• Microeconomic Predicates to Law and Economics, 1996
 
 
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Microeconomic Predicates to Law and Economics, 1996

Microeconomic Predicates to Law and Economics, 1996

Mark B. Seidenfeld, Associate Dean of Academic Affairs and Professor of Law, Florida State University College of Law


Availability: In Stock
Publisher :Anderson Publishing
Format: softcover; 100 pp. , BOOK

ISBN: 9780870848049

1996
 
$28.00
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    This book presents the microeconomic fundamentals necessary to evaluate legal doctrines in a rigorous manner without introducing what many law students consider to be complex mathematics such as calculus or even sophisticated geometry. Where mathematical tools are helpful, such as in explaining the notions of budget constraints and marginality, the necessary mathematical concepts are developed in the book. Most of the illustrations of economic concepts draw on examples which should be familiar and of interest to law students.

    Professors and adjunct professors may request complimentary examination copies of LexisNexis law school publications to consider for class adoption or recommendation. Please identify the book(s) you wish to receive, provide your institutional contact information, and submit your request here.

    Preface xiii

    Introduction 1

    Suggested Additional Reading 3

    Chapter 1 Consumer Choice and Demand 5

    A. Consumer Preferences and a Theory of Constrained Choice 5

    1. The rational consumer and utility 5

    2. Consumer indifference curves 6

    3. Constrained consumer choice and budget lines 7

    4. The consumer's optimal choice--maximization of utility 8

    5. The assumption of exogenous preferences 10

    B. Consumer Responses to Price Changes and the Concept of Market Demand 10

    1. Individual consumption as a function of price 10

    2. Income and substitution effects of price changes 12

    3. Market demand 13

    4. Elasticity of demand 14

    5. Consumer surplus 16

    6. Using indifference curves and budget lines to answer economic questions--an example 17

    Suggested Additional Reading 19

    Chapter 2 Producer Decisions--Cost, Revenue and Profit Maximization 21

    A. Producers' Cost Functions 21

    1. Opportunity cost 21

    2. Efficient use of resources and the total cost function 21

    3. Marginal cost and average cost, and their relationship to total cost 24

    4. Fixed costs and variable costs 28

    B. Producers' Decisions: Profit Maximization and the Level of Production 28

    1. The Meaning of economic profit 28

    2. Choosing the level of production that maximizes profit: the relationship of marginal revenue and marginal cost to profit maximization 29

    3. Deciding whether to enter into a business: the relationship between price, average cost and economic profit 29

    4. Choosing the profit maximizing level of production of shoes given a cost function--an example 31

    Suggested Additional Reading 34

    Chapter 3 Market Dynamics and Equilibrium 35

    A. Purely Competitive Markets 35

    1. Competitive markets in the short run 36

    2. Competitive markets in the long run 37

    B. Monopoly Markets 39

    1. A comparison of social wealth under monopoly and competition 40

    2. Price discriminating monopolies and social wealth 42

    C. Government Intervention into Markets 44

    Suggested Additional Reading 48

    Chapter 4 Efficiency & Social Welfare 49

    A. The Pareto Criterion for Efficiency 49

    1. Distributional Efficiency and the Edgeworth Box 49

    2. Productive efficiency 51

    3. Allocative efficiency 52

    4. Problems with the Pareto criteria for efficiency 54

    B. The Kaldor-Hicks Criteria for Efficiency and Wealth Maximization 54

    C. Other Social Welfare Functions and the Theory of Public Choice 56

    1. Equality as a social value and John Rawls maximin principle 56

    2. Legislative determination of social welfare and public choice theory 57

    Suggested Additional Reading 60

    Chapter 5 Market Imperfections 61

    A. Natural Monopolies 61

    B. Externalities 63

    1. External costs 63

    2. External benefits 65

    C. Imperfect Information 66

    D. Transaction Costs 67

    Suggested Additional Reading 68

    Chapter 6 Uncertainty, Risk and Insurance 69

    A. Probability Distributions of Outcomes and Risk 69

    1. Probability distributions of outcomes 69

    2. Expected value and risk 69

    B. Expected Utility 70

    C. Insurance 73

    1. The moral hazard problem 74

    2. The adverse selection problem 74

    3. Example: Joe's drinking problem, the benefits of insurance, and the need for "deductibles" 75

    Suggested Additional Reading 77

    Chapter 7 Choices over Time--Decisions about Lending and Investing 79

    A. The Time Value of Money 79

    1. The interest rate for borrowing and lending 79

    2. The present value of future payouts 81

    3. Investment to produce goods in the future 81

    B. Risk and Return 83

    Suggested Additional Reading 84

    Chapter 8 Strategic Behavior and Game Theory 85

    A. Normal Form Games 85

    B. Nash Equilibrium 86

    C. Extensive Form Games 87

    Suggested Additional Reading 90

    Chapter 9 Coase's Theorem--Efficient Allocation of Legal Entitlements 91

    Suggested Additional Reading 94

    Index 95

     

    Mark Seidenfeld


     

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