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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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TL;DR: In this article, the relationship between elasticity, price movements and changes in total revenue has been investigated, and it is shown that price and total revenue move in the same direction when elasticity is smaller than one and move in opposite directions when it is greater than one, with elasticity from point (p, q) to point(p', q') of a demand function defined as (q' ‐ q) / q] / [(p' p) / p]).
Abstract: It seems from what is explained in some textbooks that, for a given demand function, price and total revenue move in the same direction when elasticity is smaller than one and move in opposite directions when elasticity is greater than one, with elasticity from point (p, q) to point (p', q') of a demand function defined as ‐ [(q' ‐ q) / q] / [(p'‐ p) / p]. Since these two results turn out to be false, this comment clarifies the relationship between elasticity (as previously defined), price movements and changes in total revenue.

3 citations

Posted Content
TL;DR: In this paper, the authors examined the challenges associated with using limited economic analyses to construct policy to address the problem of land application of phosphorus rich poultry litter in waters' recreational value.
Abstract: Some suggest that land application of phosphorus rich poultry litter has negatively affected area waters' recreational value. However, key data are unavailable to conduct thorough economic analysis to aid in policy development. This paper examines the challenges associated with using limited economic analyses to construct policy to address this situation.

3 citations

Journal ArticleDOI
TL;DR: Economic principles from production economics, information economics, and public economics are employed to explore the reasons that trauma registries may be prone to underfunding, relative to their value, and to describe a threat to value maximization.
Abstract: Background. The discipline of economics supplies principles that may contribute to the discourse about investments in trauma registries and the role of the public sector, as well as the optimal use of the datasets those investments create.

3 citations

Posted Content
TL;DR: In this paper, the authors introduce advanced undergraduates to urban general equilibrium theory, and introduce them to the goal of introducing them to general equilibrium in the real world, in the context of urban environments.
Abstract: The goal of this essay is to introduce advanced undergraduates to urban general equilibrium theory.

3 citations

Posted Content
TL;DR: A Gaussian-process mixture model for heterogeneous treatment effect estimation that leverages the use of transformed outcomes and attempts to improve point estimation and uncertainty quantification relative to past work that has used transformed variable related methods as well as traditional outcome modeling.
Abstract: We develop a Gaussian-process mixture model for heterogeneous treatment effect estimation that leverages the use of transformed outcomes. The approach we will present attempts to improve point estimation and uncertainty quantification relative to past work that has used transformed variable related methods as well as traditional outcome modeling. Earlier work on modeling treatment effect heterogeneity using transformed outcomes has relied on tree based methods such as single regression trees and random forests. Under the umbrella of non-parametric models, outcome modeling has been performed using Bayesian additive regression trees and various flavors of weighted single trees. These approaches work well when large samples are available, but suffer in smaller samples where results are more sensitive to model misspecification - our method attempts to garner improvements in inference quality via a correctly specified model rooted in Bayesian non-parametrics. Furthermore, while we begin with a model that assumes that the treatment assignment mechanism is known, an extension where it is learnt from the data is presented for applications to observational studies. Our approach is applied to simulated and real data to demonstrate our theorized improvements in inference with respect to two causal estimands: the conditional average treatment effect and the average treatment effect. By leveraging our correctly specified model, we are able to more accurately estimate the treatment effects while reducing their variance.

3 citations


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

  • ...Based on the economic concepts of income elasticity of demand, consumer choice and substitution effects (Varian, 2014), the heterogeneity identified at the lowest levels of standardized income is a more sensible result relative to the implication of the other approaches....

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