Taxation plays a crucial role in microeconomics, as it directly impacts individuals, businesses, and the overall functioning of markets. We will explore the principles, objectives, and effects of taxation in the context of microeconomics

A growing literature uses now widely available data on beliefs and expectations in the estimation of structural models. In this chapter, we review this literature, with an emphasis on models of individual and household behavior. We first show how expectations data have been used to relax strong...

»The Formation of Business Cycle Research in the Early 20th Century«: The formation of research on macroeconomic fluctuations in the early 20th century was characterised by a debate on key questions: is the business cycle a problem of applied economic theory, or does it require a fundamentally...

Using a large dataset of US investors and their portfolio startups, we analyze the phenomenon of micro VC investors, that is, VC firms managing funds smaller than $50 million. We show that investments by micro VCs have increased at a much steeper rate than those by traditional VCs during...

This paper takes up the matter of quality choice in undergraduate microeconomics and is divided into two sections. The first develops a conceptual framework underlying a linear demand structure for quality-differentiated goods. The second section incorporates a quality-differentiated demand...

Economics instructors are often looking for new content to improve student engagement and motivation in the classroom. The Netflix Original series Cowboy Bebop provides an additional option to instructors. The TV show offers excellent examples of microeconomics concepts (e.g., opportunity cost,...

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature...

Here are fifteen computer-based exercises in microeconomics. The first seven exercises correspond to basic concepts from an introductory course on the subject: production possibilities, supply and demand, product-market structures, public goods. The other eight exercises apply some of these...

A number of market failures have been associated with R&D investments and significant amounts of public money have been spent on programs to stimulate innovative activities. In this paper, we review some recent microeconomic studies evaluating effects of government sponsored commercial R&D. We...

This paper aims to provide a swift tour of the economic issues presented by vouchers and thus to fill an apparent gap in the literature for a basic survey of the subject. Among the issues it considers are: factors determining a voucher's cash-equivalence; reasons (such as paternalism,...

Classes in microeconomics typically use cubic cost functions because they can exhibit marginal costs that fall as output increases to some efficient level, and then rise thereafter. Cubic cost functions embody economies of scale, making it easy to illustrate that concept with quadratic average...

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature...

This paper reports on the current status of the microeconomic research on labor supply behavior. The purpose is to direct attention to microeconomic research that may be helpful in the continuing evaluation of aggregate models designed to explain the dynamic behavior of wages, employment and...

This chapter reviews the recent theoretical and empirical economic literature on migrants' remittances. It is divided between a microeconomic section on the determinants of remittances and a macroeconomic section on their growth effects. At the micro level we first present in a fully harmonized...

Microeconomic evidence reveals that the incidence and duration of unemployment in the 1930s varied significantly within the labor force. Long-term unemployment, which was especially high by historical standards, may have been exacerbated by federal relief policies

Markets for durable goods constitute an important part of the economy. In this paper I first briefly review the microeconomic theory literature on durable-goods markets, focusing mostly on the last ten years. I then discuss a number of my own recent analyses concerning optimal antitrust policy...

"Abundant with practical advice and ready-to-use teaching examples, this dynamic guide will help both new and experienced instructors of Principles of Microeconomics to reconsider and refine their courses. Mark Maier and Phil Ruder assemble the wisdom of 25 eminent scholars of economic education...

"Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic, social, and environmental realities. The "In Context" books offer...

Managerial and Business Economics (ME/BE) aims at using quantitative and computational methods to make an efficient (ideally optimal) assignment of the scarce resources owned by firms and organizations. In the current global market, characterized by a fierce competition, an optimal use of the...

Researchers make hundreds of decisions about data collection, preparation, and analysis in their research. We use a many-analysts approach to measure the extent and impact of these decisions. Two published causal empirical results are replicated by seven replicators each. We find large...

We provide 11 short exercises that can be used in a principles of microeconomics classroom which incorporate media clips from the Economics Media Library. The exercises have been used in both small and large classroom settings and take less than 15 minutes to complete. These teaching guides can...

Where do new resources come from? We build on the premise that environments feature vast reservoirs of latent resources, uses and resource combinations. However, identifying this value can be costly and difficult. In this paper we consider the thought experiment of an endowment-less firm and how...

This E-book applies different multidimensional graphical models on macroeconomics and macroeconomics. The first chapter will give a short brief about each chapter in this E-book. Subsequently, the next twenty chapters are showing various applications from different multidimensional coordinate...

"Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and...

"Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and...

By means of a laboratory experiment, we show that, contrary to standard consumer theory, financially equivalent balance sheet profiles may be perceived as non fungible in a controlled frictionless environment with no probabilistic attributes. A large majority of subjects indeed have a bias in...

In contrast with the "missing micro-foundations" argument against Keynes’s macro­economics, the paper argues that it is the present state of microeconomics that needs more solid "Keynesian foundations". It is in particular Keynes’s understanding of investors’ behaviour that can be...

This textbook provides a comprehensive and unique introduction to modern microeconomics. It adopts an integrative approach, positioning the main findings of economics in a broader context. It critically reflects on theories from a philosophical standpoint and compares them to approaches found in...

First Principles -- Gains from Trade -- Markets and Institutions - Introduction -- Supply and Demand -- Normative Economics -- Externalities -- Decisions and Consumber Behavior -- Costs -- A Second Look -- Firm Behavior in Monopolistic Markets -- Principles of Game Theories -- Firm Behavior in...

"lthough many millions of dollars are spent each year on introductory economics instruction in American colleg-es and universities, the return on this investment has been disturbingly low. Studies have shown, for example, that several months after having taken a principles of economics course,...

"Fortunately, The Micro Economy Today is exceptionally well suited for this task. From its inception, this text has been motivated by policy issues. The primary goal has been to help students understand the challenges of economic policy and the consequences of specific actions like tariffs,...

"Our fourth streamlined edition arrives in the midst of some of the most dramatic upheavals ever witnessed, both in the economy generally and in higher education in particular. The COVID-19 pandemic has produced levels of unemployment not seen since the Great Depression and has created dramatic...