Microeconomics: Optimization, Experiments, and Behavior by John P. Burkett

Microeconomics: Optimization, Experiments, and Behavior

byJohn P. Burkett

Hardcover | April 10, 2006

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In this book, John P. Burkett presents microeconomics as an evolving science, interacting with mathematics, psychology, and other disciplines and offering solutions to a growing range of practical problems. The book shows how early contributors such as Xenophon, Ibn Khaldun, and David Humeposed the normative and positive questions central to microeconomics. It expounds constrained optimization techniques, as developed by economists and mathematicians from Daniel Bernoulli to Leonid Kantorovich, emphasizing their value in deriving norms of rational behavior and testable hypothesesabout typical behavior. Applying these techniques, the book introduces partial equilibrium analysis of particular markets and general equilibrium analysis of market economies. The book both explains how laboratory and field experiments are used in testing economic hypotheses and provides materialsfor classroom experiments. It gives extensive and innovative coverage of recent findings in cognitive psychology and behavioral economics, which not only document behavior inconsistent with some traditional theories, but also advance positive theories with superior predictive power.

About The Author

John P. Burkett is Professor of Economics at the University of Rhode Island, where he has been teaching since 1981. He has taught comparative economics, econometrics and statistics, health economics, history of economic thought, international economics, macroeconomics, and microeconomics. He is active in the Phi Beta Kappa Society.

Details & Specs

Title:Microeconomics: Optimization, Experiments, and BehaviorFormat:HardcoverDimensions:352 pages, 7.2 × 10 × 0.91 inPublished:April 10, 2006Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195189620

ISBN - 13:9780195189629

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Extra Content

Table of Contents

1. The Origins and Scope of Microeconomics2. Inputs, Outputs, and Costs3. Cost Minimalization Using Linear Programming4. Production and Costs5. The Production Decisions of Competitive Firms6. Marginal Products and Factor Proportions7. Comparative Advantage and Gains from Trade8. Allocation of Factors in Competitive Markets9. Consumer Choice and Demand10. Exchange and Product Assortment11. Loss Aversion and Reference-dependent Preferences12. The Context and Framing of Choice13. Labor Supply14. Monopology and Monopsony Power15. Oligopoly and Oligopsony: Classic Models16. Economics and Time17. Saving Behavior18. Inconsistent Intemporal Choice19. Economics of Risk20. Behavior in the Face of Risk21. Game Theory and Modern Models of Oligopoly22. Time, Risk, and Investment23. Technological Change24. Assets, Investment and Financial Markets25. Government's Roles in the Economy

Editorial Reviews

"A major challenge in teaching intermediate microeconomics is in providing evidence for the truth and usefulness of the analysis. Most of the econometric evidence is inaccessible to students not trained in problems of identification, sample detection, etc. Burkett solves this problem by usingthe large amount of evidence that has accumulated from experimental economics and this naturally leads the student beyond the standard optimizing models to behavioral economics. This together with the engaging presentation and historical background to the concepts makes for a lively and instructivetext."--Ron Smith, Professor of Applied Economics, Birkbeck College, London