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【实例简介】Nicholson - Intermediate Microeconomics and Its Application 11e.pdf
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Contents PART 1 INTRODUCTION 1 CHAPTER 1 Economic Models 3 What Is Microeconomics? 4 A Few Basic Principles 5 Uses of Microeconomics 7 Application 1.1: Economics in the Natural World? 8 Application 1.2: Is It Worth Your Time to Be Here? 9 The Basic Supply-Demand Model 10 Adam Smith and the Invisible Hand 10 Application 1.3: Remaking Blockbuster 11 David Ricardo and Diminishing Returns 13 Marginalism and Marshall’s Model of Supply and Demand 13 Market Equilibrium 15 Nonequilibrium Outcomes 15 Change in Market Equilibrium 15 How Economists Verify Theoretical Models 16 Testing Assumptions 17 Testing Predictions 17 Application 1.4: Economics According to Bono 18 The Positive-Normative Distinction 19 Application 1.5: Do Economists Ever Agree on Anything? 20 Summary 21 Review Questions 21 Problems 22 Appendix to Chapter 1 Mathematics Used in Microeconomics 26 Functions of One Variable 26 Graphing Functions of One Variable 28 Linear Functions: Intercepts and Slopes 28 Interpreting Slopes: An Example 29 Slopes and Units of Measurement 30 Changes in Slope 31 Nonlinear Functions 32 The Slope of a Nonlinear Function 33 Application 1A.1: How Does Zillow.com Do It? 34 Marginal and Average Effects 35 Calculus and Marginalism 36 ix Application 1A.2: Can a ‘‘Flat’’ Tax Be Progressive? 37 Functions of Two or More Variables 38 Trade-Offs and Contour Lines: An Example 38 Contour Lines 39 Simultaneous Equations 41 Changing Solutions for Simultaneous Equations 41 Graphing Simultaneous Equations 42 Empirical Microeconomics and Econometrics 43 Random Influences 43 Application 1A.3 Can Supply and Demand Explain Changing World Oil Prices? 44 The Ceteris Paribus Assumption 47 Exogenous and Endogenous Variables 47 The Reduced Form 48 Summary 49 PART 2 DEMAND 51 CHAPTER 2 Utility and Choice 53 Utility 53 Ceteris Paribus Assumption 54 Utility from Consuming Two Goods 54 Measuring Utility 55 Assumptions about Preferences 55 Completeness 55 Application 2.1: Can Money Buy Health and Happiness? 56 Transitivity 57 More Is Better: Defining an Economic ‘‘Good’’ 57 Voluntary Trades and Indifference Curves 58 Indifference Curves 58 Application 2.2: Should Economists Care about How the Mind Works? 59 Indifference Curves and the Marginal Rate of Substitution 61 Diminishing Marginal Rate of Substitution 61 Balance in Consumption 62 Indifference Curve Maps 63 Illustrating Particular Preferences 64 A Useless Good 64 Application 2.3: Product Positioning in Marketing 65 An Economic Bad 66 Perfect Substitutes 67 Perfect Complements 67 Utility Maximization: An Initial Survey 67 Choices Are Constrained 68 An Intuitive Illustration 68 Showing Utility Maximization on a Graph 69 x CONTENTS The Budget Constraint 69 Budget-Constraint Algebra 70 A Numerical Example 71 Utility Maximization 71 Using the Model of Choice 73 Application 2.4: Ticket Scalping 74 A Few Numerical Examples 76 Application 2.5: What’s a Rich Uncle’s Promise Worth? 77 Generalizations 80 Many Goods 80 Complicated Budget Constraints 80 Composite Goods 81 Application 2.6: Loyalty Programs 82 Summary 83 Review Questions 83 Problems 85 CHAPTER 3 Demand Curves 87 Individual Demand Functions 87 Homogeneity 88 Changes in Income 89 Normal Goods 89 Inferior Goods 90 Changes in a Good’s Price 90 Substitution and Income Effects from a Fall in Price 90 Application 3.1: Engel’s Law 91 Substitution Effect 92 Income Effect 94 The Effects Combined: A Numerical Example 94 The Importance of Substitution Effects 95 Substitution and Income Effects for Inferior Goods 96 Giffen’s Paradox 96 Application 3.2: The Consumer Price Index and Its Biases 98 An Application: The Lump-Sum Principle 100 A Graphical Approach 100 Generalizations 101 Changes in the Price of Another Good 101 Application 3.3: Why Not Just Give the Poor Cash? 102 Substitutes