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(8th Edition) Robert Pindyck, Daniel Rubinfeld-Microecon.pdf
Cover
Contents
Preface
PART ONE: Introduction: Markets and Prices
1 Preliminaries
1.1 The Themes of Microeconomics
1.2 What Is a Market?
1.3 Real versus Nominal Prices
1.4 Why Study Microeconomics?
Summary
Questions for Review
Exercises
2 The Basics of Supply and Demand
2.1 Supply and Demand
2.2 The Market Mechanism
2.3 Changes in Market Equilibrium
2.4 Elasticities of Supply and Demand
2.5 Short-Run versus Long-Run Elasticities
*2.6 Understanding and Predicting the Effects of Changing Market Conditions
2.7 Effects of Government Intervention—Price Controls
Summary
Questions for Review
Exercises
PART TWO: Producers, Consumers, and Competitive Markets
3 Consumer Behavior
3.1 Consumer Preferences
3.2 Budget Constraints
3.3 Consumer Choice
3.4 Revealed Preference
3.5 Marginal Utility and Consumer Choice
*3.6 Cost-of-Living Indexes
Summary
Questions for Review
Exercises
4 Individual and Market Demand
4.1 Individual Demand
4.2 Income and Substitution Effects
4.3 Market Demand
4.4 Consumer Surplus
4.5 Network Externalities
*4.6 Empirical Estimation of Demand
Summary
Questions for Review
Exercises
APPENDIX TO CHAPTER 4: Demand Theory—A Mathematical Treatment
Utility Maximization
The Method of Lagrange Multipliers
The Equal Marginal Principle
Marginal Rate of Substitution
Marginal Utility of Income
An Example
Duality in Consumer Theory
Income and Substitution Effects
Exercises
5 Uncertainty and Consumer Behavior
5.1 Describing Risk
5.2 Preferences Toward Risk
5.3 Reducing Risk
*5.4 The Demand for Risky Assets
5.5 Bubbles
5.6 Behavioral Economics
Summary
Questions for Review
Exercises
6 Production
6.1 Firms and Their Production Decisions
6.2 Production with One Variable Input (Labor)
6.3 Production with Two Variable Inputs
6.4 Returns to Scale
Summary
Questions for Review
Exercises
7 The Cost of Production
7.1 Measuring Cost: Which Costs Matter?
7.2 Cost in the Short Run
7.3 Cost in the Long Run
7.4 Long-Run versus Short-Run Cost Curves
7.5 Production with Two Outputs—Economies of Scope
*7.6 Dynamic Changes in Costs—The Learning Curve
7.7 Estimating and Predicting Cost
Summary
Questions for Review
Exercises
APPENDIX TO CHAPTER 7: Production and Cost Theory—A Mathematical Treatment
Cost Minimization
Marginal Rate of Technical Substitution
Duality in Production and Cost Theory
The Cobb-Douglas Cost and Production Functions
Exercises
8 Profit Maximization and Competitive Supply
8.1 Perfectly Competitive Markets
8.2 Profit Maximization
8.3 Marginal Revenue, Marginal Cost, and Profit Maximization
8.4 Choosing Output in the Short Run
8.5 The Competitive Firm’s Short-Run Supply Curve
8.6 The Short-Run Market Supply Curve
8.7 Choosing Output in the Long Run
8.8 The Industry’s Long-Run Supply Curve
Summary
Questions for Review
Exercises
9 The Analysis of Competitive Markets
9.1 Evaluating the Gains and Losses from Government Policies—Consumer and Producer Surplus
9.2 The Efficiency of a Competitive Market
9.3 Minimum Prices
9.4 Price Supports and Production Quotas
9.5 Import Quotas and Tariffs
9.6 The Impact of a Tax or Subsidy
Summary
Questions for Review
Exercises
PART THREE: Market Structure and Competitive Strategy
10 Market Power: Monopoly and Monopsony
10.1 Monopoly
10.2 Monopoly Power
10.3 Sources of Monopoly Power
10.4 The Social Costs of Monopoly Power
10.5 Monopsony
10.6 Monopsony Power
10.7 Limiting Market Power: The Antitrust Laws
Summary
Questions for Review
Exercises
11 Pricing with Market Power
11.1 Capturing Consumer Surplus
11.2 Price Discrimination
11.3 Intertemporal Price Discrimination and Peak-Load Pricing
11.4 The Two-Part Tariff
*11.5 Bundling
*11.6 Advertising
Summary
Questions for Review
Exercises
APPENDIX TO CHAPTER 11: The Vertically Integrated Firm
Why Vertically Integrate?
