Rubinstein2007 - This is a revised version of the book,...

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Unformatted text preview: This is a revised version of the book, last updated August 28th, 2011. Please e-mail me any comments and corrections. Ariel Rubinstein [email protected] Lecture Notes in Microeconomic Theory Lecture Notes in Microeconomic Theory The Economic Agent Second Edition Ariel Rubinstein P R I N C E T O N U N I V E R S I T Y P R E S S P R I N C E T O N A N D O X F O R D Copyright c 2012 by Princeton University Press Published by Princeton University Press, 41 William Street, Princeton, New Jersey 08540 In the United Kingdom: Princeton University Press, 60 Oxford Street, Woodstock, Oxfordshire OX20 1TW press.princeton.edu All Rights Reserved Library of Congress Cataloging-in-Publication Data Rubinstein, Ariel. Lecture notes in microeconomic theory / Ariel Rubinstein. p. cm. Includes bibliographical references and index. ISBN 978-0-691-15412-1 (hardback : alk. paper) ISBN 978-0-691-15413-8 (pbk. : alk. paper) 1. Microeconomics. 2. Economics. I. Title. HB172.R72 2011 338.5–dc23 2011026862 British Library Cataloging-in-Publication Data is available This book has been composed in ITC Stone. Printed on acid-free paper. ∞ Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 Contents Preface vii Introduction ix Lecture 1. Preferences 1 Problem Set 1 10 Lecture 2. Utility 13 Problem Set 2 22 Lecture 3. Choice 25 Problem Set 3 44 Lecture 4. Consumer Preferences 49 Problem Set 4 63 Lecture 5. Demand: Consumer Choice 65 Problem Set 5 79 Lecture 6. Choice over Budget Sets and the Dual Consumer 81 Problem Set 6 88 Lecture 7. The Producer 91 Problem Set 7 98 Lecture 8. Expected Utility 101 Problem Set 8 112 Lecture 9. Risk Aversion 115 Problem Set 9 128 Lecture 10. Social Choice 131 Problem Set 10 139 Review Problems 141 References 159 Preface This is the second edition of my lecture notes for the first quarter of a microeconomics course for PhD (or MA) economics students. The lecture notes were developed over a period of 20 years during which I taught the course at Tel Aviv, Princeton, and New York universities. I published the book for the first time in 2007 with some hesitation since several superb books were already on the shelves. Foremost among them is Kreps (1990), which pioneered the shift of the game theoretic revolution from research papers into textbooks. His book covers the ma- terial in depth and includes many ideas for future research. Mas-Colell, Whinston, and Green (1995) continued this trend with a very compre- hensive and detailed textbook. There are three other books on my short list: Bowles (2003), which brings economics back to its authentic polit- ical economics roots; Jehle and Reny (1997), with its very precise style; and the classic Varian (1984). These five books constitute an impres- sive collection of textbooks for the standard advanced microeconomics course. My book covers only the first quarter of the standard course....
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This note was uploaded on 11/27/2011 for the course ECON 101 taught by Professor Robert during the Fall '08 term at Montgomery College.

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Rubinstein2007 - This is a revised version of the book,...

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