Book Description

This book consists of a set of nineteen original essays on important recent antitrust cases. EAch essay discusses a single case and was written by economisists who actually participated in the case. The cases are organized into three major sections: horizontal structure; horizontal practices; and vertical and complementary market issues. Each section has an introductory/overview essay written by the editors. In this third edition, eleven new cases have been added, and eight cases from the second edition have been updated and shortened. ... Read more

Book Description

Electricity markets are structurally different to other commodities, and the real-time dynamic balancing of the electricity network involves many external factors. Because of this, it is not a simple matter to transfer conventional models of financial time series analysis to wholesale electricity prices.

The rationale for this compilation of chapters from international authors is, therefore, to provide econometric analysis of wholesale power markets around the world, to give greater understanding of their particular characteristics, and to assess the applicability of various methods of price modelling.

Researchers and professionals in this sector will find the book an invaluable guide to the most important state-of-the-art modelling techniques which are converging to define the special approaches necessary for unravelling and forecasting the behaviour of electricity prices. It is a high-quality synthesis of the work of financial engineering, industrial economics and power systems analysis, as they relate to the behaviour of competitive electricity markets.
... Read more

Book Description

Provides a rich array of over 100 examples that show how theory works in real companies, industry, and government.
* Applications throughout the book and in four unique applications chapters demonstrate the importance of microeconomics to sound decision making.
* Makes microeconomics interesting, relevant, and easy to understand. ... Read more

Reviews (2)

Easy to understand, yet fairly thorough
I was taught intermediate micro using this book.For that class, I found this book helpful and easy to follow.I still use it as a reference for simple concepts that I've forgotten.

a high school textbook
This is a horrible textbook and I mean it.The only possible use I can think of is to use it as a high school textbook. ... Read more

Reviews (1)

Benchmark Study of the Causes of the Great Depression
This book is an admirable analysis of the causes of the Great Depression and why it would not end. Kindleberger explains that the reason was a lack of a stable international economic structure. Great Britain had abdicated that role and the United States was yet unwilling to assume that role. The system was unstable unless some country or major economic force acted upon it.

It was not until economic activity was massively ramped up for World War II through deficit spending in the United States that the American economy pulled itself out of the depression. Congress was unwilling to take such dramatic steps before that, and Roosevelt was not completely sold on Keynseyian economics. (He was a conservative laissez-faire man, with basic regulations, before the disaster of the Great Depression.) The result is that Roosevelt ended the worsening of the depression and brought about a mild recovery, but the flawed economic system was not structured to bring about the needed stronger measures.

In retrospect, mistakes were made. The book goes into detail in explaining many variables of the economic system. However, the times were what they were; a stable economic system, with active economic controls, did not exist.

The book probably appeals most to teachers, researchers and students, but anyone interested in a thorough economic explanation of the Great Depression will like this book. It would help if the reader had a basic understanding of macroeconomics - perhaps an introductory college course.

The book is not the only explanation of the Great Depression, nor pretends to be, but is a highly valid one and should be considered by anyone seriously interested in the subject.

A classic for the subject. ... Read more

Book Description

Through accessible, detailed examinations of themes central to auction theory, Vijay Krishna explores auctions and competitive bidding as games of incomplete information.His results on bidding strategies, efficiency, and revenue maximization, and his clear proofs for each proposition, make this book both the standard reference on auctions and the first source of authoritative information about multi-unit auctions. Well organized and featuring straightforward intuition, Auction Theory's depth and breadth lay bare the complexity and utility of this growing field.

*The standard reference on auctions and the first source of authoritative information about multi-unit auctions
*Explores auctions and competitive bidding as games of incomplete information
*Uses accessible, detailed examinations of themes central to auction theory ... Read more

Reviews (2)

Magnificent!
I consider this book to be up there with Myerson's book on game theory! The exposition is lovely, and the book is so fascinating that you'll find that you can't put it down for the first 8 chapters or so. Krishna makes it all look so easy.

