Selected works of Joseph E. Stiglitz
Subtitle: Volume III : Rethinking microeconomics
By: Joseph E. Stiglitz
Edition: First edition.
Series: Selected works of Joseph E. Stiglitz
Publisher: Oxford University Press
Published: 2019
Place of publication: Oxford; New York, NY
Language: eng
Number of pages: 1000
ISBN-13: 9780192570796
Subjects: Microeconomics; Microéconomie; BUSINESS & ECONOMICS; Industries; General
Other titles: Rethinking microeconomics
Description: This volume brings together a selection of Joseph Stiglitz's work on microeconomics. It includes substantial original introductions to the Selected Works, the volume as a whole, and each part within the volume.
Notes: Chapter 1: Increasing risk: a definition, and its economic consequences

Includes bibliographical references and index.
Table of contents: title: Cover; SELECTED WORKS OF JOSEPH E. STIGLITZ: Volume III: Rethinking Microeconomics; Copyright; Contents; Preface to Volume III; 1. Responding to the Limits of Neoclassical Economics; 2. Putting this Volume into a Broader Perspective; 3. Some Major Results; 4. Common Strands Explaining the Departures from the Conventional Wisdom; 5. Methodological Contributions; 5.1. Two Further Notes on Methodology; 6. The Inefficiency of Markets with Imperfect Risk Markets; 7. Part I: Risk and Markets: Basic Concepts; 7.1. The Foundations of Risk Analysis; 8. Part II: Management of Risk; title: 8.1. How the Presence of Risk Reverses Long-Standing Presumptions8.1.1. Contagion; 8.1.2. Managing agricultural risk; 8.1.3. Stochastic capital theory; 9. Part III: Theory of the Firm; 9.1. Bank Regulation; 9.2. Securitization: Risk Diversification and Information; 9.3. Bankruptcy and Takeovers; 10. Part IV: Industrial Organization; 11. Part V: The Economics of Organization; 11.1. The Public Good is a Public Good; 11.2. Organizations vs. Markets; 11.3. Decentralization: An Alternative View; 11.4. Organizations and Authority; 12. Part VI: Theory of Consumer Behavior; title: 12.1. The Determinants of Savings, Behavioral Economics, and Modern Macroeconomics12.2. The US-Europe Leisure Paradox; 12.3. Toward a New Macroeconomics; Acknowledgments; Part I: RISK AND MARKETS: BASIC CONCEPTS; Introduction to Part I; 1. Historical Setting; 1.1. Tensions between Neoclassical Economics and the Conventional Wisdom; 1.2. True Micro-Foundations; 1.3. Early Efforts; 2. Micro-Foundations of Risk; 2.1. When Can We Say One Probability Distribution is Riskier than Another?; 2.2. What is the Effect of an Increase in Risk?; 2.3. When is One Individual More Risk Averse than Another?; title: 3. Risk Analysis with Many Commodities and Many Periods4. Portfolio Analysis; 4.1. From the Portfolio Separation Theorem to the Generalized Mutual Fund Theorem; 4.2. Refutation of the Two-Fund Theorem in a Dynamic Context; 4.3. Nontraded Assets; 4.4. Concluding Comments; 5. Macroeconomic Analysis; 5.1. Deriving the Demand for Money; 5.2. The Link between the T-Bill Rate and Aggregate Output and Employment; 5.2.1. Aggregate consumption and the interest rate; 5.2.2. The link between T-bill rates and investment; 5.2.3. Real vs. nominal interest rates; 5.2.4. Tobin's q; 5.2.5. Credit availability; title: 5.3. Alternative Theories of the Ineffectiveness of Monetary Policy5.3.1. Keynes's liquidity trap and Tobin's failed attempt to provide a rationale for it; 5.3.2. Zero lower bound; 5.3.3. Greenwald-Stiglitz bank-induced liquidity trap; 5.4. Unconventional Monetary Policy; 5.4.1. Quantitative easing; 5.5. Concluding Remarks; 6. Methodological Remarks; 6.1. Debt-Equity Ratios; 6.2. Pricing Predictions; 6.3. Other Aspects of Firm Decision-Making; 6.4. A Reprise: The Critical Flaws; 6.5. Intellectual Coherence; Part IA: FOUNDATIONS OF RISK