Microeconomic Foundations I: Choice and Competitive Markets
David M. Kreps' book, Microeconomic Foundations I: Choice and Competitive Markets, is widely regarded as one of the best books on microeconomics. It is designed for advanced undergraduate and graduate students who want to learn the foundations of microeconomics and its applications in the real world.
David M. Kreps is a prominent economist and professor at Stanford University. He has made significant contributions to the field of microeconomics, particularly in the areas of game theory and decision theory. He has also received numerous awards and honors, including the John Bates Clark Medal, which is awarded annually to the best economist under the age of 40.
In Microeconomic Foundations I, Kreps provides a comprehensive and rigorous introduction to microeconomic theory. The book is organized into three main sections: choice, preference, and utility; competitive markets; and general equilibrium and welfare economics. Each section builds on the previous one, and the book is designed to be self-contained, so readers can start with any section and work their way through the book.
The first section of the book covers the basics of choice theory and the economics of preferences. Kreps introduces the concept of utility and shows how it can be used to model decision-making. He also discusses the concepts of risk and uncertainty and how they affect decision-making.
The second section of the book focuses on competitive markets and the role of prices in allocating resources. Kreps discusses the basics of supply and demand, the behavior of firms in different market structures, and the efficiency of competitive markets.
The final section of the book covers general equilibrium theory and welfare economics. Kreps introduces the concept of a general equilibrium and shows how it can be used to analyze the efficiency of markets. He also discusses the role of government in regulating markets and promoting efficiency.
Author: David M. Kreps
Link to buy: https://www.amazon.com/Microeconomic-Foundations-Choice-Competitive-Markets/dp/0691155836/
Ratings: 4.7 out of 5 stars (from 54 reviews)
Best Sellers Rank: #193,303 in Books
#13 in Microeconomics (Books)
#198 in Theory of Economics
