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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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05 Dec 2019
TL;DR: The authors argue that behavioral paternalism underestimates the capacity of people to solve their own problems, while overestimating the ability of experts and policymakers to design beneficial interventions, and argue instead for a more inclusive theory of rationality in economic policymaking.
Abstract: The burgeoning field of behavioral economics has produced a new set of justifications for paternalism. This book challenges behavioral paternalism on multiple levels, from the abstract and conceptual to the pragmatic and applied. Behavioral paternalism relies on a needlessly restrictive definition of rational behavior. It neglects nonstandard preferences, experimentation, and self-discovery. It relies on behavioral research that is often incomplete and unreliable. It demands a level of knowledge from policymakers that they cannot reasonably obtain. It assumes a political process largely immune to the effects of ignorance, irrationality, and the influence of special interests and moralists. Overall, behavioral paternalism underestimates the capacity of people to solve their own problems, while overestimating the ability of experts and policymakers to design beneficial interventions. The authors argue instead for a more inclusive theory of rationality in economic policymaking.

43 citations

Journal ArticleDOI
TL;DR: In this paper, the authors identify different groups in a cost function framework of soccer clubs in the Spanish Football League First Division and analyze the efficiency of the clubs with respect to their own frontiers.
Abstract: This article identifies different groups in a cost function framework of soccer clubs in the Spanish Football League First Division. In particular, we have clustered the sample— comprising data for seasons 1994/1995 to 2004/2005—into three groups. To do so, we have implemented a stochastic frontier latent class model, a procedure that also permits us to analyze the efficiency of the clubs with respect to their own frontiers. The results reveal that some of the clubs could improve their efficiency levels substantially.

43 citations


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

  • ...The specification of the cost function follows microeconomic theory (Varian, 1987)....

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  • ...To estimate the cost function, we have used an unbalanced panel of the Spanish clubs competing in the First Division in seasons 1995-1996 to 2004-2005.9 The specification of the cost function follows microeconomic theory (Varian, 1987)....

    [...]

Journal ArticleDOI
TL;DR: The authors argue that the root for possible confusion between fixed costs and sunk costs is the inconsistency in defining the term fixed costs, and suggest that instructors refer to the part of fixed costs that are irrevocably committed as sunk costs.
Abstract: The authors attempt to clarify the concepts of, and the link between, fixed costs and sunk costs. They argue that the root for possible confusion between fixed costs and sunk costs is the inconsistency in defining the term fixed costs. They define fixed costs uniformly as the costs that are independent of the level of output and suggest that instructors refer to the part of fixed costs that are irrevocably committed as sunk costs. Under these definitions, the statement “there are no long-run fixed costs” is incorrect. Instructors should teach students that in the long run there are no sunk costs, although there may easily be fixed costs.

43 citations

Posted Content
TL;DR: In this article, a review of the judgments of economists regarding the impact of rent control in the American context is presented, which is limited to journal articles listed by the American Economic Association under the subject search “Rent Control,†and articles cited by those EconLit-listed articles.
Abstract: This paper organizes the judgments of economists regarding the impact of rent controls in the American context. The review is limited to journal articles listed by the American Economic Association’s electronic bibliography, EconLit, under the subject search “Rent Control,†and articles cited by those EconLit-listed articles. My findings cover research on many dimensions of the issue, including housing availability, maintenance and housing quality, rental rates, political and administrative costs, and redistribution. It is fair to say that the literature points to a conclusion against rent control, yet as of 2001, about 140 jurisdictions in the United States persist in some form of the intervention.

43 citations