Competitive Agents in Certain and Uncertain Markets 1st edition by Robert Chambers 0190063030 9780190063030

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ISBN-10 :  0190063030 

ISBN-13 :  9780190063030

Author: Robert G. Chambers 

For all its elaborate theories and models, economics always reduces to comparisons. Should we build A rather than B? Will I be better off if I eat D rather than C? How much will it cost me to produce F instead of E? At root, the ultimate goal of economics is simple: assessing the alternatives and finding the best possible outcome. This basic mathematical concept underlies all introductions to the field of economics, yet as advanced students progress through the discipline, they often lose track of this foundational idea when presented with real-world complications and uncertainty. In Competitive Agents in Certain and Uncertain Markets, Robert G. Chambers develops an integrated analytic framework for treating consumer, producer, and market equilibrium analyses as special cases of a generic optimization problem. He builds on lessons learned by all beginning students of economics to show how basic concepts can still be applied even in complex and highly uncertain conditions. Drawing from optimization theory, Chambers demonstrates how the same unified mathematical framework applies to both stochastic and non-stochastic decision settings. The book borrows from both convex and variational analysis and gives special emphasis to differentiability, conjugacy theory, and Fenchel’s Duality Theorem. Throughout, Chambers includes practical examples, problems, and exercises to make abstract material accessible. Bringing together essential theoretical tools for understanding decision-making under uncertainty, Competitive Agents in Certain and Uncertain Markets provides a unified framework for analyzing a broad range of microeconomic decisions. This book will be an invaluable resource for advanced graduate students and scholars of microeconomic theory.

Competitive Agents in Certain and Uncertain Markets 1st Table of contents:

1. What’s Covered
2. Differentials and Convex Analysis
1 Correspondences
2 Differentiability?
3 Do You Prefer to Be Constrained or Penalized?
4 Convex Structures
5 Conjugate Duality
6 Chapter Commentary
3. Orders and Their Representations
1 What Is an Order?
2 Some Structure (Assumptions)
3 Cardinal Representations of Orders
4 Properties of d(x, y; g)
5 Superdifferentiability and d( x, y; g)
6 Turning the Bowl Over
7 Three Types of Convexity Restrictions
8 Why Three Types of Convexity?
9 Chapter Commentary
4. Squiggly Economics
1 A Standard Problem_ Expenditure Minimization
2 Expenditure Minimization without Lagrangians
3 A Standard Problem_ Revenue Maximization
4 A Standard Problem_ Profit Maximization
5 Superdifferentials, Subdifferentials, and Economic Behavior
6 Chapter Commentary
5. The Consumer Problem
1 The Budget Correspondence
2 Rational Demand
3 Price-Dependent Rational Demand
4 What’s Rational?
5 A Utility Function?
6 Marshallian Demand and the Slutsky–Hicks Equation
7 Profit Maximization and Utility Maximization
8 Revealed Preference
9 Constructing a Utility Function from E(p; y) or R(p; x)
10 A Structural Restriction
11 Chapter Commentary
6. The (Nonstochastic) Producer Problem
1 The Canonical Problem
2 Defining the Technology
3 Function Representations of the Technology
4 Structure of Technology
5 A Closer Look at the Canonical Problem
6 Comparative Statics and the LeChatelier Principle for the Canonical Problem
7 Revealed Preference and Producers
8 Chapter Commentary
7. Equilibrium, Efficiency, and Welfare
1 Partial Equilibrium
2 Consumer Surplus, Producer Surplus, and Equilibrium
3 General Equilibrium and the First and Second Welfare Theorems
4 Kinks and Equilibrium
5 It’s Obvious, Right?
6 Chapter Commentary
8. Preferences and Production under Uncertainty
1 The Economic Environment
2 Preferences
3 Production
4 Chapter Commentary
9. Decision Making and Equilibrium under Uncertainty
1 The Portfolio Problem
2 The Producer Problem
3 Production and Portfolio Decisions
4 Complete Ordering and Production–Portfolio Decisions
5 Equilibrium
6 A Closing Word on Uncertainty in Economics
7 Chapter Commentary
10. Quality, Valuation, and Welfare
1 Quality-Differentiated Production
2 Household Production
3 Welfare, Real Benefits, and Valuation
4 Valuation under Uncertainty
5 Chapter Commentary

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Tags: Competitive Agents, Certain, Uncertain Markets, Robert Chambers