Book Description

The Economics of Information Technology is a concise and accessible review of important economic factors affecting information technology industries. These industries are characterized by high fixed costs and low marginal costs of production, large switching costs for users, and strong network effects. Hal Varian outlines the basic economics of these industries while Joseph Farrell and Carl Shapiro describe the impact of these factors on competition policy. The volume is an ideal introduction for undergraduate and graduate students in economics, business strategy, law and related areas. ... Read more

Reviews (1)

Really worth reading!
As a graduate student in Economics having an undergraduate degree in Information Management, I pay much attention toward those "new economy" issues.The Economics of Information Technology illustrates the application of economic knowledge on information technology in an easy and clear way.As Professor Varian argues, "Many of the effects that drive the new information economy were there in the old industrial economy-you just have to know where to look." (p. 12), the authors demonstrate how to use the models we learned in microeconomics to discuss the development of information technology as well as the rationales behind intellectual property.The economics used throughout this book is pretty straightforward; anyone who has the most essential microeconomic knowledge can understand the whole book.Besides, the authors also review the most recent issues in intellectual properties and patents and then propose ideas about the reform of the patent system.This book is undoubtedly a very good introduction; furthermore, it exemplify some further applications and research directions, which would also benefit those who want to take a step further into this field. ... Read more

Book Description

Intermediate Microeconomics and Its Applications provides a clear and concise introduction to the ways in which economists study the operations of markets.This well-known author's signature is to provide a text that is accessible to the students, but still enables them to learn "the real thing." This text is appropriate for students who are taking a second level microeconomics course with an algebra focus. ... Read more

Book Description

Written by two highly respected economists and educators, the book uses the “Stories, Graphs, and Equations” approach to make economic concepts accessible and relevant to readers with various learning styles. It is known for its unified and logical structure, lively writing style, and clear explanations.Chapter topics include the scope and method of economics; the economic problem: scarcity and choice; demand, supply, and market equilibrium; household behavior and consumer choice; short- and long-run costs and output decisions; input demand; general equilibrium and the efficiency of perfect competition; monopoly and antitrust policy; monopolistic competition and oligopoly; income distribution and poverty; international trade, comparative advantage, and protectionism; and economic growth in developing and transitional economies.For individuals who want to better understand the fundamentals of microeconomics. ... Read more

Reviews (9)

Principles Of Microeconomics
This book helps me alot in my jop and in my life.

About the mathematics used in the book
Mathematics is used broadly in the book but limited to simple algebra, i.e., no calculus is used. So the level thus is appropriate for an introductory economics class.

Reading level of the book
The text is of medium reading level, although sometimes the extensive introduction to terms is unavoidable in introductory texts. That is to say, we can find pages with five or six terms crowded together, but that's what happens to almost every introductory textbook and generally expected when you touch a new subject at the first time.

General Orientation of the book
The general orientation of the book is theory with applications, and the authors seem to emphasize the real-world application a lot.

More international materials
As the economy goes global, we'd tell our students more about what's going on around the world. In the last part, International Economics, the authors not only address the traditional topics in international trade but cover the economic growth in developing nations, transition economics, and alternative economic systems as well.

But for some unknown reason, under the topic of "a new world trade agreement: GATT and the final act", the authors failed to mention the WTO which came into existence on 1 January 1995 as a fruit of Uruguay Round negotiations (1986-94). ... Read more

Book Description

This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Armen Alchian and Harold Demsetz, Michael Jensen and William Meckling, and Oliver Williamson, as well as more recent contributions by Paul Milgrom and John Roberts, Bengt Holmstrom, and Oliver Hart.Part I explores the general theme of the firm's economic nature and its place in the market system; Part II covers the scope of the firm; Part III examines internal organization and the human factor; and Part IV ties the firm's organization and behavior to issues of financing and ownership. This second edition has twelve new selections and an introductory essay that surveys the new institutional economics of the firm. ... Read more

Reviews (1)

Excellent compilation of readings for economics of the firm
All the information you need and the appropiate readings are here in this book, which can be very usefull for the study of the economics of a firm and many other topics in business economics. Worth a look! ... Read more

