2013年微观经济学复习提纲.docVIP

Outline for Reviewing Microeconomics (2013) adverse selection： is a term used in economics, insurance, risk management, and statistics. It refers to a market process in which undesired results occur when buyers and sellers have asymmetric information (access to different information); the bad products or services are more likely to be selected. For example, a bank that sets one price for all of its chequing account customers runs the risk of being adversely selected against by its low-balance, high-activity (and hence least profitable) customers. Two ways to model adverse selection are to employ signaling games and screening games. budget Line：a line indicating the combination of commodities that a consumer can buy with a given income at a given set of prices. Also sometimes called the budget of constraint. Coase Theorem科斯定理: The theorem states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property. P93. Complements: goods are complements if an increase in the price of one decreases the demand for the other. consumer surplus: a gap between the total utility of a good and its total market value is called consumer surplus. cross-price elasticity of demand: ?measures the responsiveness of the?demandfor a?good?to a change in the price of another good. ?It is measured as the?percentage change?in demand for the first good that occurs in response to a percentage change in price of the second good.? demand curve: a schedule or curve showing the quantity of a good that buyers would purchase at each price, other things equal. Normally a demand curve has price on the vertical or Y axis and quantity demanded on the horizontal or X axis. Also see change in demand vs. change in quantity demanded. diminishing marginal utility: the low which says that as more and more of any one commodity is consumed, its marginal utility declines. Economies of scale: arise when a