B. Douglas Bernheim,
Stanford University Michael D. Whinston,
Northwestern University
ISBN: 007290027x Copyright year: 2008
Feature Summary
FOCUS ON DECISION MAKING
Flexible Chapter Organization: Microeconomics places the decision making chapters first, followed by the discussion of markets. As opposed to other books on the market, innovative topics are fully integrated into the text, not simply added on at the end; a function of this text being written recently by thought leaders in the field. All chapters are carefully written in a modular format so that they can be taught in any order. The Preface outlines multiple organization scenarios that could be followed.
Teaches the “Why it matters?” behind the theory: The authors use a clear and engaging writing style – a style that all students can get excited about. When they bring up a topic they explain why it matters.
Student Friendly Pedagogy: Microeconomics uses innovative pedagogy that provides students with more accessible ways to understand and master difficult concepts. For example, colored tables are used to explain various consumer choices at the beginning of the consumer theory sections instead of going right to cases where students are forced to draw indifference curves.
RELEVANT EXAMPLES, PRACTICAL APPLICATIONS
Real World Applications Closely Tied to Text: Microeconomics incorporates real world applications and examples that students can relate to, unlike most other texts on the market that use fictitious scenarios. ALL included applications are founded in real companies and individuals making decisions. The authors have been diligent to ensure the applications tie directly and clearly to the concept being discussed.
Worked-Out Problems and In-Text Exercises: A series of example problems are provided to help students apply the issues discussed in the chapters. Linked “In-Text Exercises” follow the “Worked-Out Problems” as an extra reinforcement, driving home the highlighted concept.
INNOVATIVE CHAPTERS & APPROACH
Limited Calculus Required: By starting students in the right place and using well-placed Worked-out Problems, the authors encourage students to solve a wider range of problems, while requiring only simple algebra. For example, consumer choice coverage generally poses a problem asking students to figure out what a consumer is going to choose. Most books begin that problem with a utility function, which requires calculus. Instead, Bernheim and Whinston start with a description of a person’s preferences and the marginal rate of substitution so the student can solve for the best choice with only basic algebra. The Worked-out Problem provides the student the necessary calculus.
Includes Hot Topics: Behavioral Economics Chapter (13) : Bernheim and Whinston provide an even-handed, thought-provoking introduction to behavioral issues and experiments. The chapter has 4 parts tying behavioral economics to the concepts taught in other chapters. That way this chapter can be used stand-alone or modularly in conjunction with other chapter topics.
Marginal Analysis Chapter (3): An entire chapter has been devoted to marginal analysis, the central tool of microeconomics. Given that students are going to use this core set of principles throughout the course, the authors introduce the topic early and facilitate a deep understanding of the concept.
Game Theory Chapter (12): Bernheim and Whinston offer an entire chapter on this essential course topic. The chapter is an engaging, accessible and up-to-date introduction to a topic that has permeated the field of Economics in recent years. Microeconomics innovatively illustrates concepts using graphing and color, and fun examples such as the “World Rock/Paper/Scissors Tournament” explained at the beginning of the chapter.
Innovative treatment of time and uncertainty (Chapters 10 and 11): In most books time and uncertainty are taught in ways that seemingly require the student to learn a whole new set of tools and terms. Not in Microeconomics. Bernheim and Whinston link these topics to concepts students already know. This allows students to think about making decisions with uncertainty and in certain states of time, against a familiar framework. Faculty around the country are excited by the approach taken in these chapters.
2008