Book Description

There are some very good books available that explain the Lean Manufacturing theory and touch on implementing its techniques. However, you cannot learn "how to be" lean from merely reading the theory. And to be successful in the real-work environment you need a clear comprehension of how lean techniques work, rather than just a remote understanding of what they are. You need to know what does and does not work in different situations. And you need the benefit of practical experience in their implementation.Lean Manufacturing: Tools, Techniques, and How to Use Them gives you the benefit of author and practitioner William Feld's 15 years of hands-on experience - and the lessons he's learned. Feld provides insight into the appropriate use of assessment, analysis, design, and, most importantly, deployment of a successful lean manufacturing program. Packed with practical advice and tips but not bogged down in theory, this book covers how, why, when, and what to do while implementing lean manufacturing. It equips you with the tools and techniques you need along with an understanding of how and why they work. Feld explores why an integrated approach is so much more beneficial in securing sustained improvement. He focuses on the interdependency of the Five Primary Elements: organization, metrics, logistics, manufacturing flow, and process control. He describes a proven, applied approach to creating a lean program using these elements. To keep up globally, and even locally, your manufacturing operation must be responsive, flexible, predictable, and consistent. You must continually improve manufacturing operations and cultivate a self directed work force driven by output based, customer performance criteria. By applying what you learn from Lean Manufacturing: Tools, Techniques, and How to Use Them you can build a workforce - and an organization - with the capacity to satisfy world class expectations now and into the future. ... Read more

Reviews (3)

Great start to lean implementation
Everyone is looking for the lean cookbook. Sorry, but it doesn't exist. However, if you're looking for a good solid start, here it is. I've been doing lean consulting for nearly a decade, and found this book to be one of the best. Forget theories and potential benefits: here's where the rubber hits the road. The deployment plan presented is sound and can be easily adapted to most operations. The case study at the end helps to make the process more practical. While there is still no "Lean For Dummies" book out there yet, here is a good solid place to learn how to do it.

Disapointing and confusing
After reading Womack's books on lean, Feld seemed to be coming from a completely different perspective. The intriguing title and description suggested to me this book would be helpful in furthering my understanding of lean concepts (as described by Womack) and how to implement them. While I found a few bits and pieces to be helpful, overall it suggested a much different and confusing approach. In addition the way ideas were presented seemed to come more from a "how things might be done" rather than "how things were done that lead to success."

Lean Manufacturing: Tools, Techniques, and How to Use Them
This book was very refreshing as it took a very detailed approach at Lean manufacturing and made it not only easy to understand but easy to implement. This is a step by step, "holistic" approach to LT. If you ever get a chance to meet the author Bill Feld, and talk to him one on one you should jump at the chance. He is obviously one of the most knowledgable in North America on the sublect of Lean Manufacturing. ... Read more

Book Description

The proven and popular Microeconomics has been made even tighter and smoother for its 16th edition. A DVD features bestselling DiscoverEcon software and two videos with Paul Solman of PBS. New topics include the economics of the war on terrorism, China's rapidly emerging economy, recent accounting misconduct, and more. Two bonus chapters available on the Web provide additional, specialized information.

Book Description

Exceptionally clear and accessible, Pat McKeague's best-selling texts offer all the review, drill, and practice students need to develop solid mathematical proficiency and confidence. McKeague's attention to detail, exceptional writing style, and organization of mathematical concepts make teaching enjoyable and learning accessible.Building on his reputation for student-friendly content and supportive pedagogy, Mckeague reaffirms his presence as a leader in developmental mathematics with the introduction of this new paperback title. ... Read more

Book Description

This brand-new principles of microeconomics text is the most exciting new entry in years.Written by two well-known and well-respected economists, Bob Frank and Ben Bernanke, the text seeks to teach introductory students the core economic concepts-the essence of economics-without overwhelming them with details. Principles of Microeconomicspresents the material in an intuitive way that avoids excessive math. The authors introduce a well-articulated short list of core principles, reinforce them by illustrating and applying each principle in several contexts, and then ask students to work exercises to see what they've learned.

