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Price Theory and Applications: Decisions, Markets, and Information [Paperback]

Jack Hirshleifer , Amihai Glazer , David Hirshleifer

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Book Description

12 Sep 2005
This new seventh edition of the book offers extensive discussion of information, uncertainty, and game theory. It contains over a hundred examples illustrating the applicability of economic analysis not only to mainline economic topics but also issues in politics, history, biology, the family, and many other areas. These discussions generally describe recent research published in scholarly books and articles, giving students a good idea of the scientific work done by professional economists. In addition, at appropriate places the text provides 'applications' representing more extended discussions of selected topics including rationing in wartime (Chapter 5), import quotas (Chapter 7), alleged monopolistic suppression of inventions (Chapter 9), minimum wage laws (Chapter 11), the effects of Social Security upon saving (Chapter 15), fair division of disrupted property (Chapter 16) and whether individuals should pay ransom to a kidnapper (Chapter 17).

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'This seventh edition of a now classic text in intermediate microeconomics develops the subject in a lively manner that should be attractive to both students and teachers alike … This is arguably one of the few best intermediate level microeconomics textbooks around.' Abhinay Muthoo, University of Essex

'Price Theory and Applications is a classic, but one that refreshes itself with every edition. Now, as ever, it has two particular strengths. One is in teaching the reader how to think like an economist, at a level both elementary and deep. The other is in its many examples drawn from the best and latest economic research.' Eric Rasmusen, Indiana University

'For coverage, clarity, and cleverness, this is the best microeconomic book available today. Its engaging examples illustrate the importance and beauty of microeconomics. The book highlights relevancy without compromising rigor.' Todd Sandler, University of Southern California

'The seventh edition of this classic text continues the tradition that Jack Hirshleifer started with early editions of the book. It doesn't just teach the basics of microeconomics like many of its rivals. It provides deep insights into the subject so that students walk away with a clear and rich understanding of what microeconomics is really about.' Michael Waldman, Cornell University

'This thorough revision of one of the best microeconomics texts provides fresh insights for a host of interesting issues … fun to read, with an offbeat and lively style. Its transparent analyses make the arguments accessible and understandable to students. ' Paul J. Zak, Claremont Graduate University

'When I needed a text for intermediate microeconomics, I had three criteria in mind: (1) a rigorous exposition that included calculus and yet did not require the reader to be a mathematician, (2) a discussion of cardinal versus ordinal utility with a 3-D graph showing indifference curves as contour lines on a utility surface, and (3) a book containing lots of real-world examples and applications. When I opened Price Theory and Applications, I knew my search had ended. Its wonderful treatment of capital theory - in particular the often neglected distinction between rent and interest - was just icing on the cake. Robert Murphy, Hillsdale College, Michigan

Book Description

This new seventh edition of the book offers extensive discussion of information, uncertainty, and game theory. It contains over a hundred examples illustrating the applicability of economic analysis not only to mainline economic topics but also issues in politics, history, biology, the family, and many other areas.

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Economics concerns decisions - choices among actions. Read the first page
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Most Helpful Customer Reviews on (beta) 4.3 out of 5 stars  6 reviews
6 of 6 people found the following review helpful
4.0 out of 5 stars Full reference text 7 Dec 2005
By Michael Thomas - Published on
If you are learning economic for the first time this is a great place to start. As I look back on the different books I used to organize these concepts I wish I had used this book. The layout is easy to comprehend using the best of consumer choice and firm topics. The graphs and explanations are great even for someone that has already learned the material. Use this book in combination with a mathematical text like Simon and Blume and you will go far in undertanding Economics. I suggest this book for any advanced student as a place to make sure you really understand the basics of economics. Was a useful reference for graduate level study.
5.0 out of 5 stars Completely Readable Econ Textbook 14 Jun 2014
By sean christe - Published on
Format:Paperback|Verified Purchase
To be completely fair, this review is probably a little biased since I've been digging through a terrible Statistics textbook recently.

The book does a really good job of explaining the concepts in a readable way - even the technical parts are cleanly described and are illustrated/explained very well with graphs. I feel like anybody who's willing to put in the work can actually learn the subjects presented simply by reading the book alone (unlike other textbooks where you have to dig through Google to get a basic understanding of what the author's trying to say). I might be completely wrong, but it seems like this book was written to actually teach the subject to anybody interested enough to learn it and not so much for peer approval.

I would highly recommend this - I'm not qualified enough to start trashing the content of the book on its validity - but assuming that the content is correct, this is a great book to learn it from.
5.0 out of 5 stars Great! 21 Jan 2014
By Amena - Published on
Format:Paperback|Verified Purchase
I got what I asked for. It was taken cared of (minus some highlighting). As for the material, it wasn't necessarily an easy read, but the examples/cases really help you out. I hate Economics but this book was very helpful.
4.0 out of 5 stars Not bad for an econ book 2 Dec 2013
By JwHw - Published on
Format:Paperback|Verified Purchase
This is a pretty good book, better than my instructor. It's nice because I feel like it could be used for multiple levels but everyone would get something out of it.
5.0 out of 5 stars Applied Economics for living 8 Oct 2013
By Naftali 007 - Published on
Format:Paperback|Verified Purchase
Some of the readers of this book will end up teaching Economics to incoming college students or students in High School what it is that Economics with its graphs and jargon is all about.

The approach here is to remove all of the mystery from the graphs and jargon along with the hidden objectives of Economics. Everything is out in the open.

This is the book that they should, but don't use at both LSE and Oxford. The lucky students who get to use this book will have a much better chance of leaving with a knowledge of Economics that they will be able to use for themselves and to share with others.
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