Advanced Microeconomic Theory

Practice Exercises with Answer Keys
Erscheinungsjahr 2027
ISBN: 978-3-032-45066-1
Verlag: Springer

Buch, Englisch, Format (B × H): 155 mm x 235 mm

Reihe: Springer Texts in Business and Economics

This text offers a rigorous, application-driven companion to standard graduate textbooks in microeconomics. It presents 200 carefully structured, step-by-step exercises with detailed solutions, enabling students to develop fluency in core analytical tools and to independently reproduce key results in consumer and producer theory.

The book systematically integrates central concepts in advanced microeconomic theory, including preference axioms, utility representation, utility maximization, Walrasian and Hicksian demand, and duality between expenditure minimization and utility maximization. It further develops welfare measurement—covering compensating and equivalent variation, consumer surplus, and deadweight loss—alongside production theory, cost functions, and profit maximization.

Chapters on choice under uncertainty extend the analysis to expected utility theory, risk aversion, stochastic dominance, and insurance demand, while later sections introduce non-expected utility models such as prospect theory and ambiguity aversion. The final chapter examines externalities and public goods, emphasizing policy applications in taxation, environmental regulation, and welfare analysis.

This textbook is appropriate for advanced undergraduate, Master’s, and first year PhD students in economics, finance, and related disciplines, as well as researchers working on applied economic theory. The authors have provided a table of suggested exercises by course level to facilitate instructors seeking structured problem sets to support teaching and coursework.

Zielgruppe

Graduate

Autoren/Hrsg.

Choi, Pak-Sing

Munoz-Garcia, Felix

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Mikroökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Wohlfahrtsökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Verhaltensökonomik

Inhaltsverzeichnis

Chapter 1: Preferences and Choice.- Chapter 2: Utility functions.- Chapter 3: Utility maximization and Walrasian demand.- Chapter 4: Expenditure minimization and Hicksian demand.- Chapter 5: Demand Applications and welfare measures.- Chapter 6: Production theory.- Chapter 7: Preferences over lotteries.- Chapter 8: Expected utility theory and risk aversion.- Chapter 9: Non expected utility theory.- Chapter 10: Externalities and public goods.

Über Autor(innen)

Pak-Sing Choi is associate professor of economics at the Graduate Institute of Industrial Economics of National Central University, Taiwan. His research focuses on the effect of environmental regulation on industrial organization under asymmetric information.

Felix Munoz-Garcia is professor of economics at Washington State University (US). His research focuses on industrial organization, game theory, and their applications to environmental regulation in contexts where firms, government agencies, or both, are imperfectly informed.