio-economic equilibrium? This book is devoted to a
detailed study of the first question. Its Companion Volume
(Economy-Wide Microeconomics: Equilibrium, Optimality, Applications
and Tests) makes a detailed study of the second question.This book
begins with the Arrow-Debreu theory of consumer choice. This theory
supposes people choose so as to maximize a complete, continuous,
transitive, and reflexive binary preference relation over a
non-empty and compact choice set, under certainty. The book then
studies numerous modifications, relaxations, and generalizations of
each of these restrictions - up to and including recent work on
Behavioral theories of choice. The study is presented from the
Primal, Dual, and Revealed Preference points of view.Consumers are
not the only agents in the economy, as Producers are present as
well. Starting with the Arrow-Debreu idea that producers choose
from a convex production set so as to maximize profit, a study is
made of some of the extensions, modifications, and generalizations
of this framework that have appeared in the literature. The study
is presented from the Primal and Dual points of view.The final
chapter in the book provides a link to its Companion Volume. The
Chapter indicates how the theories of consumer and producer choice
studied here inform answers of the second question posed above.
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