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Contents

Preface 1 The nature and scope of microeconomics A Concepts and methods B The economic and social framework 2 The theory of the consumer A The preference ordering B The feasible set C The consumption decision D The comparative statics of consumer behaviour E Offer curves and net demand curves Appendix 1 : The lexicographic ordering Appendix 2 : Existence of a utility function 3 Consumer theory : duality A The expenditure function B The indirect utility function, Roy's identity and the Slutsky equation C Measuring the benefits of price changes D Composite commodities, separability and homotheticity 4 Further models of consumer behaviour A Revealed preference B The consumer as a labour supplier C Consumption and the allocation of time D Households 5 Production A Introduction B The production function B Variations in scale C Variations in input proportions D The multi-product case 6 Cost A Introduction B Long-run cost minimization C Short-run cost minimization D Cost minimization with several plants E Multi-product cost functions 7 Supply and firm objectives A Long-run profit maximization B Short-run profit maximization C The multi-product firm D The profit function and comparative statics E The entrepreneurial firm F Labour managed firms 8 The theory of a competitive market A Short-run equilibrium B Stability of equilibrium C Long-run equilibrium 9 Monopoly A Introduction B Price and output determination under monopoly C Price discrimination D Monopoly welfare loss 10 Input markets A Demand for inputs B Monopsony C Unions as monopoly input suppliers D Bilateral monopoly 11 Capital markets A Introduction B Optimal consumption over time C The optimal investment decision D Capital market equilibrium under certainty E Extensions to many periods 12 General equilibrium A Introduction B Walrasian equilibrium of a competitive economy C Existence of Walrasian equilibrium D Stability of Walrasian equilibrium E Edgeworth exchange theory F Exchange, equilibrium and the core 13 Welfare economics A Introduction B Pareto efficient resource allocation C Welfare functions and the Pareto criterion D Pareto efficiency and competitive markets E Distribution and markets F Arrow's impossibility theorem 14 Market failure and government failure A The causes of market failure B Instances of market failure C Theory of the second best D Government failure 15 Game theory A Introduction B Game representation and solutions C Imperfect and incomplete information D Mixed strategies E Cooperative bargaining F Non-cooperative bargaining G Delay and disagreement in bargaining 16 Oligopoly 17 Choice under uncertainty A Introduction B A formalization of 'uncertainty' C Choice under uncertainty D Properties of the utility function E Risk aversion and indifference curves F Measures of risk G Comparative statics under uncertainty 18 Production under uncertainty A Introduction B Competitive firm under uncertainty C Production with futures markets 19 Insurance, risk spreading and risk pooling A Introduction B The insurance decision C Incomplete insurance markets D Risk spreading: the Arrow-Lind Theorem E Risk pooling F Asymmetric information in insurance markets : adverse selection G Asymmetric information in insurance markets : moral hazard 20 Agency and contract theory 21 General equilibrium under uncertainty and incomplete markets A Introduction B Complete markets in state contingent claims C State contingent commodities D Efficiency with production E The stock market F Incomplete stock markets Further reading Mathematical Appendices A Structure of optimisation problems B Solutions: questions and

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