Titlebook: Microeconomic Theory; Larry Samuelson Book 1986 Kluwer-Nijhoff Publishing 1986 Microeconomic Theory.economic theory.economics.game theory.

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https://doi.org/10.1007/978-94-009-4219-6Microeconomic Theory; economic theory; economics; game theory; institutions; microeconomics; pricing; socia

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Alternatives to Expected Utility Theory for Risky Decisions,Expected utility theory says that a rational agent’s preferences over risky alternatives can be ordered by the mathematical expectations of utilities for the possible outcomes of the alternatives. Moreover, a rational agent will choose among risky alternatives so as to maximize expected utility.

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Consumer Learning and Optimal Pricing Strategies for Products of Unknown Quality,imal decision making of consumers and firms. This chapter will suggest a model of consumer purchasing decision making with incomplete information about product quality and learning through personal experience. The implications of this model of consumer behavior on product demand and on the pricing decisions of firms will then be explored.

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Institutions as a Solution Concept in a Game Theory Context,formulation of economic theory from within. It has fostered the impression that any arbitrary phenomenon can be incorporated within the ambit of conventional neoclassical theory with enough ingenuity, therefore rendering any particular change in “assumptions” as innocuous as any other, and thus rendering them all equally arbitrary.

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The Demand Revealing Mechanism,ares (responding passively, that is, to parameterically given prices). The “auctioneer” adjusts prices ensuring that individual choices are mutually consistent. In equilibrium, tax shares are set at the individualized marginal valuations.

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Possibility Theorems, Incentives, and Progress in Economic Theory,w truthful revelation of information can be induced.. Such questions are important whenever agents can profit from distorting information. The problem thus arises in all sorts of guises in economics. The purpose of this essay is to illustrate this point by focusing on three distinct areas, social choice, public finance, and economic planning.

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The State of Microeconomics,undergone important changes in the last hundred years, and that some of its aspects which are found wanting today are in fact the result of these changes. In particular, I will argue that some of the answers provided by modern microeconomics are unsatisfactory because the problems that are posed today differ from those posed a hundred years ago.

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