Producers, Consumers, and Partial Equilibrium - 1st Edition - ISBN: 9780128110232, 9780128110249

Producers, Consumers, and Partial Equilibrium

1st Edition

Authors: David Mandy
eBook ISBN: 9780128110249
Paperback ISBN: 9780128110232
Imprint: Academic Press
Published Date: 4th November 2016
Page Count: 422
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Description

Producers, Consumers, and Partial Equilibrium provides a systematic and accessible presentation of the full formal details in the core theories of producer and consumer choice under conditions of price taking; and covers the standard theories of competitive, monopoly, and oligopoly partial equilibrium among these economic actors. The book pulls together foundational content from many classic sources and organizes it in a self-contained format that rigidly adheres to optimization as the central behavioral postulate and analytical tool for economic theory.

The book maintains a sharp focus on the properties of outcomes from optimizing behavior in varying environments. These properties are the refutable hypotheses from each optimization behavioral postulate, and they form the core content of this positive economic theory. In so doing, the book presents and documents the underlying formal structure of the theory with a higher degree of integration and completeness than is typical of Ph.D. textbooks in microeconomics.

Key Features

  • Includes comprehensive, focused and unified coverage of the mathematics required for the core theories of producer and consumer choice, and partial equilibrium
  • Presents a generalized envelope theorem as a key source of refutable hypotheses
  • Delineates the role of active versus inactive constraints in generating refutable hypotheses
  • Discusses convex functions in economic optimization environments
  • Presents the full formal details of core producer and consumer and producer theory in a unified and systematic manner
  • Emphasizes the refutable hypotheses resulting from behavioral postulates and the completeness (duality) of those hypotheses for the postulated behavior within microeconomics
  • Includes end-of-chapter exercises, full index, and an instructor’s solutions manual
  • Includes a concordance that matches its chapters with those of major textbooks

Readership

Upper-division undergraduates, graduate students, and faculty working in microeconomics who want the full formal mathematics supporting core theories of consumer and producer choice.

Table of Contents

  • Preface
  • Part 1: Optimization
    • Introduction
    • Chapter 1: Properties of a Maximum
      • Abstract
      • 1.1 Continuity
      • 1.2 Graphs and Continuity
      • 1.3 Definite and Semidefinite Matrices
      • 1.4 Derivatives
      • 1.5 Homogeneity
      • 1.6 Envelope Properties
      • 1.7 Notes on Properties of Minima
      • 1.8 Notes
      • 1.9 Exercises
    • Chapter 2: Properties of a Maximum Under Active Constraint
      • Abstract
      • 2.1 Lagrange Multiplier Rule
      • 2.2 The “Envelope Theorem” With an Active Constraint
      • 2.3 Second Order Condition
      • 2.4 Comparative Statics
      • 2.5 Notes on Properties of Minima
      • 2.6 Notes
      • 2.7 Exercises
    • Chapter 3: Convex Functions
      • Abstract
      • 3.1 Continuity and Differentiability
      • 3.2 Tangent Planes
      • 3.3 Hessian Matrices
      • 3.4 Quasiconvex Functions
      • 3.5 Notes on Concave Functions
      • 3.6 Notes
      • 3.7 Exercises
  • Part 2: Producers
    • Introduction
    • Chapter 4: Profit Maximization
      • Abstract
      • 4.1 Production Sets
      • 4.2 Basic Optimization Postulate
      • 4.3 Envelope Properties
      • 4.4 Additional Properties
      • 4.5 Single-Output Profit Maximization
      • 4.6 Notes
      • 4.7 Exercises
    • Chapter 5: Duality of the Profit Maximum
      • Abstract
      • 5.1 Duality of the Profit Function
      • 5.2 Deriving a Profit-Relevant Production Set
      • 5.3 Original Versus Derived Production Sets
      • 5.4 Duality of the Supply/Demand Correspondence
      • 5.5 Notes
      • 5.6 Exercises
    • Chapter 6: Cost Minimization
      • Abstract
      • 6.1 Basic Optimization Postulate
      • 6.2 Envelope Properties
      • 6.3 Additional Properties
      • 6.4 Single-Output Cost Minimization
      • 6.5 Duality of the Cost Minimum
      • 6.6 Recovering the Production From the Cost Function
      • 6.7 Duality Between Cost and Profit Functions
      • 6.8 Notes
      • 6.9 Exercises
    • Chapter 7: Cost in Output Markets
      • Abstract
      • 7.1 Basic Cost Concepts
      • 7.2 Returns to Scale and Average Cost
      • 7.3 Subadditivity
      • 7.4 Elasticities of Substitution and Scale
      • 7.5 Short-Run and Long-Run Costs
      • 7.6 Supply
      • 7.7 Le Châtelier Principle
      • 7.8 Notes
      • 7.9 Exercises
  • Part 3: Consumers
    • Introduction
    • Chapter 8: Preferences
      • Abstract
      • 8.1 Rationality
      • 8.2 Continuity
      • 8.3 Further Axioms
      • 8.4 Notes
      • 8.5 Exercises
    • Chapter 9: Expenditure Minimization
      • Abstract
      • 9.1 Basic Optimization Postulate
      • 9.2 Envelope Properties
      • 9.3 Additional Properties
      • 9.4 Duality of the Expenditure Minimum
      • 9.5 Notes
      • 9.6 Exercises
    • Chapter 10: Utility Maximization
      • Abstract
      • 10.1 Basic Optimization Postulate
      • 10.2 Additional Properties
      • 10.3 Relationship to Expenditure Minimization
      • 10.4 Hicks-Slutsky Decomposition
      • 10.5 Comparative Statics
      • 10.6 Notes
      • 10.7 Exercises
    • Chapter 11: Duality of the Utility Maximum
      • Abstract
      • 11.1 Duality of the Indirect Utility Function
      • 11.2 Revealed Preference
      • 11.3 Integrability
      • 11.4 Notes
      • 11.5 Exercises
    • Chapter 12: Consumer Welfare
      • Abstract
      • 12.1 Compensating and Equivalent Variations
      • 12.2 Deadweight Loss
      • 12.3 Aggregate Demand
      • 12.4 Notes
      • 12.5 Exercises
  • Part 4: Partial Equilibrium
    • Introduction
    • Chapter 13: Perfect Competition
      • Abstract
      • 13.1 Aggregate Supply
      • 13.2 Excess Demand
      • 13.3 Equilibrium
      • 13.4 Pareto Efficiency
      • 13.5 Long-Run Equilibrium
      • 13.6 Notes
      • 13.7 Exercises
    • Chapter 14: Monopoly
      • Abstract
      • 14.1 Basic Optimization Postulate
      • 14.2 Welfare
      • 14.3 Regulation
      • 14.4 Price Discrimination
      • 14.5 Notes
      • 14.6. Exercises
    • Chapter 15: Oligopoly
      • Abstract
      • 15.1 Elements of Game Theory
      • 15.2 Cournot Oligopoly
      • 15.3 Bertrand Duopoly
      • 15.4 Stackelberg Leadership
      • 15.5 Dominant Firm With a Competitive Fringe
      • 15.6 Horizontal Differentiation
      • 15.7 Vertical Differentiation
      • 15.8 Notes
      • 15.9 Exercises
  • Index

