David M. Kreps has developed a text in microeconomics that is both challenging and "user-friendly." The work is designed for the first-year graduate microeconomic theory course and is accessible to advanced undergraduates as well. Placing unusual emphasis on modern noncooperative game theory, it provides the student and instructor with a unified treatment of modern microeconomic theory--one that stresses the behavior of the individual actor (consumer or firm) in various institutional settings. The author has taken special pains to explore the fundamental assumptions of the theories and techniques studied, pointing out both strengths and weaknesses. The book begins with an exposition of the standard models of choice and the market, with extra attention paid to choice under uncertainty and dynamic choice. General and partial equilibrium approaches are blended, so that the student sees these approaches as points along a continuum. The work then turns to more modern developments. Readers are introduced to noncooperative game theory and shown how to model games and determine solution concepts. Models with incomplete information, the folk theorem and reputation, and bilateral bargaining are covered in depth. Information economics is explored next. A closing discussion concerns firms as organizations and gives readers a taste of transaction-cost economics.
An unwelcome guest - Death - gatecrashes a society wedding and Lord Francis Powerscourt is summoned by his barrister friend, Charles Augustus Pugh, to investigate this most singular case of murder in the Fens. The dead man is Randolph Colville, successful wine merchant and father of the groom. The murderer would appear to be his brother Cosmo, found in the same room with a gun in his hand. But is this simply a modern-day version of Cain and Abel, or is there more to it than that? Cosmo isn't speaking and time is running out for him for he has an appointment with the gallows in two weeks. Francis has to act fast and sets out to discover all he can about the dead man - and his brother. Cosmo's silence is bothering him for it can only be for two reasons; either he is protecting a woman - or a family scandal. His investigations take him to the vineyards and towns of Burgundy, where he uncovers evidence of serious malpractise in the Colville wine trade, bitter rivalry with a London-based competitor and a disgruntled ex-employee bent on revenge. But there is another secret - more terrible and shocking than anything gone on before - which finally reveals the motive for the untimely death of a wine merchant. Praise for David Dickinson: 'Splendid entertainment' Publishers Weekly 'A leisurely period whodunit with Dickinson's customary historical tidbits and patches of local color, swathed in an appealing Victorian narrative' Kirkus Reviews 'Detective fiction in the grand style' James Naughtie 'A cracking yarn, beguilingly real from start to finish' Peter Snow
Deals with the topic of game theory. This textbook discusses the general game models including deterministic, strategic, sequential, bargaining, coalition, and fair division games. It emphasises on the process of mathematical modeling.
A cutting-edge introduction to key topics in modern economic theory for first-year graduate students in economics and related fields Volume II of Microeconomic Foundations introduces models and methods at the center of modern microeconomic theory. In this textbook, David Kreps, a leading economic theorist, emphasizes foundational material, concentrating on seminal work that provides perspective on how and why the theory developed. Because noncooperative game theory is the chief tool of modeling and analyzing microeconomic phenomena, the book stresses the applications of game theory to economics. And throughout, it underscores why theory is most useful when it supports rather than supplants economic intuition. Introduces first-year graduate students to the models and methods at the core of microeconomic theory today Covers an extensive range of topics, including the agency theory, market signaling, relational contracting, bilateral bargaining, auctions, matching markets, and mechanism design Stresses the use—and misuse—of theory in studying economic phenomena and shows why theory should support, not replace, economic intuition Includes extensive appendices reviewing the essential concepts of noncooperative game theory, with guidance about how it should and shouldn’t be used Features free online supplements, including chapter outlines and overviews, solutions to all the problems in the book, and more
* 41 in-depth essays cover current economic theory and applied economics in a single, comprehensive volume * Interfaces section considers economics as it relates to other disciplines * Extensive notes, bibliographies and suggestions for further reading; detailed index of Topics and People `A treasure-house of stimulating argument and vast amounts of, mostly, well marshalled information. The market for general survey volumes, while already crowded, should surely find room for this offering.' - The World Economy `The work under review scores very high marks.' - The Economic Journal `The chapters are written by people who are excellently qualified and frequently well-known in their field ... The book's strengths lie in the range of contributors, the very high quality of most of the contributors and its emphasis on applied economics. For these reasons alone it is an important book, which will be invaluable both to students and to economists wishing to learn about developments in other branches of their discipline.' - Economica
Business professionals that struggle to understand key concepts in economics and how they are applied in the field rely on Microeconomics. The fourth edition makes the material accessible while helping them build their problem-solving skills. It includes numerous new practice problems and exercises that arm them with a deeper understanding. Learning by Doing exercises explore the theories while boosting overall math skills. Graphs are included throughout the mathematical discussions to reinforce the material. In addition, the balanced approach of rigorous economics gives business professionals a more practical resource.