The text seeks to create Economic Naturalists; that is, after reading the text, students will ask (and answer) questions about their economic environment.For example, students will see Braille dots on drive-up ATMs and ask why they're there. Peppered with such thought-provoking examples, Frank and Bernanke not only engage students, but teach them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.

lation. ... Read more

Reviews (1)

An Intuitive Approach
This book is elementary. It is intended for high-school and first year uni students who have never had to go near anything even resembling economics before. It seeks to achieve what most texts only say they attempt to do: (a) get you to THINK like an economist, and (b) CONVINCE you that this mode of thought actually makes 'good sense'. Using various stories, real and imaginary, it certainly points the student down path (a). As to whether it does the same with (b) is a trickier question - not least, paradoxically, because of the success of (a); that is, one suspects students might start to get the feeling that they are being hood-winked - "Surely it can't be THAT simple", one can hear them say doubtfully. ...Out of the mouths of babes. ... Read more

Book Description

Praise for Buzz

"Buzz is ‘step-ahead marketing’ at its very best. No other book comes close to combining such fresh insights with compelling case studies on this crucially important marketing topic. It’s pure dynamite."
–Kevin Lane Keller
E. B. Osborn Professor of Marketing,
Tuck School of Business at Dartmouth

"As the authors so enthusiastically show, every marketer wishing to create a hot product today must first create a powerful wave of buzz. And as they do so authoritatively demonstrate, that buzz must be authentic–cultivated from the ground up via real experiences."
–B. Joseph Pine and James H. Gilmore
coauthors, The experience economy

"When Marian Salzman enters a room, she sucks out all the ennui, stagnation, and negative thinking–instantly replacing it with excitement, joy, and just plain buzz. If Marian’s spreading it, you need to catch it!"
–Seth Godin
Author, Purple Cow

"Here’s the buzz about this book: It’s smart, it’s timely, and it’s on target. If you want to apply the power of one of the oldest forms of marketing to some of the newest challenges in business, Buzz will show you how it’s done. Spread the word: This is a honey of a book!"
–Alan M. Webber
Founding Editor, Fast Company magazine

"All marketing practitioners are increasingly aware of the need to go well beyond the obvious in terms of communicating and building brands. This book caters admirably to that need, both in terms of the superb sweep of existing knowledge it puts together, as well as the insightful examples that the authors have pulled in from their own experience. As we make the transition to the 21st century, this is a must-read for all serious marketers."
–Anish Gupta
Director, Strategic Support Services, Reckitt Benckiser ... Read more

Reviews (8)

Highly Recommended!
This book is essentially a compendium of standard marketing lore repackaged as a new gospel of brand building. Breezily if sometimes awkwardly written, it provides some useful insight into how technology and social changes have reduced the importance of advertising and magnified the impact of person-to-person chatter. Abundant examples, anecdotes and observations on current events help keep it relevant to contemporary business. Given that books trying to catch the next wave of what works can be called a success if they deliver a single insight that a reader can use effectively, we find this book successful and worth reading.

EURO-RSCG MOUTHPIECE, LACKS FOCUS, BUT INTERESTING CASES
When used in the context of marketing, the word "Buzz" usually conjures up connotations of PR or creative activities executed in unprecedented ways, rather than old-school advertising.

That's a notion that the EuroRSCG authors of this book clearly do not share. Everything even remotely within the gamut of marketing is smooshed in to this all-encompassing treatise. No reason, they felt for instance, to leave out traditional creative that successfully carries "shock value" (e.g., voyeuristic ads) and thus by implication, "buzz."

Personally, I was specifically interested in examples of usage of new media such as mobile phones or blogging, but both these issues get abysmally meagre mention in the book. A case of Amnesty International from Netherlands is mentioned regarding the use of SMS. As for blogs, we are recommended, in 2 paltry pages of coverage, to keep ourselves "apprised" with what users around the world may be writing about our brands.

