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Professor Schotter believes the future of teaching microeconomics will be heavily connected with the use of experimental tools. And with the exciting new MICROECONOMICS: A MODERN APPROACH, your students will be well prepared. Applying intermediate economics to everyday life, this innovative first edition is built on an experimental economics framework that emphasizes game theory, strategic analysis, and organization of the firm without skimping on traditional topics like consumer choice, production and markets. Each chapter and section builds upon a unifying theme of how economic institutions develop to solve problems that arise in a society. Concepts are presented within the context of a society that starts out in a primitive state of nature and gradually develops the characteristics and institutions of a modern economy. The text also nurtures critical thinking skills by presenting theories, as well as their deficiencies. Illustrating various points of view, MICROECONOMICS: A MODERN APPROACH encourages students to not just study theory, but apply their knowledge learned to real-world issues.

Andrew Schotter, New York University

Andrew Schotter is Professor of Economics, Faculty of Arts and Sciences, at New York University and Director of the Center for Experimental Social Science. Professor Schotter received his BS degree from Cornell University and his MA and PhD degrees from New York University. His areas of special interest in teaching are microeconomic theory, game theory, and experimental economics. His areas of special interest in research are applications of game theory to economics, microeconomics, experimental economics, and theories of economic and social institutions. These interests are reflected in the many articles that Professor Schotter has contributed to economics journals and in the books he has written and edited. In addition to MICROECONOMICS: A MODERN APPROACH, he is the author of FREE MARKET ECONOMICS: A CRITICAL APPRAISAL and THE ECONOMIC THEORY OF SOCIAL INSTITUTIONS. Professor Schotter's wide-ranging professional activities also include serving as a member of the editorial board of the AMERICAN ECONOMIC REVIEW AND EXPERIMENTAL ECONOMICS and as an associate editor for GAMES AND ECONOMIC BEHAVIOR; doing consulting work for businesses and financial institutions; giving testimony before the Joint Economic Committee of the U.S. Congress on the cost of the tort system; and serving as a visiting scholar at the University of Paris, the University of Venice, the Institution for Advanced Studies in Vienna, and the Russell Sage Foundation and Tel Aviv University. In 1993 he received the Kenan Enterprise Award for his contributions to the economic theory of free markets. Professor Schotter is married to Anne Howland Schotter, a professor of English Literature at Wagner College in New York. They have two children, Geoffrey and Elizabeth, who have lent their names to the two archetypes of economic agents in the model society their father created to illustrate microeconomic theory in this book.
  • Experimental Exercises: Throughout the text, the author presents the results of experiments that motivate the issues being discussed. They may form the basis for a consulting report, be cited as part of the critical analysis of a theory, or serve as subject to criticism--so students can view conclusions drawn from empirical data with a critical eye, just as they do with theoretical ideas.
  • Unifying Themes: MICROECONOMICS: A MODERN APPROACH tells one continuing story that ties all of the chapters together. Rather than treating microeconomics as a series of unrelated topics, the textbook presents chapter concepts within the context of a society that starts out in a primitive state of nature and gradually develops the characteristics and institutions of a modern society.
  • Critical Thinking: To help students see economics as a dynamic science, a considerable amount of space is devoted to criticizing theories. In some chapters, this is done through "consulting reports," which suggest possible solutions to problems that the model society faces, such as how to regulate monopolies.
  • EconApps/InfoTrac®: Developed specifically for economics students, this suite of high-powered, content-rich online features provides updates on today's most crucial economics policy debates; summaries of the latest economics news stories; current and historical economic data with accompanying commentary, diagrams, analysis, and exercises; numerous links; and more.
  • Game Theory & Strategic Analysis: One of the major analytical tools used in the book is game theory. Chapter 11 introduces the fundamentals of game theory, illustrating how it can serve as a tool for strategic business analysis. Throughout the remaining chapters, game theory is used as a means of understanding the different strategies of the various parties to a situation.
  • Nontraditional Chapters: Cutting-edge coverage includes several chapters not found in other texts, including the internal organization of the firm (ch. 8), entry prevention (ch. 12), natural monopoly and the economics of regulation (ch. 10) and time inconsistency. If these chapters do not fit the objectives of your course, they can be skipped without causing any problems in understanding for future chapters.
1. Economics and Institutions: A Shift of Emphasis.
2. Consumers and Their Preferences.
3. Utilities--Indifference Curves.
4. Demand and Behavior in Markets.
5. Some Applications of Consumer, Demand, and Welfare Analysis.
6. Uncertainty and the Emergence of Insurance.
7. Uncertainty--Applications and Criticisms.
8. The Discovery of Production and Its Technology.
9. Cost and Choice.
10. Cost Curves.
11. Game Theory and the Tools of Strategic Business Analysis.
12. Decision Making Over Time.
13. The Internal Organization of the Firm.
Section 5: MARKETS.
14. Perfectly Competitive Markets: Short Run Analysis.
15. Competitive Markets in the Long Run.
16. Market Institutions and Auctions.
17. The Age of Entrepreneurship: Monopoly.
18. Natural Monopoly and the Economics of Regulation.
19. The World of Oligopoly: Preliminaries to Successful Entry.
20. Market Entry and the Emergency of Perfect Competition.
21. The Problem of Exchange.
22. General Equilibrium and the Origins of the Free-Market and Interventionist Ideologies.
23. Moral Hazard and Adverse Selection: Informational Market Failures.
24. Externalities: The Free Market--Interventionist Battle Continues.
25. Public Goods, the Consequences of Strategic Voting Behavior, and the Role of Government.
26. Input Markets and the Origins of Class Conflict.

Textbook Only Options

Traditional eBook and Print Options

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  • ISBN-10: 1133460895
  • ISBN-13: 9781133460893
  • STARTING AT $24.49

  • STARTING AT $145.49

  • ISBN-10: 0324315848
  • ISBN-13: 9780324315844
  • Bookstore Wholesale Price $243.75
  • RETAIL $324.95

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.


Instructor's Manual

ISBN: 9780324586336
This Web-based resource is packed with teaching tips and tools to help you save time and manage your course more effectively.

Test Bank

ISBN: 9780324586367
This thorough test bank offers a wealth of questions and problems organized by chapter, allowing you to prepare your exams with ease.


ISBN: 9780324586350
Available at the product support Website, these vibrant PowerPoint® slides bring classroom presentations to life. Organized by chapter, the slides provide an outline of key concepts covered in the text.