Microeconomics, Global Edition (3^rd Ed.)

Forcourses in the principles of microeconomics.

Anevidence-based approach to economics
Throughout Microeconomics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help you learn about the world around you. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what?s happening in today?s society. Each chapter begins with anempirical question that is relevant to the life of the reader, and islater answered using data in the Evidence-Based Economics feature. As a resultof the text?s practical emphasis, you learn to apply economicprinciples to guide the decisions you make in your own dailylife.

PARTI: INTRODUCTION TO ECONOMICS
1. The Principles and Practice of Economics
2. Economic Science: Using Data and Models to Understand the World
3. Optimization: Trying to Do the Best You Can
4. Demand, Supply, and Equilibrium

PARTII: FOUNDATIONS OF MICROECONOMICS
5. Consumers and Incentives
6. Sellers and Incentives
7. Perfect Competition and the Invisible Hand
8. Trade
9. Externalities and Public Goods
10. The Government in the Economy: Taxation and Regulation
11. Markets for Factors of Production

PARTIII: MARKET STRUCTURE
12. Monopoly
13. Game Theory and Strategic Play
14. Oligopoly and Monopolistic Competition

PARTIV: EXTENDING THE MICROECONOMIC TOOLBOX
15. Trade-offs Involving Time and Risk
16. The Economics of Information
17. Auctions and Bargaining
18. Social Economics

Daron Acemoglu is the Elizabeth and James KillianProfessor of Economics in the Department of Economics at the MassachusettsInstitute of Technology. He has received a BA in economics from the Universityof York, an MSc in mathematical economics and econometrics from the LondonSchool of Economics, and a PhD in economics from the London School ofEconomics.

He is an elected fellow of the National Academy of Sciences, theAmerican Academy of Arts and Sciences, the Econometric Society, the EuropeanEconomic Association, and the Society of Labor Economists. He has receivednumerous awards and fellowships, including the inaugural T. W. Schultz Prizefrom the University of Chicago in 2004, the inaugural Sherwin Rosen Award foroutstanding contribution to labor economics in 2004, the Distinguished ScienceAward from the Turkish Sciences Association in 2006, and the John von NeumannAward, Rajk College, Budapest, in 2007.

He was also the recipient of the John Bates Clark Medal in 2005,awarded every two years to the best economist in the US under the age of 40 bythe American Economic Association, and the Erwin Plein Nemmers Prize, awardedevery two years for work of lasting significance in economics. He holdshonorary doctorates from the University of Utrecht and Bosporus University.

His research interests include political economy, economicdevelopment and growth, human capital theory, growth theory, innovation, searchtheory, network economics, and learning.

His books include Economic Origins of Dictatorship andDemocracy (jointly with James A. Robinson), which was awarded theWoodrow Wilson and the William Riker prizes, Introduction to ModernEconomic Growth, and Why Nations Fail: The Origins ofPower,Prosperity, and Poverty (jointly with James A. Robinson), which hasbecome a New York Times bestseller.

David Laibson is the Chair of the HarvardEconomics Department and the Robert I. Goldman Prof

Three unified principles lay the groundwork forunderstanding the economic way of thinking about the world

1. Optimization. Economists believe that optimization explains most choices people make. When people fail to choose the best available option, economic reasoning can be used to analyze the mistake and to suggest a better course of action.
2. Equilibrium. Economic systems tend toward equilibrium, wherein each economic actor feels that he or she cannot do any better by picking another course of action. This principle highlights the connections among economic actors and their choices.
3. Empiricism. Economists use data to test economic theories, learn about the world, and speak to policymakers. The emphasis on matching theories with real-world data to answer specific questions helps to show students the evidence behind the theory, making economics concrete, interesting, and fun.

Applications provide meaningful practice in analyzing andinterpreting real-world economic data and questions

• NEW - End-of-chapter Evidence-Based Economic problems show how economists use data to answer the question posed in the opening paragraph of each chapter. These features let students get a real look at economics as it plays out in the world around them, and gives them the skills to question systematically and evaluate what they read. New problems focus on the effectiveness of financial incentives to get people to quit smoking (Chapter 5); employment discrimination and the Democratic presidential nomination (Chapter 11); and the role of discrimination in wage differences across gender and ethnicity (Chapter 11). Autograded versions of these questions are also in the MyLab.
• NEW - Letting the Data Speak boxes are short, targeted explorations that analyze an economic question by using real