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The applied theory of price
Author: Deirdre N. McCloskey
Pages: 631
Year: 1985
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Asset Pricing
Author: John H. Cochrane
Publisher: Princeton University Press
ISBN: 1400829135
Pages: 560
Year: 2009-04-11
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Winner of the prestigious Paul A. Samuelson Award for scholarly writing on lifelong financial security, John Cochrane's Asset Pricing now appears in a revised edition that unifies and brings the science of asset pricing up to date for advanced students and professionals. Cochrane traces the pricing of all assets back to a single idea--price equals expected discounted payoff--that captures the macro-economic risks underlying each security's value. By using a single, stochastic discount factor rather than a separate set of tricks for each asset class, Cochrane builds a unified account of modern asset pricing. He presents applications to stocks, bonds, and options. Each model--consumption based, CAPM, multifactor, term structure, and option pricing--is derived as a different specification of the discounted factor. The discount factor framework also leads to a state-space geometry for mean-variance frontiers and asset pricing models. It puts payoffs in different states of nature on the axes rather than mean and variance of return, leading to a new and conveniently linear geometrical representation of asset pricing ideas. Cochrane approaches empirical work with the Generalized Method of Moments, which studies sample average prices and discounted payoffs to determine whether price does equal expected discounted payoff. He translates between the discount factor, GMM, and state-space language and the beta, mean-variance, and regression language common in empirical work and earlier theory. The book also includes a review of recent empirical work on return predictability, value and other puzzles in the cross section, and equity premium puzzles and their resolution. Written to be a summary for academics and professionals as well as a textbook, this book condenses and advances recent scholarship in financial economics.
Macroeconomic Theory
Publisher: Emerald Group Pub Limited
ISBN: 0126197512
Pages: 510
Year: 1987
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Macroeconomic Theory, in its first edition, was widely adopted for use as a graduate text; this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty. Key Features * This book has been substantially revised to include three entirely new chapters on consumption, government debt and taxes, and dynamic optimal taxation * Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty
The General Theory of Employment, Interest, and Money
Author: John Maynard Keynes
Publisher: Springer
ISBN: 3319703447
Pages: 404
Year: 2018-07-20
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This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Is There a Text in this Class?
Author: Stanley Eugene Fish
Publisher: Harvard University Press
ISBN: 0674467264
Pages: 394
Year: 1980
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Essays reexamine the fundamental assumptions of literary criticism, and the debate about interpretation, and offer a fresh approach to thinking about literature
Strategies and Games
Author: Prajit K. Dutta
Publisher: MIT Press
ISBN: 0262041693
Pages: 476
Year: 1999-02-16
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Game theory has become increasingly popular among undergraduate as well as business school students. This text is the first to provide both a complete theoretical treatment of the subject and a variety of real-world applications, primarily in economics, but also in business, political science, and the law. Strategies and Games grew out of Prajit Dutta's experience teaching a course in game theory over the last six years at Columbia University.The book is divided into three parts: Strategic Form Games and Their Applications, Extensive Form Games and Their Applications, and Asymmetric Information Games and Their Applications. The theoretical topics include dominance solutions, Nash equilibrium, backward induction, subgame perfect equilibrium, repeated games, dynamic games, Bayes-Nash equilibrium, mechanism design, auction theory, and signaling. An appendix presents a thorough discussion of single-agent decision theory, as well as the optimization and probability theory required for the course.Every chapter that introduces a new theoretical concept opens with examples and ends with a case study. Case studies include Global Warming and the Internet, Poison Pills, Treasury Bill Auctions, and Final Jeopardy. Each part of the book also contains several chapter-length applications including Bankruptcy Law, the NASDAQ market, OPEC, and the Commons problem. This is also the first text to provide a detailed analysis of dynamic strategic interaction.
Game Theory and Applications
Author: Leon Petrosjan, Vladimir V. Mazalov
Publisher: Nova Publishers
ISBN: 1594549931
Pages: 227
Year: 2007
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This book brings together papers of well-known specialists in game theory and adjacent problems. It presents the basic results in dynamic games, stochastic games, applications of game theoretical methods in ecology and economics and methodological aspects of game theory.
