Items related to A Course in Microeconomic Theory
Synopsis
David M. Kreps has developed a text in microeconomics that is both challenging and "user-friendly." The work is designed for the first-year graduate microeconomic theory course and is accessible to advanced undergraduates as well. Placing unusual emphasis on modern noncooperative game theory, it provides the student and instructor with a unified treatment of modern microeconomic theory--one that stresses the behavior of the individual actor (consumer or firm) in various institutional settings. The author has taken special pains to explore the fundamental assumptions of the theories and techniques studied, pointing out both strengths and weaknesses.
The book begins with an exposition of the standard models of choice and the market, with extra attention paid to choice under uncertainty and dynamic choice. General and partial equilibrium approaches are blended, so that the student sees these approaches as points along a continuum. The work then turns to more modern developments. Readers are introduced to noncooperative game theory and shown how to model games and determine solution concepts. Models with incomplete information, the folk theorem and reputation, and bilateral bargaining are covered in depth. Information economics is explored next. A closing discussion concerns firms as organizations and gives readers a taste of transaction-cost economics.
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Review
"The most complete, enjoyable, and worthwhile textbook treating both traditional and modern microeconomic theory."--Journal of Economics
From the Back Cover
David kreps has developed a text in microeconomics that succeeds in being bothchallenging and user-friendly. The book is designed for final-year undergraduateand graduate students of microeconomics theory, with numerous problem sets andexercises. The author uses a wide variety of markets for examples with aconcentration in industrial economics. He provides a very broad coverage oftraditional and modern approaches to microeconomic theory, with a carefulprogression from the traditional approach to modern developments. The book begins with an exposition of the standard models of choice and themarket, with extra attention paid to choice under uncertainty and dynamic choice.General and partial equilibruim approaches are blended, so that the student seesthe approaches not as completely different from each other but as points along acontinuum. The book then turns to more modern developments. The reader is firstintroduced to noncooperative game theory and is shown how to model games anddetermine solution concepts. Models with incomplete information, the folktheorem and reputation, and bilateral bargaining are covered in depth, withapplication to entry deterrence, implicit collusion, and reputation for quality.Information economics is explored next: moral hazard and incentives, adverseselection and market signalling and mechanism design. The work closes with adiscussion of firms as organizations', giving the reader a taste of transaction-cost economics. DAVID KREPS is the Paul E Holden Professor of Economics,Stanford University.
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