Clear, Rigorous and Intuitive
This is a fabulous book for quickly uploading the central insights of the vast literature on the economics of auction design. Results are stated precisely and proven, often with an eye for developing intuition and an understanding of technique. The book can be read from cover to cover or dipped into as required. I find it an extremely useful aid to research.
Highly recommended. ... Read more

Book Description

The book presents a new theory of expectations called "rational beliefs". Contrary to the standard theory which views the origin of uncertainty as being exogenous to the economic system, the theory of rational beliefs holds that a crucial component of social risk and economic fluctuations is endogenously propagated by variations in the state of beliefs of market participants. One part of the book provides an exposition of the foundation of the theory of rational beliefs. A second part explores the structure of general equilibrium models in which market participants hold rational beliefs. The "Applications" part of the book studies the behavior of asset prices and rates of return on financial assets. It demonstrates that endogenous uncertainty provides a uniform paradigm for the study of economic fluctuations. ... Read more

Reviews (1)

A looking-forward book on economics
Mordecai Kurz offers one of the most important contributions to recent macroeconomics. The book provides a genuine research highway towards the building up of a theory of expectations with both rigour and practical usefulness. The idea or "paradigm" of Rational Beliefs is present in all the papers of this volume. They combine rigourous modelling with insigthful conclusions and provocative questions that look more ambitious than the Rational Expectations research program.This book highlights how important are agents' beliefs and their reactions to observed contradictions between observed values and ex-ante estimates of observable economic variables. With no doubt, this volume is an important tool for academic and non-academic economists. It provides sophisticatesd modelling with insightful interrogants and conclusions that invite to re-think the usefulness of mainstream macroeconomic theory. Its reading is a "must" for every economist or social scientist focused on the analysis of the limitations of human knowledge for decision-making in dynamic and changing environments. ... Read more

Book Description

Truett and Truett's Eighth Edition shows how to use economic analysis to solve problems and make effective decisions in the complex world of business. The highly successful problem-solving approach, clear and accurate presentation of economic theory, and outstanding cases combine to make the best presentation of managerial economics yet.
* Walks readers step by step through specific types of problems, including elasticity calculations, cost minimization, and profit maximization.
* Shows how real-world firms have addressed issues discussed in the book.
* Emphasizes the global aspects of managerial economics and its application in the international marketplace. ... Read more

Reviews (8)

Much better than the other reviewers indicate
Microeconomics with Calculus is a great textbook. this is the ideal book for all those economics students who grow weary of wordy explanations of economic models when a touch of calculus say so much more. a great book for people unassociated with economics, but who have backgrounds in any math-related disciplines.

Pretty good despite the criticisms
This book isn't perfect, but it is much better than the other reviewers indicate. The best thing about it is that it is more or less self-contained. All of the necessary math can be found in the first chapters, and there are lots of worked-out examples. It's pretty well written too. Problems include: too many typos and an ugly typeface. The graphs are nicely done, though. Its most obvious competitors are Intermediate Microeconomics by Varian and Microeconomic Theory: Basic Principles and Extensions by Nicholson. Varian hides all the math in brief appendices and a supplementary workbook, and Nicholson's book is good but much too expensive.

Hopefully a third edition will address some of the problems with this book. In the meantime, it is a reasonable choice for a microeconomics text.

Worst Microeconomics Book
This is simply the worst economics book I have ever read. There are typos everywhere, the author does a horrible job of tying the economic theory to the math, and the presentation of economic material gives very few applied examples. This book makes a good sleeping aid.

A good book for undergraduation
This book is a very nice book to be used in undergraduation level. For those who got a good basis in calculus, this book fits perfectly. After understanding all this book , the stundent will be ready for an advanced text. .