Transfer Pricing in the Integrated Firm
A Numerical Example
Exercises
12 Monopolistic Competition and Oligopoly
12.1 Monopolistic Competition
12.2 Oligopoly
12.3 Price Competition
12.4 Competition versus Collusion: The Prisoners’ Dilemma
12.5 Implications of the Prisoners’ Dilemma for Oligopolistic Pricing
12.6 Cartels
Summary
Questions for Review
Exercises
13 Game Theory and Competitive Strategy
13.1 Gaming and Strategic Decisions
13.2 Dominant Strategies
13.3 The Nash Equilibrium Revisited
13.4 Repeated Games
13.5 Sequential Games
13.6 Threats, Commitments, and Credibility
13.7 Entry Deterrence
*13.8 Auctions
Summary
Questions for Review
Exercises
14 Markets for Factor Inputs
14.1 Competitive Factor Markets
14.2 Equilibrium in a Competitive Factor Market
14.3 Factor Markets with Monopsony Power
14.4 Factor Markets with Monopoly Power
Summary
Questions for Review
Exercises
15 Investment, Time, and Capital Markets
15.1 Stocks versus Flows
15.2 Present Discounted Value
15.3 The Value of a Bond
15.4 The Net Present Value Criterion for Capital Investment Decisions
15.5 Adjustments for Risk
15.6 Investment Decisions by Consumers
15.7 Investments in Human Capital
*15.8 Intertemporal Production Decisions—Depletable Resources
15.9 How Are Interest Rates Determined?
Summary
Questions for Review
Exercises
PART FOUR: Information, Market Failure, and the Role of Government
16 General Equilibrium and Economic Efficiency
16.1 General Equilibrium Analysis
16.2 Efficiency in Exchange
16.3 Equity and Efficiency
16.4 Efficiency in Production
16.5 The Gains from Free Trade
16.6 An Overview—The Efficiency of Competitive Markets
16.7 Why Markets Fail
Summary
Questions for Review
Exercises
17 Markets with Asymmetric Information
17.1 Quality Uncertainty and the Market for Lemons
17.2 Market Signaling
17.3 Moral Hazard
17.4 The Principal–Agent Problem
*17.5 Managerial Incentives in an Integrated Firm
17.6 Asymmetric Information in Labor Markets: Efficiency Wage Theory
Summary
Questions for Review
Exercises
18 Externalities and Public Goods
18.1 Externalities
18.2 Ways of Correcting Market Failure
18.3 Stock Externalities
18.4 Externalities and Property Rights
18.5 Common Property Resources
18.6 Public Goods
18.7 Private Preferences for Public Goods
Summary
Questions for Review
Exercises
APPENDIX: The Basics of Regression
An Example
Estimation
Statistical Tests
Goodness of Fit
Economic Forecasting
Summary
Glossary
A
B
C
D
E
F
G
H
I
K
L
M
N
O
P
Q
R
S
T
U
V
W
Z
Answers to Selected Exercises
Photo Credits
Index
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
MICROECONOMICS
THE PEARSON SERIES IN ECONOMICS
Abel/Bernanke/Croushore
Macroeconomics*
Bade/Parkin
Foundations of Economics*
Berck/Helfand
The Economics of the
Environment
Bierman/Fernandez
Game Theory with Economic
Applications
Blanchard
Macroeconomics*
Blau/Ferber/Winkler
The Economics of Women,
Men and Work
Boardman/Greenberg/
Vining/Weimer
Cost-Benefit Analysis
Boyer
Principles of Transportation
Economics
Branson
Macroeconomic Theory and
Policy
Brock/Adams
The Structure of American
Industry
Bruce
Public Finance and the
American Economy
Carlton/Perloff
Modern Industrial
Organization
Case/Fair/Oster
Principles of Economics*
Caves/Frankel/Jones
World Trade and Payments:
An Introduction
Chapman
Environmental Economics:
Theory, Application, and
Policy
Cooter/Ulen
Law & Economics
Downs
An Economic Theory of
Democracy
Ehrenberg/Smith
Modern Labor Economics