That's a bit like saying corporate governance is crucial for business, so well, keep your accounts clean. Right. How about a conceptual or theoretical framework, or even just a couple of concrete suggestions to actually DO something about it?

While the case studies are occasionally nifty -- e.g., MTV's hold on the spring break season for the youth in US; or Nando's in South Africa which uses creative advertising to position itself against McDonalds and KFC -- the book simply flip-flops all across the board trying to flesh out the fashionable catchet of buzz.

In the absence of any directional guidelines about how to CATALYZE such "buzz," the book falls a bit short of it promised claims. I'd still give it a 3/5 for a pretty interesting marketing read in general, it's just the title that's a bit of a gyp.

Good one...
Thought it would be rehash of other marketing books--nothing big, nothing new. Wrong. Good stuff on the trendspreaders, versus the trendsetters. Makes me rethink do you wanna be Alpha or Bee, and if you're a marketer, if you're wasting money chasing the first versus the third one to try something new. I know the authors' work from NEXT, but this BUZZ is much more focused, and insightful, also a very easy read. It's almost too fun to be a business book.

A vision of the future
This book is written by real visionaries who thoughtfully and thoroughly open your eyes to the truth about marketing in an information saturated society. Nothing works harder or better than word of mouth and instead of waiting around and hoping it might happen for your business, buy this book and learn how to create it. You'll be amazed at the fascinating stories, ideas and practical applications crammed in this enormously intelligent book that will help you understand how to create successful buzz for your business.

Eminently Readable
Buzz is the sort of business book that lay readers will find informative and fascinating. The examples are timely and thought provoking, helping me understand why some products and campaigns are successful and others are not. In today's marketplace, the consumer needs to be as savvy as the marketer. ... Read more

Book Description

The goal of Global Price Fixing is to describe and analyze the origins, operation, and impacts of global cartels in the markets for lysine, citric acid, and vitamins. The work is fundamentally a historical approach to understanding the interplay among personal motivations, economic forces, and the enforcement of the competition laws of the major industrial nations.

The first chapter highlights the renewed importance of international price-fixing conspiracies after an absence of nearly 50 years. Two following chapters provide background on the economics theory and legal principles relevant to understanding cartels. Nine following chapters comprise the economic core of this book. Three chapters are devoted to each of the three cartels selected for intensive study: citric acid, lysine, and vitamins. The next four chapters then concentrate on the legal fallout from the discovery of the three cartels by the world's antitrust authorities. Chapter 17 provides a description of a few additional selected cartels with features not found in the lysine, citric acid, and vitamins cases. The penultimate chapter considers whether the antitrust resources of government agencies and private plaintiffs are sufficient to deter global price fixing in the foreseeable future. This final chapter attempts to identify major themes that appear throughout the book and to provide a summary of the ultimate impact of the global-cartel pandemic of the 1990s. ... Read more

Book Description

This book provides the most comprehensive treatment to date of microeconometrics, the analysis of individual-level data on the economic behavior of individuals or firms using regression methods for cross section and panel data. The book is oriented to the practitioner. A basic understanding of the linear regression model with matrix algebra is assumed. The text can be used for a microeconometrics course, typically a second-year economics PhD course; for data-oriented applied microeconometrics field courses; and as a reference work for graduate students and applied researchers who wish to fill in gaps in their toolkit. Distinguishing features of the book include emphasis on nonlinear models and robust inference, simulation-based estimation, and problems of complex survey data. The book makes frequent use of numerical examples based on generated data to illustrate the key models and methods. More substantially, it systematically integrates into the text empirical illustrations based on seven large and exceptionally rich data sets. ... Read more

Book Description

Most Americans strongly favor equality of opportunity if not outcome, but many are weary of poverty's seeming immunity to public policy. This helps to explain the recent attention paid to cultural and genetic explanations of persistent poverty, including claims that economic inequality is a function of intellectual ability, as well as more subtle depictions of the United States as a meritocracy where barriers to achievement are personal--either voluntary or inherited--rather than systemic. This volume of original essays by luminaries in the economic, social, and biological sciences, however, confirms mounting evidence that the connection between intelligence and inequality is surprisingly weak and demonstrates that targeted educational and economic reforms can reduce the income gap and improve the country's aggregate productivity and economic well-being. It also offers a novel agenda of equal access to valuable associations.

