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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
01 Apr 2009-Kyklos
TL;DR: The main differences between these three schools can be summarized as follows as discussed by the authors : Neoclassical economics assumes a sovereign individual (also called actor or (economic) agent), who has preferences that are represented by a utility function.
Abstract: Microeconomics has several schools of thought. The differences between the schools are so large that we even speak of different ‘‘economic sciences’’. Among the most important schools, neoclassical economics probably still is the most popular, followed by neo-institutional and behavioural economics. In terms of consumer behaviour (to which for the sake of convenience I restrict myself) the main differences between these three schools can be summarized as follows. Neoclassical economics assumes a sovereign individual (also called actor or (economic) agent), who has preferences that are represented by a utility function. Subject to budget constraints the actor maximizes his (expected) utility. The individual is rational, i.e. possesses perfect information (or searches optimally), and behaves consistently according to stable preferences. The actions taken by agents depend on the institutional framework, viz. the opportunities that they observe to pursue their goals (utility maximization) as well as the outcomes resulting from the actions of other agents. In the neoclassical world the institutional framework is the marketplace where prices result from the interaction of supply and demand. Moreover, neoclassical economics assumes the existence of other institutions which are required for a well-functioning market such as the protection of property rights. Equilibrium analysis (including equilibrium dynamics) is used to explain and predict the actions that the individual will select as well as their consequences. In addition to the behavioural axioms, other assumptions, for instance, with respect to the mathematical characteristics of the utility function or the budget constraints, are specified in order to explain and predict economic behaviour in an analytical (mathematical) fashion (see the most important textbooks, particu

33 citations

Journal ArticleDOI
TL;DR: A conceptual framework comprised of three components for modeling post-earthquake housing recovery, which can be scaled to model spatiotemporal scenarios of housing recovery to inform jurisdictional-level policies, plans, and interventions to increase residential community resilience.
Abstract: The efficacy of various types of intervention measures intended to facilitate post-earthquake housing recovery can be evaluated ahead of time by using simulation models to quantify their benefits a...

32 citations


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

  • ...A utility value is a measure or indicator of the preference of a decision maker (Varian and Repcheck 2010)....

    [...]

Journal ArticleDOI
TL;DR: A conceptual framework for structuring capability development decisions is proposed that builds on process maturity models and the principles of value-based business process management.
Abstract: Despite the need for sustaining competitive advantage, scholars and practitioners struggle when deciding which organizational capabilities they should develop to what extent. Today, inconsistent recommendations bear the risk of misallocating corporate funds. Despite recent advances, further research needs to be conducted with respect to how uncertainty can be considered in capability development decisions and whether the cutting of capabilities is a feasible option. Against this background, we propose a conceptual framework for structuring capability development decisions. Due to the close relationship between capability development and business process management, the framework builds on process maturity models and the principles of value-based business process management. We also conduct an economic analysis to disclose general relationships that govern capability development based on process maturity models.

32 citations


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

  • ...Thus, the changes in the expected value are governed by a saturation effect and are thus under-proportional (Varian, 2005)....

    [...]

Journal ArticleDOI
TL;DR: To demonstrate the need for supervision, a heuristic game theoretic model analysing different levels of control qualities is presented and significant differences among CBs are revealed.

32 citations

Book
07 Feb 2009

32 citations