Ekelund/Ressler/Tollison
Economics*
Farnham
Economics for Managers
Folland/Goodman/Stano
The Economics of Health and
Health Care
Fort
Sports Economics
Froyen
Macroeconomics
Fusfeld
The Age of the Economist
Gerber
International Economics*
González-Rivera
Forecasting for Economics
and Business
Gordon
Macroeconomics*
Greene
Econometric Analysis
Gregory
Essentials of Economics
Gregory/Stuart
Russian and Soviet Economic
Performance and Structure
Hartwick/Olewiler
The Economics of Natural
Resource Use
Heilbroner/Milberg
The Making of the Economic
Society
Heyne/Boettke/Prychitko
The Economic Way of
Thinking
Hoffman/Averett
Women and the Economy:
Family, Work, and Pay
Holt
Markets, Games and Strategic
Behavior
Hubbard/O’Brien
Economics*
Money, Banking, and the
Financial System*
Hubbard/O’Brien/Rafferty
Macroeconomics*
Hughes/Cain
American Economic History
Husted/Melvin
International Economics
Jehle/Reny
Advanced Microeconomic
Theory
Johnson-Lans
A Health Economics Primer
Keat/Young
Managerial Economics
Klein
Mathematical Methods for
Economics
Krugman/Obstfeld/Melitz
International Economics:
Theory & Policy*
Laidler
The Demand for Money
Leeds/von Allmen
The Economics of Sports
Leeds/von Allmen/Schiming
Economics*
Lipsey/Ragan/Storer
Economics*
Lynn
Economic Development:
Theory and Practice for a
Divided World
Miller
Economics Today*
Understanding Modern
Economics
Miller/Benjamin
The Economics of Macro
Issues
Miller/Benjamin/North
The Economics of Public Issues
Mills/Hamilton
Urban Economics
Mishkin
The Economics of Money,
Banking, and Financial
Markets*
The Economics of Money,
Banking, and Financial Markets,
Business School Edition*
Macroeconomics: Policy and
Practice*
Murray
Econometrics: A Modern
Introduction
Nafziger
The Economics of Developing
Countries
O’Sullivan/Sheffrin/Perez
Economics: Principles,
Applications and Tools*
Parkin
Economics*
Perloff
Microeconomics*
Microeconomics: Theory and
Applications with Calculus*
Perman/Common/
McGilvray/Ma
Natural Resources and
Environmental Economics
Phelps
Health Economics
Pindyck/Rubinfeld
Microeconomics*
Riddell/Shackelford/Stamos/
Schneider
Economics: A Tool for Critically
Understanding Society
Ritter/Silber/Udell
Principles of Money, Banking &
Financial Markets*
Roberts
The Choice: A Fable of Free
Trade and Protection
Rohlf
Introduction to Economic
Reasoning
Ruffin/Gregory
Principles of Economics
Sargent
Rational Expectations and
Inflation
Sawyer/Sprinkle
International Economics
Scherer
Industry Structure, Strategy,
and Public Policy
Schiller
The Economics of Poverty
and Discrimination
Sherman
Market Regulation
Silberberg
Principles of Microeconomics
Stock/Watson
Introduction to Econometrics
Introduction to Econometrics,
Brief Edition
Studenmund
Using Econometrics: A
Practical Guide
Tietenberg/Lewis
Environmental and Natural
Resource Economics
Environmental Economics
and Policy
Todaro/Smith
Economic Development
Waldman
Microeconomics
Waldman/Jensen
Industrial Organization:
Theory and Practice
Weil
Economic Growth
Williamson
Macroeconomics
* denotes MyEconLab titles
Visit www.myeconlab.com to learn more
MICROECONOMICS
E I G H T H E D I T I O N
Robert S. Pindyck
Massachusetts Institute of Technology
Daniel L. Rubinfeld
University of California, Berkeley
Boston Columbus Indianapolis New York San Francisco Upper Saddle River
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Library of Congress Cataloging-in-Publication Data
Pindyck, Robert S.
