Richard Friberg

Based on the author’s extensive experience of teaching microeconomics, this concise textbook is written specifically for introductory to intermediate courses in microeconomics. Instead of presenting a very large number of different cases and applications that can be overwhelming, the book focuses in on the key concepts in each topic, equipping readers with a solid understanding of these concepts so they are well set up to apply them to a wide range of other issues.

It covers all standard topics but is especially focused on central ideas with respect to market power, externalities and asymmetric information, linking them to practice and empirical evidence. It also includes subjects that are partly novel for microeconomics textbooks: competitive selection when firms have different marginal costs, platform markets and auctions. Throughout, the book relies on calculus, encouraging the reader to solve problems like a professional economist, utilising the same set of tools over and over again to highlight the portability of the economic way of thinking.

Supported by a wide-ranging selection of exercises with solutions, empirical examples, a mathematical appendix, links to step-by-step videos and PowerPoint slides, Microeconomics is suitable for studying microeconomics and microeconomic issues at the introductory to intermediate level.

The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons [Attribution (CC-BY)] 4.0 International license.

This book offers a framework for making decisions under risk and uncertainty. Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies. It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making. The text explores the distinction between risk and uncertainty and covers standard models of decision making under risk as well as more recent work on decision making under uncertainty, with a particular focus on strategic interaction. It also examines the implications of incomplete markets for managing under uncertainty. It presents four core strategies: a benchmark strategy (proceeding as if risk and uncertainty were low), a financial hedging strategy (valuable if there is much risk), an operational hedging strategy (valuable for conditions of much uncertainty), and a flexible strategy (valuable if there is much risk and/or uncertainty). The book then examines various aspects of these strategies in greater depth, building on empirical work in several different fields. Topics include price-setting, real options and Monte Carlo techniques, organizational structure, and behavioral biases. Many chapters include exercises and appendixes with additional material. The book can be used in graduate or advanced undergraduate courses in risk management, as a guide for researchers, or as a reference for management practitioners.