Highlights: Principles of Microeconomics
Provides thorough coverage of the basic competitive model before introducing imperfect markets.
Students are better able to grasp imperfect markets after learning how firms and households function in the basic competitive model. To this end, Professors Stiglitz and Walsh devote the first ten chapters of the text to the competitive model, laying a solid foundation upon which to build coverage of imperfect markets later in the course. A unique chapter on capital markets features such important concepts as time value of money and present discounted value.
Behavioral economics presents a more realistic portrait of the rational economic actor.
The Fourth Edition’s strong coverage of behavioral economics—for example, within discussions of the (ir)rational consumer (Chapter 5) and the modest savings of most individuals (Chapter 9)—allows instructors to bring research from this exciting subfield into their principles courses.
The most comprehensive and accurate coverage of imperfect markets available.
Informed by the work of Nobel Prize winner Joseph Stiglitz, Part Three offers superior coverage of imperfect markets. A chapter on strategic behavior is now included in this section and provides practical examples of game theory in action, including student-friendly examples from the television show Survivor and from John Nash’s work as portrayed in the movie A Beautiful Mind.
An emphasis on the new economy embraces the information revolution.
With an entire chapter dedicated to technological change, Principles of Microeconomics reflects contemporary thinking on innovation and the new, digital economy. Discussions about the damaging effects of free downloading programs are compelling to students.
Helpful pedagogy ties the core ideas in economics to the realities of the new economy.
- e-insight boxes, appearing in most chapters, apply economic principles to such new developments in information technology as the demand for computers and using the Internet to enhance price discrimination.
- Thinking Like an Economist features appear in every chapter and reinforce the core topics of the text: trade-offs, incentives, exchange, information, and distribution. For example, Chapter 13 includes a box on "Incentives and the Remedy to the Microsoft Monopoly Problem."
- Case-in-Point vignettes, illustrate real-world applications in each chapter.
- Internet Connection boxes lead students to such related online sources as auction sites, the Economist’s Voice Web site, and the Investipedia online dictionary of economic terms.
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