This textbook supports undergraduate microeconomics students. In Chapter 1, it presents the market as three Laws of Nature: i) that supply function is the result from the decision of the sellers, ii) that demand function is the result from the decisions of buyers; iii) that the market balance...

Este livro é um guia de apoio a Microeconomia contendo dois pontos programáticos. No 1.º capítulo, apresento o mercado desagregado em três Leis da Natureza: i) que as pretensões dos vendedores se agregam na função de oferta; ii) que as pretensões dos compradores se agregam na função de...

Economists teaching principles of microeconomics courses in business schools face a difficult pedagogical dilemma. Because the vast majority of students in these courses are business majors or minors who will not study economics beyond the principles level, these students need a different set of...

The graphical analysis of the income and substitution effects is an important part of consumer theory that is commonly taught at the level of intermediate microeconomics. Few textbooks, however, devote much discussion of these effects for perfect substitutes. The purpose of this paper is to fill...

The authors show how microeconomic concepts and principles are applicable to the study of terrorism. The utility maximization model provides insights into both terrorist resource allocation choices and government counterterrorism efforts, while basic game theory helps characterize the strategic...

In the study of Giffen behavior or "Giffenity", there remains a paradox. On the one hand, the Wold-Juréen (1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit Giffenity. On the other hand, there is no...

Twenty years ago, Peter Moffatt (2002) posed this general question: “Is Giffen behavior compatible with the axioms of consumer theory?” The present paper addresses this very same question, but only as it applies to the Wold-Juréen (1953) utility function. In this paper, we demonstrate that...

In the study of Giffen behavior or "Giffenity", there remains a paradox. On one hand, the Wold-Juréen (Demand analysis: A study in Econometrics, 1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit...

Abstract: This paper provides a discussion of the political economy of probate, with the goal of motivating financial planners to play an important role in helping their clients avoid it. The paper explores the reluctance among members of the legal community to adequately apprise their clients...

The purpose of the paper is to demonstrate how a basic microeconomic framework can be enhanced and adapted to the analysis of market disruption, a la Christensen. It illustrates how the comparative static analysis of undergraduate microeconomics offers a credible and accessible path for...