Lectures in the microeconomics of choice : foundations, consumers, and producers

Abstract

This book is devoted to a detailed study of the first question. Its Companion Volume (Economy-Wide Microeconomics: Equilibrium, Optimality, Applications and Tests) makes a detailed study of the second question. This book begins with the Arrow-Debreu theory of consumer choice. This theory supposes people choose so as to maximize a complete, continuous, transitive, and reflexive binary preference relation over a non-empty and compact choice set, under certainty. The book then studies numerous modifications, relaxations, and generalizations of each of these restrictions - up to and including recent work on Behavioral theories of choice.