Microeconomic Theory
It is often said that everyone understands precisely what is meant by the notion of probability-except those who have spent their lives studying the matter. Upon close scrutiny, the intuitively obvious idea of probability becomes quite elusive. Is it a su
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Microeconomic Theory
edited by Larry Samuelson
The Pennsylvania Slate University
Kluwe....Nijhoff Publishing a member of the Kluwer Academic Publishers Croup Boston-Dordrecht-Lancaster
Dillributon for the United States and Canada: Klower Academic Poblishers. 190 Old Derby Street. Hingham, MA, 02043, USA for the UK and Ireland: Klower Academic Poblisl'te.s, MTP Press limited, Fakon House, Queen Sqoare, Lancaster LA1 1RN, UK for all other countries: Kluwer Academic Publishers Croup, Distribotion Centre. P.O. Box 322, 3300 AH Dordrecht, The Netherlands
librAry 01 COna'"' cmtosi", In Publiution DAtA
Main entry under t itle:
Microec;;onomic theory. (Recent economic thought) Includes inde_. l. MiU04!conomic;;s---Addresses, essays, IK tores. I. Samuelson, Larry. 19S3II. Series
HBl 72.M59 1965
336.5
1S8N-13: 978-94-010-8372-Q 001: 10.1007/978-94-(109-.4219-6
COPf'ipl
©
65-8072 e-1S8N-13: 978-94-009-4219-6
1_ by tclu...,..Nllho" Publhhipg
Softcover reprint of the hardcover 1st edition 1986 No pArt of this boo': m.ay be produud in Iny fOml by print, photopr....', microfilm, or any 0....' ''''CAM without wrinen permk lion 01 lhe publither, kl..-r-Nijhol Publllhln&, 190 Old Derby 5ltHt, Hingham. MA 02043.
Typeset by M.acmil';an .net... ltd.. ....nsalol'i!
Contents
Contributing Authors Preface Acknowledgments
vii
ix xv
Introduction: An Affirmative View of Microeconomic Theory
larry Samuelson Alternatives to Expected Utility Theory for Risky Decisions Peter C. Fishburn
Consumer learning and Optimal Pricing Slrategies for Products 01 Unknown Quality Patricia A. Coering
31
53
4
Rationality and Social Choice
79
Douglas H . Blair and Robert A. Poll ak
Resolution of Paradoxes in Social Choice
99
Taradas Bandyopadhyay
6
The Demand Reve.ling Mechanism
121
Rafael Rob 7 The Design of Efficient Resource Allocation Mechanisms
139
Parkash Chander
8 The Theory of Oargaining
159
Kalyan Chatterjee
v
vi
CONTENTS
9 The Elements of Fi"price Microeconomics Joaquim Silvestre
195
10 Possibility Theorems, Incentives, and Progress in Economic Theory Barry W . Ickes
235
11
Institutions as a Solution Concept in a Game Theory Conte,,' Philip Mirowski
243
12 The State of Microeconomics; An Historical Perspective Klaus H. Hennings
265
Index
273
Contributing Authors
Taradas Bandyopadhyay Department of Economics
University of Hull Hull, England HU6 7RX and The Pennsylvania State University University Park, PA 16802
Douglas H. Blair Department of Economics
Rutgers University New Brunswick, NJ 08903
Parkash Chander Indian Statistical Institute
Delhi Center 7, S. J. S. Sansanwal Marg. Delhi, India 110016
Kalyan Chatterjee
Division of Management Science
The Pennsylvania State University
University Park, PA 16802
Peter C. Fishburn AT&T Bell laboratories Murray Hill, NJ 07974
A. Goering Department of Economics
P~tricia
University of Florida Gainesville, Fl 32611 Klaus Hennings lehrstuhl VWlF Universitat Hannover Wunstorfer Strasse 14 0-3000 Hannover 91
Federal Republic of Germany
vii
vi