This text is an unbound, three hole punched version. Access to WileyPLUS sold separately. Economics of Strategy, Binder Ready Version focuses on the key economic concepts students must master in order to develop a sound business strategy. Ideal for undergraduate managerial economics and business strategy courses, Economics of Strategy offers a careful yet accessible translation of advanced economic concepts to practical problems facing business managers. Armed with general principles, today's students--tomorrows future managers--will be prepared to adjust their firms business strategies to the demands of the ever-changing environment.
Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.
Providing students with a commonsense approach to the solution of engineering problems and packed full of practical case studies to illustrate the role of the engineer, the type of work involved and the methodologies employed in engineering practice, this textbook is a comprehensive introduction to the scope and nature of engineering. It outlines a conceptual framework for undertaking engineering projects then provides a range of techniques and tools for solving the sorts of problems that commonly arise. Focusing in particular on civil engineering design, problem solving, and the range of techniques and tools it employs, the authors also explore: creativity and problem solving, social and environmental issues, management, communications and law, and ethics the planning, design, modelling and analysis phases and the implementation or construction phase. Designed specifically for introductory courses on undergraduate engineering programs, this extensively revised and extended second edition is an invaluable resource for all new engineering undergraduates as well as non-specialist readers who are seeking information on the nature of engineering work and how it is carried out.
Surfing Economics is a collection of essays by one of Europe's leading young economists. These essays are written to bring to life in a non-technical manner some of the fundamental ideas and concepts in contemporary economics, including new Keynesian economics, the natural rate, bounded rationality, social learning and the meaning of economics. Whilst primarily written for the undergraduate student, these essays will entertain and enlighten economists of all ages. Above all, the essays convey the enthusiasm and excitement of Huw Dixon for economics along with his valuable insights into the subject. Just the thing to brighten up your reading lists.
“A major piece of work . . . a classic. There is no other book like it.” —Norman Schofield, Washington University “The authors succeed brilliantly in tackling a large number of important questions concerning the interaction among voters and elected representatives in the political arena, using a common, rigorous language.” —Antonio Merlo, University of Pennsylvania Positive Political Theory II: Strategy and Structure is the second volume in Jeffrey Banks and David Austen-Smith’s monumental study of the links between individual preferences and collective choice. The book focuses on representative systems, including both elections and legislative decision-making processes, clearly connecting individual preferences to collective outcomes. This book is not a survey. Rather, it is the coherent, cumulative result of the authors’ brilliant efforts to indirectly connect preferences to collective choice through strategic behaviors such as agenda-selection and voting. The book will be an invaluable reference and teaching tool for economists and political scientists, and an essential companion to any scholar interested in the latest theoretical advances in positive political theory.
This book brings together the joint work of Drew Fudenberg and David Levine (through 2008) on the closely connected topics of repeated games and reputation effects, along with related papers on more general issues in game theory and dynamic games. The unified presentation highlights the recurring themes of their work.
This second edition of a successful textbook builds on the solid grounding of the previous edition and its introduction of the key pillars of game theory into managerial decision-making. Taking an international perspective, the book reflects cutting edge developments in economics such as behavioural economics and auction theory and shows how these can be applied in the workplace.
