Models in Microeconomic Theory

by Martin J. Osborne, Ariel Rubinstein

Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice.

Genres: Economics

362 pages, Paperback

Published March 18, 2020

About the author

Martin J. Osborne is a Professor of Economics at the University of Toronto.
http://www.economics.utoronto.ca/osbo...

Reviews

[Rishabh · Rating 4 out of 5]

Pretty good descriptions of some of the prominent models of microeconomics, supplemented with mathematical proofs wherever necessary. However, I found the last few chapters a bit too advanced.

Reducing one star due to lack of availability of exercise solutions.