Do they know what it means to proof-read?
The idea of this book is fantastic, but there are so many typographical errors in the answers, examples and references. Completely frustrating. The way the math is presented (when accurate) is extremely eloquent, thought the explanations are not, and the reader must determine when the book is accurate. ... Read more

Book Description

Coverage of modern topics and more modern treatment of conventional topics. Examples include an integrated treatment of game theory, ologopoly, a more detailed treatment of sunk costs, and consumer surplus.
* Two chapters devoted to costs and cost curves, as well as a section on consumer surplus, which includes concepts of compensating and equivalent variations. ... Read more

Reviews (2)

exceptional
Truly outstanding micro book by two top NWU profs. It has it all, from basic supply/demand equilibrium equations to cournot, bertrand oligopoly competition models to game theory and beyond. The explanations are clear-crystal, including many examples based on recent happenings. Read this 1st and "Economics of Strategy" afterwards (and if you have time and the skills, Carlton & Perloff's Industrial Organization book) and you will be able to master underpinnings of sophisticated industry/business analysis.

Good book with lots of great examples and clear explanations
This text book is used in University of Chicago Executive MBA program..., and I like the clear text. It is quiet interesting and engaging to read and good material to accompany the lecture. This textbook also have a lot of good examples.

Microeconomics are basic standard material of MBA program, so the materials are pretty much the same as any other Micro textbook. Talking about Supply and Demand, Price elasticity, production, costs, perfectly competitive markets, monopoly, market structure, etc.

What i like best is the clear text and explanation that is easy to discern even for me (after 16 years not attending school!), and the very FRESH SAMPLES talking even the most recent happenings in the business world. Yup. THE EXAMPLES are all fresh and interesting.

The mathematic is a bit intimidating for people who hate quantitative things.

So, if this is not your textbook, this is still worth buying and reading for the explanation and the examples there. ... Read more

Book Description

The Power of Microeconomics and The Power of Macroeconomics offer clear, easy-to-understand lectures on principles of economics topics.The software provides attractive and illustrative PowerPoint visuals to help explain these topics.The Power of Microeconomics and The Power of Macroeconomics have both been thoroughly class-tested.Either CD can be combined with any of our economics texts, a guide, and Peter Navarro's self-monitored website to provide a true distance learning course.The website will provide 24-hour access, response, and a multiple choice testing for whichever principles text is chosen.

A Learning Guide is available 0-07-239630-X .This guide instructs both the faculty, who is directing the distance learning, and the student with how to use the text in conjunction with the website and the CD.The guide directs the student to related content in whichever McGraw-Hill/Irwin text they chose... ... Read more

Book Description

This is a Microeconomic theory text for courses in economics departments and business schools. ... Read more

Reviews (9)

Straightforward intermediate microeconomics
this is by no means an introductory economics text.. It's an intermediate level textbook.. It assumes that the student is capable of certain mathematical techniques (you can't expect a beginner to calculate the optimal consumer choice using the Lagranges method in chapter 3! - and it gets worse)

It is true that most of the time you have to flip the page to find the graph that is being explained. However it didn't annoy me too much. It is actually good thing if you want to practice and draw the graph yourself.

The 2nd edition had some errors but in this edition (3rd) they are corrected as far as I could see.

About the authors:

Michael Katz - University of California at Berkeley. Received the Earl F. Cheit Outstanding Teaching Award in 1989 and 1993. Served as chief economist of the U.S. Federal Communications Commission.

Harvey Rosen - Princeton University, Fellow of the Econometric Society and a Research Associate of the National Bureau of Economic Research

misunderstanding
1. I did not read the book so I can not talk about the book, althoug I should have rate it otherwise I could not have submit this review! I rate it based on the info given by my professor of macroeconomics!
2. I want to make comments on the review of Mr. adoumri; I would say that he was disappointed with the book because, as can be seen from his review, hi actually wanted to learn things from macroeconomics, but unfortunatelly he took a book for microeconomics, so he is actually talking about apples having in mind pears!! :-)
One should be cautious when writing, as well as when reading other people's reviews!
Thank you!