Amartya Sen, John Roemer, Robert M. Hauser, Glenn Loury, Orley Ashenfelter, and others sift and analyze the latest arguments and quantitative findings on equality in order to explain how merit is and should be defined, how economic rewards are distributed, and how patterns of economic success persist across generations. Moving well beyond exploration, they draw specific conclusions that are bold yet empirically grounded, finding that schooling improves occupational success in ways unrelated to cognitive ability, that IQ is not a strong independent predictor of economic success, and that people's associations--their neighborhoods, working groups, and other social ties--significantly explain many of the poverty traps we observe.

The optimistic message of this beautifully edited book is that important violations of equality of opportunity do exist but can be attenuated by policies that will serve the general economy. Policy makers will read with interest concrete suggestions for crafting economically beneficial anti-discrimination measures, enhancing educational and associational opportunity, and centering economic reforms in community-based institutions. Here is an example of some of our most brilliant social thinkers using the most advanced techniques that their disciplines have to offer to tackle an issue of great social importance. ... Read more

Reviews (1)

A very technically demanding read.
It's very interesting how the experts here tore apart The Bell Curve with minimal effort by taking a look at the data in a sensible/ rigorous way. One author assumed that all the data was correct as given and challenged its relevance.

Most importantly, one of the articles used the mathematics associated with these social experiments and asked "Do these numbers really show you what you think they do?" In all of my exhaustive reading about this subject, this book is the first that I have read that specifically addresses that point.

While lots of people have dismissed the proponents of genetic inferiority as an explanation for the "failure" of blacks in the USA, the rebuttals have invariably failed to contront the reasoning of the authors, preferring to dismiss them out of hand as "racist."

One thing that was lacking in this book is a more detailed analysis of the disparity between ethnic groups of the same race-- and yes, they do exist, contrary to what you would believe from reading the newspapers. For this, one of two Thomas Sowell books is a good read. The first: "Race and Culture." The second: "Knowledge and Decisions."

Unfortunately, the use of lots of technical jargon is going to put this fine piece of literature out of the reach of the vast majority of the hoi polloi. ... Read more

Book Description

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. ... Read more

Reviews (5)

It's a game theory approach
Anyone who reads this book and expects traditional micro is an idiot. Kreps is one of the main movers and shakers of game theory over the past 30 years and this text reflects that. If you want more quant and trad micro, go to Mas-Colell or, at a somewhat less intense level, Varian.

Nice but....
Well: I've given four, but it actually would deserve 3.5, in my opinion. Anyway, instead of giving three I've finally decided it would have been nicer to round up the average a little toward the maximum: this, in order to be fair.

In fact, this IS - in my opinion - a nice microeconomic text: I would define it a good "Introduction to Advanced Microeconomic Theory". I add that I'm asserting this, not from the point of view of the PhD economics or business administration student: but from that of the theoretical physicist interested in economics, who - some eight years ago - was looking for a really good introductory text in microeconomics.

For "really good introductory", I mean a text written with the exactness and rigour standards I'm accustomed to: i.e., the kind of rigour one would find in an advanced undergraduate or graduate text in mathematics. This, because, let's face it: I think it's impossible to really explain/learn the formal apparatus of modern microeconomics without a formal and precise statement of every concept and the exact derivation of every property in the typical "definition-and-theorem-and-proof", hypothetico-deductive style one would find in a serious mathematical analysis text. All in all, this is what modern microeconomics is about: a formal apparatus, conceptually (even if quite remotely, by now, and with a lot of other contributions from elsewhere) derived from that of analytical mechanics. And as it would be funny to think one could learn a.m. in some sucker text, verbal, verbose and falsely simple, so IMHO it would be kind of a self-deception to think one could learn the real microeconomics thing in one of those books à la "intermediate microeconomics" and the like. I'm really sorry with the authors of all the books falling into this latter cathegory, but I honestly believe things stand more or less this way. Of course, my point here is about the pedagogical style in which these introductory books are written: NOT about the (great) authors of the books. It's the same sort of complaint I make toward the introductory books in elementary physics, or toward mathematical analysis taught by means of "the calculus-way" ^_^;;;