and Complements 104 Individual Demand Curves 105 Shape of the Demand Curve 105 Shifts in an Individual’s Demand Curve 107 Be Careful in Using Terminology 108 Two Numerical Examples 109 Perfect Complements 109 Some Substitutability 109 CONTENTS xi Consumer Surplus 110 Demand Curves and Consumer Surplus 110 Consumer Surplus and Utility 112 Market Demand Curves 113 Construction of the Market Demand Curve 113 Application 3.4: Valuing New Goods 114 Shifts in the Market Demand Curve 115 Numerical Examples 116 A Simplified Notation 116 Elasticity 117 Use Percentage Changes 117 Linking Percentages 118 Price Elasticity of Demand 118 Values of the Price Elasticity of Demand 119 Price Elasticity and the Substitution Effect 119 Price Elasticity and Time 120 Price Elasticity and Total Expenditures 120 Application 3.5: Brand Loyalty 121 Application 3.6: Volatile Farm Prices 123 Demand Curves and Price Elasticity 124 Linear Demand Curves and Price Elasticity: A Numerical Example 124 A Unit Elastic Curve 126 Application 3.7: An Experiment in Health Insurance 128 Income Elasticity of Demand 129 Cross-Price Elasticity of Demand 129 Some Elasticity Estimates 130 Summary 132 Review Questions 132 Problems 133 PART 3 UNCERTAINTY AND STRATEGY 137 CHAPTER 4 Uncertainty 139 Probability and Expected Value 139 Application 4.1: Blackjack Systems 141 Risk Aversion 142 Diminishing Marginal Utility 142 A Graphical Analysis of Risk Aversion 142 Willingness to Pay to Avoid Risk 144 Methods for Reducing Risk and Uncertainty 144 Insurance 145 Application 4.2: Deductibles in Insurance 147 Diversification 148 Application 4.3: Mutual Funds 150 Flexibility 151 xii CONTENTS Application 4.4: Puts, Calls, and Black-Scholes 155 Information 156 Information Differences among Economic Actors 158 Pricing of Risk in Financial Assets 159 Application 4.5: The Energy Paradox 160 Investors’ Market Options 161 Choices by Individual Investors 162 Application 4.6: The Equity Premium Puzzle 163 Two-State Model 164 Summary 171 Review Questions 171 Problems 172 CHAPTER 5 Game Theory 175 Background 176 Basic Concepts 176 Players 176 Strategies 176 Payoffs 177 Information 177 Equilibrium 178 Illustrating Basic Concepts 178 The Prisoners’ Dilemma 178 Application 5.1: A Beautiful Mind 179 The Game in Normal Form 180 The Game in Extensive Form 180 Solving for the Nash Equilibrium 181 Dominant Strategies 182 Mixed Strategies 184 Matching Pennies 184 Solving for a Mixed-Strategy Nash Equilibrium 185 Interpretation of Random Strategies 186 Application 5.2: Mixed Strategies in Sports 187 Multiple Equilibria 188 Battle of the Sexes 188 Computing Mixed Strategies in the Battle of the Sexes 189 The Problem of Multiple Equilibria 191 Sequential Games 192 The Sequential Battle of the Sexes 192 Application 5.3: High-Definition Standards War 194 Subgame-Perfect Equilibrium 197 Backward Induction 199 Repeated Games 200 Application 5.4: Laboratory Experiments 201 Definite Time Horizon 202 Indefinite Time Horizon 202 CONTENTS xiii Continuous Actions 204 Tragedy of the Commons 204 Shifting Equilibria 205 N-Player Games 206 Incomplete Information 206 Application 5.5: Terrorism 207 Summary 208 Review Questions 208 Problems 209 PART 4 PRODUCTION, COSTS, AND SUPPLY 213 CHAPTER 6 Production 215 Production Functions 215 Two-Input Production Function 216 Application 6.1: Every Household Is a Firm 217 Marginal Product 218 Diminishing Marginal Product 218 Marginal Product Curve 218 Average Product 219 Appraising the Marginal Product Concept 220 Isoquant Maps 220 Application 6.2: What Did U.S. Automakers Learn from the Japanese? 