Selected Works of Joseph E. Stiglitz: Volume III: Rethinking Microeconomics

ISBN : 9780199533725

Joseph E. Stiglitz
1072 Pages
171 x 246 mm
Pub date
Mar 2019
Selected Works of Joseph E. Stiglitz


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  • Third volume of six to provide a definitive collection of Nobel Prize-winning economist Joseph Stiglitz's most important work
  • Includes a substantial amount of new material by Stiglitz reflecting on his work and the field of microeconomics more generally
  • Collects classic, foundational papers on microeconomics

This is the third volume in a new, definitive, six-volume edition of the works of Joseph Stiglitz, one of today's most distinguished and controversial economists. Stiglitz was awarded the Nobel Prize in Economics in 2001 for his work on asymmetric information and is widely acknowledged as one of the pioneers in the field of modern information economics and more generally for his contributions to microeconomics.

Volume III contains a selection of Joseph E. Stiglitz's work on microeconomics. It questions well-established tenets, including many that are so fundamental they are almost taken for granted, covering basic concepts of risk and markets; the management of risk; the theory of the firm; the economics of organization; and theory of human behaviour. Stiglitz reflects on his work and the field more generally throughout the volume by including substantial original introductions to the Selected Works, the volume as a whole, and each part within the volume.


Part I: Risk and Markets: Basic Concepts
Introduction to Part I
A. Foundations of Risk
Measuring Risk
1: Increasing Risk, Joseph E. Stiglitz and Michael Rothschild
2: Increases in Risk and in Risk Aversion, Joseph E. Stiglitz and P. Diamond
Risk with more than one commodity
3: Behavior toward Risk With Many Commodities
4: A Consumption Oriented Theory of the Demand for Financial Assets and the Term Structure of Interest Rates
B: Portfolio Theory
5: The Structure of Investor Preferences and Asset Returns, and Separability in Portfolio Allocation: A Contribution to the Pure Theory of Mutual Funds, Joseph E. Stiglitz and D. Cass
6: Risk Aversion and Wealth Effects on Portfolios with Many Assets, Joseph E. Stiglitz and D. Cass

Part II: Management of Risk
Introduction to Part II
A: Trade and Capital Market Liberalization
7: Tariffs Versus Quotas As Revenue Raising Devices Under Uncertainty, Joseph E. Stiglitz and P. Dasgupta
8: Capital-Market Liberalization, Globalization and the IMF, Joseph E. Stiglitz
B: Risk Sharing
9: Risk and Global Economic Architecture: Why Full Financial Integration May be Undesirable, Joseph E. Stiglitz
10: Contagion, Liberalization, and the Optimal Structure of Globalization, Joseph E. Stiglitz
11: Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk, Joseph E. Stiglitz, Stefano Battiston, Domenico Delli Gatti, Mauro Gallegati, and Bruce Greenwald
12: Default Cascades: When Does Risk Diversification Increase Stability?, Joseph E. Stiglitz, S. Battiston, D. Delli Gatti, M. Gallegati, and B. Greenwald
C: Commodity Price Stabilization
13: Risk Aversion, Supply Response, and the Optimality of Random Prices: A Diagrammatic Analysis, Joseph E. Stiglitz and D. Newbery
14: Optimal Commodity Stock-Piling Rules, Joseph E. Stiglitz
D: Schochastic Capital Theory
15: Stochastic Capital Theory, Joseph E. Stiglitz, William A. Brock and Michael Rothschild

Part III: Theory of the Firm
Introduction to Part III
A: Corporate Finance
16: A Re-Examination of the Modigliani-Miller Theorem, Joseph E. Stiglitz
17: On the Irrelevance of Corporate Financial Policy, Joseph E. Stiglitz
B: Alternative Objectives of the Firm
18: On Value Maximization and Alternative Objectives of the Firm, Joseph E. Stiglitz and S. Grossman
19: Stockholder Unanimity in the Making of Production and Financial Decisions, Joseph E. Stiglitz and S. Grossman
20: Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior, Joseph E. Stiglitz and B. Greenwald
C: The Implications of Value Maximization
21: On the Optimality of the Stock Market Allocation of Investment, Joseph E. Stiglitz
22: Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs, Joseph E. Stiglitz
23: Some Elementary Principles of Bankruptcy, Joseph E. Stiglitz

Part IV: Industrial Organization
Introduction to Part IV
A: Monopolistic Competition
24: Monopolistic Competition and Optimal Product Diversity, Joseph E. Stiglitz and A. Dixit
25: Towards a More General Theory of Monopolistic Competition, Joseph E. Stiglitz
B: Potential Competition
26: Potential Competition May Reduce Welfare, Joseph E. Stiglitz
27: Technological Change, Sunk Costs, and Competition, Joseph E. Stiglitz
C: Vertical Constraints
28: Vertical Restraints and Producers' Competition, Joseph E. Stiglitz and P. Rey
29: The Role of Exclusive Territories in Producers' Competition, Joseph E. Stiglitz and P. Rey

Part V: The Economics of Organization
Introduction to Part V
30: Human Fallibility and Economic Organization, Joseph E. Stiglitz and R. Sah
31: The Architecture of Economic Systems: Hierarchies and Polyarchies, Joseph E. Stiglitz and R. Sah
32: Committees, Hierarchies and Polyarchies, Joseph E. Stiglitz and R. Sah
33: Qualitative Properties of Profit-Maximizing K-out-of-N Systems Subject to Two Kinds of Failure, Joseph E. Stiglitz and R. Sah
34: The Quality of Managers in Centralized Versus Decentralized Organizations, Joseph E. Stiglitz and R. Sah
35: Incentives, Information and Organizational Design, Joseph E. Stiglitz 

Part VI: Theory of Consumer Behavior
Introduction to Part VI
36: Toward a General Theory of Consumerism: Reflections on Keynes' Economic Possibilities for Our Grandchildren, Joseph E. Stiglitz
37: Equilibrium Fictions: A Cognitive Approach to Societal Rigidity, Joseph E. Stiglitz and K. Hoff
38: Striving for Balance in Economics: Towards a Theory of the Social Determination of Behavior, Joseph E. Stiglitz and Karla Hoff

About the author: 

Joseph E. Stiglitz is University Professor at Columbia University. In 2001, he was awarded the Nobel Prize in economics, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. Known for his pioneering work on asymmetric information, Stiglitz focuses on income distribution, risk, corporate governance, public policy, macroeconomics and globalization. In 2011, Time named Stiglitz one of the 100 most influential people in the world. During the Clinton administration, Stiglitz was a member of the Council of Economic Advisers (CEA) from 1993-95, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000. Stiglitz is also currently the Chief Economist of the Roosevelt Institute, Co-President of the Initiative for Policy Dialogue, and the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD.
Stefano Battitson
William A. Brock
D. Cass
P. Dasgupta
Domenico Delli Gatti
A. Dixit
P. Diamond
Mauro Gallegati
Bruce Greenwald
K. Hoff
S. Grossman
D. Newbery
Michael Rothschild
P. Rey

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