An Evolutionary Theory of Economic Change
Author: Richard R. Nelson, Sidney G Winter
Publisher: Harvard University Press
ISBN: 0674041437
Pages: 454
Year: 2009-06-01
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This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Cost and Choice
Author: James M. Buchanan
Publisher: University of Chicago Press
ISBN: 0226078183
Pages: 104
Year: 1979-03-15
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"As he usually does, Professor Buchanan has produced an interesting and provocative piece of work. [Cost and Choice] starts off as an essay in the history of cost theory; the central ideas of the book are traced to Davenport and Knight in the United States, and to a series of distinguished writers associated at various times with the London School of Economics. The author emerges from this discussion with what can be described as the ultimate in subjectivist cost doctrines. . . . Economists should learn the lessons offered to us in this little book—and learn them well. It can save them from serious errors."—William J. Baumol, Journal of Economic Literature
Author: Richard H. Thaler, Cass R. Sunstein
Publisher: Penguin
ISBN: 1101655097
Pages: 320
Year: 2009-02-24
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From the winner of the 2017 Nobel Prize in Economics, Richard H. Thaler, and Cass R. Sunstein: a revelatory look at how we make decisions—for fans of Malcolm Gladwell’s Blink and Daniel Kahneman’s Thinking Fast and Slow New York Times bestseller Named a Best Book of the Year by The Economist and the Financial Times Every day we make choices—about what to buy or eat, about financial investments or our children’s health and education, even about the causes we champion or the planet itself. Unfortunately, we often choose poorly. Nudge is about how we make these choices and how we can make better ones. Using dozens of eye-opening examples and drawing on decades of behavioral science research, Nobel Prize winner Richard H. Thaler and Harvard Law School professor Cass R. Sunstein show that no choice is ever presented to us in a neutral way, and that we are all susceptible to biases that can lead us to make bad decisions. But by knowing how people think, we can use sensible “choice architecture” to nudge people toward the best decisions for ourselves, our families, and our society, without restricting our freedom of choice. More than 750,000 copies sold
Natural Resource and Environmental Economics
Author: Roger Perman, Yue Ma, Michael Common, David Maddison, James Mcgilvray
Publisher: Pearson Higher Ed
ISBN: 0273760378
Pages: 744
Year: 2013-02-07
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Now in its fourth edition, Natural Resources and Environmental Economics, provides comprehensive and contemporary analysis of the major areas of natural resource and environmental economics. All chapters have been fully updated in light of new developments and changes in the subject, and provide a balance of theory, applications and examples to give a rigorous grounding in the economic analysis of the resource and environmental issues that are increasingly prominent policy concerns. This text is suitable for second and third year undergraduate and postgraduate students of economics.
Market Theory and the Price System
Author: Israel Mayer Kirzner
Publisher: Ludwig von Mises Institute
ISBN: 1610160290
Pages: 324
Year: 2007
View: 347
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Israel Kirzner's outstanding book on price theory is back in print. It is been very difficult to obtain it for decades, even though it is surely the best textbook on Austrian price theory ever written. The prose is crystal clear and the organization exceptional. He takes the reader through the foundations of individual action, exchange, utility, demand and supply, production, and the market process itself. Had it been in print, it would have schooled generations in Austrian price theory, and it is surely useful in the classroom today, or for general reading. Not a collection of essays, it is an integrated presentation from top to bottom, written early in Kirzner's post-doctoral career.
