Microeconomics (Volume 1 & 2)

Author: Andrew Mas-Colell Michael D. Winston
Publisher:
Publish Date: 2001-03-01
Features: This is a representative advanced microeconomics textbook currently influential in the economics circles of Europe and America. The book is divided into five parts. Part I examines individual decision-making, primarily starting from a general analysis of individual behavior to establish classical consumer and producer theory, and briefly introduces individual choices under uncertainty. Part II is game theory, explaining individual decision-making problems where the behavior of consumers mutually influences each other. Part III covers market equilibrium and market failures, outlining the basic content of partial equilibrium and welfare economics, and exploring the possibility of market failures caused by externalities, market power, and asymmetric information. Part IV extends the analysis to general equilibrium, explaining the empirical and normative aspects of the theory, as well as equilibrium under uncertainty and dynamic conditions. Part V is welfare economics, analyzing the possibility of aggregating individual preferences into social preferences under conditions of comparable and incomparable individual utilities, and addressing the implementation of social choice when information about individual preferences is incomplete.