Intermediate_Microeconomics—A_Modern_Approach_9e_by_Varian

CONTENTS
Preface xix
1 The Market
Constructing a Model 1 Optimization and Equilibrium 3 The Demand Curve 3 The Supply Curve 5 Market Equilibrium 7 Comparative Statics 9 Other Ways to Allocate Apartments 11 The Discriminating Monopolist • The Ordinary Monopolist • Rent Control • Which Way Is Best? 14 Pareto Efficiency 15 Comparing Ways to Allocate Apartments 16 Equilibrium in the Long Run 17 Summary 18 Review Questions 19
2 Budget Constraint
The Budget Constraint 20 Two Goods Are Often Enough 21 Properties
of the Budget Set 22 How the Budget Line Changes 24 The
Numeraire 26 Taxes, Subsidies, and Rationing 26 Example: The
Food Stamp Program Budget Line Changes 31 Summary 31 Review
Questions 32
VIII CONTENTS
3 Preferences
Consumer Preferences 34 Assumptions about Preferences 35 Indifference
Curves 36 Examples of Preferences 37 Perfect Substitutes
• Perfect Complements • Bads • Neutrals • Satiation • Discrete
Goods • Well-Behaved Preferences 44 The Marginal Rate of Substitution
48 Other Interpretations of the MRS 50 Behavior of the MRS
51 Summary 52 Review Questions 52
4 Utility
Cardinal Utility 57 Constructing a Utility Function 58 Some Examples
of Utility Functions 59 Example: Indifference Curves from Utility
Perfect Substitutes • Perfect Complements • Quasilinear Preferences
• Cobb-Douglas Preferences • Marginal Utility 65 Marginal Utility
and MRS 66 Utility for Commuting 67 Summary 69 Review
Questions 70 Appendix 70 Example: Cobb-Douglas Preferences
5 Choice
Optimal Choice 73 Consumer Demand 78 Some Examples 78
Perfect Substitutes • Perfect Complements • Neutrals and Bads •
Discrete Goods • Concave Preferences • Cobb-Douglas Preferences •
Estimating Utility Functions 83 Implications of the MRS Condition 85
Choosing Taxes 87 Summary 89 Review Questions 89 Appendix
90 Example: Cobb-Douglas Demand Functions
6 Demand
Normal and Inferior Goods 96 Income Offer Curves and Engel Curves
97 Some Examples 99 Perfect Substitutes • Perfect Complements
• Cobb-Douglas Preferences • Homothetic Preferences • Quasilinear
Preferences • Ordinary Goods and Giffen Goods 104 The Price Offer
Curve and the Demand Curve 106 Some Examples 107 Perfect
Substitutes • Perfect Complements • A Discrete Good • Substitutes
and Complements 111 The Inverse Demand Function 112 Summary
114 Review Questions 115 Appendix 115
CONTENTS IX
7 Revealed Preference
The Idea of Revealed Preference 119 From Revealed Preference to Preference
120 Recovering Preferences 122 The Weak Axiom of Revealed
Preference 124 Checking WARP 125 The Strong Axiom of
Revealed Preference 128 How to Check SARP 129 Index Numbers
130 Price Indices 132 Example: Indexing Social Security Payments
Summary 135 Review Questions 135
8 Slutsky Equation
The Substitution Effect 137 Example: Calculating the Substitution Effect
The Income Effect 141 Example: Calculating the Income Effect
Sign of the Substitution Effect 142 The Total Change in Demand 143
Rates of Change 144 The Law of Demand 147 Examples of Income
and Substitution Effects 147 Example: Rebating a Tax Example:
Voluntary Real Time Pricing Another Substitution Effect 153 Compensated
Demand Curves 155 Summary 156 Review Questions 157
Appendix 157 Example: Rebating a Small Tax
9 Buying and Selling
Net and Gross Demands 160 The Budget Constraint 161 Changing
the Endowment 163 Price Changes 164 Offer Curves and Demand
Curves 167 The Slutsky Equation Revisited 168 Use of the Slutsky
Equation 172 Example: Calculating the Endowment Income Effect
Labor Supply 173 The Budget Constraint • Comparative Statics of
Labor Supply 174 Example: Overtime and the Supply of Labor Summary
178 Review Questions 179 Appendix 179
X CONTENTS
10 Intertemporal Choice
The Budget Constraint 182 Preferences for Consumption 185 Comparative
Statics 186 The Slutsky Equation and Intertemporal Choice
187 Inflation 189 Present Value: A Closer Look 191 Analyzing
Present Value for Several Periods 193 Use of Present Value 194
Example: Valuing a Stream of Payments Example: The True Cost of
a Credit Card Example: Extending Copyright Bonds 198 Example:
Installment Loans Taxes 200 Example: Scholarships and Savings
Choice of the Interest Rate 201 Summary 202 Review Questions