Lacks Links to Real World Economic Problems
I am currently enrolled in a Microeconomics course at Columbia University, and I do not find this book easy to read at all, the reason being that the author makes no effort to link microeconomic concepts to real world problems. I have found my Macroeconomics textbook to be immensely more interesting because the concepts relate immediately to social issues and real world economic problems. For students who choose to study economics because of its insights into real world problems, this text may become frustrating. I suggest that the authors more examples of microeconomics in the real world, such as the explanation of "President Carter's Gasoline Tax" on page 106. When economic theory is taught with no reference to the real world, it makes some students less interested in the subject. I intended to study economics with the goal of gaining insight into social welfare problems and understanding government policies. Learning ratios and equations that simply determine how much tacos or hamburgers Sarah wants to eat was demotivating. As a result, I am trudging through my textbook (and class) and starting to wonder if this subject is worth studying.

Stop referring to graphs & fig. that are on the next page!
It's so annoying to read about graphs and figures that appear on the next page. If the authors are going to cite these visual tools have them on the same page whenever possible. Of course it is unrealistic to expect that everytime but in the K&R book this occurred 90% of the times. It's annoying when you have to flip the pages. This annoyance knocked 3 stars from what would have been a 5-star rating.

What's right about the text?

The economics is sound and the teaching is concise. Bravo in that regard.

Does the job it was written for
This is a very well written textbook. There are many textbooks out there on the markets and this one has been written with the beginning reader in mind. It is just too easy to scare the beginner with too-serious, too-academic dry language. Economics is fun to learn and the first textbook a student ever keeps in hand should make him interested, curious, wanting more and more, and of course, amused. The language of Katz and Rosen's textbook is by no means frivolous, but it is entertaining. They do not pull the rabbit out of the hat and startle the reader. Instead, they guide readers from familiar environment towards the unknown, always being down to earth and somehow, interestingly, economic theory sneaks in - in the meantime.

The order of theory presentation and the structure of the book really facilitate learning. I have used this book with the introductory microeconomics course, along with a few other ones - just for a test. They all preferred this one so we stuck with it for the remainder of the course.

In the middle of the book one finds a transparency with a graph, which, when applied, shows the effects of some parameter change. Excellent idea, as the student can see dynamically what happens with the application. It's like a hand-operated video... It's a pity that there is only one such transparency.

In summary, recommended for most introductory courses in microeconomics. it will keep students interested and will not scare them at all. Why want anything more? ... Read more

Reviews (1)

A good, high-level introduction without much math
I used this text for a distance-learning economics class I took this year. It was an excellent conceptual introduction. Reading it would allowed you to teach yourself a bit about Microeconomics, if you so desire.

In particular, the concepts are explained clearly and succinctly. The authors use a variety of metaphors to daily life that are understandable to practically any adult. The book makes Micro interesting and relatable.

The summary points at the end of each chapter (as well as the key points highlighted in bold lettering throughout the text) allow you to review quickly. There are a lot of good practice problems although the answers are not included in the text.

Overall, I recommend the book highly. My only complaint is that the book is not particularly quantitative or mathematical. That is a strength, in that the book is more easily understandable, but it is also a weakness in that very quantitative people are sometimes left hanging, wanting a mathematical proof of a particular concept. ... Read more

Book Description

The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics. Both texts provide a thorough account of modern thinking on the subject and a wealth of carefully chosen examples and problems.

The first four chapters of The Economics of Uncertainty and Information summarize the essential tools of the analysis of uncertainty and information: the theory of individual behavior under uncertainty, the measures of risk aversion and the measures of risk, and the notions of certainty equivalence and information structure. Subsequent chapters introduce the theory of contingent markets, model systems of incomplete markets and define the concept of a perfect foresight equilibrium, cover two fundamental institutions for sharing risk - the stock market and insurance, show how the transmission of information by prices renders information structures endogenous, and study personalized exchange with asymmetric information.

Each chapter concludes with a list of suggested readings and with auxiliary sections which go into more detail about certain aspects of the subject. The book concludes with review problems and exercises.