221 Rate of Technical Substitution 222 The RTS and Marginal Products 223 Diminishing RTS 224 Returns to Scale 224 Adam Smith on Returns to Scale 224 Application 6.3: Engineering and Economics 225 A Precise Definition 226 Graphic Illustrations 226 Application 6.4: Returns to Scale in Beer and Wine 228 Input Substitution 229 Fixed-Proportions Production Function 229 The Relevance of Input Substitutability 230 Changes in Technology 231 Technical Progress versus Input Substitution 231 Multifactor Productivity 232 A Numerical Example of Production 233 The Production Function 233 Application 6.5: Finding the Computer Revolution 234 Average and Marginal Productivities 235 The Isoquant Map 235 Rate of Technical Substitution 237 Technical Progress 237 xiv CONTENTS Summary 238 Review Questions 238 Problems 239 CHAPTER 7 Costs 243 Basic Concepts of Costs 244 Labor Costs 244 Capital Costs 245 Entrepreneurial Costs 245 Application 7.1: Stranded Costs and Deregulation 246 The Two-Input Case 247 Economic Profits and Cost Minimization 247 Cost-Minimizing Input Choice 247 Graphic Presentation 248 An Alternative Interpretation 248 The Firm’s Expansion Path 250 Cost Curves 250 Application 7.2: Is Social Responsibility Costly? 251 Average and Marginal Costs 253 Marginal Cost Curves 254 Average Cost Curves 255 Distinction between the Short Run and the Long Run 256 Holding Capital Input Constant 257 Types of Short-Run Costs 257 Application 7.3: Findings on Firms’ Average Costs 258 Input Inflexibility and Cost Minimization 260 Per-Unit Short-Run Cost Curves 260 Shifts in Cost Curves 262 Changes in Input Prices 262 Application 7.4: Congestion Costs 263 Technological Innovation 264 Economies of Scope 264 A Numerical Example 264 Application 7.5: Are Economies of Scope in Banking a Bad Thing? 265 Long-Run Cost Curves 266 Short-Run Costs 266 Summary 269 Review Questions 270 Problems 271 CHAPTER 8 Profit Maximization and Supply 274 The Nature of Firms 274 Why Firms Exist 274 Contracts within Firms 275 Contract Incentives 276 Firms’ Goals and Profit Maximization 276 CONTENTS xv Profit Maximization 277 Marginalism 277 The Output Decision 277 Application 8.1: Corporate Profits Taxes and the Leveraged Buyout Craze 278 The Marginal Revenue/Marginal Cost Rule 279 Marginalism in Input Choices 280 Marginal Revenue 281 Marginal Revenue for a Downward-Sloping Demand Curve 281 A Numerical Example 281 Marginal Revenue and Price Elasticity 282 Marginal Revenue Curve 285 Numerical Example Revisited 285 Application 8.2: Maximizing Profits from Bagels and Catalog Sales 286 Shifts in Demand and Marginal Revenue Curves 288 Supply Decisions of a Price-Taking Firm 288 Price-Taking Behavior 288 Application 8.3: How Did Airlines Respond to Deregulation? 289 Short-Run Profit Maximization 290 Application 8.4: Price-Taking Behavior 291 Showing Profits 292 The Firm’s Short-Run Supply Curve 292 The Shutdown Decision 293 Summary 294 Application 8.5: Why Is Drilling for Crude Oil Such a Boom-or-Bust Business? 295 Review Questions 296 Problems 297 PART 5 PERFECT COMPETITION 301 CHAPTER 9 Perfect Competition in a Single Market 303 Timing of a Supply Response 303 Pricing in the Very Short Run 304 Shifts in Demand: Price as a Rationing Device 304 Applicability of the Very Short-Run Model 305 Short-Run Supply 305 Application 9.1: Internet Auctions 306 Construction of a Short-Run Supply Curve 307 Short-Run Price Determination 308 Functions of the Equilibrium Price 308 Effect of an Increase in Market Demand 309 Shifts in Supply and Demand Curves 310 Short-Run Supply Elasticity 310 Shifts in Supply Curves and the Importance of the Shape of the Demand Curve 311 xvi CONTENTS Shifts in Demand Curves and the Importance of the Shape of the Supply Curve 312 A Numerical Illustration 313 Application 9.2: Ethanol Subsidies in the United States and Brazil 314 The Long Run 316 Equilibrium Conditions 316 Profit Maximization 317 Entry and Exit 317 Long-Run Equilibrium 317 Long-Run Supply: The Constant Cost Case 318 Market Equilibrium 318 A Shift in Demand 319 Long-Run Supply Curve 319 Shape of the Long-Run Supply Curve 319 The Increasing Cost Case 320 Long-Run Supply Elasticity 321 Estimating Long-Run Elasticities of Supply 321 Can Supply Curves Be Negatively Sloped? 322 Application 9.3: How Do Network Externalities Affect Supply Curves? 