Knowledge and Information

Steven E. Landsburg

Chapter 9 in Price Theory and Applications, 2024, pp 349-385 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Every night the 1.6 million residents of Manhattan Island go to bed confident that when they awake, they will be able to purchase food, clothing, gasoline, and dozens of other items that are sent to New York City from thousands of miles away. How can Iowa farmers and Texas oil producers know what products to ship to Manhattan and in what quantities?…

Keywords: Microeconomics; Price Theory; Supply and Demand; Demand Curve; Adverse Selection; Budget Line; Indifference Curve; Common Property; Competition; Competitive Industry; Constant-cost Industry; Consumer Surplus; Producer Surplus; Social Gain; Social Welfare; Efficiency Criterion; Economic Efficiency; Cost; Price; Deadweight Loss; Price Ceiling; Tariff; Rationing; Quotas; Equimarginal Principle; Price Discrimination; Monopoly; Two-part Pricing; Two-part Tariff; Fishery; Collusion; Income Effect; Substitution Effect; Normal Good; Inferior Good; Giffen Good; Externality; Property Right; Coase Theorem; Transactions Cost; Law of Demand; Marginal Cost; Marginal Revenue; Marginal Value; Market Failure; Moral Hazard; Nash Equilibrium; Normative Criterion; Positive Economics; Oligopoly; Hayek; Social Cost; Economics of Information; Sales Tax (search for similar items in EconPapers)
JEL-codes: D D04 D4 L11 (search for similar items in EconPapers)
Date: 2024
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