Jean Jacques Laffont is Professor of Economic Sciences at the Universit des Sciences Sociales de Toulouse and Director of Studies at I'Ecole des Hautes Etudes en Sciences Sociales. ... Read more

Reviews (2)

Not for the faint of heart
I'm not entirely sure how to explain this book, as I didn't understand a word of it. I have also read "The Analytics of Information and Uncertainty", another book with heavy mathematical content, but one I found to be very good in scope and application. This text, however, seems to overuse mathematical methods. Economics is not about learning propositional mathematics, and just flicking through this book, there are models I already know, like the Edgeworth box diagram as applied to payoff states, and it was in a totally unrecognisable form! Even the fundamental theorems of welfare economics were garbled!

I would heartily recommend this text to anyone who has completed 2nd year university level mathematics courses, or is a university lecturer in Economics. If you're just an ordinary graduate with little interest in deep mathematical methods, there are better books out there.

Great Textbook and Great Manual
This is really a great book: it is exhaustive and concise at the same time. Starting with the foundation of the theory of choice under uncertainty, it covers the topics of information structure, general equilibrium under uncertainty, and the typical asymmetric information topics: moral hazard and adverse selection. Given its completeness can be naturally used as a reference manual. And given the author's clarity of exposition can be also used as textbook. ... Read more

Book Description

In the 1970's, the research agenda in insurance was dominatedby optimal insurance coverage, security design, and equilibrium underconditions of imperfect information. The 1980's saw a growth oftheoretical developments including non-expected utility, pricevolatility, retention capacity, the pricing and design of insurancecontracts in the presence of multiple risks, and the liabilityinsurance crisis. The empirical study of information problems,financial derivatives, and large losses due to catastrophic eventsdominated the research agenda in the 1990's.The Handbook of Insurance provides a single reference source oninsurance for professors, researchers, graduate students, regulators,consultants, and practitioners, that reviews the research developmentsin insurance and its related fields that have occurred over the lastthirty years. The book starts with the history and foundations ofinsurance theory and moves on to review asymmetric information, riskmanagement and insurance pricing, and the industrial organization ofinsurance markets. The book ends with life insurance, pensions, andeconomic security.Each chapter has been written by a leading authority in insurance, allcontributions have been peer reviewed, and each chapter can be readindependently of the others. ... Read more

Book Description

What do economists know that business executives find useful? Economics ought to be indispensable for business decision-makers because it deals with the issues executives face daily: what to pro duce, how and how much, at what price, how best to use resources (time, labor, capital), how to understand markets. Why, then, do managers often think that economists' theories are ivory-tower and impractical? Perhaps because most economics texts are mystifying, jargon-rid den, and written from every perspective except that of the line manager.

In Executive Economics: Ten Essential Tools for Managers, Shlomo Maital brings economics down to earth, back to the hard day-to-day decisions that executives have to make. He shows how all decisions can be organized around two key questions: What is it worth? What must I give up to get it? Answering these questions depends upon finding and maintaining the right relation in the "triangle of profit" -- cost, price, and value.

Each of Executive Economics ten chapters focuses on one or more legs of the triangle of profit, defines a decision tool, and illustrates how it can be used to improve the quality of executive decisions. Drawing on recent examples from both Fortune 500 firms and smaller companies, Maital shows why economics main contribution is to deepen executives' understanding of the structure of their costs, and to explain why some of a business's highest expenses are those that never appear on a check stub or in a profit-and-loss statement.

Executive Economics is written for executives, about executives, and by an author who has both taught executives at MIT's Sloan School of Management for over a decade and served as a consultant to small and large businesses. It is must reading for executives who need simple, effective decision-making tools to give them an edge in today's competitive global economy. ... Read more

Reviews (5)

Economics for busy business managers
As an instructor in a graduate course in managerial economics for non-economists, I have struggled to find texts which would appeal to students and professionals who are sceptical of the value of economics as a discipline which can help in solving business problems.

Professor Maital's book is an exception. It speaks directly to executives by focussing on the kinds of strategic problems they face, and introducing fundamental economic concepts by illustration, not by the formalistic exposition of standard texts.

I find his book as an excellent way to illustrate key concepts such as opportunity cost, marginal cost, economic versus accounting costs, and other concepts that unfortunately too often mystify students - or turn them off.