Now, to come back to Kreps, this is the book with which I've begun to see some sort of light in the otherwise quite intricate - per se - but superficially stated (I'd say "superficially intricate") bunch of concepts one can find in any intermediate or introductory text. From this point of view, I'd give it five stars: precise and clear, with well-defined concepts, formal derivation of the main results and, above all, the constant use of the mathematical apparatus of infinitesimal calculus, which I believe makes things a lot more clear indeed. [And here I would address every undergraduate or first year graduate student, to say: you don't have to fear mathematical analysis! When it is correctly used (I mean: when there is some substance behind equations, and mathematics isn't used to try to hide some conceptual emptiness lying behind: which, and once more I'm sorry with the economists, is quite often what I'm tempted to think when I try to delve into some recent "high theory" paper) mathematics isn't but a way of summarizing concepts which, otherwise, would need lots of pages of words to be stated. Try always to go under the surface of the equation or the formula, and to grasp the concept lying behind. It could take a lot of effort to succeed in doing so: but after a while, everything will look simpler :) ]

But, and here are the "cons", in my opinion Kreps hasn't had the courage to go to the very end of his attempt: so it seems like he leaves things half-way, and very often looses himself in a lot of words which probably could have been avoided if he had decided to go completely formal. From this point of view, two stars. And then, to sum up, three and a half :D

The kind of book I have in mind, in the aforementioned formal fashion, isn't - as one might logically conclude from what I've been saying to this point - the enormous Mas-Colell, et al.: on which I still have to make up my mind. I'm rather thinking about Edmond Malinvaud's "Lectures on Microeconomic Theory", North-Holland, ISBN 0-444-87650-2, in my opinion a true five stars (cum laude), a sort of microeconomical analogue of Walter Rudin's "Principles of Mathematical Analysis": which, by the way, I believe is by far the best book in introductory mathematical analysis one can find around (alas!!... if only he had included also a chapter on differential equations, at least at the introductory level!!!).

Apart from the Rest...
A Course in Microeconomic Theory is one of the best mainstream price theory texts available. There are mistakes in this book. Kreps takes Walrasian equilibrium a bit too seriously. He admits to the unreal nature of important parts of Walrasian equilibrium. He admits that it does not tell us how markets work, and that it omits important institutions, like money. Kreps refers to the Walrasian Auctioneer as fairly unrealistic (p 195), when the adjective utterly might be more fitting.

He also takes 'benevolent social Dictators' too seriously. The next edition of this book would be much superior if the author were to pay more attention to Public Choice theory.

However, he does explain economic concepts fairly well. This is not just an exercise in mathematical games. Much of the math that he uses is game theoretic. Kreps included an entire section on game theory. He uses more math than one really needs to understand economics, but the math that he does use is the most useful there is.

There is an entire section on information economics. It goes farther than most other price theory texts in discussing this important topic.

This books biggest strength is its' section on transaction costs theories of the firm. Here the author remedies much of the unreal character of price theory. This alone sets it apart from other mainstream texts.

This book is the best at teaching mainstream economics. Kreps is modest in his claims about the realism regarding standard models of competitive equilibrium, and explains concepts and techniques well. He also focuses on the many of the right concepts and techniques. The main defect in this book is that it does not go far enough in adding realism to price theory.

Save your money
You are better off spending your money elsewhere. This book is not well written, and gives cursory treatment to many important areas of Micro theory. Compared to the other dominant Micro texts, it falls way short.