202
11 Asset Markets
Rates of Return 203 Arbitrage and Present Value 205 Adjustments
for Differences among Assets 205 Assets with Consumption Returns
206 Taxation of Asset Returns 207 Market Bubbles 208 Applications
209 Depletable Resources • When to Cut a Forest • Example:
Gasoline Prices during the Gulf War Financial Institutions 213 Summary
214 Review Questions 215 Appendix 215
12 Uncertainty
Contingent Consumption 217 Example: Catastrophe Bonds Utility
Functions and Probabilities 222 Example: Some Examples of Utility
Functions Expected Utility 223 Why Expected Utility Is Reasonable
224 Risk Aversion 226 Example: The Demand for Insurance Diversification
230 Risk Spreading 230 Role of the Stock Market 231
Summary 232 Review Questions 232 Appendix 233 Example:
The Effect of Taxation on Investment in Risky Assets
13 Risky Assets
Mean-Variance Utility 236 Measuring Risk 241 Counterparty Risk
243 Equilibrium in a Market for Risky Assets 243 How Returns
Adjust 245 Example: Value at Risk Example: Ranking Mutual Funds
Summary 249 Review Questions 250
CONTENTS XI
14 Consumer’s Surplus
Demand for a Discrete Good 252 Constructing Utility from Demand
253 Other Interpretations of Consumer’s Surplus 254 From Consumer’s
Surplus to Consumers’ Surplus 255 Approximating a Continuous
Demand 255 Quasilinear Utility 255 Interpreting the Change in
Consumer’s Surplus 256 Example: The Change in Consumer’s Surplus
Compensating and Equivalent Variation 258 Example: Compensating
and Equivalent Variations Example: Compensating and Equivalent Variation
for Quasilinear Preferences Producer’s Surplus 262 Benefit-Cost
Analysis 264 Rationing • Calculating Gains and Losses 266 Summary
267 Review Questions 267 Appendix 268 Example: A
Few Demand Functions Example: CV, EV, and Consumer’s Surplus
15 Market Demand
From Individual to Market Demand 270 The Inverse Demand Function
272 Example: Adding Up “Linear” Demand Curves Discrete Goods
273 The Extensive and the Intensive Margin 273 Elasticity 274
Example: The Elasticity of a Linear Demand Curve Elasticity and Demand
276 Elasticity and Revenue 277 Example: Strikes and Profits
Constant Elasticity Demands 280 Elasticity and Marginal Revenue 281
Example: Setting a Price Marginal Revenue Curves 283 Income Elasticity
284 Summary 285 Review Questions 286 Appendix 287
Example: The Laffer Curve Example: Another Expression for Elasticity
16 Equilibrium
Supply 293 Market Equilibrium 293 Two Special Cases 294 Inverse
Demand and Supply Curves 295 Example: Equilibrium with Linear
Curves Comparative Statics 297 Example: Shifting Both Curves
Taxes 298 Example: Taxation with Linear Demand and Supply Passing
Along a Tax 302 The Deadweight Loss of a Tax 304 Example:
The Market for Loans Example: Food Subsidies Example: Subsidies in
Iraq Pareto Efficiency 310 Example: Waiting in Line Summary 313
Review Questions 313
XII CONTENTS
17 Measurement
Summarize data 316 Example: Simpson’s paradox Test 320 Estimating
demand using experimental data 320 Effect of treatment 321
Estimating demand using observational data 322 Functional form •
Statistical model • Estimation • Identification 324 What can go
wrong? 326 Policy evaluation 327 Example: Crime and police
Summary 328 Review Questions 329
18 Auctions
Classification of Auctions 331 Bidding Rules • Auction Design 332
Example: Goethe’s auction Other Auction Forms 336 Example: Late
Bidding on eBay Position Auctions 338 Two Bidders • More Than
Two Bidders • Quality Scores • Should you advertise on your brand?
341 Auction revenue and number of bidders 342 Problems with Auctions
343 Example: Taking Bids Off the Wall The Winner’s Curse
344 Stable Marriage Problem 345 Mechanism Design 346 Summary
348 Review Questions 349
19 Technology
Inputs and Outputs 350 Describing Technological Constraints 351
Examples of Technology 352 Fixed Proportions • Perfect Substitutes
• Cobb-Douglas • Properties of Technology 354 The Marginal
Product 356 The Technical Rate of Substitution 356 Diminishing
Marginal Product 357 Diminishing Technical Rate of Substitution 357
The Long Run and the Short Run 358 Returns to Scale 358 Example:
Datacenters Example: Copy Exactly! Summary 361 Review
Questions 362

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