323 Consumer and Producer Surplus 324 Short-Run Producer Surplus 325 Long-Run Producer Surplus 325 Ricardian Rent 325 Economic Efficiency 326 Application 9.4: Does Buying Things on the Internet Improve Welfare? 328 A Numerical Illustration 329 Some Supply-Demand Applications 330 Tax Incidence 330 Long-Run Incidence with Increasing Costs 332 Application 9.5: The Tobacco ‘‘Settlement’’ Is Just a Tax 334 A Numerical Illustration 335 Trade Restrictions 336 Application 9.6: The Saga of Steel Tariffs 339 Summary 340 Review Questions 340 Problems 341 CHAPTER 10 General Equilibrium and Welfare 345 A Perfectly Competitive Price System 346 Why Is General Equilibrium Necessary? 346 Disturbing the Equilibrium 346 Reestablishing Equilibrium 348 A Simple General Equilibrium Model 348 CONTENTS xvii Application 10.1: Modeling Excess Burden with a Computer 349 The Efficiency of Perfect Competition 351 Some Numerical Examples 353 Prices, Efficiency, and Laissez-Faire Economics 355 Why Markets Fail to Achieve Economic Efficiency 356 Imperfect Competition 356 Externalities 356 Public Goods 356 Imperfect Information 357 Efficiency and Equity 357 Application 10.2: Gains from Free Trade and the NAFTA and CAFTA Debates 358 Defining and Achieving Equity 360 Equity and Competitive Markets 360 The Edgeworth Box Diagram for Exchange 360 Mutually Beneficial Trades 361 Efficiency in Exchange 361 Contract Curve 362 Efficiency and Equity 363 Equity and Efficiency with Production 363 Money in General Equilibrium Models 364 Application 10.3: The Second Theorem of Welfare Economics 365 Nature and Function of Money 366 Money as the Accounting Standard 366 Commodity Money 367 Fiat Money and the Monetary Veil 367 Application 10.4: Commodity Money 368 Summary 369 Review Questions 370 Problems 370 PART 6 MARKET POWER 375 CHAPTER 11 Monopoly 377 Causes of Monopoly 377 Technical Barriers to Entry 377 Legal Barriers to Entry 378 Application 11.1: Should You Need a License to Shampoo a Dog? 379 Profit Maximization 380 A Graphic Treatment 380 Monopoly Supply Curve? 381 Monopoly Profits 381 What’s Wrong with Monopoly? 382 Deadweight Loss 383 Redistribution from Consumers to the Firm 384 xviii CONTENTS Application 11.2: Who Makes Money at Casinos? 385 A Numerical Illustration of Deadweight Loss 386 Buying a Monopoly Position 388 Price Discrimination 388 Perfect Price Discrimination 389 Market Separation 390 Application 11.3: Financial Aid at Private Colleges 391 Nonlinear Pricing 393 Application 11.4: Mickey Mouse Monopoly 396 Application 11.5: Bundling of Cable and Satellite Television Offerings 398 Durability 399 Natural Monopolies 400 Marginal Cost Pricing and the Natural Monopoly Dilemma 400 Two-Tier Pricing Systems 402 Rate of Return Regulation 402 Application 11.6: Does Anyone Understand Telephone Pricing? 403 Summary 404 Review Questions 404 Problems 405 CHAPTER 12 Imperfect Competition 408 Overview: Pricing of Homogeneous Goods 409 Competitive Outcome 409 Perfect Cartel Outcome 409 Other Possibilities 410 Cournot Model 411 Application 12.1: Measuring Oligopoly Power 412 Nash Equilibrium in the Cournot Model 414 Comparisons and Antitrust Considerations 415 Generalizations 416 Application 12.2: Cournot in California 417 Bertrand Model 418 Nash Equilibrium in the Bertrand Model 418 Bertrand Paradox 419 Capacity Choice and Cournot Equilibrium 419 Comparing the Bertrand and Cournot Results 420 Product Differentiation 421 Market Definition 421 Bertrand Model with Differentiated Products 421 Product Selection 422 Application 12.3: Competition on the Beach 423 Search Costs 425 Advertising 426 Application 12.4: Searching the Internet 427 Tacit Collusion 428 CONTENTS xix Application 12.5: The Great Electrical Equipment Conspiracy 429 Finite Time Horizon 430 Indefinite Time Horizon 430 Generalizations and Limitations 431 Entry and Exit 432 Sunk Costs and Commitment 433 First-Mover Advantages 433 Entry Deterrence 434 A Numerical Example 435 Limit Pricing 436 Asymmetric Information 437 