Excellent first-year graduate text on choice and game theory
The quality of the text is very uneven. The foundations of choice theory and game theory are presented with great clarity and insight. This would have been enough to get five stars. Alas, the author yielded to the temptation of trying to make it a comprehensive first-year microeconomics text (instead of a complement to, say, Varian's Microeconomic Analysis). The parts on traditional topics like cost and demand functions, partial and general equilibrium have all the flavor of an after-thought addendum. That lost it one of my stars. ... Read more

Book Description

This book in microeconomics focuses on the strategic analysis of markets under imperfect competition, incomplete information, and incentives. Part I of the book covers imperfect competition, from monopoly and regulation to the strategic analysis of oligopolistic markets. Part II explains the analytics of risk, stochastic dominance, and risk aversion, supplemented with a variety of applications from different areas in economics. Part III focuses on markets and incentives under incomplete information, including a comprehensive introduction to the theory of auctions, which plays an important role in modern economics. ... Read more

Reviews (3)

lucid exposition and very modern focus
Wolfstetter has given us a book that is very much focused on modern microeconomic theory. It is indeed, as the title suggests, a "topics" book, not a universal micro theory textbook. For instance, he does not cover general equilibrium theory at all. But by concentrating on the fascinating newer insights of information economics and industrial economics, he is able to go deeper than most other textbooks, see for instance the outstanding chapter on auction theory. There is even a chapter on matching theory, a topic not usually covered in textbooks at all.

The reader from Pasadena is right when he says that this is a book for academics. This is the audience the book was written for. But this reader is highly unfair for blaming the book for the fact that he is not an academic. In fact, for academics, this is an excellent book, and clearly deserves 5 stars!

A Book for Academics
I believe it was George Bernard Shaw who said "every profession is a conspiracy against the laity." Topics in Microeconomics by Elmar Wolfstetter would fit this quotation. In between the very well written prose are scads of algebraic equations and supply and demand charts that only confuse most readers. This books is written for academics. On the back cover are kudos from other academics who are members of the self-congratulations society. I'm sorry I bought the book. Read Ronald Coase if you want to read an economist who avoids unnecessary abstractions.

It is an excellent book
This book provides an extremely thorough and comprehensive treatment of important topics in microeconomics. This work manages to be both rigorous and pleasant to read. ... Read more

Book Description

In this book Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH). He focuses on the multiplicity question that arises in (infinite horizon) Rational Expectation models and considers the implications for a theory of endogenous fluctuations. The REH, which dominates the economic modeling of expectations in most fields of formalized economic theory, is often associated with an optimistic view of the working of the markets--a view that Guesnerie scrutinizes closely.

The book is divided into four parts. The first part uses the framework of simple models to characterize the stochastic processes that trigger self-fulfilling prophecies and examines the connections between periodic equilibria (cycles) and stochastic equilibria (sunspots). (A sunspot is a random shock uncorrelated with underlying economic fundamentals.) The second part views sunspot equilibria as overreactions triggered by small variations of intrinsic variables--rather than as fluctuations with no trigger--and looks at the consequences for a monetary theoryla Lucas. The third part develops the basic theory to encompass more complex, multidimensional systems. It focuses in particular on the special class of equilibria generating small fluctuations around a steady state. Broadening the scope, the fourth part looks at the stability of cycles, sunspots in systems with memory, and current research on rational expectations. ... Read more