This is a book about infrastructure networks that are intrinsically nonlinear. The networks considered range from vehicular networks to electric power networks to data networks. The main point of view taken is that of mathematical programming in concert with finite-dimensional variational inequality theory. The principle modeling perspectives are network optimization, the theory of Nash games, and mathematical programming with equilibrium constraints. Computational methods and novel mathematical formulations are emphasized. Among the numerical methods explored are network simplex, gradient projection, fixed-point, gap function, Lagrangian relaxation, Dantzig-Wolfe decomposition, simplicial decomposition, and computational intelligence algorithms. Many solved example problems are included that range from simple to quite challenging. Theoretical analyses of several models and algorithms, to uncover existence, uniqueness and convergence properties, are undertaken. The book is meant for use in advanced undergraduate as well as doctoral courses taught in civil engineering, industrial engineering, systems engineering, and operations research degree programs. At the same time, the book should be a useful resource for industrial and university researchers engaged in the mathematical modeling and numerical analyses of infrastructure networks.
A cutting-edge introduction to key topics in modern economic theory for first-year graduate students in economics and related fields Volume II of Microeconomic Foundations introduces models and methods at the center of modern microeconomic theory. In this textbook, David Kreps, a leading economic theorist, emphasizes foundational material, concentrating on seminal work that provides perspective on how and why the theory developed. Because noncooperative game theory is the chief tool of modeling and analyzing microeconomic phenomena, the book stresses the applications of game theory to economics. And throughout, it underscores why theory is most useful when it supports rather than supplants economic intuition. Introduces first-year graduate students to the models and methods at the core of microeconomic theory today Covers an extensive range of topics, including the agency theory, market signaling, relational contracting, bilateral bargaining, auctions, matching markets, and mechanism design Stresses the use—and misuse—of theory in studying economic phenomena and shows why theory should support, not replace, economic intuition Includes extensive appendices reviewing the essential concepts of noncooperative game theory, with guidance about how it should and shouldn’t be used Features free online supplements, including chapter outlines and overviews, solutions to all the problems in the book, and more
Game Theory: A Modeling Approach quickly moves readers through the fundamental ideas of the subject to enable them to engage in creative modeling projects based on game theoretic concepts. The authors match conclusions to real-world scenarios and applications. The text engages students in active learning, group work, in-class discussions and interactive simulations. Each chapter provides foundation pieces or adds more features to help readers build game theoretic models. The chapters include definitions, concepts and illustrative examples. The text will engage and challenge both undergraduate and graduate students. Features: Enables readers to apply game theorty to real-world scenarios Chapters can be used for core course materials or independent stuides Exercises, included at the end of the chapters, follow the order of the sections in the text Select answers and solutions are found at the end of the book Solutions manual for instructors is available from the authors
An Introduction to Universal Artificial Intelligence provides the formal underpinning of what it means for an agent to act intelligently in an unknown environment. First presented in Universal Algorithmic Intelligence (Hutter, 2000), UAI offers a framework in which virtually all AI problems can be formulated, and a theory of how to solve them. UAI unifies ideas from sequential decision theory, Bayesian inference, and algorithmic information theory to construct AIXI, an optimal reinforcement learning agent that learns to act optimally in unknown environments. AIXI is the theoretical gold standard for intelligent behavior. The book covers both the theoretical and practical aspects of UAI. Bayesian updating can be done efficiently with context tree weighting, and planning can be approximated by sampling with Monte Carlo tree search. It provides algorithms for the reader to implement, and experimental results to compare against. These algorithms are used to approximate AIXI. The book ends with a philosophical discussion of Artificial General Intelligence: Can super-intelligent agents even be constructed? Is it inevitable that they will be constructed, and what are the potential consequences? This text is suitable for late undergraduate students. It provides an extensive chapter to fill in the required mathematics, probability, information, and computability theory background.