Predatory Pricing 438 Application 12.6: The Standard Oil Legend 439 Other Models of Imperfect Competition 440 Price Leadership 440 Monopolistic Competition 442 Barriers to Entry 443 Summary 444 Review Questions 445 Problems 445 PART 7 INPUT MARKETS 449 CHAPTER 13 Pricing in Input Markets 451 Marginal Productivity Theory of Input Demand 451 Profit-Maximizing Behavior and the Hiring of Inputs 452 Price-Taking Behavior 452 Marginal Revenue Product 452 A Special Case: Marginal Value Product 453 Responses to Changes in Input Prices 454 Single-Variable Input Case 454 A Numerical Example 454 Application 13.1: Jet Fuel and Hybrid Seeds 455 Two-Variable Input Case 457 Substitution Effect 457 Output Effect 457 Summary of Firm’s Demand for Labor 458 Responsiveness of Input Demand to Input Price Changes 459 Ease of Substitution 459 Costs and the Output Effect 459 Input Supply 460 Application 13.2: Controversy over the Minimum Wage 461 Labor Supply and Wages 462 Equilibrium Input Price Determination 462 Shifts in Demand and Supply 463 Monopsony 464 Marginal Expense 464 xx CONTENTS Application 13.3: Why Is Wage Inequality Increasing? 465 A Numerical Illustration 466 Monopsonist’s Input Choice 467 A Graphical Demonstration 468 Numerical Example Revisited 469 Monopsonists and Resource Allocation 469 Causes of Monopsony 470 Bilateral Monopoly 470 Application 13.4: Monopsony in the Market for Sports Stars 471 Application 13.5: Superstars 473 Summary 474 Review Questions 474 Problems 475 Appendix to Chapter 13 Labor Supply 478 Allocation of Time 478 A Simple Model of Time Use 478 The Opportunity Cost of Leisure 480 Utility Maximization 480 Application 13A.1: The Opportunity Cost of Time 481 Income and Substitution Effects of a Change in the Real Wage Rate 482 A Graphical Analysis 482 Market Supply Curve for Labor 484 Application 13A.2: The Earned Income Tax Credit 485 Summary 486 CHAPTER 14 Capital and Time 487 Time Periods and the Flow of Economic Transactions 487 Individual Savings: The Supply of Loans 488 Two-Period Model of Saving 488 A Graphical Analysis 489 A Numerical Example 490 Substitution and Income Effects of a Change in r 490 Firms’ Demand for Capital and Loans 492 Rental Rates and Interest Rates 492 Application 14.1: Do We Need Tax Breaks for Savers? 493 Ownership of Capital Equipment 494 Determination of the Real Interest Rate 494 Application 14.2: Do Taxes Affect Investment? 495 Changes in the Real Interest Rate 496 Application 14.3: Usury 497 Present Discounted Value 498 Single-Period Discounting 498 Multiperiod Discounting 498 Application 14.4: The Real Interest Rate Paradox 499 Present Value and Economic Decisions 500 Pricing of Exhaustible Resources 501 Scarcity Costs 501 CONTENTS xxi Application 14.5: Discounting Cash Flows and Derivative Securities 502 The Size of Scarcity Costs 503 Application 14.6: Are Any Resources Scarce? 504 Time Pattern of Resource Prices 505 Summary 505 Review Questions 506 Problems 507 Appendix to Chapter 14 Compound Interest 509 Interest 509 Compound Interest 509 Interest for One Year 509 Interest for Two Years 510 Interest for Three Years 510 A General Formula 510 Compounding with Any Dollar Amount 511 Present Discounted Value 512 An Algebraic Definition 512 Application 14A.1: Compound Interest Gone Berserk 513 General PDV Formulas 514 Discounting Payment Streams 515 An Algebraic Presentation 515 Application 14A.2: Zero-Coupon Bonds 516 Perpetual Payments 517 Varying Payment Streams 518 Calculating Yields 519 Reading Bond Tables 519 Frequency of Compounding 520 Semiannual Compounding 520 A General Treatment 521 Real versus Nominal Interest Rates 521 Application 14A.3: Continuous Compounding 522 The Present Discounted Value Approach to Investment Decisions 523 Present Discounted Value and the Rental Rate 524 Summary 525 PART 8 MARKET FAILURES 527 CHAPTER 15 Asymmetric Information 529 Principal-Agent Model 530 Application 15.1: Principals and Agents in Franchising and Medicine 531 Moral