- Paperback: 672 pages
- Publisher: Financial Times/ Prentice Hall; 3 edition (22 Dec. 2010)
- Language: English
- ISBN-10: 0273731912
- ISBN-13: 978-0273731917
- Product Dimensions: 18.8 x 3.8 x 24.6 cm
- Average Customer Review: 4.8 out of 5 stars See all reviews (9 customer reviews)
- Amazon Bestsellers Rank: 377,824 in Books (See Top 100 in Books)
- See Complete Table of Contents
Advanced Microeconomic Theory Paperback – 22 Dec 2010
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From the Back Cover
The classic text in advanced microeconomic theory, revised and expanded.
Advanced Microeconomic Theory remains a rigorous, up-to-date standard in microeconomics, giving all the core mathematics and modern theory the advanced student must master.
Long known for careful development of complex theory, together with clear, patient explanation, this student-friendly text, with its efficient theorem-proof organization, and many examples and exercises, is uniquely effective in advanced courses.
New in this edition
- General equilibrium with contingent commodities
- Expanded treatment of social choice, with a simplified proof of Arrows theorem and complete, step-by-step development of the Gibbard-Satterthwaite theorem
- Extensive development of Bayesian games
- New section on efficient mechanism design in the quasi-linear utility, private values environment. The most complete and easy to follow presentation of any text.
- Over fifty new exercises.
Essential reading for students at Masters level, those beginning a Ph.D and advanced undergraduates. A book every professional economist wants in their collection.
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Top Customer Reviews
Lets be real honest, MWG is a superb work of epic (and I used the term purposefully) proportions, but it is not an easy or comfortable read. Jehle & Reny (JR) is the very opposite and you can sit down and read it, rather than having to puzzle over it. So a big positive is the text that goes with the maths. The second is the maths and notation is consistently used throughout the book (unlike the likes of Gravelle & Reese where it is confusing and seems to vary over chapters). The maths as the other reviewer noted uses much more vector notation, which if you are not used to it takes a while to get in to, but it does clean things up a lot when you get going.
The almost ubiquitous micro economics maths appendix (pages 495 - 693!) says it all - if you are not a confident mathematician, then you need to fix that before you start to get in to this book. I still think this is a shame that advanced micro has gone overly down this mathematical route - if you read ch3 theory of the firm, this is nothing more that you would have studied as a year 2 under grad, just all set out in maths! The point being????
The best chapters to me are 1 2 4 5 6. I thought the game theory chapter was ok, if you knew all about it - there are better specialist books that are easier to get into if this is a new area of study for you. Ch 8 and 9 are ok but some of the journal papers are better and clearer.
The one area that I think is well done, but is overall disappointing is ch 5 General Equilibrium. This chapter focuses almost exclusively on proving existence - which we had sort of covered (albeit less formally) at 3 year under grad.Read more ›
Often MWG can seem overly complex and confusing in the presentation as it tries to include so much information onto one page. With diagrams, boxes, text and examples on one page MWG can often leave you confused unless you're very methodical in your approach when using it.
This text by Jehle on the other hand is similar in content, clear and concise in explanations, and just as mathematical if not more so. (Jehle has a greater focus on vector notation.)
I think it is the ideal complement to MWG for general equilibrium theory and game theory.
That said, it only gets 4 stars since MWG does contain more content and you cannot use it as a replacement, just a complement for the more confusing topics.