This work explains that equilibrium is the long-run outcome of a process in which non-fully rational players search for optimality over time. The models they e×plore provide a foundation for equilibrium theory and suggest ways for economists to evaluate and modify traditional equilibrium concepts.
A thoroughly revised and updated edition of the leading textbook on government and business policy, presenting the key principles underlying sound regulatory and antitrust policy. Regulation and antitrust are key elements of government policy. This new edition of the leading textbook on government and business policy explains how the latest theoretical and empirical economic tools can be employed to analyze pressing regulatory and antitrust issues. The book departs from the common emphasis on institutions, focusing instead on the relevant underlying economic issues, using state-of-the-art analysis to assess the appropriate design of regulatory and antitrust policy. Extensive case studies illustrate fundamental principles and provide insight on key issues in regulation and antitrust policy. This fifth edition has been thoroughly revised and updated, reflecting both the latest developments in economic analysis and recent economic events. The text examines regulatory practices through the end of the Obama and beginning of the Trump administrations. New material includes coverage of global competition and the activities of the European Commission; recent mergers, including Comcast-NBC Universal; antitrust in the new economy, including investigations into Microsoft and Google; the financial crisis of 2007–2008 and the Dodd-Frank Act; the FDA approval process; climate change policies; and behavioral economics as a tool for designing regulatory strategies.
This addition to the ISOR series introduces complementarity models in a straightforward and approachable manner and uses them to carry out an in-depth analysis of energy markets, including formulation issues and solution techniques. In a nutshell, complementarity models generalize: a. optimization problems via their Karush-Kuhn-Tucker conditions b. on-cooperative games in which each player may be solving a separate but related optimization problem with potentially overall system constraints (e.g., market-clearing conditions) c. conomic and engineering problems that aren’t specifically derived from optimization problems (e.g., spatial price equilibria) d. roblems in which both primal and dual variables (prices) appear in the original formulation (e.g., The National Energy Modeling System (NEMS) or its precursor, PIES). As such, complementarity models are a very general and flexible modeling format. A natural question is why concentrate on energy markets for this complementarity approach? s it turns out, energy or other markets that have game theoretic aspects are best modeled by complementarity problems. The reason is that the traditional perfect competition approach no longer applies due to deregulation and restructuring of these markets and thus the corresponding optimization problems may no longer hold. Also, in some instances it is important in the original model formulation to involve both primal variables (e.g., production) as well as dual variables (e.g., market prices) for public and private sector energy planning. Traditional optimization problems can not directly handle this mixing of primal and dual variables but complementarity models can and this makes them all that more effective for decision-makers.
Winner of the 2017 De Groot Prize awarded by the International Society for Bayesian Analysis (ISBA)A relatively new area of research, adversarial risk analysis (ARA) informs decision making when there are intelligent opponents and uncertain outcomes. Adversarial Risk Analysis develops methods for allocating defensive or offensive resources against
Computational economics has been at the forefront in stimulating the de velopment of mathematical methodologies for the analysis and solution of complex, large-scale problems. The past decade, in particular, has witnessed a dramatic growth of interest in this area. Supported by the increasing avail ability of data and advances in computer architectures, the scale and scope of problems that can now be handled are unveiling new horizons in both theoretical modeling and policy analysis. Accompanying the activity in computational economics is a need for the unification, documentation, and presentation of fundamental methodologies for use by both researchers and practitioners. This volume aims to make a contribution in this direction. The focus of this book is on network economics. Physical networks are pervasive in today's society, be they in the form of transportation networks, telecommunication networks, energy pipelines, electric power networks, etc. Mathematical networks, on the other hand, may be used to represent not only physical networks but also interactions among economic agents. In many applications, the network representation of an economic equilibrium problem may be abstract in that the nodes of the network need not corre spond to locations in space and the links of the network to trade or travel routes.