Microeconomics / Robert S. Pindyck, Daniel L. Rubinfeld. – 8th ed.
1. Microeconomics.
HB172.P53 2013
338.5–dc23
p. cm. – (The Pearson series in economics)
ISBN-13: 978-0-13-285712-3
ISBN-10: 0-13-285712-X
I. Rubinfeld, Daniel L.
II. Title.
10 9 8 7 6 5 4 3 2 1
2011049296
ISBN 10: 0-13-285712-X
ISBN 13: 978-0-13-285712-3
To our daughters,
Maya, Talia, and Shira
Sarah and Rachel
ABOUT THE AUTHORS
The authors, back again for a
new edition, reflect on their
years of successful textbook
collaboration. Pindyck is on the
right and Rubinfeld on the left.
vi
Revising a textbook every three or four years is hard work, and the last
edition was well-liked by students. “So why is our publisher pushing
for a new edition?” the authors wondered. “Were some of the examples
becoming stale? Or might it have something to do with the used book market?”
Could be both. In any case, here they are again, with a new edition that has sub-
stantial improvements and lots of new examples.
Robert S. Pindyck is the Bank of Tokyo-Mitsubishi Ltd. Professor of Economics
and Finance in the Sloan School of Management at M.I.T. Daniel L. Rubinfeld
is the Robert L. Bridges Professor of Law and Professor of Economics Emeritus
at the University of California, Berkeley, and Professor of Law at NYU. Both
received their Ph.Ds from M.I.T., Pindyck in 1971 and Rubinfeld in 1972. Professor
Pindyck’s research and writing have covered a variety of topics in microeconom-
ics, including the effects of uncertainty on firm behavior and market structure;
the behavior of natural resource, commodity, and financial markets; environmen-
tal economics; and criteria for investment decisions. Professor Rubinfeld, who
served as chief economist at the Department of Justice in 1997 and 1998, is the
author of a variety of articles relating to antitrust, competition policy, law and
economics, law and statistics, and public economics.
Pindyck and Rubinfeld are also co-authors of Econometric Models and Economic
Forecasts, another best-selling textbook that makes a perfect gift (birthdays,
weddings, bar mitzvahs, you name it) for the man or woman who has every-
thing. (Buy several—bulk pricing is available.) These two authors are always
looking for ways to earn some extra spending money, so they enrolled as human
subjects in a double-blind test of a new hair restoration medication. Rubinfeld
strongly suspects that he is being given the placebo.
This is probably more than you want to know about these authors, but for
further information, see their Web sites: http://web.mit.edu/rpindyck/www
and http://www.law.berkeley.edu/faculty/rubinfeldd.
BRIEF CONTENTS
• P A R T O N E
Introduction: Markets and Prices 1
1
2
Preliminaries 3
The Basics of Supply and Demand 21
Individual and Market Demand 111
• P A R T T W O
Producers, Consumers, and Competitive Markets 65
3 Consumer Behavior 67
4
5 Uncertainty and Consumer Behavior 159
6
7
8
9
Production 201
The Cost of Production 229
Profit Maximization and Competitive Supply 279
The Analysis of Competitive Markets 317
Pricing with Market Power 399
• P A R T T H R E E
Market Structure and Competitive Strategy 355
10 Market Power: Monopoly and Monopsony 357
11
12 Monopolistic Competition and Oligopoly 451
13 Game Theory and Competitive Strategy 487
14 Markets for Factor Inputs 529
15
Investment, Time, and Capital Markets 559
• P A R T F O U R
Information, Market Failure, and the Role
of Government 593
16 General Equilibrium and Economic Efficiency 595
17 Markets with Asymmetric Information 631
18
Appendix: The Basics of Regression 700
Glossary 708
Answers to Selected Exercises 718
Photo Credits 731
Index 732
Externalities and Public Goods 661
vii
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