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Intermediate microeconomics : A modern approach

01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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Journal ArticleDOI
TL;DR: In this paper, the authors proposed a model to estimate the damages by the Hanshi-Awaji great earthquake, which combines I-O framework with econometric model and estimates indirect damages by loss of buildings and destruction of transport facilities.
Abstract: This study proposes a model to estimate the damages by the Hanshi-Awaji great earthquake. The model combines I-O framework with econometric model and estimates indirect damages by the loss of buildings and destruction of transport facilities. Japan has subdivided into four areas considering the magnitude of damages. The damages are evaluated in terms of income loss, unemployment, and changes of inter-regional trade. The results showed that direct and indirect economic damages reached about 13 trillion yen in Japan as a whole and those of some 15% in Hyougo. Validity of the results was confirmed by the accounts statistics.

9 citations

Journal ArticleDOI
TL;DR: In this article, the most important existing achievements of econophysics and the attempts to reconcile them with traditional economic knowledge are presented, both in the local and in the global sense, for using the achievements of the former in economic policy.
Abstract: In 2015, the science known as econophysics, which has been developing very quickly in latest years, celebrated its 20th anniversary. Perhaps a 20-year period is too short to evaluate the importance and achievements of econophysics, but the broad scope of research and significance of certain results encouraged me to undertake such an attempt. If societies appreciate efforts by econophysicists, perhaps we will be able to avoid next economic crises and related losses. Econophysics is a transdisciplinary science based on the observation that physical objects and economic objects can share a common theory. Since logical homologies are its foundation, it is an example of the well-known isomorphism principle formulated by Ludwig von Bertalanffy. The emergence of interdisciplinary fields of knowledge is consistent with the paradigm of general systems theory. The development of a given field of knowledge is most often measured by its ability to formulate new knowledge about reality. Progress in research can be spoken of both when the application of traditional methods leads to the discovery of new facts and when new scientific laws are discovered using new methods. Econophysics is an attempt to develop economics through the transfer of research methods and techniques from physics to economics. We are therefore dealing here with a second possibility. The methods of physics most often applied in economics include the theory of stochastic processes, cellular automata and nonlinear dynamics. This study presents the most important existing achievements of econophysics and the attempts to reconcile them with traditional economic knowledge. The accomplishment of a paradigmatic correspondence between econophysics and economics, both in the local and in the global sense, is a prerequisite for using the achievements of the former in economic policy.

9 citations


Cites background from "Intermediate microeconomics : A mod..."

  • ...Reasoning of this type is taught as standard in microeconomics [51]....

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Journal Article
TL;DR: In this paper, a simple model of rational agents competing in a single product market described by simple linear demand curve is considered, and it is shown that the agents' production levels synchronise in the absence of conscious collusion, leading to a downward spiraling of market total production until the monopoly price level is realised.
Abstract: We consider a simple model of rational agents competing in a single product market described by simple linear demand curve. Contrary to accepted economic theory, the agents' production levels synchronise in the absence of conscious collusion, leading to a downward spiraling of market total production until the monopoly price level is realised. This is in stark contrast to the standard predictions of an ideal rational competitive market. Some form of randomness in the form of agent irrationality, or non-synchronous updates is needed to break this emergent "collusion"

9 citations


Cites background from "Intermediate microeconomics : A mod..."

  • ...(3)Examples include advanced texts such as Varian (1999), pp. 377–378, and Mas-Collell, et al. (1995) pp....

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  • ...(3)Examples include advanced texts such as Varian (1999), pp....

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  • ...3Examples include advanced texts such as Varian (1999), pp. 377–378, and Mas-Collell, et al. (1995) pp. 315, 411–413 & 661, in addition to almost all introductory economics texts (we know of no exceptions). and P (Q) + qiP ′(Q) − MC(qi) = −(n − 1)qiP ′(Q) (12) Substituting (11) into (12), we arrive…...

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Journal ArticleDOI
TL;DR: A recently developed agent-based model of innovation diffusion is extended by linking the opinions of potential consumers with their market behavior via the concept of reservation prices, and shows the existence of a critical market price above which the innovation cannot diffuse.
Abstract: We extend a recently developed agent-based model of innovation diffusion by linking the opinions of potential consumers with their market behavior via the concept of reservation prices. Through a dynamic mechanism that takes into account social influence, the agents in our model can both increase or decrease their product appraisal. Considering complete graph network structures and using mean-field treatment we find that the model can exhibit a plethora of scenarios, observed empirically but not attainable within the classical Bass model. We also show the existence of a critical market price above which the innovation cannot diffuse.

9 citations

Journal ArticleDOI
TL;DR: In this article, the authors examine the case of Nine Dream Island in Nanjing, China, a pioneer of post-fossil emerging power supply communities providing on-grid solar photovoltaics (SPV), to reveal the obstacles that lie beyond technological and economic factors involved.

9 citations