Hazard: Manager’s Private Information about Effort 532 Full Information About Effort 532 Incentive Schemes When Effort Is Unobservable 534 xxii CONTENTS Problems with High-Powered Incentives 536 Application 15.2: The Good and Bad Effects of Stock Options 537 Substitutes for High-Powered Incentives 539 Manager’s Participation 539 Summing Up 540 Adverse Selection: Consumer’s Private Information about Valuation 540 Application 15.3: Moral Hazard in the Financial Crisis 541 One Consumer Type 542 Two Consumer Types, Full Information 544 Two Consumer Types, Asymmetric Information 544 Examples 547 Agent’s Participation 548 Adverse Selection Leads to Inefficiency 548 Warranty and Insurance Contracts 548 Application 15.4: Adverse Selection in Insurance 550 Asymmetric Information in Competitive Markets 551 Moral Hazard with Several Agents 551 Auctions and Adverse Selection 551 The Market for Lemons 554 Signaling 555 Spence Education Model 555 Application 15.5: Looking for Lemons 556 Separating Equilibrium 558 Pooling Equilibria 559 Predatory Pricing and Other Signaling Games 560 Inefficiency in Signaling Games 561 Summary 561 Review Questions 562 Problems 563 CHAPTER 16 Externalities and Public Goods 566 Defining Externalities 566 Externalities between Firms 567 Externalities between Firms and People 567 Externalities between People 568 Reciprocal Nature of Externalities 568 Externalities and Allocational Efficiency 568 Application 16.1: Secondhand Smoke 569 A Graphical Demonstration 570 Property Rights, Bargaining, and the Coase Theorem 571 Costless Bargaining and Competitive Markets 572 Ownership by the Polluting Firm 572 Ownership by the Injured Firm 572 The Coase Theorem 573 Distributional Effects 573 CONTENTS xxiii Application 16.2: Property Rights and Nature 574 The Role of Transaction Costs 575 Externalities with High Transactions Costs 575 Legal Redress 575 Taxation 576 Regulation of Externalities 576 Application 16.3: Product Liability 577 Optimal Regulation 578 Fees, Permits, and Direct Controls 578 Application 16.4: Power Plant Emissions and the Global Warming Debate 580 Public Goods 582 Attributes of Public Goods 582 Nonexclusivity 582 Nonrivalry 583 Categories of Public Goods 583 Public Goods and Market Failure 584 Application 16.5: Ideas as Public Goods 585 A Graphical Demonstration 586 Solutions to the Public Goods Problem 587 Nash Equilibrium and Underproduction 587 Compulsory Taxation 588 The Lindahl Equilibrium 589 Revealing the Demand for Public Goods 589 Application 16.6: Fund Raising on Public Broadcasting 590 Local Public Goods 591 Voting for Public Goods 591 Majority Rule 591 Application 16.7: Referenda on Limiting Public Spending 592 The Paradox of Voting 593 Single-Peaked Preferences and the Median Voter Theorem 594 Voting and Efficient Resource Allocation 595 Representative Government and Bureaucracies 595 Summary 596 Review Questions 597 Problems 597 CHAPTER 17 Behavioral Economics 601 Should We Abandon Neoclassical Economics? 602 Limits to Human Decision Making: An Overview 603 Limited Cognitive Power 604 Uncertainty 605 Application 17.1: Household Finance 606 Prospect Theory 608 Framing 610 Paradox of Choice 610 xxiv CONTENTS Multiple Steps in Reasoning 611 Evolution and Learning 613 Application 17.2: Cold Movie Openings 614 Self-Awareness 615 Application 17.3: Going for It on Fourth Down 616 Application 17.4: Let’s Make a Deal 617 Limited Willpower 618 Hyperbolic Discounting 618 Numerical Example 619 Further Applications 621 Commitment Strategies 621 Limited Self-Interest 623 Altruism 623 Application 17.5: ‘‘Put a Contract Out on Yourself’’ 624 Fairness 625 Market versus Personal Dealings 628 Application 17.6: Late for Daycare Pickup 629 Policy Implications 630 Borrowing and Savings Decisions 630 Other Goods and Services 631 Market Solutions 631 ‘‘Nudging’’ the Market 631 Summary 632 Review Questions 633 Problems 634 Glossary 637 Index 645
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