This textbook covers microeconomic theory at the level of intermediate and advanced undergraduates. It is also intended as an introduction for those with other intellectual and academic backgrounds who may not necessarily agree with mainstream economists but at least are interested knowing how they think and see things.
The book provides thorough explanations of definitions and assumptions that the theory is based upon. It provides comprehensive accounts of motivations and reservations behind the theory. As well, it precisely presents the logical process of how the assumptions lead to the conclusion, conveying the intuition and the key of the arguments.
An abundance of topics is included here: individual choice, general equilibrium, partial equilibrium, game theory, imperfect competition, transaction under incomplete information, market failures, welfare economics, social choice and mechanism design. The book is a valuable resource for any reader studying or simply interested in microeconomic theory.
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A large textbook written by the known economic theorist, covering seemingly all possible sections of modern microeconomics, and it is intended for a wide scope of readers learning and specializing in economics and other social sciences. (Vladimir Gorbunov, zbMATH 1483.91002, 2022)
1. Introduction.- 2. Choice objects and choice opportunities.-
3. Preference.- 4. So-called utility function.- 5. Choice and demand.
Takashi Hayashi is Professor in economics at the University of Glasgow. His research fields are decision theory, social choice/implementation theory and general equilibrium theory.
He received his Ph.D. (2004) from The University of Rochester. He was Assistant Professor of economics at The University of Texas at Austin (2004-2012).
His works include General Equilibrium Foundation of Partial Equilibrium Analysis (Palgrave Macmillan, 2017) as well as academic papers such as Smallness of a commodity and partial equilibrium analysis (Journal of Economic Theory, 2013), Implementation in partial equilibrium (Journal of Economic Theory, 2017, co-authored with Michele Lombardi) and Self-fulfilling regression and statistical discrimination (International Journal of Economic Theory, 2019).
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