Titlebook: Microeconomic Theory; Susheng Wang Textbook 2018Latest edition Springer Nature Singapore Pte Ltd. 2018 Microeconomic theory.Game theory.Ge

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General Equilibrium Theoryt is, consumers and producers take prices as given and choose their best actions based on their own budget/resource constraints. In this chapter, all prices are endogenous and they adjust to clear all markets. An equilibrium is reached when all markets are clear and when no one wants to change anymo

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Cooperative Gamescommon objective, but they may bargain over the sharing of benefits, just like the OPEC. They may form coalitions to cooperate within a coalition but compete between coalitions, just like political parties in practice. They may also seek third-party coordination, such as arbitration and government s

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Market Informationmplete information, incomplete markets, and incentives. This and the next chapters will focus on incomplete information as a possible cause for market failures. We deal with competitive firms in this chapter and monopolies in the next chapter.

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Incentive Contractsact. In this type of problem, information is symmetric: both the employer and the employee have the same set of information. But a third party, the court, cannot observe the information. So the issue here is: how does the employer provide sufficient incentives in a contract to motivate the employee?

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2192-4333 theory, information economics, and contract theory.  The revamped, 3rd edition of "Microeconomic Theory" offers faculty, graduate and upper undergraduate students with a comprehensive curriculum solution. .978-981-13-4316-2978-981-13-0041-7Series ISSN 2192-4333 Series E-ISSN 2192-4341

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