The fourth European edition of Microeconomics and Behaviour builds on its core analytical foundations, and embeds them in accessible and engaging real-world examples to demonstrate the relationship between economic thinking and analysis and human behaviour.By blending theory with practical application, students are encouraged to think like economists and critically assess the technical tools of microeconomics and to find more interesting and innovative ways of applying them and develop a lasting interest in the discipline.Key Features• Fully updated chapters, with new and expanded material on the economics of happiness, halo and decoy effects, price discrimination, the gig economy and self-employment, and partial versus general equilibrium.• Extensive pedagogical features including worked examples, key terms and definitions, in-chapter exercises, chapter summaries, and review questions to enhance understanding and retention• Economic Naturalist examples illustrate how economic principles can explain everyday experiences and observations .New examples include: “Why does an efficient health service not do everything to keep people alive?”, “Why did Taylor Swift fans not sell their tickets for The Eras Tour?” and “Why do most cryptocurrencies fail within a few years?”Connect® ResourcesAvailable on McGraw Hill’s Connect®, the well-established online learning platform, which features our award-winning adaptive reading experience as well as resources to help faculty and institutions improve student outcomes and course delivery efficiency. To learn more, visit mheducation.co.uk/connect Key Connect® features for this edition include:• Economic Application Based Activities that provide students with valuable practice, using problem solving skills to apply their knowledge to realistic scenarios. Students’ progress from understanding basic concepts to using their knowledge to analyse complex scenarios and solve problems.• Economic Naturalist graphing questions which have been developed to complement this key pedagogical feature from the textbook.• Interactive Graphs that help students see the relevance of the subject matter by providing visual displays of real data for students to manipulate. All graphs are accompanied by assignable assessment questions and feedback for students.Edward J. Cartwright is a Professor of Economics at De Montfort University in the UK. He is also Director of the Institute for Applied Economics and Social Value. One of his passions is the use of interactive classroom experiments in economics teaching. His research has focused primarily on cooperation and coordination in economic and social behaviour.Robert H. Frank is the Henrietta Johnson Louis Professor of Management and Professor of Economics at the Johnson Graduate School of Management at Cornell University, USA. He is also a Distinguished Senior fellow at Demos, USA. For more than a decade his ‘Economic View’ column appeared monthly in the New York Times. His research has focused on rivalry and cooperation in economic and social behaviour.This European edition is originally based on the Microeconomics and Behavior text by Robert Frank.
Professor Heffetz received his B.A. in physics and philosophy from Tel Aviv University in 1999 and his Ph.D. in economics from Princeton University in 2005. He is an Associate Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University, where he has taught since 2005. Bringing the real world into the classroom, Professor Heffetz has created a unique macroeconomics course that introduces basic concepts and tools from economic theory and applies them to current news and global events. His popular classes are taken by hundreds of students every year, on the Cornell Ithaca campus and, via live videoconferencing, in dozens of cities across the U.S., Canada, and beyond. Professor Heffetz s research studies the social and cultural aspects of economic behavior, focusing on the mechanisms that drive consumers choices and on the links between economic choices, individual well-being, and policymaking. He has published scholarly work on household consumption patterns, individual economic decision making, and survey methodology and measurement. He was a visiting researcher at the Bank of Israel during 2011, is currently a Faculty Research Fellow at the National Bureau of Economic Research (NBER), and serves on the editorial board of Social Choice and Welfare.
Edward Cartwright is a Senior Lecturer for Economics at University of Kent.
PART 1: Introduction 1 Thinking Like an Economist 2 Supply and Demand3 Game TheoryPART 2: The Theory of Consumer Behaviour4 Rational Consumer Choice5 Individual and Market Demand6 Applications of Rational Choice and Demand Theories7 Choice under Uncertainty and the Economics of Information8 Explaining Tastes: The Importance of Altruism and Other Non-Egoistic Behaviour9 Cognitive Limitations and Consumer BehaviourPART 3: The Theory of the Firm and Market Structure 10 Production 11 Costs 12 Perfect Competition13 Monopoly14 Imperfect CompetitionPART 4: Factor Markets15 Labour16 Capital PART 5: Externalities, Public Goods and Welfare17 General Equilibrium and Market Efficiency 18 Externalities, Property Rights and the Coase Theorem19 Government