An Introduction To Law and Economics
Author: A. Mitchell Polinsky
Publisher: Wolters Kluwer Law & Business
ISBN: 1543802885
Pages: 224
Year: 2018-07-23
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Distinguished by brevity, lucid writing, and well-chosen examples, An Introduction to Law and Economics, now in its Fifth Edition, focuses on a set of core topics that include property, contracts, torts, criminal law, and litigation. Avoiding specialized jargon and mathematics, Polinsky teaches students how to think like an economist and understand legal issues from an economic perspective. New to the Fifth Edition: A streamlining of the products liability chapter A revised discussion of the redistributive effects of legal rules to reflect more recent scholarship on this topic The addition of several other refinements in the text and in new footnotes An updated bibliography Professors and students will benefit from: Solid coverage of relevant economic principles A normative approach that illustrates how to assess legal rules and policies in terms of economic and social goals Clear explanations of concepts
Positive Theory of Capital, The
Author: Böhm-Bawerk
Publisher: Ludwig von Mises Institute
ISBN: 1610163648
Year: 2016-11-24
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BOOK I: THE NATURE AND CONCEPTION OF CAPITAL Book I, Chapter I: Man and Nature Book I, Chapter II: The Nature of Capital Book I, Chapter III: Historical Development of the Conception Book I, Chapter IV: The True Conception of Capital Book I, Chapter V: The Competing Conceptions of Capital Book I, Chapter VI: Social and Private Capital BOOK II: CAPITAL AS INSTRUMENT OF PRODUCTION Book II, Chapter I: Introductory Book II, Chapter II: Capitalist Production Book II, Chapter III: The Function of Capital in Production Book II, Chapter IV: The Theory of The Formation of Capital Book II, Chapter V: Formation of Capital in a Community Book II, Chapter VI: Possible Objections BOOK III: VALUE Book III, Chapter I: The Two Conceptions of Value1 Book III, Chapter II: Nature and Origin of Subjective Value Book III, Chapter III: The Amount of Value Book III, Chapter IV: The Marginal Utility Book III, Chapter V: Complications Book III, Chapter VI: What Determines Marginal Utility Book III, Chapter VII: Alternative Uses Book III, Chapter VIII: Subjective Exchange Value Book III, Chapter IX: The Value of Complementary Goods Book III, Chapter X: The Value of Productive Goods. Value and Costs. BOOK IV: PRICE Book IV, Chapter I: The Fundamental Law Book IV, Chapter II: Isolated Exchange Book IV, Chapter III: One-Sided Competition Book IV, Chapter IV: Two-Sided Competition Book IV, Chapter V: The Law of Supply and Demand Book IV, Chapter VI: The Individual Determinants of Price Book IV, Chapter VII: The Law of Costs BOOK V: PRESENT AND FUTURE Book V, Chapter I: Present and Future in Economic Life Book V, Chapter II: Differences in Want and Provision for Want Book V, Chapter III: Underestimate of the Future Book V, Chapter IV: The Technical Superiority of Present Goods Book V, Chapter V: Co-operation of the Three Factors BOOK VI: THE SOURCE OF INTEREST Book VI, Chapter I: The Loan and Loan Interest Book VI, Chapter II: The Profit of Capitalist Undertaking. Principles of Explanation. Book VI, Chapter III: The Profit of Capitalist Undertaking. Complications. Book VI, Chapter IV: The Profit of Capitalist Undertaking. The Labour Market. Book VI, Chapter V: The Profit of Capitalist Undertaking. The General Subsistence Market. Book VI, Chapter VI: The Profit of Capitalist Undertaking. The General Subsistence Market—(continued) Book VI, Chapter VII: Interest From Durable Goods Book VI, Chapter VIII: Interest From Durable Goods—(continued) Book VI, Chapter IX: Results Book VI, Chapter X: Interest Under Socialism BOOK VII: THE RATE OF INTEREST Book VII, Chapter I: The Rate in Isolated Exchange Book VII, Chapter II: The Rate in Market Transactions Book VII, Chapter III: The Rate in Market Transactions—(continued) Book VII, Chapter IV: The Market for Capital in Its Full Development Book VII, Chapter V: The Market for Capital in Its Full Development—(continued) APPENDIX TO PAGE 327 [ Book VI, Chapter V ] Amount of Subsistence Fund Necessary Before Entering on a Production Period of Given Length
Modern Labor Economics
Author: Ronald G. Ehrenberg, Robert S. Smith
Publisher: Routledge
ISBN: 1351595261
Pages: 748
Year: 2017-07-28
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Modern Labor Economics: Theory and Public Policy, now in its thirteenth edition, continues to be the leading text for one-semester courses in labor economics at the undergraduate and graduate levels. It offers a thorough overview of the modern theory of labor market behavior, and reveals how this theory is used to analyze public policy. Designed for students who may not have extensive backgrounds in economics, the text balances theoretical coverage with examples of practical applications that allow students to see concepts in action. Experienced educators for nearly four decades, co-authors Ehrenberg and Smith believe that showing students the social implications of the concepts discussed in the course will enhance their motivation to learn. As such, this text presents numerous examples of policy decisions that have been affected by the ever-shifting labor market. This new edition continues to offer: a balance of relevant, contemporary examples; coverage of the current economic climate; introduction to basic methodological techniques and problems; tools for review and further study. In addition to providing updated data and examples throughout, the thirteenth edition offers greater coverage of inequality, healthcare policy, and labor-replacing technologies. The text is also supported by a full range of companion online materials.