Even if many of the examples now seem dated, I would heartily recommend this book to both instructors and students who seek to bridge the world of business problem-solving with the tools of theoretical microeconomics.

The book is organized in ten highly readable chapters. My favorite quote from the book: "If you face no tradeoffs, your company is poorly managed."

Extensive yet to the point
Professor Maital is very clear in his writing style and introduction of these 10 key economic tools. He elegantly analyses series of real life examples and provides clear cut explanations. This is one of those books you cannot put down, a real page turner. The tools are real, the examples are real, and all are very intuitive and simple to implement. This book will positively impact the way you look at your company's operations and profit.

An amazing book on economics for busy executives
The title of the book really says for it. This is trully a book for very busy executive managers in all kind of businesses. As a senior manager in a number of businesses, I very much understand that while management is about economics of business, little knowledge about economics as a science is known to many managers. The 10 tools for managers as described in the book are almost all the "micro-economic knowledge" business managers should know. This book brings an outstanding approach to studying economics, that is most understandable, practical and effective. I got a MBA in management and am still questioning myself why this book is not yet so popular among all biz schools. It will be, and the approach of the author to "teaching economics" will be popular one day, I believe. Whether you already got MBA or don't ever consider going to study management, I recommend this book to you as a must read. Moreover, there is as much fun as enlightenment reading it.

Excellent for MBA Students
Professor Maital's book has been used at ECU (Perth, Western Australia) on 'executive' short courses and MBA programs for several semesters. "Executive Economics" has been successfully combined with more 'conventional' or mainstream economics texts. Students have thoroughly enjoyed Maital's exposition of key economic ideas and find the blend of accessible theory backed up by real world examples very helpful in their studies. However, "Executuve Economics" is now rather 'long in the tooth'. The 1990s have provided so much new material for books of this kind. A second edition, revised and updated would be most welcome.

Excellent set of tools for the executive
I not only read the book, but had the opportunity to hear Prof. Maitel teach from it, along with other topics, at the M.I.T. Executive Program referenced in the introduction. Very practical approach to everyday problems. ... Read more

Book Description

In his Mattioli Lectures, Nobel Laureate Professor Herbert A. Simon directs attention to the kinds of empirical research that are necessary for progress in microeconomics. He traces the development of neoclassical economic theory and its gradual retreat from empiricism to abstraction. He next discusses the importance of business firms to the economic system, and the need for a thoroughly empirical understanding of how organisations work and reach their decisions. Finally, he examines recent innovative approaches to empirical research, including experimental economics, observational methods for studying economic behaviour, and the kinds of simulation models that are needed to interpret decision process. A round-table discussion of these issues follows; the participants, in addition to Professor Simon, are Professors Claudio Dematte, Massimo Egidi, Richard M. Goodwin, Robert Marris, Aldo Montesano, and Riccardo Viale. ... Read more

Reviews (2)

WOW!!
This is an incredible--and credible--fact based view of what's really going on in the economy. Mr. Osenton has clearly done his homework, and presents this fresh material in a very insightful and enjoyable read.
The best business book I have read since Peter's "In Search of Excellence" two deacdes ago.
Bravo!

A Remarkable Piece of Work
This book is not only a wonderful read and an impressive history of business during the second half of the 20th century, but it presents the most logical understanding as to why corporations, industries - the entire economy - is having such a difficult time growing. The irony that Osenton points out is that we are victims of our own success - pushing for more and more consumption - and getting it! - only to begin to approach levels of saturation. He points out that there are currently more than 32 million more registered vehicles in the United States than there are licensed drivers! Talk about surplus. For the first time ever, someone has explained WHY - beyond the simple explanation of greed - that corporations are cooking their books in order to make the numbers. It's because their respective top lines are lifeless, and they have squeezed every penny, every productivity gain they could out of the corporation. Death of Demand helped me completely understand why employees are paying for earnings growth with their jobs - jobs that are either being cut altogether or sent overseas. What a spectacular analysis of our current economic condition. Bravo! ... Read more