Book Description

"This unique and well-tested voice consistently arrives in the future much earlier than anyone else." Nicholas Negroponte, Co-Founder of MIT’s Media Lab "Stan Davis is a master at linking abstract truths and discoveries to specific business applications. What could be more useful? He is a national treasure." John Naisbitt, author of Megatrends and Megatrends 2000 On Blur: "Blur is fast, smart, and useful-a decoder ring that any business person can use to make sense of the turbulence in the world of work today." Alan Webber, Founding Editor, Fast Company "…should be required reading for the millennium." Walter B. Wriston. Former Chairman and CEO, Citibank On Future Perfect: "If you want a hint of what’s going on in the new economy, this vintage book will clue you in." Kevin Kelly, Executive Editor. Wired On 2020 Vision: "…a provocative masterpiece." Tom Peters, Author and management guru On The Monster Under the Bed: "…the single best book I’ve read in years about how all enterprises had better gain and deploy knowledge." Warren Bennis, Author and leadership expert "…a must for understanding how learning technologies are transforming our work and our play, our businesses and our schools, our entire lives." John Seely Brown, Former Director, Xerox PARC "…future visioning at its best." Peter M. Senge, MIT and author of The Fifth Discipline On Future Wealth: "…a valuable guide to the far-ranging, sometimes daunting financial and social transformations ahead." Dr. Henry A. Kissinger, Former Secretary of State "…maps out many astounding and profound societal changes likely to result from the Internet revolution." Frederick W. Smith, Chairman of the Board and CEO, Federal Express "…a mind-stretching look at how an efficient, transparent Internet-connected economy could work." Clayton M. Christensen, author of The Innovator’s Dilemma "…a compelling vision of our financial future." Art Ryan, Chairman of the Board and CEO, Prudential Insurance Company of America "…a formidable manual on how to make sense of risk and opportunities… it will make you work smarter as well as harder." Rudi Dornbusch, Ford Professor of Economics and International Management, MIT "…this book is essential reading if you want to master the new economy." Ken Lay, Chairman of the Board and CEO, Enron Corporation "…stimulates readers to think about how the revolution in information technology opens up new contracting possibilities for their human and financial capital." Bob Kaplan, author of The Balanced Scorecard ... Read more

Reviews (1)

Highly Recommended!
This collection of essays links futurist Stan Davis' previous works with some of his newer ideas about change and commerce. Believing that his ideas (Future Wealth, Blur, Future Perfect, 2020 Vision) have held up, he expands upon them to explain the philosophy he thinks underlies the next 20 years (or "the second half") of the information revolution. He delves into the next era he anticipates, one of even greater consequence - the Bio Economy. He explains not only the rise of biotech, but also the biological or networked economy, where everything is connected to everyone all the time. Moving from theoretical to practical, he advises judging your company's worth by its predicted rate of growth and change, not by traditional measurements. Then, Davis speculates about the more distant future, post 2050, when cloning, stem-cell research and such transcend theory and join the chaos of our everyday lives. If the future makes you gasp, we [...] say read on.
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Book Description

The "oligopoly problem"--the question of how prices are formed when the market contains only a few competitors--is one of the more persistent problems in the history of economic thought. In this book Xavier Vives applies a modern game-theoretic approach to develop a theory of oligopoly pricing.

Vives begins by relating classic contributions to the field--including those of Cournot, Bertrand, Edgeworth, Chamberlin, and Robinson--to modern game theory. In his discussion of basic game-theoretic tools and equilibrium, he pays particular attention to recent developments in the theory of supermodular games. The middle section of the book, an in-depth treatment of classic static models, provides specialized existence results, characterizations of equilibria, extensions to large markets, and an analysis of comparative statics with a view toward applied work. The final chapters examine commitment issues, entry, information transmission, and collusion using a variety of tools: two-stage games, the modeling of competition under asymmetric information and mechanism design theory, and the theory of repeated and dynamic games, including Markov perfect equilibrium and differential games. ... Read more

Reviews (2)

good 'un
i liked this book but some bits were hard to understand.

Deep... not Vast
This book is quite impressive in theoretical concept. This is appropriate for (really) very advanced undergrates, graduates with IO major (theoretical and analytical aspects) and researchers in IO. This book is absolutely not for introductory IO. The topics focus mainly on Quantity, Price, Spatial competition and Asymmetric Information. Tools used in the book are quite advanced. The good point of the book is strength in precise consideration of price discovery in oligopoly market. (how the price is formed, uniqueness and existence of the solution.) Other topics, e.g. advertising and entry, are not good stated here.

If you are looking for introductory text (advanced undergrates or graduate) in IO, see Tirole 1988. However if you are finding for the advanced books, see Handbook of IO (vol1 for pure theory, vol2 for empirical and extension ;esp. in international aspect of IO) and pick this one (if you are interested in Q, P and Spatialy concepts) also. Enjoy reading... ... Read more