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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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01 Jan 2012
TL;DR: The concept of rationality is crucial in economics and different notions of rationality have accompanied its long journey, from that implied in classical economics to the present day, from the early 1970s to today as discussed by the authors.
Abstract: The concept of rationality is crucial in economics. Different notions of rationality have accompanied its long journey, from that implied in classical econom...

1 citations

Book ChapterDOI
26 Jun 2019
TL;DR: A MADSA mechanism whereby bids are placed in the form of Generalised Additively Independent-Decomposable (GAI-D) utility functions is proposed, showing that by applying a set of constraints on the composition of these functions a relaxation of the Kalai bargaining solution becomes tractable for large double-sided markets.
Abstract: The design of Multi-Attribute Double-Sided Auctions (MADSA) is an important problem being examined in a variety of domains. Despite significant efforts, an ideal compromise between expressiveness of preference representation and the tractability of MADSA mechanisms is still subject to much debate. In this paper, we propose a MADSA mechanism whereby bids are placed in the form of Generalised Additively Independent-Decomposable (GAI-D) utility functions. We show that by applying a set of constraints on the composition of these functions a relaxation of the Kalai bargaining solution becomes tractable for large double-sided markets. Experimental results show that the proposed mechanism provides efficient results when compared to the well known k-priced greedy market mechanism.

1 citations

01 Jan 2003
TL;DR: Powers et al. as mentioned in this paper presented a study of the Barnhart Building at the University of Kentucky's College of Agricultural and Environmental Sciences. But they did not discuss the relationship between Barnhart buildings and agricultural education.
Abstract: Laura A. Powers311 C.E. Barnhart BuildingDepartmemt of Agricultural EconomicsLexington, KY 40546-0276lpowers@uky.eduCarl R. Dillon403 C.E. Barnhart BuildingDepartmemt of Agricultural EconomicsLexington, KY 40546-0276cdillion@uky.eduSteven G. Issacs303 C.E. Barnhart BuildingDepartmemt of Agricultural EconomicsLexington, KY 40546-0276sisaacs@uky.eduScott A. Shearer128 C.E. Barnhart BuildingDepartmemt of Biosystems and Agricultural EngineeringLexington, KY 40546-0276shearer@bae.uky.edu

1 citations

01 Jan 2015
TL;DR: The authors investigated the antecedent "perceived" variables that lead to a determined perception of value, and the resulting intention to purchase and/or willingness to pay more for a limited edition luxury offering.
Abstract: Purpose This study investigates the antecedent “perceived” variables that lead to a determined perception of value, and the resulting intention to purchase and/or willingness to pay more for a limited edition luxury offering. Furthermore, it is investigated whether status-seeking desire within a consumer moderates the relationship between perceived value to purchase intention, and perceived value to willingness to pay more for the limited edition luxury offering. Design Two self-administered questionnaires were designed by adapting developed scales from similar prior research. Each questionnaire was designed around a stimulus, a fake limited edition watch (“Touché”), which respondents were told were from Mercedes Benz or Tag Heuer, respectively. The survey was utilised within a field study, yielding 534 valid responses from the Mercedes Benz set and 481 usable responses from the Tag Heuer data set. Each data set was analysed separately and tested against the respective hypotheses separately in a comparison study. Findings The study finds that perceptions of scarcity, uniqueness and quality are all significant in determining a perception of value for a limited edition offering. Perceived value does lead to an intention to purchase and a willingness to pay more, however status seeking only significantly moderates the respondents willingness to pay more for a limited edition luxury brand. The Tag Heuer data set reported the insignificant role of status seeking desire as a moderator over perceived value to purchase intention, whilst it was significant within the Mercedes Benz study. Implications The insignificance of the role of status seeking as a moderator within the Tag Heuer data set, whilst being significant in the case of Mercedes Benz, implies that limited editions will be more successful the further they are away from their prototypical schema of product offerings. It is proposed that a limited edition Mercedes Benz watch will carry a higher perception of uniqueness and scarcity, than a Tag Heuer produced watch, because Tag Heuer is known for producing watches whilst Mercedes Benz offering a watch is more ‘rare’. Limitations The findings of this study are restricted to luxury offerings and limited edition releases of luxury brands, and are not extendable to lower-status offerings. Originality Research into limited editions of luxury brands is only a relatively new field of research. Similarly, the role of perceptions and perceived value is a narrow field with more room for growth. The research into willingness to pay more is predominantly focussed on economic literature and modelling. This is the first study to pull all three together in a marketing context.

1 citations