Generalized Microeconomics

by Jirí Hlavácek, Michal Hlavácek

Overview

The generalization of microeconomics enables model descriptions of economic rationality, even in fields that standard microeconomics more or less avoids, like nonprofit sectors of market economies, altruism, or externalities. Here, the authors broaden the scope of microeconomics while treating standard profit maximization as a special case. They argue, ultimately, that the generalizing criterion is a Darwinian maximization of the probability of survival.

Product Details

ISBN-13:	9788024642413
Publisher:	Karolinum Press
Publication date:	10/09/2020
Sold by:	Barnes & Noble
Format:	eBook
Pages:	208
File size:	5 MB

About the Author

Jirí Hlavácek is professor of economics and Michal Hlavácek lectures on macroeconomics, both at Charles University, Prague.

Table of Contents

Foreword
 
1. The Generalized Principle of Economic Rationality
 
2. Modelling Risk and Hedging Against It
 
3. Moral Hazard and Adverse Selection in the Context of Maximization of the Probability of Economic Survival
 
4. The Demand Function in the Insurance Market: Comparison of Maximization of the Pareto Probability of Survival with the Von Neumann-Morgenstern Eu Theory and Kahneman-Tversky Prospect Theory
 
5. Modelling Non-Profit Institutions: The University Supply Function
 
6. Behaviour of a Firm in a Centrally Planned Economy – The Homo Se Assecurans Model
 
7. Model of an Economy with Widespread Corporate Insolvency
 
8. The Producer’s Optimum Under Increasing Returns to Scale
 
9. Models of Market Allocation of Externalities, Generalized Coase Theorem
 
Altruism and Redistribution Increasing the Probability of Survival of Individuals
 
Conclusion
 
References
 
Name Index