Strategic Management delivers an insightful, clear, concise introduction to strategy management concepts and links these concepts to the skills and knowledge students need to be successful in the professional world. Written in a conversational Harvard Business Review style, this product sparks ideas, fuels creative thinking and discussion, while engaging students via contemporary examples, innovative whiteboard animations for each chapter, outstanding author-produced cases, unique Strategy Tool Applications with accompanying animations and Career Readiness applications through author videos.
Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.
This newly updated book offers a comprehensive introduction to the scope and nature of engineering work, taking a rigorous but common sense approach to the solution of engineering problems. The text follows the planning, modelling and design phases of engineering projects through to implementation or construction, explaining the conceptual framework for undertaking projects, and then providing a range of techniques and tools for solutions. It focuses on engineering design and problem solving, but also involves economic, environmental, social and ethical considerations. This third edition expands significantly on the economic evaluation of projects and also includes a new section on intractable problems and systems, involving a discussion of wicked problems and soft systems methodology as well as the approaches to software development. Further developments include an array of additional interest boxes, worked examples, problems and up-to date references. Case studies and real-world examples are used to illustrate the role of the engineer and especially the methods employed in engineering practice. The examples are drawn particularly from the fields of civil and environmental engineering, but the approaches and techniques are more widely applicable to other branches of engineering. The book is aimed at first-year engineering students, but contains material to suit more advanced undergraduates. It also functions as a professional handbook, covering some of the fundamentals of engineering planning and design in detail.
Fierce competition in today's global market provides a powerful motivation for developing ever more sophisticated logistics systems. This book, written for the logistics manager and researcher, presents a survey of the modern theory and application of logistics. The goal of the book is to present the state-of-the-art in the science of logistics management. As a result, the authors have written a timely and authoritative survey of this field that many practitioners and researchers will find makes an invaluable companion to their work.
The first and most complete narrative biography of Crosby, Stills, Nash and Young, by acclaimed music journalist and Rolling Stone senior writer David Browne "Riveting." -People Magazine "This is one of the great rock and roll stories." -New York Times Book Review Even in the larger-than-life world of rock and roll, it was hard to imagine four more different men. Yet few groups were as in sync with their times as Crosby, Stills, Nash & Young. Starting with the original trio's landmark 1969 debut album, their group and individual songs-"Wooden Ships," "Ohio," "For What It's Worth" (with Stills and Young's Buffalo Springfield)-became the soundtrack of a generation. But their story would rarely be as harmonious as their legendary vocal blend. Over the decades, these four men would continually break up, reunite, and disband again-all against a backdrop of social and musical change, recurring disagreements, and self-destructive tendencies that threatened to cripple them as a group and as individuals. In Crosby, Stills, Nash & Young: The Wild, Definitive Saga of Rock's Greatest Supergroup, Rolling Stone senior writer David Browne presents the ultimate deep diveinto rock and roll's most musical and turbulent brotherhood. Featuring exclusive interviewswith band members, colleagues, fellow superstars, former managers, employees,and lovers-and with access to unreleased music and documents-this is the sweepingstory of rock's longest-running, most dysfunctional, yet pre-eminent musical family,delivered with the epic feel their story rightly deserves.
A thoroughly revised new edition of a leading textbook that equips MBA students with the powerful tools of economics This is a thoroughly revised and substantially streamlined new edition of a leading textbook that shows MBA students how understanding economics can help them make smarter and better-informed real-world management decisions. David Kreps, one of the world’s most influential economists, has developed and refined Microeconomics for Managers over decades of teaching at Stanford’s Graduate School of Business. Stressing game theory and strategic thinking and driven by in-depth, integrated case studies, the book shows future managers how economics can provide practical answers to critical business problems. Focuses on case studies and real companies, such as Amazon, Microsoft, General Motors, United Airlines, and Xerox Covers essential topics for future managers—including price discrimination, Porter’s five forces, risk sharing and spreading, signaling and screening, credibility and reputation, and economics and organizational behavior Features an online supplement (available at micro4managers.stanford.edu) for students that provides solutions to the problems in the book, longer caselike exercises, review problems, a calculus review, and more
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