Table of Contents

1. The nature and scope of economics; 2. Working tools; 3. Utility and preference; 4. Consumption and demand; 5. Applications and extensions of demand theory; 6. The business firm; 7. Equilibrium in the product market - competitive industry; 8. Monopolies, cartels and networks; 9. Product quality and product variety; 10. Competition among the few: oligopoly and strategic behavior; 11. Dealing with uncertainty - the economics of risk and information; 12. The demand for factor services; 13. Resource supply and factor-market equilibrium; 14. Exchange, transaction costs and money; 15. The economics of time; 16. Welfare economics: the market and the state; 17. Government, politics and conflict.

Promotional Information

This seventh edition of the book offers extensive discussion of information, uncertainty, and game theory.

About the Author

Jack Hirshleifer was a Fellow of the American Academy of Arts and Sciences and a Fellow of the Econometric Society. He served as Vice-President of the American Economic Association and as President of the Western Economic Association, and as a member of the Editorial Boards of the American Economic Review, the Journal of Economic Behavior and Organization, and of the new Journal of Bioeconomics. In 2000 he was elected a Distinguished Fellow of the American Economic Association. Amihai Glazer is Professor of Economics at the University of California, Irvine. He formerly taught at the Hebrew University, Carnegie Mellon University, and the University of Tampere, Finland. The author of more than 80 articles in professional journals, Professor Glazer is coauthor with Jack Hirshleifer of the Fifth Edition of Price Theory and Applications, coauthor with Laurence Rothenberg of Why Government Succeeds and Why It Fails (2001), and coeditor with Kai Konrad of Conflict and Governance (2003). He is a coeditor of the journal Economics of Governance. David Hirshleifer holds the Ralph M. Kurtz Chair of Finance at The Ohio State University. He previously taught at the Anderson School of UCLA and the University of Michigan Business School. The coauthor with Jack Hirshleifer of the Sixth Edition of Price Theory and Applications, David Hirshleifer has served as a director of the American Finance Association, editor of the Review of Financial Studies, and as associate editor or coeditor of several other journals in finance, economics, and corporate strategy. His papers have received a number of research awards, including the 1999 Smith-Breeden Award for the outstanding paper in the Journal of Finance.

Reviews

'This seventh edition of a now classic text in intermediate microeconomics develops the subject in a lively manner that should be attractive to both students and teachers alike … This is arguably one of the few best intermediate level microeconomics textbooks around.' Abhinay Muthoo, University of Essex

'Price Theory and Applications is a classic, but one that refreshes itself with every edition. Now, as ever, it has two particular strengths. One is in teaching the reader how to think like an economist, at a level both elementary and deep. The other is in its many examples drawn from the best and latest economic research.' Eric Rasmusen, Indiana University

'For coverage, clarity, and cleverness, this is the best microeconomic book available today. Its engaging examples illustrate the importance and beauty of microeconomics. The book highlights relevancy without compromising rigor.' Todd Sandler, University of Southern California

'The seventh edition of this classic text continues the tradition that Jack Hirshleifer started with early editions of the book. It doesn't just teach the basics of microeconomics like many of its rivals. It provides deep insights into the subject so that students walk away with a clear and rich understanding of what microeconomics is really about.' Michael Waldman, Cornell University

'This thorough revision of one of the best microeconomics texts provides fresh insights for a host of interesting issues … fun to read, with an offbeat and lively style. Its transparent analyses make the arguments accessible and understandable to students. ' Paul J. Zak, Claremont Graduate University

'When I needed a text for intermediate microeconomics, I had three criteria in mind: (1) a rigorous exposition that included calculus and yet did not require the reader to be a mathematician, (2) a discussion of cardinal versus ordinal utility with a 3-D graph showing indifference curves as contour lines on a utility surface, and (3) a book containing lots of real-world examples and applications. When I opened Price Theory and Applications, I knew my search had ended. Its wonderful treatment of capital theory - in particular the often neglected distinction between rent and interest - was just icing on the cake. Robert Murphy, Hillsdale College, Michigan