Details

No. of pages:
422
Language:
English
Copyright:
© Academic Press 2017
Published:
Imprint:
Academic Press
eBook ISBN:
9780128110249
Paperback ISBN:
9780128110232

About the Author

David Mandy

Professor of Economics at the University of Missouri, David Mandy received his Ph.D. from the University of Illinois. He has published in Econometrica, Journal of Economic Theory, Journal of Econometrics, International Economic Review, Economica, Economics Letters, the International Journal of Industrial Organization, and the Journal of Regulatory Economics.

Affiliations and Expertise

University of Missouri, Columbia, MO, USA

Reviews

"This textbook of advanced level covers almost all themes of modern microeconomic theory...presents state-of-the-art models and the mathematical apparatus of microeconomics...All chapters contain bibliographic notes and many exercises." --Zentralblatt MATH

"I wish I had David Mandy’s book, Producers, Consumers, and Partial Equilibrium, during my many years of teaching the core theories of consumer and producer choice to graduate students.  Working through the elegant and rigorous treatment plus the many exercises in Mandy’s book will give the student a very solid foundation of understanding of this core material." --William A. Brock, University of Wisconsin, Madison and University of Missouri, Columbia

"This text is much more self-contained than many other modern treatment of core microeconomic theory. First-year graduate students will find this a great resource tying optimization and economics in a clear and logical development." --Jonathan Hamilton, University of Florida

"Producers, Consumers and Partial Equilibrium provides a rigorous, in depth, and self-contained treatment of the mathematics and fundamental results from classical microeconomic theory of consumer and producer behavior in a partial equilibrium context. Mandy’s clear and logical presentation, together with the numerous exercises at the end of each chapter, make this book indispensable reading for doctoral students in Economics and related disciplines." --Carlos Martins-Filho, University of Colorado, Boulder

"Mandy takes students through the foundations of neoclassical economics. He shows how basic tools derived from optimization theory, namely, contemporary duality techniques, unify arguments whether they concern producer or consumer decisions. In all cases the ultimate objective is to derive comparative statics results in a systematic manner. Mandy accomplishes this task so well that his book could by profitably used by students learning this material on their own." --Robert Becker, Indiana University

"David Mandy has written an elegant book that deeply investigates both the necessary mathematical tools to study neoclassical models and the application of those tools to many economic environments. It will be an excellent text for both the "math camp" and first semester Ph.D. courses in economics." --Gary Biglaiser, University of North Carolina